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Prescription Drug Coverage
Having a good plan to cover your prescription needs is a very good way to save money. On the other hand, an inadequate plan can result in you paying a lot more than a good plan might cost. Many of the new medicines, that work better than some of the older medicines, are much more costly. Here are some things you need to understand about your prescription drug coverage.
Not All Plans Cover Drugs
Not every health insurance plan contains a provision for your prescription needs. You need to look at it carefully and determine whether or not your policy has prescription coverage. If it does, it will be included on a page in your policy, with the details. If you have Medicare Parts A and B, you do not have prescription coverage - for that, you will need Part D.
Copay
Every time that you go into the pharmacy to purchase prescriptions, you will need to make a copay - with most health insurance plans. Your copay is an amount that may range anywhere from $5 up to $45. In addition to making a copay, you need to know that the copayment applies to each prescription, so you may need to pay a large amount, if you have a number of prescriptions to be filled. Before you have the prescription filled, you should also be sure if that pharmacy handles your insurance company’s plan. If you don't ask, you may find that you owe the entire amount.
The amount that you have to pay might also vary with the different type of drugs that you buy. Some drugs are on the approved list (sometimes called a formulary) of the health insurance provider, and that may involve one price. Other drugs may be on a second list, but that would involve a higher price. And even other drugs may not be on any list requiring you to pay a good percentage of the bill. Other plans may require you to pay an automatic percentage of the bill.
Medicare Plan D
If you have Medicare Part D, then you are entitled to a three-level plan of paying for your prescriptions. This health insurance plan provides for three different classes of prescriptions. First there is the generic brand - which are the cheapest; then other brands that may not be the best; and the third "tier" is the preferred brand name drugs - for which you will pay the most. The amount that you pay for these prescriptions will be the same, no matter where you buy them. The one thing that you need to check on first, though, is to make sure that the pharmacy is able to receive Medicare payments.
Not All Drugs Are Covered
Just because you have prescription coverage, does not mean that all medicines are included. In all likelihood, many are not. Things like birth control, anti-smoking patches, etc., are not covered. Quite possibly, many new medicines are also not in there, either.
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Free Health Insurance Quotes
By comparing health plans with other rates, you should be able to find the right plan. You can get your free health insurance quotes at the following sites:
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