Saving on Out-of-pocket Expenses for Medicine

Health insurance is an immense help when paying off your medical bills. But insurance plans do not always pay for all of your expenses. Depending on the insurance plan, you may be expected to cover 10%-100% of your healthcare costs. These out-of-pocket expenses for medicine or other services are a great source of stress for more than 60% of Americans. Many may neglect their health because of out-of-pocket costs.

The good news is that with proper planning, you can save on these costs and manage your bills without the stress. If you want to learn everything about out-of-pocket prescription costs and ways to manage them efficiently, keep reading.

What Are Out-of-Pocket Expenses?

Before we give you tips on saving, we need to talk about what out-of-pocket cost is. And it is more than just the cost of your medication.

Insurance Costs

  • Health insurance premium: This is the monthly or yearly fee you pay to keep your insurance plan active. Your employer may pay a part of this amount.
  • Deductible: This is a specific amount you have to pay annually before your insurance plan starts to pay. It can differ based on your location and coverage.
  • Coinsurance: This fee is the percentage of out-of-pocket expenses you pay after meeting your deductible. You typically have to pay 20% while the insurer covers 80% of the costs.
  • Copayment: This is the set rate you have to pay out-of-pocket for your doctor’s visit and prescription medication. Many insurance plans do not include copayments.

Out-of-Pocket Prescription Costs

If you are uninsured or your plan does not cover prescribed medication, you have to pay for them yourself. Whether buying meds safely online or from a pharmacy, these out-of-pocket expenses can add up.

If you have insurance, you may still have to pay the entire price of your medication until you meet your deductible. Even after paying your deductible, you may still need to pay a portion of the costs. A five-year report shows that almost 3 million people on Medicare had out-of-pocket drug costs above the catastrophic threshold. So medicine has a big part in the extra costs.

Services Not Covered by Insurance

Insurance plans do not cover all types of healthcare services. Examples of the types of treatments not covered by most insurers may include:

To know what the out-of-pocket cost is for these treatments, you can ask the providers beforehand.

In some cases, for instance, when you need a piece of special medical home equipment or massage therapy, your doctor can write a letter for the insurance. They may reimburse you later for the out-of-pocket expenses if they find you eligible.

Strategies to Save on Your Out-of-Pocket Costs

Inhouse Pharmacy saving on out-of-pocket expenses

1. Take Care of Your Health and Plan Ahead

The best way to avoid hefty medical bills is to take care of your health with preventative care and a healthy lifestyle. Staying at a healthy weight, staying consistent with your annual doctor visits, regularly exercising, and giving up smoking are things you can do to lower your healthcare expenses. Plus, you can use the benefits of your insurance plan and get regular checkups to catch problems early. Treating problems early on can help you save out-of-pocket expenses later.

But staying healthy is not as easy as it sounds, and you will probably need medical care at some point. Learn to detect medical emergencies and plan for them. If you are not experiencing a life-threatening condition, visit an urgent care clinic instead of the ER. This alternative can save you time and money

2. Choose the Right Healthcare Plan

Another way you can save on out-of-pocket expenses is by choosing the right plan for yourself and your family. Opt for a higher premium plan if you have a particular medical condition and need regular care. If not, you can choose a healthcare plan with a higher deductible and lower monthly payments.

You also want to compare the prices of different plans and their medication coverage. Ask what the expected out-of-pocket cost is and save for your deductibles to be prepared if you need medical attention.

3. Use Telemedicine

It is now easier than ever to get the medical care you need without visiting a clinic. Virtual consultations with a doctor in non-emergency situations can reduce your out-of-pocket expenses immensely.

Plus, you can save on your out-of-pocket prescription costs by buying your medicine from virtual pharmacies. Learning ways to avoid online pharmacy scams and purchasing from the comfort of your home makes the whole process more convenient, too.

