Saving Money on Prescription Drugs with GoodRx

With healthcare costs across the country continually rising, it is worth looking into the underlying causes for the rampant spike in monthly costs for the average American. While there are many that can be considered and broken down, there is one that holds the majority piece in the puzzle: prescription drugs.

In an analysis done by America’s Health Insurance Plans (AHIP), it was concluded that nearly a quarter of each dollar spent on insurance premiums goes towards prescription medications. The remaining three quarters are attributed to twelve other categories. Because of the rising cost of prescription drug spending, it is wise to try and find ways to save money when and where it is possible. Drug prices are not regulated and, therefore, there is competition among pharmacies, which is good for consumers. GoodRx.com can be a game changer for finding the best deal.

GoodRx is a free-to-use website and requires no input of personal data. They gather all profits from advertisements on their page and no account creation is required. The website boasts that on average, it saves customers $276 a year on their prescriptions. GoodRx have partnered with another company called Inside Rx and together they negotiate with major manufacturers and pharmacies to provide savings to 10 million Americans a month. Based out of Santa Monica, California, they opened the company is 2011 and are consistently ranked number one in the medical category in the Google Play and Apple App Stores, making the capabilities of the site easily accessible to just about anyone.

So how exactly does it work? Well, it truly is as easy as it sounds. After landing on GoodRx.com, users will type in the name of their prescription and hit search. Once re-directed to the next page you are able to input your ZIP code and the website does the rest. The site gathers the current prices of drugs at different pharmacies and displays the lowest cost for that prescription based on a user’s location. Some locations such as Kroger or Meijer have generic medications for free if you have a Kroger or Meijer card. If that is not the case or there is not a pharmacy like that near you, then click on the green button to view the coupon. The website is very user friendly and enables text, email, or printing to receive the coupon. From there you simply take the coupon to your pharmacist.

Using GoodRx is an excellent alternative to using the Rx coverage on your Affordable Care Act (ACA) plan or if you decide to get coverage through a short-term medical plan that does not have embedded drug coverage. The coupons may provide lower copays than your current coverage, but cannot be used to lower your current copay itself. With quick, easy, and free access to this one stop shop, it is worth taking a look the next time you go to fill a prescription or two.

At ARC Benefit Solutions, our goal is to simplify your life. Talk to your representative if you have questions about prescription drug coverage. We can assist with adding the best available Rx options to your existing health plan or review alternatives such as utilizing prescription discounts like those found at GoodRx.

Resources:

https://www.csrxp.org/wp-content/uploads/2016/04/CSRxP_Facts-of-Rising-Rx-Prices.pdf

https://www.goodrx.com/how-goodrx-works

In an analysis done by America’s Health Insurance Plans (AHIP)