Good Ways to Drastically Lower the Cost of Your Medications

There are many circumstances in which a person needs help covering the cost of their prescriptions. You may fall into one of these categories:

• No health insurance whatsoever (often students)
• High deductibles or medications not covered by insurance
• Seniors on Medicare in the "donut hole" of their Part D
• Just started a new job and waiting for coverage to begin
• Lost a job and cannot afford COBRA
• Uncovered dependents

Here are some good options that may help put money back in your pocket.

1. Prescription Advocacy Programs

Prescription Advocacy Programs (PAPs) — also called Prescription Assistance Programs or Patient Assistance Programs — are run by pharmaceutical companies that offer their drugs for free or at a discount to patients who cannot afford them.

To find out if your medication has a program, go to the manufacturer's website or search for the medication plus "prescription assistance program." If you're having trouble, consider using a third-party service like PrescriptionHope.com.

You can also visit this AAFA.org page for a list of non-profit premium and copay assistance programs and state-run drug assistance programs.

2. Prescription Discount Cards

Prescription discount cards are free to use and in many cases you don't even need a physical card — just show a screenshot on your phone at the pharmacy counter. Many offer discounts up to 80% and work at most pharmacies nationwide.

3. Emergency Prescription Assistance Program (EPAP)

The Emergency Prescription Assistance Program helps people in federally-identified disaster areas who don't have health insurance access their medications, vaccinations, medical equipment, and supplies. If eligible, you can file a claim at more than 72,000 pharmacies nationwide.

4. Free Prescription Samples

This isn't a great long-term solution, but doctors do sometimes have sample stocks of medications they can offer patients. It doesn't hurt to ask your doctor — even a short supply can help bridge a gap.

5. Medicare Extra Help

This program is available only to seniors on Medicare and is designed to help low-income seniors cover the cost of their prescriptions. Call your local Medicare agent or call Medicare directly at 1-800-MEDICARE (1-800-633-4227) to find out if you qualify and apply by phone.

6. Consider Switching Medications

In some cases, there may be a generic equivalent or alternate medication that works equally well at a fraction of the cost. Doctors don't always consider cost when prescribing, so it's worth asking: "Is there a generic or cheaper alternative that could work for me?"

7. Try CostPlusDrugs.com

Mark Cuban's CostPlusDrugs.com offers many common prescription medications for a fraction of the cost of local pharmacies. Search for your medication — you may find it available for significantly less than your insurance copay.