4. Choose In-Network Doctors and Talk About Your Concerns

One of the mistakes most people unknowingly make is visiting out-of-network doctors. Your insurance company has contracts with a network of healthcare providers for lower rates. If you go to those providers, you can reduce your out-of-pocket expenses significantly.

When you visit the doctors, discuss your financial concerns with them to see if you can negotiate for a lower price. If you need a procedure, ask your doctor if you can get it in an outpatient clinic instead of a hospital to reduce the costs.

5. Save on Out-of-pocket Prescription Costs

Prescription medication can cost a lot, even with insurance coverage. You can ask your doctor to switch to a generic drug instead to lower these costs. Generic drugs have the same active ingredients as the brand names, but they cost about 85% less.

6. Use a Flexible Spending Account (FSA) or a Health Care Savings Account (HSA)

Use FSA or HSA if your employer offers them. These accounts allow you to set pre-tax money aside for your healthcare costs and reduce your out-of-pocket expenses.

Your employers will own the FSA without earning interest. They have to use it by the end of the calendar year. The HSA belongs to you. You can gain tax-free interest and transfer it to a new employer.

Start Saving Today

Now that you know what the out-of-pocket cost is, you can use the strategies above and start saving. Do not neglect your medical needs or settle for cheap, low-quality drugs to save on your out-of-pocket expenses. Instead, visit Inhouse Pharmacy to buy affordable medication from home. We offer free worldwide delivery and 7-day-a-week customer service for our quality medication to make healthcare easier for you and your family. Contact us today to learn more about how we can help you!

The above information is for informational purposes only and is not meant to treat or diagnose a condition or replace the advice of a medical professional. 

About the Rising Cost of Drug Prices in the US

Prescription medications are a must for many living with chronic illnesses that have a major impact on their daily health and well-being. The problem? We’re all too familiar with the high costs associated with filling the prescriptions that we need. While we may simply pay it because it’s what we have to do, it’s important to conduct further research into why medication is so expensive and what can be done about it.

Are you tired of high prescription costs and no explanation? If so, let’s dive into the reasons behind rising drug prices in the US and reach a solution together.

Why Are Prescription Drug Costs Rising Rapidly?

People in the United States are often left wondering why US drug prices compared to other countries are so high. There are actually a number of reasons why you are paying so much for your medications, even if they aren’t always advertised. Some of the factor behind prices on medicine include:

1. A Lack of Regulation in Drug Pricing

Drug prices in the US are so much higher than in other countries because there is no pricing regulation in the United States. Whereas many foreign governments will assess the efficacy and safety of a new product and work with pharmaceutical companies to come up with a fair affordable price that patients will be able to pay, the US allows pharmaceutical companies to set their own prices, resulting in much higher drug costs that are unregulated.

2. The High Costs of Drug Development

Generally, pharmaceutical companies will say that the reason behind the pricing is due to research and development costs. While this may sound justifiable to many patients, it’s not quite true. In fact, lowering prices would not have a massive impact on the research and development these companies would have to undergo as little research is being done on existing medications. So, while this may be a common refrain in the healthcare industry, it’s not one that can be supported by evidence.

3. How Patents Delay Access to Generics

Unfortunately, patents for new medications last as long as 20 years, which can be a factor that is behind high drug prices in the US. During this period, this means that it’s not possible for generic medications to make their way onto the market, making it so that people have to purchase brand-name medications in order to treat their symptoms. These brand-name medications will often cost far more than alternatives than you would see in the future. Unfortunately, there’s nothing that can be done until the patent expires.

4. Your Insurance Isn’t Covering Your Prescription Medication Costs

Despite the fact that we pay for insurance in order to help take care of medical costs, that doesn’t mean that it necessarily will. If you have a high deductible, you may have to pay out-of-pocket for the prescriptions you need until your insurance will finally kick in and help you pay for your medications. Sometimes, your plan may not cover drug prices in the US at all for certain prescriptions. You may even have a plan that requires you to pay out of pocket expenses until you meet your maximum for the year. In this instance, US drug prices compared to other countries are so high because you have to pay them out-of-pocket without the assistance of insurance.

