Most people are unaware that discount drug cards exist.
While many people think that drug cards come from a rewards program, these are special cards that are designed for prescription medication. They can’t be obtained by anyone, but they greatly benefit those that are in financial need.
Discount drug cards aren’t provided by health insurance companies, so they don’t offer as much of a discount as insurance would. However, they can give consumers a discount upwards of 30% off their drugs.
Read on to learn more about discount drug cards and how they work!
Pharmacy Benefits Managers
There are several companies known as pharmacy benefits managers (PBM) that offer discount drug cards. PCB companies will make a discount drug network with a variety of pharmacies to accept the cards, so a single card can be used in multiple locations.
Because pharmacies typically offer different types of drugs, the PBM will negotiate with each of them to get discounts. The discount will vary depending on the drug, but they’re often a percentage of the cost of the medication.
This benefits both the PBM and the pharmacy because the pharmacy will give a portion of the sales to the PBM. In return, more people will visit the pharmacy to buy more drugs.
After networking with pharmacies, PBM companies start working with marketers so that they can advertise the discount cards. The cards are eventually handed out in doctors’ offices, and sometimes from the pharmacies.
Why Discount Drug Cards Exist
The main goal of discount drug cards is to provide the consumer with a way to afford drugs. While pharmacies end up earning less money on individual sales, they end up making more transactions over time, earning them more money than they would have without the cards.
This method is effective because it encourages people to purchase drugs that they otherwise weren’t able to. For example, if a pharmacy bought a drug for $70 and sells it for $110, they’ll earn an extra $40 on a sale. However, they won’t earn any money if consumers can’t afford to pay that.
With a discount card, you could purchase the drug for $90 instead of $110. This would still earn the pharmacy a profit of $20, and it guarantees a sale. Accepting these cards will encourage consumers to return to the pharmacy, giving them more business in the long run.
As consumers continue making visits to the pharmacy, they’ll be more likely to spend more money while they’re there. Aside from giving consumers a good deal and earning the pharmacy money, discount drug cards can help a pharmacy build loyalty with their consumers.
Discount Cards vs Health Insurance
Discount cards aren’t meant to replace health insurance but are instead meant to give those that currently don’t have insurance a way to afford drugs. Unlike health insurance, these cards won’t give you a full discount on medication.
You can expect to receive a discount of anywhere between 10% and 30%. In some cases, you could end up paying less for a drug with a discount card than what you would pay with insurance.
Discount Cards vs Generic Drug Programs
Most pharmacies offer generic drugs to consumers that are nearly identical to common drugs. The main difference with generic drugs is that the names are different, but the ingredients are generally the same.
These can end up saving you more money that discount cards would because generic drugs are already cheaper than name brands. Every pharmacy has different requirements to join their program, but it’s common to see annual fees.
Where to Get Discount Drug Cards
Getting a discount drug card is as simple as visiting your doctor and seeing if they’ll provide you one. If you’re prescribed an expensive medication that needs to be taken over a period, a doctor would be more likely to give you one than if you only had to purchase a drug once.
Another place to go to is the internet. There are a variety of pharmacies that sell drugs and provide discount card applications over the internet. Find out more if you’re interested in seeing what a typical online pharmacy looks like.
When all else fails, you can visit a pharmacy and ask if they provide cards. If they do, showing them that you’re prescribed something will increase the likelihood that you receive one. You’ll then be able to use the card at that pharmacy and any others in the same network.
Most cards will provide information on them about where you can go to see more information about the network. When you’re interested in a card, start looking into the company to see if they have good reviews. You’ll also want to check out the helpline to see if they’re reliable.
Some cards can be better than others in terms of savings, so you’ll have to browse for the best one. If you can, try to avoid paying a fee for the card because you’ll end up decreasing your savings.
Get Involved with Discount Drug Cards Today
If you’re someone that regularly purchases medications, you may benefit from getting one of the many discount drug cards that are available to consumers. These cards allow people to buy drugs without breaking the bank, and it gives pharmacies a way to earn regular customers.
Getting a drug card would let you purchase drugs for a discounted price. The pharmacy would end up making less, but providing cards to people ensure that they come back. These can be acquired from both doctors and pharmacies, so you should talk to your doctor to see if you can get one. Browse our blog to find more articles about health-related topics.
