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How Much Will My Prescriptions Be?
In the world of health insurance, “deductible” is a common word. It refers to an amount of money that you pay out of your pocket before the insurance company begins to pay. A prescription deductible is the portion you’d pay first, then after you’ve paid the deductible, you may only have to pay a co-pay when you pick up your medication.
If you are single, you would only have to meet your prescription deductible. If you have two or more people in your family, each member may have to meet their own prescription deductible which could be up to 2 deductibles in the family.
A prescription deductible is different and separate from the medical deductible, unless otherwise stated. One deductible is for medical, ie: hospitalization, doctors, etc., and the other deductible is for filling your prescriptions.
How Much Will You Pay for Prescription Drugs?
The prescription deductible may only apply to certain “Tiers” on your insurance company’s “Formulary”(the list of drugs on your insurance plan the insurance company covers). So based on what “Tier” your prescription drug is will determine if you start paying for it with just a copay, or if you have to pay the deductible first. Some health insurance company’s may put a deductible on Tier 3 and Tier 4 medication, but not Tier 1 or Tier 2 medication. Some insurance companies don’t put a prescription deductible on any of their plans.
It’s important to look for your medication in the formulary, find out what Tier it is, then look to see if there is a deductible for that Tier. This is important to do before you buy your health insurance plan.
Understanding the Cost of Prescription Drugs with Nevada Insurance Enrollment
If you’re one of the many Nevadans who regularly take a prescription drug, then it’s important to know if your prescriptions are covered by your health insurance plan and how much they will cost you. If you regularly take a prescription medication, and you’re shopping around for the best health insurance plan for your needs, then Nevada Insurance Enrollment’s licensed health insurance agents are here to help. Contact us today and we’ll help you evaluate your costs based on your prescriptions and the tier your medication falls in. We’ll also help you find and enroll into the health insurance plan that is financially fit for you.
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Recent Posts
Where To Go: Emergency Room or Urgent Care?
There are distinct differences between hospital emergency rooms and traditional urgent care centers, including the level of care that can be provided at each location.
Stating Your Income For Health Insurance Subsidy
When you claim you make a certain amount of money in a year (and receive a subsidy), you must try to be as accurate as possible and notify them of any changes that may occur throughout the year. Be honest in stating your income. There are very serious consequences to playing games with your income.
Can You File for Medical Bankruptcy?
The short answer is yes; medical debt is considered non-priority unsecured debt and can be discharged in bankruptcy. While you cannot target medical debt in bankruptcy, this process can help lower payments or eliminate the debt altogether.
Get The Most From Your Health Insurance Plan
Today’s Health Insurance plans may offer benefits above and beyond just doctors and hospitals, such as free preventive services, fitness programs, teledoc/telehealth, and so much more!