As you approach Medicare eligibility or navigate a fixed income, managing prescription drugs costs can feel overwhelming. The price tag on essential medications can strain your budget. But there is a way to save on prescription drugs, through free or affordable discount programs online. In this guide, we’ll break down the pros and cons of these programs, explore four popular options, and highlight Medicare-specific resources to empower you to take control of your prescription costs.

The pros and cons of prescription drug discount programs

Pros:

• Wide availability: Numerous discount programs are available online or at large pharmacies, offering various options to suit individual needs.
• Convenience: Signing up is usually quick and straightforward online. Once enrolled, you can easily search for coupons and discounts on both generic and brand-name medications.
• Free options and easy management: Many programs are free to use and offer user-friendly apps or websites to manage your discounts. Often, you can simply show your discount code to the pharmacist on your smartphone.

Cons:

• Limited discounts: Not all medications will have significant discounts available.
• Pharmacy participation: It’s important to verify which pharmacies participate in your chosen program.
• Privacy concerns: Some programs may require you to provide personal information.
• Not a substitute for insurance: While some programs offer telehealth services, they do not provide comprehensive insurance coverage.

4 prescription drug discount programs to help manage costs

While there are dozens of prescription drug discount programs across online retailers and large pharmacies, these are the four that seemed to highlight the pros of such programs.  

1. GoodRx: This versatile platform empowers you to compare prescription prices at various pharmacies in your area. The free version provides access to valuable discounts, while the premium Gold membership offers even deeper savings and additional perks such as medication delivery and telehealth appointments. 
2. SingleCare: Simplicity and inclusivity define SingleCare. It offers coupons and discounts on a wide array of medications, and it’s entirely free for everyone 13 and older. You can even share your membership benefits with friends and family. Though no personal information is required to receive coupons, signing up for their free membership unlocks extra discounts and potentially lower prices on select prescriptions.
3. Cost Plus Drugs: A unique player in the discount arena, Cost Plus Drugs functions as a virtual pharmacy, directly fulfilling your prescriptions. By eliminating the middleman, they can offer medications at significantly reduced prices. The limitation is that Cost Plus Drugs does not offer as many medications as other programs that partner with pharmacies. 
4. Retailer Big Box Stores: If you’re a frequent shopper at stores like Walmart or Costco, take advantage of their in-house prescription drug discount programs. These programs can offer convenient savings, especially when you can fill prescriptions at the same time as your regular shopping trips.

Medicare resources for saving money on prescriptions

Beyond discount programs, Medicare provides several avenues for reducing prescription drug costs for beneficiaries that may be especially helpful for Medicare beneficiaries. You can even use a search engine on Medicare.gov to find discount programs for your prescriptions by searching for your drugs.

Medicare is negotiating down prices for Part D beneficiaries

Medicare has leveraged its considerable buying power to negotiate drug prices with pharmaceutical companies. These negotiations can result in significant savings passed on to beneficiaries for 10 medications now, with more to come. Learn more about price negotiations here. 

Prescription payment plans

In 2025, Medicare Advantage plan or Part D beneficiaries can enroll in a budgeting program to spread out payments for their prescriptions. While the overall price is not discounted, being able to spread out costs across the year is likely to benefit individuals who have a $600-plus cost-sharing obligation according to their plan. Learn more about the Prescription Drug Payment plan here.

Part D Extra Help: a lifeline for low-income beneficiaries

If you have limited income and resources, you may be eligible for the Part D Extra Help program. This prescription drug discount program for Medicare recipients can significantly reduce your prescription drug costs, including premiums, deductibles, and copayments. You can apply for Extra Help online through the Social Security Administration website or by calling them directly.

By actively exploring these Medicare-specific resources and combining them with suitable discount programs, you can craft a comprehensive strategy to manage your prescription drug costs. Remember, you have options, and seeking out available assistance is a proactive step toward financial well-being.