5. The Goal Is Often Profit, Not Public Good

Why are prescription drug costs rising rapidly? Simply put, because they can. Since Americans live in an unregulated, open market, pharmaceutical companies can charge as much as they want and patients either have to pay for their medications or go without them. As long as companies can charge the prices that they want to turn a profit and encourage investors to pour more money into these large corporations, customers and patients have to deal with the high drug prices in the US.

Is There a Solution?

Photo of pills on orange background

Can you avoid paying high prices for essential meds that you need to manage your health? You can, and it’s possible when you turn to Inhouse Pharmacy for help.

Inhouse Pharmacy is a reliable source of authentic medicines, having been in operation since 1996. All our medicines are sourced from trusted, licensed manufacturers and wholesalers, allowing us to provide you with accessible, authentic brand names and generic non-restricted medications at affordable prices.

Inhouse Pharmacy offers benefits like free shipping and free worldwide delivery, responsive customer service and registered pharmacists ready to answer your questions. We work to make quality medication more accessible and more affordable than drug prices in the US.

Ready to get started? Find the right prescription for your needs in our database or contact us with any of your questions by calling us at 877-271-6591 or 800-868-9064.

How To Avoid Issues When Ordering Prescriptions Online

Inhouse Pharmacy has been in the business of helping people online since 1996. We know how difficult and inconvenient it can be to go to a local pharmacy, especially for those who are treating serious illnesses in the current state of crises worldwide. Ordering prescriptions online often has a negative stigma attached to it, but if you remain with a verified, trustworthy online pharmacy, you can rest assured that you are in good hands.

When ordering online there are a number of things you can do to avoid problems, avoid scams, and safe-guard yourself. We’re here to help you get your prescriptions on time, at a budget-friendly price, and in good order.

Do Your Research

Young woman researching how to safely buy medicine online To avoid scams, Inhouse Pharmacy is a strong advocate of research and due diligence. There is a lot of misinformation about online pharmacies out there, and it’s important to do your own research and partner with a pharmacy that values transparency, customer service, and follows regulatory requirements for legally operating. When ordering prescriptions online, stay with trusted and verified businesses whose accreditations and reviews prove their trustworthiness. For example, Inhouse Pharmacy reviews provide valuable insights into our customers’ experiences with our online shopping experience, our shipping, and our customer service.

Understand the Business’s Payment Methods

If it looks questionable online, it probably is. When shopping online for your medical products or online prescriptions, to avoid scams, Inhouse Pharmacy recommends reviewing all FAQ related to payment methods and to speak with customer service representatives if you are ever in doubt. Reliable, trustworthy businesses will be transparent with you about how their payment methods work and what payment methods are accepted.

Correct Postal Information

Another sure way to avoid issues, delays, and send-backs is to ensure you input the correct postal information. Wrong addresses cause delays, no-show packages, and time consuming resends. If your address changes over time, be sure to update it immediately too. This will save you many potential headaches. Most postal services also offer the ability to look up the correct address format to help avoid errors. This can be found for the US here and the UK here.

Understand Your Local Customs Procedures

Once your order ships, most online businesses and pharmacies have little control over how long your package will take, especially when it comes to dealing with customs offices. There are no guarantees about how long your package will be held at customs. We strongly recommend anticipating delays at any customs office when ordering prescriptions online. Knowing these delays ahead of time will save you any headache; you will find some of our customers’ reviews on our Inhouse Pharmacy TrustPilot page that describe their experience positively despite customs delays.

A Trusted Pharmacy You Can Believe In

Inhouse Pharmacy has been a trusted resource for finding affordable medications online since 1996 and has successfully provided thousands of clients with their much needed prescriptions. We are one of the longest standing online pharmacies and are proud to have been one of the early online stores that allowed for ordering prescriptions online.

We have qualified and certified pharmacists onboard and reachable five days a week to answer any questions you may have regarding your medication needs.  

