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
Your Auto Insurance and the “Hit and Run”
If your car was hit by someone and they do the legal/right thing by admitting it and paying for it, all is well. The “at fault” driver’s insurance will cover it under their property damage portion of their insurance for your car to be fixed. In the case that someone hits your beautiful new car while you are in the store and drives away, what do you do?
At Fault – If You Caused an Auto Accident
The responsibility of who pays what in Nevada is contingent on who’s at-fault in an auto accident. All drivers in Nevada have an obligation to drive their automobiles safely to reduce any risks of potential accidents. In Nevada, if you are the at-fault driver (the person that caused the accident), then you are responsible to “make whole” the individual or property you hit.
I Witnessed A Car Accident; What Do I Do?
A car accident can happen in the blink of an eye and witnessing one can be scary. After an auto accident, all drivers involved are required to stay at the scene where information is exchanged for auto insurance purposes. But what should you do if you witness a car wreck?