What You Should Know About Drug Coupons

Do you know how drug coupons work with your health insurance?

A drug coupon is a savings voucher. It offers a set dollar amount that can be subtracted from the consumer price of a prescription drug. A drug coupon can be used to help lower your out-of-pocket costs when you fill a prescription for a covered drug.

It's nice to save money, but keep this important piece of information in mind. Most health plans no longer apply the value of a drug coupon toward your yearly out-of-pocket maximum.

The coupon amount may no longer apply to your in-network deductible, either. For example, if you have a $1,500 deductible that you must meet before your health plan starts to pay, a drug coupon that takes $50 off your out-of-pocket cost won’t lower your deductible by $50.

There are three things you should check to make sure you're getting the best price for your prescription needs:

1. Check to see if your drug is on your covered prescription drug list. Your cost at the pharmacy may be high because the drug isn’t on your plan’s drug list.
2. Ask your doctor about generic options or other covered alternatives that treat the same health issue. These often offer the same benefits at a lower cost.
3. Use in-network pharmacies. Your cost will always be lower when you use a drug store that’s in your plan’s network.

To review your drug list, find an in-network pharmacy and get details about your pharmacy benefits, log in to Blue Access for Members^SM (BAM^SM) at bcbsnm.com/member.

To learn more about how your health plan benefits work, visit bcbsnm.com/insurance-basics.

Originally published 2/12/2020; Revised 2022