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It’s no secret that prescription drug prices are unmanageable for many Americans. In 2023, almost a third of U.S. adults said they skipped their prescribed medications due to cost. Between drug shortages and astronomical price markups, the cost of essential medications constitutes a health crisis for many people.
The good news is that, after getting a push from the federal government through reforms like the Inflation Reduction Act, pharmacies are slowly embracing more price transparency. Plus, there are a growing number of online pharmacies and coupon companies helping to lower prices. As you wait for prescription drug costs to come down from the clouds, here’s how you can save money on the medications you need.
1. Use a coupon program
If you don’t have insurance, a prescription drug coupon could be your best friend. In a 2021 study, coupons for medication were found to reduce out-of-pocket prescription costs by a median of 85%.
Prescription discount cards and coupons are incredibly easy to obtain through companies like GoodRx, WellRx, RxSaver and SingleCare. Each site varies, but you can generally use them by searching for the drug you’re prescribed, entering your contact information to receive a coupon by email or text, and then presenting the coupon at the pharmacy.
Here’s what you’ll like about these services:
Coupons are free
You could save 80% or more on prescriptions
You don’t need insurance to save
You can search and compare prices at multiple local pharmacies
The search-and-compare tool can be particularly useful for helping you stick to your budget, since some drug prices can vary by as much as 500% from one pharmacy to the next.
2. Order from an online pharmacy
You might find significant savings if you order medications from a reputable online pharmacy instead of visiting an in-person location, especially if you live in a rural area where pharmacies tend to charge higher prices.
The online Mark Cuban Cost Plus Drug Company, for example, drastically reduces the cost of drugs by charging a minimal markup of 15%. Ordering prescriptions from Cuban’s company can save you anywhere from 5.5% if you’re on Medicare to 28.9% if you’re uninsured, according to one study.
Other online pharmacies that might deliver savings include Amazon Pharmacy and Honeybee. You can also use the FDA’s BeSafeRx to find a licensed, online pharmacy in your state
3. Use wholesale clubs or memberships
A wholesale club membership could be another key to finding great discounts. Costco boasts that members who join the Costco Member Prescription Program can save up to 80% on popular medications. A 2021 USC study found that generics — or medications with the same active ingredients as brand-name drugs — were cheaper through Costco than through Medicare as often as 50% of the time.
Try out these other retail or membership programs that can help you gain access to discounts:
Sam’s Club. Sam’s Club Plus members can get more than 600 generics for $10 or less, as well as discounts on other medications and 8% off pet medications. Sam’s Club Plus costs $110 per year.
AARP. Anyone can get a free prescription discount card from AARP online, but AARP members are eligible for additional discounts. AARP membership starts at $16 per year.
Walmart. Walmart’s Prescription Program offers 30-day supplies for certain medications starting at $4, including medications for diabetes, blood pressure and mental health. To use the service, set up an online account and have your prescriptions sent to a Walmart pharmacy.
Dig deeper: 84 best discounts for ages 50+: Where to save money for active agers, seniors and retirees
4. Look into a patient assistance program (PAP)
If you don’t have insurance or can’t afford the cost of a prescription, the drug manufacturer may be able to help you through a patient assistance program. PAPs can give you a free year’s supply of a brand-name (non-generic) medication, if you’re eligible.
While going through the manufacturer might sound like a pain, 55% of PAP users say the programs are easy to use.
Check the websites of these six major drug manufacturers to see medications they offer, PAP eligibility requirements — usually income and coverage related — and instructions to apply:
Or use Medicare’s PAP search tool to look up a drug by name and find information about the manufacturer and its PAP.
5. Reach out to a nonprofit
Outside help could be the answer if you’re not able to afford your medicines. One way to find assistance is to search for a national or local nonprofit that works with your income situation or your diagnosis.
Two places to start:
NeedyMeds. The national nonprofit NeedyMeds is a free, reputable service that connects you to various programs and resources to make meds affordable and offers drug discount cards.
Patient Access Network Foundation. The PAN Foundation offers financial assistance on prescriptions for people who are underinsured with life-threatening, chronic and rare diseases.
6. Check out government programs
There might be additional help available to you through a federal or state program. Assistance is often available for people with limited income, though requirements vary.
