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
Does Auto Insurance Cover Riots?
No one wants to be victims of property damage resulting from rioting, and fortunately, auto insurance companies already have provisions for this risk in their coverage options. In fact, there is no need to purchase separate riot, vandalism and civil commotion coverage; if you have comprehensive auto insurance, you most likely have this coverage.
Various Tips to Protect and Maintain Your Car
According to Live Science, after being parked in the sun on a 95-degree day for an hour, the inside of a car hits an average of 116 degrees. The dashboard gets even hotter at 157 degrees, the surface of the steering wheel reaches an average of 127 degrees and the seats are a searing 123 degrees on average.
Why You Should Avoid a Lapse in Auto Insurance Coverage
n Nevada, auto insurance companies notify the Department of Motor Vehicles when you drop your auto insurance policy. If you have a lapse in your auto insurance coverage, even 1 day, it will be noted on your driving record. When this happens, you may be faced with a $250 dollar fine that will go up over time, and you can have your license suspended until you have auto insurance coverage again.