Buy With Confidence

All medication here at Inhouse Pharmacy is authentic. The pictures online accurately display content, and expiry dates are present and guaranteed. We do not substitute any medication under any circumstances with illegitimate generics, and we guarantee shipping. This means any order lost on its way to you will be replaced. When ordering prescriptions online with us, you can order with confidence!

Here’s What You Get With Us

  • Free shipping
  • Worldwide delivery
  • A trustworthy and reliable pharmacy
  • Registered pharmacists ready to help you
  • Convenience of ordering from home
  • Shipping guarantee
  • No more risky or inconvenient trips to the local pharmacy

With Inhouse Pharmacy you are far less likely to experience any of the common problems when ordering prescriptions online and you are far more likely to have an easy, safe, and simple experience getting what you need.

Inhouse Pharmacy’s Guide to Saving on Long Term Medications

At Inhouse Pharmacy, we understand the need for reliable access to affordable, trustworthy medications. This is especially vital when handling long term medications, as the need for these essential medicines is ongoing, and that can add a strain on your finances.

Inhouse Pharmacy has reviewed the best ways to save on your long term medications.

Try Generic Medications

According to the Washington Post, approximately 5% of doctors will insist on name-brand prescriptions, even though they’re more expensive than generic. Simply by asking your doctor to write you a generic prescription, you can immediately save on your long term medication.

Generic drugs have the same active ingredients as their brand-name counterparts, meaning they’re equally effective in terms of treating conditions. If there isn’t a generic equivalent for your particular medicine, try asking your doctor if there’s a similar drug that has a generic version, and if that would work for your needs.

Be sure to ask your doctor about the inactive ingredients in generic drugs as well, because that’s where they can vary from brand-name medications. Also double check if these inactive ingredients will interact with other drugs or lifestyle habits you may have before making a final decision.

Look for Bargains

It may seem counterintuitive to speak of “bargains” and “medications” in the same article, but Inhouse Pharmacy reviews have shown that purchasing certain long term medications at a lower price can help save you money. For example, when companies have too much stock and need to clear space for new products, they may drop their prices.

Additionally, if you’re likely to use the medication promptly, you can look for supplies that are close to their expiration dates. As long as you consume the medication before the expiration date, this can be a very useful way to save. Ensure you are still following your dosage requirements and follow your local drug disposal regulations after the expiration has passed, however.

Inhouse Pharmacy has an entire section dedicated to bargain and/or close to expiration date medications. Our expiry dates are clearly displayed and guaranteed. Please use your best discretion, and the advice of a medical professional, when purchasing such products.

Get a Bigger Dose

Another way to save on your long term medications is to see if you can get them in a bigger dose. Some prescriptions can be cut with a pill cutter, meaning if you’re able to get a larger pill, you could make your medication last twice as long.

For example, if you’re prescribed 5mg and there is a 10mg pill available that’s less expensive, securing that prescription and cutting each dose in half can double the time between the copays needed to fill your next prescription.

There are some medications that cannot be split, such as powdered capsules or enteric-coated pills. Be sure to ask your doctor if your medication falls into a category that cannot be split with a pill cutter.

Shop Around

The best way to save on purchasing long term medications is, of course, to compare prices. Once you consult with your doctor and discover what your in-office prescription costs would be, take that information with you as you do research.

You can utilize apps like WebMD or GoodRx to compare prices, or use your at-home computer to shop around. When you’re ready, ensure you purchase from a company with registered pharmacists on staff, like Inhouse

Inhouse Pharmacy reviews each of our manufacturers and wholesalers for trustworthiness and affordability. When you shop with us, you can buy with confidence that you’re getting the best price for your long term medications.

Order Today

As one of the longest-standing online pharmacies around, established in 1996, trust Inhouse Pharmacy to get you the medications you need at the most affordable price. Order from the convenience of your own home, with free worldwide shipping, seven day a week customer service, and no substitutions.