Comparing medication prices with the right tools is key to cutting costs. You can look for discount cards and coupons, or you can use drug cost calculators.
Medically reviewed by Debra Sullivan, Ph.D., MSN, R.N., CNE, COI
Looking for the best deals on medications can be a challenging task because of the many factors to consider, like:
insurance coverage
discounts and coupons
market availability and demand
the area of the country in which you live
It’s useful to compare medication prices even when you have an insurance plan that helps cover some of your drug costs.
How to compare prescription costs
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One of the best ways to compare medication prices is to use a drug cost estimator tool. Also known as drug price calculators, these are online tools that help you search for specific medications in and around the area you live.
The tools may list the prices in different pharmacies, as well as any available discounts and coupons.
Health insurance companies, nonprofits, health marketplaces, pharmacies, and health websites all offer their own versions of drug cost estimators. The results may vary, but they’re all similar in how they work.
To use a drug cost estimator, if you have insurance, you could use the company’s online tool or a specialized site, like Optum Perks.
Some tools allow you to search for your medication by name and input specific information, such as dosage and quantity, as well as your ZIP code, to see results.
You’ll typically see a list of pharmacies — physical and online — and other retailers, along with the medication’s price and any available discounts and coupons.
The prices may change and may not always be the exact amount you’d have to pay, but these tools can give you an approximation of how much the medication would cost.
Other factors that can affect final costs may include:
any applicable charges relating to insurance coverage
discounts
help from assistance programs
location
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Optum Perks also has a prescription Discount Card, which can provide the same savings on prescription medications.
Optum Perks negotiates directly with retail pharmacies to lower medication costs, and the card scouts the web for coupons and automatically applies them when you use the card.
Depending on the coupons and discounts available, the savings can vary from day to day. But the Optum Perks Discount Card can save you up to 80% on the price of prescription medications.
So, download the free Optum Perks Discount Card to save up to 80% on many prescription medications.
What can affect the costs of medications?
Many factors determine the costs of medications, such as:
newly launched medications
uneven and inadequate competition
the interplay and cost control between health insurance companies, retailers, and manufacturers
changing demand and supply
research and development costs
Tips for finding the best costs for your prescriptions
The cost of medications keeps increasing. But you can take some steps to lower their cost.
If you have health insurance, check your plan’s drug formulary (drug list) to see if it covers your medication. You can also check to see how much your out-of-pocket costs are likely to be.
Always check for a generic drug version.
Use different drug cost estimator tools and check different websites for variations in prices.
Look at the price you’d pay for the drug under your insurance plan compared with buying it at retail with a coupon or prescription discount card.
Summary
Amid the increasing prices of prescription medications, choosing where and how to buy them can seem challenging.
It’s important to compare medication costs among different pharmacies and physical and online retailers. To do this, online tools like drug cost estimators can help you gather all of the information in one place.
You will then have an overview of the available prices near you.
When comparing the price of medication, consider factors like your health insurance coverage, shipping costs, generic vs. brand-name options, and available discounts and coupons.
Download the free Optum Perks Discount Card to save up to 80% on some prescription medications.
