How to Save Money on Generic Prescription Drugs

Patting yourself on the back because you remembered to ask about a generic version of your brand name prescription? That is a great way to save money! But if you want to save even more money on your medications, we have news for you … there are still two more things you can do to save money on all of your prescriptions, generic drugs included.

Generic Drugs vs. Brand Name Drugs

When a brand name drug goes off patent, another manufacturer can make a generic equivalent of that drug. There are also therapeutic equivalent drugs, which are made of different chemicals, but work similarly to each other. When you give your pharmacist a prescription written by your doctor, it is considered both safe and legal for your pharmacist to dispense a generic equivalent drug for the brand name drug on the prescription (unless your doctor specifically says not to!).

Often the cost of a generic equivalent drug is 80 to 85 percent lower than the brand name product , enabling you to use a safe, effective treatment for significantly less money. Similarly, if you want to use a therapeutically equivalent drug in place of a brand name drug, and your doctor agrees with the change, they can write you a new prescription to make the switch.

Two Ways to Save on Generic Medications

Switching to a generic drug is not the end of the story! There are still two more ways to save more money on your prescriptions:

1. Compare prices at local pharmacies

That’s right – pharmacies do not all charge the same thing for prescriptions , even commonly prescribed generics like lipid regulators, beta-blockers, and angiotensin-converting enzyme (ACE) inhibitors. Every time you need to fill a new prescription, it makes sense to spend a little time comparison-shopping. Luckily, FamilyWize makes it easy to compare drug prices at local pharmacies , even across multiple medications.

2. Use a prescription discount card

The FamilyWize Prescription Discount Card is exactly what it sounds like – a free program, available regardless of your insurance coverage, that allows you to save money on your prescription drugs, generics included. To get started, download our free Rx discount card . Then use your card just as you would use a coupon at the pharmacy counter. To date, FamilyWize has helped over 11 million Americans save more than $1 billion on their prescription drugs, regardless of their insurance coverage.

If you are trying to save money on your medications, switching to a generic option is a great way to go. But don’t stop there! Comparison-shopping and free prescription discount programs can also help you keep pharmacy costs down.