I Have Health Insurance, but I Still Do This to Save on My Prescription Drugs Every Time

More than 6 in 10 Americans take prescription drugs, according to a recent Kaiser Family Foundation survey, and roughly 28% of them say they have trouble affording their medications. Unsurprisingly, those on several medications and those with household incomes under $40,000 have the most difficulty.

Health insurance goes a long way toward reducing prescription drug costs for many Americans. But not everyone has a policy. Even with insurance, I often run into copays when I need a prescription. So I use another strategy to keep my costs as low as possible.

Don't pass up easy savings

You're probably familiar with grocery coupons in newspapers or online codes you can use to save money at your favorite stores. But not everyone knows that prescription drugs can have coupons, too.

Tracking them down is pretty easy. Sites like GoodRx and SingleCare maintain lists of coupon codes for a variety of medications. All you have to do is search your medication, choose your pharmacy, and show the coupon when you get there. It'll automatically reduce your out-of-pocket costs, sometimes by 90% or more.

The best part is, these programs are totally free and you don't even need an account to use them. Getting one only takes a couple of minutes. You could even pull it up on your phone while you're waiting in line at the pharmacy counter.

These coupons could also help you find better savings at different pharmacies. For example, if you see that a prescription at Walgreens is $21 with a coupon, but only $19 at CVS, you might choose to have your prescription transferred to CVS so you can save a few bucks.

Bonus savings for members

The easy accessibility of these prescription drug coupons is one of their most valuable perks. But many of these programs have a membership option as well. Members usually qualify for special savings beyond what the free coupons provide.

Each program works a little differently. For example, SingleCare's program is free to join and just requires a simple sign up. Every time you use a coupon to buy your prescription, you earn bonus savings you can apply to future prescription drug purchases.

GoodRx's program has a monthly fee, though it comes with a 30-day free trial. And in addition to extra savings, it also gives members access to free home delivery and affordable telehealth services.

Joining one of these programs could be worth it for those who are on several medications and require frequent refills. But those who only need prescription drugs occasionally may prefer to stick to the free services.

Other ways to save on prescription medications

Having health insurance and using prescription drug coupons isn't the only way you can save on your medications. Many states have programs designed to help their residents with prescription drug costs. Some of these are aimed specifically at individuals with HIV/AIDs or seniors, while others are open to low-income individuals of all ages and health statuses.

Prescription drug companies can run savings programs on their own. To qualify for one of these, you typically must have a prescription for that drug and have a household income below certain thresholds. You also need to reach out to the manufacturer to request the savings. It's possible you could receive a discounted rate or even get your medication for free.

It might take a little shopping around to figure out which strategy offers you the best savings. But the difference to your bank account is worth it. And remember, it might be possible to use several strategies, like health insurance, state or pharmaceutical company assistance programs, and a coupon. If you have any questions about valid payment methods, ask your pharmacy for clarification.