Cash Price vs Insurance vs Prescription Discount Card: Which Price Should You Check?
Most people default to whatever payment method they used last time. That's convenient, but it's not necessarily the cheapest because prescription pricing runs through three separate systems that rarely produce the same number. Here's a plain breakdown of each one. Pharmacy Cash Price This is what you'd pay with no insurance and no discount card, straight retail. It's set by the individual pharmacy and can vary by location. Cash price tends to make the most sense when you're uninsured, when a medication isn't covered by your plan, or when you haven't met your deductible yet and would be paying close to full price through insurance anyway. Insurance Copay or Coinsurance This is the amount your health plan has negotiated for a specific drug at a specific pharmacy. A copay is a flat fee; coinsurance is a percentage of the negotiated cost. Insurance pricing usually becomes the better deal once you've met your deductible for the year, since the plan start...