How to Save on Weight Loss Drugs: Navigating Insurance and Discounts

Weight loss drugs are considered an effective way to slim down. While there are health risks, plenty of users claim they make shedding pounds much easier.

Unfortunately, these prescription medicines can cost as much as $1,300 per month for direct pay, rendering them unaffordable for many people.

Key Takeaways

• The U.S. is facing an epidemic of obesity and weight loss drugs are proven to help people lose weight. But weight loss drugs require a prescription, tend to be expensive, and aren’t usually covered by insurance if prescribed for weight loss only.
• People with low income may qualify to obtain the drugs for free or at a discount through patient assistance programs.
• Manufacturer savings cards and prescription savings cards are other alternatives, Alternatively, you could enroll in a prescription savings program, or use a health savings account or flexible spending account.

How to Get Weight Loss Drugs

Also known as anti-obesity medicines, weight loss drugs work by reducing appetite, increasing the amount of energy burned or interfering with the absorption of calories. Popular brands include Ozempic, Wegovy, and Mounjaro.

You can’t buy these drugs without a prescription and doctors will only prescribe them if you have a body mass index (BMI) greater than 30 and have been unable to lose weight through dieting and exercise; or a BMI above 27 and have another medical condition linked to obesity, such as high blood pressure, diabetes, or high cholesterol.

Another barrier is cost. Weight loss medications aren’t usually covered by insurance, unless they are prescribed to combat a serious issue such as Type 2 diabetes or cardiovascular disease. In a survey, only 34% of employers said their health plans covered weight loss drugs for the purpose of losing weight only.

Currently, Medicare and Medicaid don’t cover weight loss drugs if prescribed only for obesity, but covers them if prescribed for other conditions, such as diabetes or heart disease.

How to Save on Weight Loss Drugs

Fortunately, there are a few ways to reduce the cost of weight loss drugs. Here are some tips:

Patient Assistance Programs

If you have a low income you may qualify for a patient assistance program (PAP), which would enable you to get weight loss medicines for free or at a reduced cost. Drug manufacturers with PAPs include Novo Nordisk, the maker of Ozempic. Another option is to contact a nonprofit organization that helps people pay for treatment such as the PAN Foundation or Lilly Cares.

Manufacturer Savings Cards

A handful of weight loss drug manufacturers issue copay cards that offer savings on expensive brand-name medications. To qualify, you usually need to have a private insurance plan and not be enrolled in government health insurance programs, such as Medicare or Medicaid.

Each manufacturer will offer different terms. Do your research before signing up.

HSAs and FSAs

While the drugs won’t necessarily cost less at the pharmacy, if you have a health savings account (HSA) or flexible spending account (FSA), you may be able to use the pre-tax dollars in the accounts to pay for weight loss drugs. Contact your HSA or FSA administrator to see if that’s an option. You might be asked for written confirmation from a physician that these medications are a necessity.

Prescription Savings Cards

Prescription savings cards can help reduce the cost of prescription drugs. These cards are usually free, offered by a variety of companies, including FamilyWize, GoodRx, WebMDRx, SingleCare, Blink Health, and ScriptSave WellRx, and can be used at thousands of pharmacies across the U.S.

Medicare and Medicaid (Potentially)

Before leaving the White House, President Joe Biden proposed “reinterpreting” a law that barred Medicare and Medicaid from paying for weight loss drugs unless they are used to treat serious conditions like diabetes. Some pundits are hopeful President Trump will pursue this, noting that his trusted confidant and benefactor, Elon Musk, reportedly used Wegovy and has spoken highly of weight loss drugs.

The Bottom Line

One of the issues with weight loss drugs is they cost too much money. Barring government intervention and the arrival of generic alternatives, which could take a few years, this problem isn’t going away. However, there are a few ways to potentially save money.