By Ian Fallon, Vice President – Savings SeekerRx® Channel Development
One out of every four Americans has difficulty affording the medications they take, according to a recent Kaiser Family Foundation health tracking poll. And, even those with health insurance are concerned about the rising costs of their prescriptions as plans become more restrictive. It’s no wonder then, that patients are seeking ways to save on their medications and stay adherent, especially during today’s global pandemic.
Patients deserve a return on their medication investment and can now find help in doing so by leveraging prescription cards. But first, it’s important to understand the different types of cards that are available to consumers -– co-pay cards and cash discount cards.
Both cards are used at the pharmacy. Both can save patients money on prescription costs. So, what’s the difference and why does it matter?
Copay cards
Biopharma companies deliver copay cards to help lower or sometimes eliminate patient costs for a drug at the pharmacy counter. They must be used in combination with insurance and are usually run as a secondary insurance.
For the biopharma manufacturer, copay cards can give patients a reason to choose brand drugs over generics by taking the expense factor out of the decision equation. Copay cards also give the patient the flexibility to use the brand drug when the drug is not covered by their insurance company.
Discount cards
Drug discount cards are typically realized through a partnership among pharmacy benefit managers (PBMs), pharmacies and third-party marketing organizations. These third parties often aggregate discounts from several PBMs that have a network of pharmacies with whom they work.
When using a discount card, patients who don’t have insurance and patients who choose to forego their insurance and pay the cost of the prescription balance out of pocket but at a discounted price. Partnered pharmacies pay a fee to PBMs to participate in the discount card program. For the pharmacy, these cards can serve as a marketing channel, connecting more patients to their location that accepts the discount card.
What other differences exist? With discount cards, prescription savings are available for those with high deductibles, limited drug coverage, as well as cash-paying patients. Plus, additional brand drug discounts may be extended to patients.
Why use the Savings SeekerRx™ discount card?
Using the Savings SeekerRx™ cash discount card, cost conscious consumers can unlock hidden savings for the medications they need to lead healthier lives. The program is designed with various consumers in mind. Thosewho don’t have insurance can use it for their prescriptions. Others who haven’t met their insurance deductible or have coverage that doesn’t include certain prescriptions can save money, too. It’s important to note that the program is not insurance and cannot be used with insurance, but in some cases, a cash discount card may even save patients more money than purchasing a medication through insurance. This flexibility reduces restrictions and barriers that may otherwise exist for patients with certain insurance programs who may choose to pay cash for their prescriptions if they do not expect to meet their annual minimum prescription insurance threshold.
No patient fee and no program enrollment are required. The virtual card is intended for use outside of existing insurance coverage at participating pharmacies in the U.S.
The result is a smarter way to pay for prescriptions. That makes good dollars and cents for everyone.