If you ever stop and take a closer look at prescription costs, you’ll quickly discover one thing: It’s a confusing, overly complicated, hot mess. Get this: Pharmacies can charge different prices for the same exact drug; Insurance carriers are allowed to set their drug prices wherever they want; And the pharmaceutical companies are pretty much only interested in protecting their own bottom line.
Worse yet, there’s very little transparency about pricing anywhere in pharmaceutical industry. Have you ever tried to figure out the actual cost of a prescription drug? Good luck! It’s near impossible.
The Patient’s Right to Know Drug Prices Act
In 2018, in an effort to increase clarity around drug pricing, President Trump signed two bills into law. One of them, The Patient’s Right To Know Drug Prices Act, specifically targets commercial and private health insurance companies and bans them from writing gag clauses into their contracts with pharmacists.
Prior to this new law, many pharmacists were not allowed to tell you when it was cheaper to buy a drug out-of-pocket rather than through your insurance. They were contractually bound to rip you off so that insurance companies could profit from it, again and again. And all of that overspending snowballs quickly!
Prescription Costs of Copay Overpayments
Researchers at the University of Southern California found that out of the 9.5 million insurance claims they looked at, nearly 2.2 million of them involved copay overpayments.
Let’s take a look at the numbers:
- The average overpayment was $7.69
- In 1 out of 5 cases, the overpayment was over $10
That might not sound like a big deal, but all together, that adds up to more than $135 million dollars in overpayments. $135 million dollars that never, ever needed to be spent. $135 million that could stay in the pockets of people just like YOU!
The prohibition of gag clauses is definitely a step in the right direction, but there is a catch. Even under the new legislation, pharmacists are not required to tell you about a lower cost option for your prescription. You have to ask! The problem is, so many of us don’t even know or think to do that.
The myRxMedSaver Prescription Discount App
But there is some good news. The myRxMedSaver app gives you the power to instantly unlock the power of prescription drug cash pricing. And it’s super easy to use! All you have to do is download the app to your phone or print a card for your wallet. Just present your myRxMedSaver to your pharmacist at checkout and quickly compare the cash price with your insurance copay. When the cash price is less than your copay, pay cash and pocket the difference! myRxMedSaver even works on pet medications, too, and the discount never expires.
myRxMedSaver is totally free and is accepted at more than 65,000 pharmacies. And there’s no waiting period. Go ahead and use it today and start saving upwards of 85% on all of your prescriptions.
myRxMedSaver has helped thousands of people—with and without insurance—save millions of dollars in prescription costs. What are you waiting for? Download myRxMedSaver now and never overpay for prescription medication again. The myRxMedSaver App is available on Google Play and the Apple App Store.