FAQ: Making the most of your Out of Pocket Prescription Costs

[6months]

Before we get started:

Prescription drug coupons and/or rebates are prohibited in certain states such as Massachusetts. Check with your local pharmacy to make sure that the offer you are using is valid in your state.

The amount of the rebate or $-off coupon can not exceed your actual out-of-pocket expenses.

Please remember, when dealing with any store or pharmacy, YMMV. The staff may have never dealt with the offer you are presenting them with so they may be uneducated about how to help you. Patience goes a long way.

What is a Gift Card coupon?
A GC Coupon is a coupon that you use at the pharmacy when you fill a new or transferred prescription. When the pharmacy redeems the coupon, you get a free gift card to the store that the pharmacy is located in.

Where can I find Gift Card Coupons?
You can find them in many places, store circulars, newspapers, online printables, the pharmacy websites, and sometimes in the store.

What is a Co-Pay?
A co-pay is an amount of money that you pay when you get a prescription filled. Sometimes this money is a small amount, other times larger, depending on what your insurance policy is.

Can I do a rebate on my Co-Pay?
In some instances, yes. Depending on your medication you can, at times, rebate part or even all of your co-pay, and some rebates can be submitted every month.

Can I do a co-pay rebate and redeem a GC coupon at the same time?
YES!
For example, every month I fill a prescription for Tricor.
My pharmacist fills out the paperwork, I get a $15 rebate on a $35 copay. Coupled with a $20 GC coupon, I break even.

Can I get a rebate even though I am on Medicare/Medicaid?
Maybe. Rebates and GC offers are not allowed for prescriptions filled under government funded insurance plans. This includes prescriptions that are not covered by the Medicare/Medicaid or an associated insurance plan, or which are credited against the "donut hole".

However, depending on the prescription you're having filled, financially you could do better filling it with cash and taking advantage of these offers without using your medicare/medicaid insurance.
For example, assume your prescription is filled for free. The medication, however, is only 9.95. You fill the prescription at a pharmacy that has a $25 GC coupon and pay cash, get your $25 gift card, and you have actually made money on this offer.
Even if the prescription is more expensive, by using a manufacturers coupon for a free trial or $ off coupon, or MIR, in addition to the stores GC offer, you could combine these offers and come out ahead without even using your insurance.

[rbunnymom]

bump - good information

[susysnshn]

Yes, it is VERY good information. I have insurance, but a 90-day supply requires 2 copays. My generic Lisonopril is on Walmart's $4 list or $10 for a 90-day supply. A 90-day supply with my insurance would cost me $20. I do better to simply pay cash.

It also saves my insurance company a few $$$. I know that doesn't matter to most of us, but that's why my co-pays are so high ($10, $30, $60). It is state insurance, and most of the states are broke.