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 co-pay, 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 Your Prescription Drug Deductible 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.
continued below ⇓
Recent Posts
Water / Sewer Backup: Does Homeowners Insurance Cover It?
A standard homeowners insurance policy covers sudden and accidental water damage that comes from inside your home, such as a burst pipe or broken appliance. It also covers water damage that results from rainwater coming in through an opening caused by a named peril.
Is Raising the Speed Limit Worth the Risk?
While vehicles are safer than ever and roadways are engineered to prevent accidents, the fact is that traffic fatalities claim thousands of lives per year. Despite arguments that the majority of posted speed limits are outdated, and unrealistic, numerous crash tests show that higher speeds greatly increase a driver’s risk of serious injury or even death.
Friday Health Plans: Who Are They?
Late last year, Friday Health Plans announced that it was expanding to Nevada and would sell policies on Nevada Health Link, the state’s online Marketplace. These plans may be a good fit for you if you are working within a budget and really like the flexibility of seeing a specialist without having to get a referral from a primary doctor.