If you’re enrolled in a high-deductible health plan (HDHP), you pay the full cost of qualified medical and prescription expenses until you meet your deductible. The good news? There are several simple ways to make your prescription dollars go further and reduce out-of-pocket costs.
1. Ask About Generic Medications
Generic prescriptions offer the same strength, dosage, safety, and quality as brand-name medications — often at a much lower cost. In many cases, generics can cost up to 80% less than brand-name drugs. Talk with your doctor or pharmacist to see if a generic option is available for your prescription.
2. Consider Mail-Order Prescriptions
If you take a maintenance medication regularly, mail-order pharmacy services may help you save money and time. Many plans allow you to receive a 90-day supply for the cost of a 60-day supply when using mail order. That means fewer trips to the pharmacy and more savings over the course of the year.
3. Maximize Your HSA Contributions
A Health Savings Account (HSA) can be a powerful tool for managing healthcare expenses. Contributing the maximum amount allowed by the IRS each year can help you prepare for future medical and prescription costs while taking advantage of tax savings.
4. Leave Some Funds in Your HSA
One of the biggest benefits of an HSA is that unused funds roll over year after year. Leaving some money in your account at the end of the year can provide a cushion for prescription or healthcare expenses early in the next year before new contributions begin.
5. Shop Around for Better Prices
Prescription prices can vary between pharmacies. Online tools like Healthcare Bluebook can help you compare medication costs in your area and identify fair pricing options before you fill a prescription. A little research can lead to meaningful savings.
For additional benefits information and resources, visit Regence Group Administrators and select Oregon to access your RGA account.
