7 ways to reduce your medication costs 1. Go generic. Bypassing a brand-name prescription drug can save up to 80 percent. 2. Know your coverage. Each insurance company has its own formulary — a tiered list of medications that its drug plan covers. Generally, the higher the tier, the higher the copay. So check the tier level when you get a prescription and ask your doctor if there's a drug in a lower tier that would work as well. Also, consider that an insurance plan with high