Most college students are backed by the health insurance of their parents till they are 26 years old. Those who do not have an insurance can purchase it from their universities.
Still, since many students support themselves and live within their means, saving money on their medications means a lot to them, especially when they are very sick or have an underlying health condition.
The good news is, there are some ways for college students to save on their medications. Here we shared the most effective ones that you can try without any hassle.
How college students can save on medications
1. Ask your physician about money-saving options
Many doctors actually have little idea about the price of the medications they prescribe. If you think your drugs are costing you too much, you can ask your doctor if there are less expensive options.
In case you did not know, the FDA has more than 10K generic drugs approved. The best part is that they can cost as much as 85% less than their brand-name counterparts.
If your doctor finds generic alternatives, you will be able to save lots of money. If you are lucky, they may also give you some samples for free.
2. Look into your formulary
To put it simply, formulary is a list of drugs covered by a health insurance plan.
If you have to take medications daily, you better have a look at your formulary to understand what tier or price category every drug falls into.
This will give you some idea about how much out-of-pocket costs you will have to bear (if any). Usually, the least expensive drugs belong to the Tier 1 category.
Aside from that, checking your formulary is also necessary to compare the pros and cons of different insurance plans.
3. Choose a network pharmacy
If you are covered by insurance, search for a nearby pharmacy within your insurance company’s network. If not, you will have to pay the retail price in full.
Some might be a little hard to find because of their locations, especially if they are inside a store or a supermarket. But remember that a little hassle to find a specific pharmacy affiliated with your insurance plan will be well worth it.
4. Look for home delivery options
If your insurance benefits allow you to get your drugs delivered at your doorstep, you should not miss out on this opportunity. You will be able to save on both time and money on trips to the pharmacy.
However, everything online is not safe. Even if your insurance offers a mail-order pharmacy, take your time to check their authenticity before you make an order.
5. Get a prescription discount card
A medicine discount card is one of the most hassle-free ways for college students to save money on prescriptions. Another great option is a manufacturer co-pay card provided by drug companies.
They are easy to get online or delivered at your doorstep. When you go to a pharmacy, you just give it to the pharmacist who compares the drug prices and offers you the cheapest one.
On average, you can expect to save 20-30% on your prescriptions drugs, and in some cases, up to 80%.
6. Use a pill splitter
Since many higher dose pills cost almost the same as lower doses, you can use a pill splitter to cut them in half and save money without compromising your treatment.
However, you should always consult your doctor before trying to split pills. The FDA has a list of drugs approved to be split safely with a line on each drug clearly visible to go about it.
7. Try medicine assistance programs
For low-income population, there are many patient assistant programs offered by pharmaceutical companies, non-profit and government agencies.
As a college student, you might be eligible for one of these programs. You can directly apply to the drug manufacturer’s official website with necessary documentation.
8. Buy more, save more
If possible, try to buy your prescription drugs in bulk. This will save you money over the long haul.
For example, if you are enrolled in a Medicare Part D plan, you might be eligible to receive a 90-day supply of generic medication by mail order or at the store at no cost. Even more savings are possible if you can order a year’s worth of supply of some generic drugs.
However, remember that you won’t be allowed to return unused drugs.
9. Get only what you need
Follow your prescriptions and take your medicines as recommended. Make sure you know what you are taking, whether prescriptionm drugs, over-the-counter medicines, or herbal supplements.
Whenever you visit your doctor, do not forget to ask if you still need to continue taking the current medications. Sometimes, people keep taking their medicine without realizing that their condition has improved or the dosage is no longer appropriate.
10. Take good care of yourself
The young generation usually struggles with discipline, but this can go a long way in keeping you safe from further illnesses and out-of-pocket medicine costs.
As they say, prevention is better than cure. Choosing a healthy lifestyle is probably the best way to save on your healthcare costs.
Final thoughts
How college students can save on medications? Now you know there are some great options for busy college students on tight budgets.
From asking your doctor about generics to using discount cards, exploring mail-order options, and taking better care of your health, these small steps can add up to big savings.