Here are a few examples of programs that might help:
Extra Help. The Medicare program Extra Help is for people with full Medicaid coverage and other individuals who earn up to $22,590 per year. You’ll pay up to $4.50 for generic drugs and up to $11.20 for brand-name.
California’s Prescription Drug Discount Program for Medicare Recipients. If you’re a California resident, present your Medicare card at a Medi-Cal provider pharmacy and you’ll get the Medi-Cal price for your prescription.
HRSA-funded health centers. These full-range, local clinics are funded by the Health Resources and Services Administration and have pharmacies where you can get discounted prescriptions at 15,000 sites across the U.S.
Other ways to save money
Looking to save even more money on prescriptions? Ask your medical professional about other ways to save on prescription drugs. Your doctor or pharmacist may have additional guidance or resources but may not know you need help unless you ask.
Here’s what they can potentially provide on request:
Generic alternatives that are more affordable than your current prescription
A prescription split into several doses to make the cost easier to cover
Recommendations on programs or coupons to reduce the cost of your medication
Dig deeper: Clever ways to save money — and take the pinch out of inflation
FAQs: Prescriptions, budgeting and saving at the pharmacy
Learn more about saving money on prescription drugs when budgeting your healthcare costs.
Can the Medicare Prescription Payment Plan help me pay for prescriptions?
Yes. Starting in 2025, the Inflation Reduction Act requires Medicare Part D plans to offer beneficiaries the option to pay for prescription drugs out of pocket in monthly installments, rather than in one lump payment. It also caps out-of-pocket spending at $2,000 a year.
Can I deduct prescription drug costs from my taxes?
Yes, but only on qualified medical expenses that total more than 7.5% of your adjusted gross income — the IRS’s threshold for medical deductions. If you can meet the threshold, then medical and dental expenses — including the costs of medicines and drugs prescribed by a physician — are tax-deductible. Learn about other tax breaks for people ages 50 and older.
I’m retiring early. What are my options for health insurance before Medicare kicks in?
If you’re not yet 65 and won’t have access to an employer health insurance plan, you have several options for healthcare coverage, including COBRA, the ACA marketplace and short-term policies. Start with our guide to options for early retirees — including costs you can expect to pay.
Is it illegal to order prescription drugs from another country?
Yes, it’s technically illegal to order or otherwise import prescription drugs into the U.S. from other countries, including Canada and Mexico. However, the U.S. Food and Drug Administration publishes exemptions for what it calls “personal importation of drug or device products.”
What is CVS CostVantage — and can it help me save money on prescriptions?
CVS CostVantage may not result in lower costs for consumers, unfortunately. CVS launched CostVantage in 2025 as a new pricing model that stresses “transparency and simplicity” between CVS pharmacies and insurer and employer benefit managers. Negotiated markups and fees will not be made public, and it’s up to insurers and employers as to how much of any savings they’ll pass along to you.
Sources
Public Opinion on Prescription Drugs and Their Prices, KFF. Accessed August 1, 2024.
FTC Releases Interim Staff Report on Prescription Drug Middlemen, Federal Trade Commission. Accessed August 1, 2024.
Bipartisan Congressional Support for PBM Reform Grows, The Commonwealth Fund. Accessed August 1, 2024.
Prescription Drugs – How To Safely Save Money, Michigan Consumer Protection. Accessed August 1, 2024.
Our mission, Mark Cuban Cost Plus Company. Accessed August 1, 2024.
USC Research Shows Costco Beats Medicare in Generic Drug Savings Nearly 50% of the Time, USC Schaffer. Accessed August 1, 2024.
Survey: Who Uses Patient Assistance Programs? GoodRx Health. Accessed August 1, 2024.
About the writer
Sarah Brady is a finance writer and educator who covers a wide range of topics, from personal and small business credit and loans to financial scams. Her expertise has been featured in Yahoo Finance, Forbes Advisor, CNN, Fortune, Investopedia and other top media brands. As an NFCC-certified credit counselor, Sarah taught workshops on money management and coached thousands of clients on how to improve their credit. She is also a former HUD-certified housing counselor and educator for the City of San Francisco’s affordable homebuyer programs.
Article edited by Kelly Suzan Waggoner
