How to Get the Best Price at the Pharmacy
How to Get the Best Price at the Pharmacy
If you’ve filled a prescription recently, you were probably shocked by the price tag. U.S. drug prices are on the rise, with some specialty drug prices skyrocketing at extraordinary rates—and healthcare consumers are feeling the squeeze. For many consumers, finding the best price at the pharmacy feels harder than it should be.
On top of high costs, many brand name drugs are excluded from insurance coverage and more than one-third of consumers have been told their insurance plan wouldn’t cover a drug prescribed by their doctor.
Consumers are getting sick of confusing insurance restrictions and high costs. They want greater transparency and choice in their healthcare purchases.
This is where prescription discount programs come into play.
Prescription discount programs offer both transparency and choice. Through pricing search tools, discount programs are able to provide cost estimates at multiple pharmacies so you can access the best possible savings. Even better? Some discount programs utilize the power of multiple pharmacy benefit managers (PBMs) to give you the best chance of finding a great deal.
Good Isn’t Always Best
How do PBMs Work?
A PBM contracts with retail chains and independent pharmacies to provide pre-negotiated discounts to their customers. It’s no different than a health plan negotiating with their in-network doctors, hospitals, and labs for discounts on healthcare services.
The PBM utilizes these contracts in relationships with discount plans, providing them with the pre-negotiated discounts and a system to process claims electronically. Unlike insurance, discount plans typically operate under an open formulary, meaning all drugs are subject to a discount versus most insurance plans where some drugs are excluded.
Since each PBM has their own individual contract with pharmacies, some are likely to have better negotiated discounts than others. A consumer could walk into a pharmacy and pay:
-
- $30 through insurance,
- $25 through PBM A,
- $15 through PBM B, or
- $75 for the retail rate
all for the same prescription.
Real Life Savings
See one customer’s savings experience here.
Why Does NB Rx Contract with Multiple PBMs?
The NB Rx discount program is partnered with multiple PBMs to provide the best possible deal on most medications. Rather than having to search multiple discount websites, NB Rx does all the heavy lifting for you and displays the lowest cost on one platform.
When a consumer looks up a prescription through NB Rx, the pricing tool looks through the negotiated rates from each contracted PBM and displays the best deals at multiple pharmacies. The discounts also include a home delivery option, which can often offer deeper savings.
Consider the earlier example with various costs on the same medication: our pricing tool would review the costs and only display the $15 option from PBM B since it’s the best possible deal.
Want to see NB Rx in action?
Visit RxPrice.NewBenefits.com to see how much you can save with the power of multiple PBMs. Understanding how pricing works is the first step to saving consistently.
How to Consistently Get the Best Price at the Pharmacy
Prescription prices are not fixed, even for the same medication. Costs often change based on where a prescription is filled and how it is paid for. Members who want the best price at the pharmacy need visibility into pricing before they reach the counter.
Comparing pharmacies helps members avoid overpaying and uncover meaningful savings. Some locations offer lower cash prices, while others provide better discounts depending on the prescription. Pharmacy savings tools make it easier to compare options so members can choose the best price at the pharmacy without confusion or extra effort.
Having access to transparent pricing gives members confidence in every fill. Instead of relying on estimates, they can see real prices and make informed choices that fit their budget.
Conclusion: Take Control of the Best Price at the Pharmacy
Finding the best price at the pharmacy does not have to feel unpredictable. With the right approach, members can reduce prescription costs and avoid surprises at checkout. Knowing how to compare pharmacies, review pricing options, and use savings programs helps members stay in control.
When members consistently look for the best price at the pharmacy, they save money on both short-term prescriptions and ongoing medications. The result is a simpler, more affordable experience and confidence every time a prescription is filled.
