3 ways to save on your prescriptions in 2024
Healthcare costs will continue to rise next year. Here are 3 smart ways to save on your prescriptions in 2024.
By: Prescryptive Health
It’s no surprise to your pocketbook: Taking care of your health has never been more expensive. And forecasters say those costs will continue to rise in 2024.
Fueled by medical inflation, chronic conditions, and rising prescription prices, health care costs are expected to experience a sizable hike next year. Employers project a median health care cost increase of 7% for 2024, according to new data from the International Foundation of Employee Benefit Plans (IFEBP).
This is not what the already financially stressed want to hear. New analysis by SecureSave found that 63% of employees would be unable to cover a $500 emergency.
But it’s not just our wallets feeling under the weather, higher costs can influence our wellbeing, too. As prices go up, we’re forced to find new ways to save on healthcare, including our prescriptions. Nearly half of consumers (49.5%) said they’ve abandoned a prescription at the pharmacy within the past few years because it was too expensive.1 And about three in ten adults report not taking their medicines as prescribed at some point in the past year because of the cost.2
The good news: There are steps you can take to stay ahead of rising costs, so your health doesn’t get left behind.
3 ways to help save money on your medications next year
Mobile-first technology gives you more prescription power. Now you can shop for better prices on medications, just like you shop for everything else. And pharmacies offer ways to pay that could lead to savings, too.
1. Get your prescription on your phone
New technology, including myPrescryptive, a digital prescription solution, puts more control in your hands. When a doctor writes a digital prescription, it routes directly to your phone. This gives you the info you need at the point of care. With myPrescryptive, you’ll never have to worry about price surprises at the pharmacy counter again. You’ll know what your prescription costs, what savings might be available, medication information, and all your pharmacy options — before you even leave your doctor’s office.
2. Ask for the cash price
Did you know you can pay cash for your prescriptions, even if you have insurance? The best part: Paying the cash price rather than your co-pay price could save you money. Why? Because paying the cash price often allows you and the pharmacy to bypass additional fees from middlemen that can cause price hikes when you pay with insurance. So, the next time you’re at the pharmacy counter ready to pay for your prescription, consider asking for the cash price — it just might be a better deal.
3. Get alerts about lower-cost medications
You shouldn’t have to search for lower-cost options on your prescriptions. myPrescryptive can find these options for you and sends alerts to your phone when we find a medication under your plan with the same health benefits at a lower cost. Once you know your options, you can talk to your doctor about what’s best for your health and your budget.
Bring on 2024
Unfortunately paying more for the things we need is becoming more common. The economy will continue to fluctuate, prices will rise and fall. The best way to face the uncertainty is to stay ready for what’s next. Prescryptive’s technology can help you take control of your prescription experience so you can save money on the medications you need. Here’s to a healthy 2024!
1 Healthcare Finance News
2 KFF