Key takeaways

The costs of prescription drugs are constantly increasing, but there are different ways you can save on your medications.
Prescription discount cards and coupons can be a good option to save money on prescription costs. There are different kinds on the market — some are free, while others have a fee. You can compare options to find the right one for you.
You can also compare prices at different pharmacies and look at generic versions vs. brand-name medications to try to save some money.

Adult female pharmacist passing a payment machine to an adult female in a pharmacy after they compare prescription discount cards — Photography by Gorodenkoff/Getty Images

Overview

Pharmaceutical companies often increase medication costs in line with inflation. Other factors may also add to rising prices, including research and development costs.

The cost of prescription drugs rose an average of 31.6% between 2016 and 2022. Even with the Inflation Reduction Act, the price of certain medications remains unaffordable for many people.

According to a 2023 report, 6 in 10 adults in the United States take at least one prescription medication.

If you are looking to save money on your prescription medications, it can help to know all of your cost-saving options.

If you need help covering the cost of medications, the free Optum Perks Discount Card could help you save up to 80% on prescription drugs. Plus, you can now get them delivered to your home in as little as 3 days. Search for your medication here.

1. Compare prescription discount cards or coupons

Prescription discount cards and coupons can offer significant savings on medications — sometimes up to 90%.

Some cards and coupons are free, but others require you to pay a membership fee or annual fee. It’s important to note that prescription discount cards and coupons are not a form of health insurance.

Some drug manufacturers offer discounts on their websites. This is common when a company introduces a new brand-name drug to the market. With these discount cards, you may get a full or partial discount on the medication for the first few months.

Each prescription discount card has its own policies and rules, so it is important to research the options and compare them to find one that’s right for you.

For example, some cards may be free to use but may not be accepted at every pharmacy or may not be valid on every medication you need. Some may have higher savings, but you need to pay a fee to access it, or you need to be a member of a certain scheme.

How to use the Optum Perks prescription discount card

The Optum Perks Discount Card is free, and you can use it at many different pharmacies around the country.

When you present your discount card, the pharmacy or retailer will apply coupons to your medication. Some people may be able to save up to 80% on the medication’s cost.

Alternatively, if you know the name of the drug a doctor has prescribed, you can search for it specifically on the Optum Perks coupon page.

You can show the prescription discount card at a pharmacy to receive a discount on both branded or generic medications. You can keep it in your wallet or use a mobile app to use your Optum Perks discount card or check offers.

You don’t need insurance to use them. But you can’t use them at the same time as your insurance. This means the cost doesn’t affect your deductible or out-of-pocket maximum.

2. Consider generic over brand-name medications

If you can, consider choosing the generic version of a medication. According to the Federal Trade Commission, brand-name drugs can generally cost 80 to 85% more than the generic versions.

Generic medications contain the same active ingredients as brand-name drugs, and around two-thirds of prescription medications have a generic version. What’s more, 91% of all prescription medications are filled as generic.

If a doctor prescribes you a specific medication, ask them whether a generic version can help you save money.

3. Where you shop may make a difference

Knowing where to shop can make a difference to your budget.

Shop online

Online pharmacies can sometimes offer lower prices for prescription medications. That price can become even lower if you purchase a higher quantity of the medication, such as a 90-day supply.

With online pharmacies, you can order your prescription medication, and the pharmacy will mail it directly to your chosen address.

Optum Perks now offers a home delivery service for your prescriptions. Over 1,200 medications for a variety of conditions are now available to be delivered to your door in as little as 3 days, with shipping costs starting at $5. Search for your medication here.

Pharmacy chains and big-box stores

Chain pharmacies like Walgreens or CVS and big-box stores like Walmart, Target, or Costco offer not only prescription discount cards and programs but also lower prices on generic versions of prescription drugs.

4. Consider assistance programs

You may qualify for assistance programs that can help you pay for your medications or offer them for free.

Some pharmaceutical companies offer discount programs to people who qualify. Eligibility can depend on your health needs and income level.

You may also qualify for state pharmaceutical assistance programs, which are state-run programs that help with medication costs. Federal funding is also available to states that meet specific requirements. To learn more about these programs, you can check your state’s or state attorney general’s website.

Medicaid can also help you cover prescription costs providing you meet the eligibility requirements.

Summary

The cost of prescription medications has increased over the years, but you can find ways to save on your prescriptions.

Some tips to save on prescription drugs include buying the generic version, using prescription discount programs, and using discount cards or coupons.

Talk with your healthcare professional about the option of taking generic versions of your prescribed medication.

Download the free Optum Perks Discount Card to save up to 80% on some prescription medications.