Money Saving Tips


Top takeaway: consider signing up with HSRx and, always check the price of your prescriptions BEFORE paying the copay for your insurance.

Prescriptions are an area that people tend to overpay for.

Most insurance plans have a copay for prescriptions, which is usually an amount in the region of $20. You can expect to find on your insurance card what your copay is, and usually, you will need to stay in-network for prescriptions (even if you have a PPO plan).

You always want to stay in-network; there are many options out there help to make this possible. There are pharmacies like Walgreens, CVS, or grocery store pharmacies, as well as options like ScriptSave, GoodRx, or Caremark. You can also choose to mail in your prescriptions, which often might be cheaper to do than to go to the pharmacy.

But if you’re sick and you need an immediate prescription, you’re not going to mail in for that, you’re going to go to the nearest pharmacy. Let’s say your copay is $20 for generics on your plan. Did you know that the pharmacy has to charge you that? This is because they have a contract with the insurance company. It does not mean the prescription actually costs $20. There are many situations where the prescription actually costs less than the $20 copay.

So what can you do? Firstly, you can ask for the cost of the prescriptions before asking them to put it through insurance, which allows you to decide if you need to put it through as a copay, or if you’re going to pay cash for a low-cost medication. No matter what insurance you have, you should always check and see what the cash price is for your prescription. Because a lot of times your prescriptions are less than what you’re actually paying for a copay.

You’re not required to use your insurance. I know it sounds crazy. You’re paying for insurance, so you would think that you need to use it, right? But my whole goal is to save you money. If I can save you money in premium, that’s great. But if I can save you money on out-of-pocket costs, too, that’s even better. We need a mindset shift – you need to start thinking about insurance in the following way. You’ve got insurance in case you end up in the hospital, in case you have a heart attack, or in case you get cancer. That’s how you should look at your insurance. You shouldn’t worry about if it’s going to cover your day-to-day stuff. Shifting the mindset to potentially self-paying for the smaller things can end up saving you money.

For further savings, there are other options. There’s a service, you may have heard of called GoodRX, which helps you find the best-priced prescriptions around. I have something that’s a little better called HSA RX. Please reach out to me for a link to find out more! The main goal that they have is to provide in-network options and they are contracted with many plans.

Again, my goal is to help you save as much as possible – saving on prescriptions is easy if you know how!

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