SAN FRANCISCO (MarketWatch) — If you take prescription or over-the-counter medicine, you could be overpaying if you’re not part of a store discount program.
These programs, run by grocery, pharmacy and big-box chains, offer a 30-day supply of several hundred kinds of generic drugs for as low as $4, or a 90-day supply starting around $10. Some stores include certain over-the-counter medicines such as ibuprofen and loratadine on their $4 lists, and some extend discounts to pets’ medications.
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Prices may vary by state. Many programs are free to join, but some charge an annual fee. The companies typically post their lists of flat-priced generic drugs on their websites. The lists cover a range of medical needs and include antibiotics, antidepressants, prenatal vitamins and blood thinners. But you have to check restrictions. Some stores limit eligibility to people who aren’t on Medicare or Medicaid or don’t have drug coverage.
Even if you have prescription-drug coverage, you may want to pay cash instead if you find you’re eligible for a store program with prices lower than your insurer’s co-pay, says Lisa Gill, editor of prescription-drug coverage for Consumer Reports Health in Yonkers, N.Y.
Stores’ flat-price lists have grown in the past few years as they’ve negotiated more volume discounts with generic-drug makers, Gill says.
“We’re finding greater variation and are thrilled about that,” she says. “Consumer choice is getting better.”
With the programs at Wal-Mart Stores, Sam’s Club, Kroger and Target, which don’t have an annual fee, consumers can get a 30-day supply of select generics at commonly prescribed dosages for $4 and 90-day supplies for $10. Some women’s health drugs, such as the breast-cancer medicine tamoxifen, cost $9 for a 30-day supply and $24 for a 60-day supply. Finasteride, used to treat an enlarged prostate, costs $9 for a 30-day supply at Wal-Mart and Target.
Walmart’s WMT +1.35% $4 prescription program has saved its U.S. customers $4 billion since it launched in 2006, the company says.
Costco Wholesale’s COST +0.20% pharmacies offer attractive pricing and are open to everyone. But its Costco Member Prescription Program is only for Costco store members (annual $50 fee) who don’t have prescription coverage. You can get a 90-day supply of select generic drugs for less than $10.
At Costco, value — not convenience — is the name of the game, says Michael Mastromonica, assistant vice president of pharmacy for Costco Wholesale in Issaquah, Wash.
There are 427 Costcos in 41 states, compared with thousands of Walmarts and Walgreens, and Costco doesn’t stay open 24 hours or offer drive-through windows. But you don’t have to be a store member to take advantage of some of the best medication deals around.
“The reason why Costco is a little more inexpensive than other retailers is a big piece of our business is cash,” Mastromonica says. “Our pricing is based on people who are reaching into their own pocket to pay.”
Walgreens’ Prescription Savings Club offers savings on 8,000 brand-name and all generic drugs. A 30-day supply of select generic drugs at commonly prescribed dosages costs $4 and 90-day supplies, $10. The program requires an annual fee of $20 for individuals and $35 for families and excludes recipients of Medicare, Medicaid and Tricare, the insurance for current and retired military personnel. Pets can be enrolled individually or as part of the family.
CVS Caremark has a Health Savings Pass card program for a per-person annual fee of $15. Consumers pay $11.99 for a 90-day supply of more than 400 generic prescriptions on its list.
CVS CVS +0.07% and Walgreens WAG -0.42% also throw in extra benefits, such as discounts on annual flu shots and diabetic supplies.
Kmart’s Pharmacy Prescription Savings Club costs $10 a year. You get a club card that grants you access to 500 generic drugs starting at $5 for a 30-day supply and $10 for a 90-day supply. You also get a 5% to 35% savings on all other generic drugs and 5% to 35% discounts on all brand-name drugs. The free PetK program gives you 5% off any brand-name and 10% off generic pet medications.
Rite Aid’s RAD -0.82% Rx Savings program is free but can’t be combined with private or publicly funded insurance like Medicare. With more than 500 generic medications on the flat-fee list, 30-day supplies typically cost $8.99 and 90-day supplies go for $15.99. Generics not on the flat-fee list are discounted 20% while brand names are discounted 15% — except in Connecticut, where there are higher flat-free prices on select generics and no discounts on additional drugs.
Independent pharmacies typically don’t have discount programs of their own, but many are willing to match or exceed their rivals’ offers, Gill says. The key is to ask the pharmacist how to get the best possible price on your medication and to check the flat-price lists frequently for updates and new additions such as atorvastatin, the newly released generic for the blockbuster cholesterol drug Lipitor.
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