Adding Prescription Drug Coverage to Your Health Insurance

It’s no secret that medications are expensive, and the costs are seemingly always on the rise. Fortunately, those who depend on prescription drugs have a couple of options that may make filling their prescriptions a lot easier on their wallets. Read more to determine the prescription drug insurance plan that will save you the most money on your prescriptions.

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Two Coverage Options

There are two types of drug plans; One is included with your medical insurance plan and the other is the prescription drug discount plan. While each of these plans can help you save you money, the way they work is quite different.

Prescription Discount Card vs. Prescription Insurance

Prescription Drug Insurance

Prescription drug insurance is most likely integrated into your health insurance plan. Your personal individual and/or family health insurance plan will have a monthly premium that is paid by you, or you may have an employer provided health plan with prescription drug coverage integrated into the employer plan. When you fill a prescription, you will most likely pay a flat-rate copay, or you could pay a “deductible” first, depending on your health plan and the cost of the drug. Then the insurance company is billed for the rest.

When helping you select the right prescription drug insurance plan, your Nevada Insurance Enrollment health insurance agent may ask you what medications you’re currently prescribed. Different insurers have different drug formulary’s (a lists of covered drugs). These preferred drugs may be both brand name and generic drugs, and they are chosen for their cost, effectiveness, and safety. Non-formulary drugs are not covered by the insurer, and the member will pay the entire cost. By verifying that the medications that you’re currently taking are on an insurer’s formulary, your agent can ensure that you receive your medication for the best price.

Prescription Drug Discount Plans

While prescription drugs are covered with your health insurance plan by insurance companies, prescription drug discount plans are often provided by drug stores, drug manufacturers and membership organizations. Some discount plans are available for a monthly or annual fee, while others are free. The way they work is like a coupon. When you fill a prescription, you provide the pharmacy with your card, and you’ll receive a certain percentage off the cost of the prescription. This discount may vary from one drug to another, and different discounts may be applied to generic drugs and name brand drugs.

It’s important to note that prescription drug discount plans are not insurance plans. While the discounts they provide may be sufficient for some people, other people may end up paying significantly more money in the long run by choosing a discount plan instead of insurance coverage.

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Let Nevada Insurance Enrollment Help You Find A Prescription Drug Coverage You Can Afford

Medications can be costly, but fortunately, there are ways to bring down the cost and get the medication you need without breaking the bank. Talk to your Nevada Insurance Enrollment health insurance agent about your needs and budget to get advice and guidance that you can trust.

Related Articles:

The Connection Between Prescription Drug Prices and Health Insurance Premiums

Health Insurance: What is a Prescription Drug Deductible?

What Is a Health Insurance Prescription Drug Formulary?

Health Insurance: What is Tier Pricing With Prescription Medications?

 

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