Costco Executive Shares 5 Ways to Save Big on Healthcare

Costco isn't just a wonderful place to buy rotisserie chicken and $1.50 hot dog combo meals -- it can help you save money on healthcare costs, too! Costco members can get exclusive deals on prescription drugs, over-the-counter medications, generic drugs, home healthcare and wellness products, and more.

We spoke with Chris Pierce, Assistant Vice President of Pharmacy at Costco and Head of Costco Health Solutions, to hear some of the latest and greatest cost-saving tips for Costco Pharmacy. Let's look at a few insider strategies on how you can make the most of your healthcare dollars at Costco.

1. Start with the Costco Membership Prescription Program (CMPP)

Costco offers big discounts on many prescription drugs, with savings of up to 80% on popular medications. Pierce recommends starting your savings search by checking out the Costco Membership Prescription Program (CMPP).

You might be surprised at how much you can save on prescription drugs with Costco, even if you have generous health insurance or have tried other cost-saving methods like coupons or prescription drug websites. "CMPP prices are often lower than copays using insurance," Pierce said. "Costco members have also started to discover that CMPP prices are lower than popular coupon websites and mail-order companies."

2. Go generic to save even more at Costco

Whenever possible, it's a good strategy to choose generic prescription drugs instead of name-brand ones. Costco Pharmacy can offer significant savings on thousands of generic medications -- even compared to generic prices at other national pharmacy chains. The Ascent's research found that Costco Pharmacy's lower prices of five popular generic drugs could save you over $700 per year.

Pierce mentioned a few examples of Costco's best deals on generic prescription drugs. "Rosuvastatin (generic of Crestor) and Atorvastatin (generic of Lipitor) are generic heart medications for treating high cholesterol," Pierce said. "Both are priced at $9.99 for a 90 day supply and $19.79 for a 180 day supply for most strengths."

When you consider that these medications are everyday pills for most patients, Costco gives people a low-cost way to manage your cholesterol -- as little as $0.11 per day.

3. Buy a larger supply

Costco is famous for bulk items, like groceries, household items like paper towels, and very large bagged salads. But you can also use the Costco Pharmacy to buy prescription drugs in larger quantities and get a bigger discount.

"Costco has competitive prices for 30-, 60-, 90-, or 180-day supplies on many medications to provide the quantity most convenient for member needs," according to Pierce.

Depending on what's allowed by your prescription and appropriate for your healthcare situation, Costco can help you get a larger quantity of the medications you need -- at a lower cost per dose.

4. Don't forget about pet medications

Costco Pharmacy savings aren't just for people. If you're worried about rising prices of veterinary care and prescriptions for your pet, Costco can help with those healthcare costs, too.

"Members are reporting savings of 50% or more on pet medication products like flea and tick control, anti-itch remedies, and pain relief," Pierce said.

5. Ask your local Costco pharmacist

If you have multiple medications and aren't sure where to begin, or if you'd just rather get some in-person advice, the next time you're at Costco, stop by the pharmacy for a chat with the pharmacist. Sometimes talking with a pharmacist in real life is the best way to get personalized help with the full picture of your family's prescription drug needs -- and they might have fresh ideas for how you can save even more money in your budget.

"A Costco pharmacist can compare prices for a member and transfer any medications to Costco Pharmacy," Pierce said. "Costco Pharmacy makes managing medications convenient with refill reminders, status messaging, home delivery options, and managing prescriptions in the Costco app."

Bottom line

The Costco Pharmacy might be one of the most underrated ways that you can save money with your Costco membership. Whether you take prescription drugs for cholesterol, blood pressure management, or other chronic health conditions, or you need a consultation for a one-time prescription, the Costco Pharmacy and Costco Membership Prescription Program (CMPP) can help. With Costco's professional advice and surprising discounts, you can help your healthcare dollars go further -- and keep more money in your savings account.