ClaimLinx analyzes each company’s drug usage to find cost-cutting measures. We focus on savings for both employers and workers. Because it helps workers consistently afford the medications they need.
There are several ways to reduce the cost of prescription drugs, and one of the options is to use a prescription discount card.
How the card works is a third party negotiates discounts with pharmacies and provides the cards to pass on the savings to you.
We have seen how much prescription costs are rising for all our members. Reach out to service@claimlinx.com if you have a prescription that has a high cost, and one of our representatives will see how they can help.
Why ClaimLinx Focuses on Rx Costs
In the United States, Americans spend three times more on prescription drugs than individuals in other countries. In January this year, pharmaceutical companies raised prices on more than 910 branded drugs. This year was the lowest percent increase in some time, with an average increase of 4.7%. But that is still well above the current inflation rate.
That means people are often choosing between paying for prescriptions and other bills. According to a survey the Kaiser Family Foundation completed in August 2023, about 30% of adults in the US do not take their medications as prescribed because of cost.
That is why ClaimLinx prioritizes savings on prescriptions. We know it is important for employees to take their medications consistently to be productive at work. We also know employers do not have endless funds for drug coverage. To help with that, we focus on finding a balance between the two.
How Can Employees Save on Prescriptions?
Health insurance plans that offer more coverage can result in lower costs for prescription medication. However, as a small or medium-sized business, providing this benefit can be financially challenging. That is where ClaimLinx consultation services come in.
We help you understand your options and find the best balance between affordability and coverage to benefit your company and all its employees.
What are RX Cards?
Pharmaceutical companies offer coupons for their brand medications to promote new drugs and encourage prescribers and patients to use their products. These coupons are used through the pharmacy benefit provided by the employer and are administered at the point of sale to reduce out-of-pocket expenses.
Although coupons can make prescription drugs more affordable for patients, manufacturer copay assistance programs can also use these coupons to lower the overall cost of the plan. However, typically a fee of 25% of the savings is applied. Since these coupons are processed as part of the pharmacy benefit, they do not affect the contract value or the member’s access to medication.
What is the difference between insurance and discount cards or programs?
Discount cards and/or discount programs and insurance cards can help members save money on medication expenses. A discount card can provide discounts on medicine, while an insurance card allows for direct billing of prescriptions. It is important to note that you cannot use both cards at the same time. However, carrying both cards can be beneficial, as a prescription card can help you pay less for medications that are not covered by your insurance plan.
If you use your insurance or other benefit card, it contains information about your coverage. You can look up what your insurance or other prescription benefits cover by looking at the plan’s formulary, or list of covered medications.
Prescription discount cards are free to sign up for and offer savings on prescription medications that may or may not be covered by insurance. Their discounts are not related to any Rx benefit through insurance. You can use them right away, but they are separate from any prescription drug benefit your plan may have.
Which offers more savings?
The general answer is it depends on the medication. In some cases, it’s cheapest to use a discount card. In some cases, it’s cheapest to use your Rx benefit. In some cases, in the long run, it’s best for the cost of the medication to contribute to your primary insurance plan.
The best course of action may be different depending on your coverage and the medication. It’s important to look at these factors, especially for high-cost drugs. It may also be important to re-evaluate this depending on the coverage you have.
Carriers change their prescription drug coverage each year. We always encourage our members to take a proactive approach to filling prescriptions. That means filling them early to allow for time to evaluate any issues.
Finding generic versions of drugs
At ClaimLinx, we help our members become informed healthcare consumers by suggesting they talk to their healthcare providers about their prescriptions. Members should inquire about why a brand name drug was chosen and if there are more cost-effective alternatives. We also recommend members to ask their providers about generic versions of brand-name drugs. It is important to communicate with providers, especially if drugs are expensive.
ClaimLinx is proactively working to save our clients and members money and can provide cost-saving prescription drug programs and solutions. Contact us for more information.
