Is GoodRx Cheaper Than Insurance?
Prescription drug prices are a barrier for many when trying to get the medications they need. Although health insurance reduces the price of many prescription drugs, costs remain high for numerous medications. GoodRx finds the pharmacy with the lowest prescription cost by gathering prices and discounts. Here’s how it works.
Looking for help figuring out your finances? You may want to speak to a financial advisor.
What Is GoodRx?
GoodRx is an online tool that finds low prices and discounts on your prescriptions. It searches your surrounding area for deals on the medications you need. You can save up to 80% on prescriptions with GoodRx and it’s free to use. Your savings can mean taking hundreds of dollars off a prescription price.
How Does GoodRx Work?
You can use GoodRx by visiting the website or downloading the GoodRx mobile app. Then, enter the prescription drug’s name to find the best deal nearby. Once you find the best deal, you can select it and get a coupon for your discount. Finally, you’ll present the coupon at the pharmacy to receive the price reduction.
Remember, you can use GoodRx whether you have insurance or not. GoodRx coupons can provide better discounts than your insurance co-pays and negotiated prices. However, you can’t use GoodRx and insurance together. Instead, you choose whichever gives you a better deal.
For example, say you have Medicare and your doctor prescribes Jardiance. There are no generic alternatives for this drug and your plan doesn’t cover it. Jardiance’s average retail price is almost $700, but GoodRx’s discount brings it down to $578.
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Example Drug Prices
GoodRx can lower drug prices beyond what you get through insurance or Medicare. Here are some common drugs GoodRx provides the best deal for:
Medication Name Average Insurance Price Lowest GoodRx price Atorvastatin $12.34 $4.00 Citalopram $12.07 $4.00 Fluticasone Propionate $29.51 $12.33 Hydrochlorothiazide $12.26 $4.00 Levothyroxine $12.71 $4.00 Lisinopril $12.04 $3.44 Lorazepam $22.98 $9.10 Sertraline $12.35 $5.00 Simvastatin $12.36 $2.40 Pharmacies that Accept GoodRx
Over 70,000 pharmacies across the country accept GoodRx. These include most of the biggest pharmacies, such as Walmart, Costco, CVS and Kroger. As a result, you can get deals on prescription drugs in nearly any location with most pharmacies.
How to Sign Up for GoodRx
Signing up for GoodRx is a straightforward process. You can create an account for free with your name, date of birth and email address. Remember, the information you provide must match your profile with your pharmacy.
When signing up, you can also receive a free GoodRx Prescription Savings Card to get pharmacy discounts. The card functions like an insurance card but has no fees, obligations or expiration. It’s handy if you don’t want to search for drug prices online or generate electronic coupons. In addition, you can purchase a GoodRx Gold Membership for $9.99 per month to access more savings.
How to Decide Between GoodRx and Insurance
Deciding between GoodRx and insurance comes down to determining the best price. You can do so by searching GoodRx for the lowest price on the prescription you need and generating the coupon. Then, head to the pharmacy, present your insurance card and ask what the drug will cost. If the pharmacist gives a price higher than your GoodRx coupon, present the GoodRx coupon and use that instead of your insurance coverage.
The Bottom Line
GoodRx is a website and mobile app that gives discounts on prescription drug prices. It isn’t insurance, but you can use it instead of insurance if it gets you a better deal. You can’t use insurance and GoodRx simultaneously, so you’ll have to choose between the two based on price. Because GoodRx works with most pharmacies, you can guarantee you’re getting the best price on prescription drugs by searching for deals, especially if your insurance doesn’t cover a specific medication.
Tips for Using GoodRx
Balancing prescription drug prices with other life expenses can strain your budget. If you’re having trouble creating or following a financial plan, a financial advisor can help. SmartAsset’s free tool matches you with up to three vetted financial advisors who serve your area, and you can interview your advisor matches at no cost to decide which one is right for you. If you’re ready to find an advisor who can help you achieve your financial goals, get started now.
Medicare Part D helps retirees with prescription drug prices. Although recent legislation has helped close the donut hole in coverage, many drugs are still expensive or not covered, making GoodRx a helpful resource.
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