Saving Money on Medications

While many mental health medications are relatively inexpensive, costs can add up, especially with newer ones. If you don't have private extended health insurance, there are several ways you can reduce costs.

1. Sign up for Fair PharmaCare

Reduces financial hardship from excess drug costs above an income-based total amount for an entire year. Only applies after reaching an annual deductible, then covers 70% of eligible costs, and then 100% above an income-based maximum.
REGISTER → https://my.gov.bc.ca/ahdc or 1-800-663-7100

Not all drugs are eligible. It covers recommended medication prices; pharmacies may charge more. Requires consent for BC government to verify your income annually with CRA. If you have not kept up with filing your taxes, you will not be eligible.

Income-based, so family income of $50,000/y, Fair PharmaCare pays nothing for first $1,500 of drug spending in a year, 70% from $1,500–$2,000, and 100% above $2,000. With family income of $200,000, it pays nothing for first $6,000, 70% from $6,000–$8,000, and 100% above $8,000.

2. Apply for PharmaCare Plan G

Covers 100% of eligible costs of certain psychiatric medications based on clinical and financial need. See a physician or nurse practitioner to apply.

Only certain medications are covered, usually not including newer (and more expensive) ones. Requires you to declare that your income qualifies (less than approximately $42,000/yr family net income) but does not require verification with the CRA. Plan G must be renewed every year; a reminder is sent to the address given on your previous year's application.

3. Take Advantage of Drug Company Programs

Brand-name drug companies provide programs to reduce the cost of many medications.
MORE → https://innovicares.ca or https://rxhelp.ca

These programs encourage people to choose brand-name products over the usually cheaper generic alternatives. They cover the usual difference of price between generic and brand-name. Must request brand-name medication. Some drug companies also offer patient support programs for individual medications.

4. Shop Around

Prices, both for generic and brand-name medications, can vary at different pharmacies.
MORE → https://pac.bluecross.ca/pharmacycompass

Using a single pharmacy has many benefits. But if you're on many medications, you may want to check that they're competitive overall.

Bottom Line: Don't let the price of mental health medications prevent you from getting and staying well. And if it's still an issue, talk to your prescriber. They may be unaware of the cost and may be able to suggest lower cost alternatives.

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