NeedyMeds’ mission has always been to help patients find help covering the costs of health care expenses. A previous guest post from Consumer Reports outlined the problem patients may face when confronted with expensive prescriptions, sometimes having to choose between needed medicine and groceries for their family.  Two recent studies show that the problem may be growing as out-of-pocket costs for health care are continuing to rise.

According to a study from TransUnion Healthcare, the consumer’s share of healthcare costs rose by 13% from 2014 to 2015. The report also shows that while costs rose, patients had fewer resources to pay for the increase expenses, as the amount of revolving credit had declined.  Out-of-pocket costs include deductibles, copayments, and coinsurance.

The University of Michigan conducted a second study that calculated the average out-of-pocket expenses for an inpatient hospital stay for a patient with private insurance was more than $1000, increasing 37% from 2009 to 2013. 

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by Richard J. Sagall, MD, President of NeedyMeds

Everywhere you look you see claims of savings from drug discount cards. You may be skeptical when cards promise huge savings. And you should be because not all the claims are real.

Too Good to Be True

The old saying “If it seems too good to be true then it probably is” applies to drug discount cards. Drug discount cards have the potential of saving you a lot of money, but you have to understand how they work.

It’s important to remember that they all work basically the same way. Here’s the scoop.

First, a company called a “pharmacy benefits manager” (PBM) or an adjudicator sets up a network of participating pharmacies that agree to accept the cards. Then the PBM negotiates with each pharmacy chain and all the participating local pharmacies offer a discount on the drugs they dispense. The discount is usually a percentage of the cash price of the drug. The percentage may vary from drug to drug.

Next, the PBM finds companies or organizations to market their card. These groups, called marketers, may be for-profit companies or non-profit organizations.

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Have you heard about the NeedyMeds drug discount card yet? If so, have you tried it yet? Hopefully you’ve already used the card and have seen some significant savings. If not, it’s time to print out your free card and start using it today!

The free NeedyMeds drug discount card can be used anywhere in the country at over 63,000 participating pharmacies including all of the major chains, to save up to 80% on your prescriptions. There are no income or age restrictions. There is no activation or registration needed and no personal information is taken when using our card.

The only rule is that you can’t combine it with insurance. So if you’re uninsured, you can use it anytime you are purchasing a medication. If you have health insurance, you might wonder how this card can help you. The card can fill in the gaps in your coverage. For example, if you have any medications not covered under your insurance or if you have a high co-pay or deductible, you could try using the card instead of your insurance. You can also use the card on any over-the-counter or medical supplies your doctor writes as a prescription, as well as pet prescriptions

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