What is prescription insurance?

Your health insurance policy can play a valuable role when it comes to protecting your physical and financial health. Every group health insurance or individual health insurance plan provides different levels of coverage, and not all insurance policies cover prescription medications. If yours doesn’t, you may consider purchasing prescription insurance.

Prescription medications can be extremely expensive, and a single prescription can cost several hundred dollars or more a month. Prescription drug plans can fill in the gaps when your primary family health insurance or employee health insurance does not cover prescription drugs or provides minimal prescription drug coverage.

Prescription drug insurance can save you considerably, particularly when it comes to medications you take regularly or long term. If you have a prescription for a specialty drug, a name brand drug, or an expensive drug, you can also benefit from prescription drug insurance. The benefits don’t stop there, however. You’ll also save on generic prescriptions, have reduced out-of-pocket expenses, and have access to mail order refills, providing you with convenient and easier refills and dramatic savings.

Choosing the prescription medication insurance plan that’s right for you is the same as choosing other health insurance plans or self-employed health insurance: Know what you need, know your budget, and know what is available.

Not all prescription drug plans will be a good fit for you. You’ll need to discuss your prescription needs with your doctor and determine whether your medications can be switched to generics or other brands or not. You’ll need a full list of all your medications. You’ll also need to determine whether or not the plan in which you are interested requires you to use a specific pharmacy and whether or not that pharmacy has locations convenient for you.

Finally, it’s essential that you become familiar with your insurance company’s formulary, or the list of covered drugs. Generic drugs will generally be the least expensive, while preferred brand name drugs are generally mid-priced. Non-preferred brand-name drugs are the most expensive drugs.

 

Source: Health Coverage Los Angeles

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