Prescription drugs can be surprisingly expensive. In fact, Bloomberg reports that annual prescription medication costs reached $1,400 per person in 2022. And while health insurance can help lower these costs, it often doesn’t eliminate them completely, causing strain on household finances.
Rising prescription prices can even cause individuals to forgo payments for other necessary expenses, such as food or utilities. Alternatively, others skip dosages or refills of essential prescriptions, putting their health at risk.
Fortunately, health insurance isn’t the only option for patients looking to save on their prescription medication costs. As Matthew Herfield, Co-Founder and CEO of BuzzRx, explains, his company’s discount savings program can be a major help, especially for budget-minded households.
Why Insurance Isn’t Always Enough
“Insurance is an incredibly valuable tool to help people save on prescription costs, but many don’t realize that insurance doesn’t cover everything,” Herfield explains. “The prescription costs that your insurance covers will vary based on your plan type. In addition, insurance companies maintain a formulary — a list — of the drugs and dosages they cover. If your medication or prescribed amount isn’t on the formulary, you’ll be required to pay for it out of pocket.”
The formulary is an aspect of insurance coverage that can be particularly vexing for patients. While all insurance plans must cover general medication categories, they can choose to only cover their preferred brand under their plan. If you are prescribed a brand that isn’t on the formulary, you’re responsible for the costs yourself, even though you have insurance coverage.
In an effort to combat rising drug prices, insurance companies have become increasingly restrictive with their formularies while raising out-of-pocket responsibilities. In addition to raising copays, some insurers have introduced prescription deductibles separate from the rest of the plan’s deductible. With this type of plan, patients must pay a set amount out of pocket for their prescriptions before insurance starts to pay.
Additionally, many plans have tiered copays for different prescriptions, which can vary greatly and still be budget-prohibitive for many. According to the Kaiser Family Foundation, among covered workers in plans with three or more cost-sharing tiers for prescription drugs, the average copayment is $11 for first-tier drugs, $36 for second-tier drugs, $66 for third-tier drugs, and $125 for fourth-tier drugs.
While the specifics vary, it is now increasingly commonplace that having insurance isn’t enough to adequately reduce or eliminate the cost of prescription drugs.
How BuzzRx Helps Patients Save
In a time when navigating insurance with prescription drugs has become increasingly complex, BuzzRx has emerged as a valuable supplemental alternative so that more people can save on essential medications.
As Herfield explains, “Our discount cards and coupons are free to use for people with or without insurance. Using your BuzzRx card or app at a pharmacy automatically gives you access to discounted prices on a wide range of brand-name and generic drugs. These discounts are negotiated with pharmacies based on the average wholesale price of each drug, and quite often, the discounted price ends up being less than what you would pay with your insurance copay.”
BuzzRx is accepted at over 60,000 pharmacies nationwide, including major chains such as CVS, Rite Aid, and Walgreens, as well as grocers like Walmart, Kroger, and Safeway. The free website and mobile app allow users to enter their prescription details and zip code to compare discounted prescription prices across pharmacies nearby. Prices can vary significantly between pharmacies — a search for Lipitor revealed discounted prices ranging from $9.70 to $71.09 at different retailers.
Everyone can use BuzzRx, regardless of their insurance coverage status, income, or the medications they use. They can simply sign up for a free card or coupon through the BuzzRx website or app and begin saving right away.
The Savings Potential of BuzzRx
For many BuzzRx cardholders, the discount program savings are significant. “BuzzRx discounts average around 60% per prescription, but many generic prescriptions qualify for discounts of 90% or higher,” Herfield says.
“Last year, BuzzRx members who filled one prescription per month saved an average of $845 annually. Those savings can really add up for budget-minded households, ensuring they have extra cash for other essential needs. The savings can be even greater for households with multiple prescriptions or more extensive medical needs.”
Patients who have insurance can ask their pharmacist to compare the BuzzRx discounted price to the amount they would be responsible for if they used their insurance so they can always get the best possible price.
Making Prescription Medication More Affordable
“Every patient deserves to be able to afford the medications they need to live a healthy life,” Herfield concludes. “It doesn’t matter where you live, what type of medical conditions you’re dealing with, or your financial background. Everyone should be able to access quality care that improves their quality of life. We hope that by providing prescription discounts through our program, more people will be able to achieve exactly that.”
With significant prescription discounts available at thousands of pharmacies nationwide, BuzzRx seems well on its way to accomplishing this important goal.
