Money-Saving Tricks to Help You Afford Your Medication Copay

When you’re sick and in need of a prescription, you can usually rely on your healthcare insurance to pick up most of the bill — but not all of it. If your plan requires copays, you’re on the hook for a small payment before you can pick up your medication.

This out-of-pocket expense can be challenging for your wallet. Even though copays are an established clause in your policy — and therefore technically an expected expense — it’s easy to forget to budget for them in advance.

If you’re feeling the crunch, don’t skip your prescription. Check out these tips to help you afford your next copay and get the medication you need.

Table of Contents

What is a Copay?

A copay is a fee you pay for individual healthcare services, including doctor visits, emergency room visits, tests, and prescriptions. Each service costs a fixed price set by your insurer, but they’re usually no more than $25 per service.

On its own, $25 (or less) may not seem like much, but copays add up with each professional you see or treatment you receive. And let’s not forget, these copays are above and beyond what you pay in premiums and deductibles.

How to Spend Less on Your Medication Copay

Here are some ideas to help you cover this out-of-pocket expense.

Copay Coupons or Cards

Copay coupons perform a lot like the coupons you clip when you go grocery shopping. Instead of getting $1.00 off your next yogurt purchase, copay coupons may provide a sizeable discount on medication. Doctors, pharmacies, and even drug manufacturers give out these coupons (or cards) to help people in need.

Today, just 15 states have passed bills that ensure these coupons can be applied to copay and deductibles. However, more state lawmakers are considering similar legislation.

If you live in one of these speculative states, copay coupons will likely become an option soon. But until that law passes, you can’t access this form of assistance.

Borrow an Online Loan

With coupons off the table, you might consider borrowing a loan online carefully. Online loans can help bridge the gap in your paycheck and savings, so you can afford unexpected yet essential medication. If approved, you may use your loan to cover copays, deductibles, and other unexpected fees that come your way.

Many online loans come with fixed terms with multiple payments. (Your term, by the way, is one of the three primary facets of a personal loan that you need to understand). This setup allows you to pay back what you owe over time.

Take some time to compare several online loans because each financial institution may offer different terms, APR, and other conditions. Rate shopping like this may help you find the best option available to you today.

Check for Pharmacy Programs

An online loan isn’t always the perfect solution. If you don’t like the terms or rates for which you qualify, consider talking to your pharmacist.

Some pharmacies offer sliding-scale fees that help people afford their life-saving prescriptions, including national companies and mail-order pharmacies. However, you might have the best luck by visiting a non-profit pharmacy in your area.