Survey finds prescription savings cards underutilized
BETHLEHEM, Pa. - Among 1,000 U.S. consumers, the majority (65.3%) currently takes prescription medications, yet only half of consumers surveyed are aware of prescription savings cards, and just over 18% have ever used use them, according to findings from a new survey released Tuesday by FamilyWize.
The online survey polled 1,000 men and women, ages 21 and older, on their spending, shopping and savings habits for prescription medications.
The survey findings found that while more than 70% of consumers are interested in cost-saving strategies, including looking for and using coupons, only about half of consumers are aware of options such as prescription savings cards. In 2014, FamilyWize's free Prescription Savings Card helped 2.2 million people save more than $175 million on their prescription costs.
"This survey's findings truly demonstrate that while Americans are looking for ways to save money, there is a lack of awareness of prescription savings options for consumers," said Dan Barnes, CEO FamilyWize. "Everyone has the ability to shop smarter and save money on their prescription medication."
Some of the key findings from the survey include:
More than 28% of those surveyed fill 20 or more prescriptions per year;
More than 50% of those surveyed fill 10 or more prescriptions per year;
More than 59% spend more than $150/year on medication; and
More women than men take prescription medications (71% vs. 58%), but men pay more on average for their prescriptions.
While most of the consumers surveyed look for, or use, coupons, that smart shopping did not extend to the pharmacy. Among notable findings:
Only 50.5% of respondents knew about prescription savings cards;
Only 18.1% of respondents had ever used a prescription savings card;
More women than men use coupons – 78% vs. 62%; and
An estimated 80 million Americans are currently uninsured or underinsured, having to pay for the full cost of their medicine out of pocket.
"High deductibles are leaving millions of consumers without effective coverage," Barnes said. "This is where FamilyWize is making a difference. With our Drug Price Lookup Tool, consumers can identify the local pharmacy with the lowest FamilyWize price. In 2014, the savings we provided for our card users averaged 42%."