3 Programs That Could Save You Money on Prescription Drugs

Health insurance is most people's go-to for reducing their prescription drug costs, but it doesn't always do the job -- and not everyone has a policy. Paying out of pocket is pretty tough, especially for rare (and expensive) medications or medications you take routinely. But fortunately, that might not be your only option.

Several programs could help you reduce the cost of your prescription drugs or, in some cases, get them for free. Here are three you should know about.

1. GoodRx

GoodRx is a free online site that offers coupons on prescription drugs at popular pharmacies. You don't even need to create an account to use it. All you have to do is search your prescription, check rates at nearby pharmacies, then choose the coupon you want. Present it to your pharmacist and they'll scan it to help you save. Sometimes, it's possible to save more than 90% off the original price.

GoodRx also has a Gold Membership option for those who are willing to pay a monthly fee. This gives you its best rates, plus free home delivery and access to telehealth services. The company estimates that individuals who enroll in this plan save over $2,862 per year, while families save $4,052 per year.

2. Pharmaceutical assistance programs

Many pharmaceutical companies also offer assistance programs to help customers who cannot afford to pay for their medications out of their own pockets. Each company sets its own rules to determine who qualifies for these services.

Generally, these include being a U.S. resident with a prescription for the medication in question, not having access to health insurance that would cover the cost of the prescription, and having an income below certain thresholds set by the company.

If you have any questions about these programs or whether you qualify, contact the pharmaceutical company to see what types of assistance it can offer you. And if this isn't an option for you right now, keep it in the back of your mind in case your financial situation changes.

3. State assistance programs

Currently, 48 states offer some sort of pharmaceutical assistance program to their qualifying residents. Some of these programs are only available to seniors or to those with HIV/AIDS. But others are open to residents of all ages and health statuses.

Each program has its own rules for what medications are covered, who qualifies for assistance, and what kind of assistance it provides. Some may just offer savings on the original prescription price while others might help residents obtain their medications for free.

Investigate the programs in your state thoroughly to see which, if any, you might qualify for. And if you have questions, reach out to the program directly for more information.

Keep in mind that you can use more than one of these techniques to save. You can apply for a pharmaceutical assistance program and use a GoodRx coupon to reduce your costs further. Comparing prices between several pharmacies and opting for generics whenever possible can also keep costs manageable. Don't forget that drug prices can fluctuate over time, so it doesn't hurt to check out rates at other pharmacies once in a while to see if you can find a deal that would help you keep more money in your bank account.