How the Costco Pharmacy Could Save You $1,000 per Year

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Looking for ways to save money on prescriptions? Discover how becoming a member of the Costco Pharmacy could help you potentially save money. 

Paying for prescriptions can be expensive, especially if you don’t have insurance. However, finding affordable medications doesn’t have to be a struggle. One of the best ways to save money on prescriptions is by shopping at Costco Pharmacy. This warehouse store chain’s pharmacy offers incredibly low prices, so you could save hundreds of dollars each year.

Members get free access to Costco’s Membership Prescription Program (CMPP)

The Costco Pharmacy operates similarly to any other pharmacy. You bring your prescription to the counter, and the pharmacist will fill it for you. However, what sets this pharmacy apart is its low prices.

Costco can afford to offer such incredible deals due to its bulk-purchasing power. The company buys medication in large quantities, allowing it to sell them at lower prices than many other pharmacies.

Costco offers a number of benefits to its members, including the Costco Membership Prescription Program (CMPP). This program offers members significant discounts on a range of medications, including those for pets.

White anyone can purchase medication at Costco, members get this added benefit for free. The CMPP isn’t a substitute for health insurance, but aims to make healthcare more affordable by reducing the cost of necessary medications and services.

Save up to 80% on prescriptions

By leveraging its large purchasing power, Costco is able to negotiate with manufacturers and secure significant reductions on medication prices. According to Vivien Chan, Costco’s Health Solutions director, Costco passes 100% of the savings on to members. Costco even extends these discounts to members without a copay or those who have no insurance.

How much can a member potentially save? According to Chris Pierce, assistant vice president of Costco Health Solutions, “It’s not unheard of for our members to be able to get a prescription drug for up to 20%, 30% or even 80% off what they normally pay.”

Since the average person spends $1,300 per year on prescription medication, Costco’s CMPP could potentially save members over $1,000. For example, the cost of 90, 300mg Gabapentin capsules are over $20 at Walmart and Rite Aid. Costco members get it for less than $11, close to 50% off.

To save even more money, Costco Anywhere Visa® Card by Citi cardholders can earn up to 2% cash back on pharmacy purchases. Like all products, however, you should shop around to compare prices for your medications.

Over 19,000 pharmacies nationwide

The CMPP boasts an extensive network of over 19,000 pharmacies located nationwide, outside of Costco — so even members who don’t live near a Costco can save.

If you are a member, using your member discount at these participating pharmacies is a straightforward process. Simply present your Costco member card, and you will be granted the exclusive CMPP pricing. There is no need to find coupons, fill out applications, or do any other additional paperwork. Additionally, members can refill their prescriptions online or through the Costco app. The app will even notify you when it’s time for a refill, making it easier to stay on top of your medications.

The Costco Membership Prescription Program is a valuable benefit that can help you save money on your medical expenses. Whether you have a chronic condition that requires ongoing medication or you just need to fill a prescription from time to time, the discounts available through the CMPP can add up over time and help you keep more money in your pocket. So, if you’re already a member of Costco, be sure to take advantage of the CMPP and start saving money on your prescriptions today.

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The Ascent does not cover all offers on the market. Editorial content from The Ascent is separate from The Motley Fool editorial content and is created by a different analyst team.The Motley Fool has positions in and recommends Costco Wholesale. The Motley Fool has a disclosure policy.

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