Do prescription discount cards actually work?

Updated at:2024-01-20T02:19:35.580Z

Are Cheaper Prescriptions a Myth or Reality?

A common question that often arises is whether prescription discount cards truly deliver on their promises. The idea of a free card that grants significant savings, sometimes surpassing what even your paid insurance provides, might sound too good to be true. However, prescription savings of 80% or even as high as 97% are attainable. The question is, are people really taking advantage of these discounts for more affordable prescriptions?

The Growing Need for Prescription Price Relief

The demand for prescription price relief continues to grow year after year. In 2022, 79% of patients reported an increase in their medication costs over the past year. The majority of patients with employer based insurance are now enrolled in high deductible plans, making the search for affordable prescriptions even more critical.

Prescription Discount Cards in Action

According to IQVIA, a leading source of prescribing and dispensing data, 5.4% of all prescriptions are purchased using a prescription savings cards. Additionally, IQVIA’s data shows that usage is spread among all patient types. Nearly one-fifth of Medicare beneficiaries, 12% of commercially insured patients, and over half of those without insurance. Anecdotal evidence further suggests a rising trend in the use of prescription discount cards to achieve affordability as pharmacists report that patients are most likely to use cash discount cards over other affordability options such as manufacture coupon cards.

Insurance or Prescription Savings Card: Which is Better?

When it comes to a specific medication, it's often challenging to determine whether your insurance or a prescription discount card will offer the better deal. While many patients discover lower prescription prices through discount cards, the majority continue to purchase medications through their insurance plans. The most effective way to maximize your prescription savings is to engage in a conversation with the staff at your local pharmacy or drugstore. While your pharmacy staff are likely experts in finding affordability options, they may not know you are in need of help unless you speak up.

Money and affordability can be sensitive subjects for many individuals, but don't let that deter you from discussing ways to save significantly on each prescription fill. A recent survey by CoverMyMeds revealed that 90% of patients have taken action to improve their ability to afford medications, including talking to their healthcare providers and pharmacists.