How Health Insurance Can Help You Save Money On Prescriptions

Prescription medicines are the type of drugs administered with written instructions from an authorized medical practitioner. For instance, blood pressure tablets, cancer medicine, and strong painkillers. A medicine is categorized as a prescription drug due to its risks, the potential for misuse, and how it is taken, for example, if it is injected or taken orally.

Prescription drugs can be costly. This is due to monopoly, the disease’s seriousness, and the pharmaceutical companies’ soliciting power. Drug manufacturers provide copay coupons to afford these drugs, especially to individuals paying out of pocket.

Unfortunately, coupons are not always reliable as they are sometimes used as a marketing tool to entice people to shift to specific, more expensive medications. That’s why it is crucial to partner with your health insurance company to reduce the cost of prescriptions as much as possible. Here are ways how insurance can help you save money on medications:

Request for an Insurance Formulary

The cost of your prescription drugs revolves around what your health insurance covers, known as a formulary. You can save on prescriptions by asking your insurance provider to offer its drug formulary. It is a breakdown of all the medications that the insurance can cover. The list of brand-name and generic prescription drugs can be comprehensive. Usually, it comprises four levels or tiers:

Level 1: Generic Drugs: The least expensive
Level 2: Low-Cost Brand-Name Drugs: They are pricier than generic drugs
Level 3: Brand-Name Drugs: They are costlier than level 1 and 2 drugs
Level 4: Specialty Drugs: They are the most expensive. They are used for uncommon health issues.

In case your prescribed drug is not covered by your insurance, contact them and inquire about the following:

How your prescription drug can be covered?
How to file an appeal?

An appeal is when you fill out forms requesting your insurance company to cover your prescription or any other requested service.

You can also ask the pharmacist if there’s another less expensive drug with your insurance. The pharmacist can help you contact the medical practitioner about changing the medication.

Look for Alternative Insurance Options

Your plan determines your deductible, the type of drugs covered, and your copay at the pharmacy counter. Exploring a different insurance option that covers more comprehensive medical costs or medications is essential. For instance, you might be diagnosed with a new condition requiring costly drugs. It’s time to shop around. An increase in monthly payments, even on a small margin, might translate into a lower deductible or improved drug coverage.

It is crucial to evaluate the cost of the available coverage and medications with the insurance plan charges that will offer extensive coverage for their medications. You can contemplate changing your insurance plan to save money if there is a substantial price difference.

Buy Directly from the Insurer

Insurance drug plans provide discount prices on medications if an individual purchases the drugs from the insurance provider rather than obtaining them from a pharmacy. This may occur in government programs such as Medicare and Medicaid. For instance, Medicare Part D plans (Prescription drug coverage) collaborate with various other insurance types and may offer low-cost drug options in some cases.

Prescription Discount Card Programs

You can get coupons or discount cards that can be applied at any pharmacy within the prescription discount card firm’s pharmacy network through discount programs. For instance, GoodRX, HealthSmart Rx savings card, Discount Drug Network, and others. You will not be charged to get these cards. However, some do charge. You can use a prescription discount card with insurance. You will settle the cost of the drug through the discount program.

Take advantage of this discount card and have your price slashed by up to 80% on most prescription drugs in different pharmacies. Your prescription will not be yielded to insurance. Sometimes, the cost of the drug may be lower than your coinsurance under your benefits plan. Understanding and adhering to each discount plan’s direction is crucial to reap maximum benefits. You can even get more than one card.

Compare the Copay

Copays assist individuals in obtaining costly prescription medication by decreasing out-of-pocket costs. However, some copays may be more expensive than buying the prescription drug, or it’s generic using cash. To save the most out of this, always contact the pharmacy to inquire how much prescription costs without insurance. Compare this with the charges of a prescription copay.

Prescription drugs can be expensive, primarily if used for an extended period or when required to use drugs with a trademark and no generic options. However, you can cut prescription costs by applying the above strategies, especially if you have insurance coverage.