Insurance coverage for prescription medications is a benefit that’s frequently offered with a health insurance plan. It helps you pay less for your prescriptions in most cases by covering a portion of the cost. You can also save more money by changing the type of prescription you buy, using a mail-order pharmacy, and understanding how your insurer handles paying for your medications. The money you save can be used towards getting a NYC life insurance policy to help round out your insurance portfolio.
Read on to learn more about how you can save on your prescriptions on top of your health insurance benefits and get the most out of your policy.
Understanding Prescription Coverage in Your Health Insurance Plan
The type of prescription drug coverage you receive depends on the type of health insurance you get. That is, if you have Medicare, you can voluntarily get coverage under Part D. In contrast, a private insurance company may offer full prescription coverage or partial coverage. This is why it’s important to understand how your insurance company handles payment for your prescriptions.
In general, health insurance providers cover a portion of your name-brand prescription costs and most of the cost of generics. Some generics are covered entirely by your prescription due to their low cost. The amount you pay is dependent on the price that your insurer has negotiated with the maker and provider of the medication.
The type of prescription coverage you get from your medical insurance at your Westchester County job depends on the plan that your employer chose. You can learn more about your prescription benefits from the information package provided by your employer, or you can contact the insurer directly.
Using Generic Medications to Lower Prescription Costs
Generic medications are identical to brand-name prescriptions, but offered at a lower cost. They’re sold alongside their brand-name counterparts at the pharmacy to give consumers a choice. Generics are also offered when the original manufacturer stopped making the medication. The key benefit to generic prescriptions comes down to the fact that they’re much more affordable than the brand name.
There’s nothing wrong with picking the name-brand version of a prescription medication. However, it can cost you more money, even when your insurance is covering part of the price. Generic prescription drugs have the same strength and desired action due to FDA rules. You can save a lot of money on your prescriptions with generics, and your insurer may cover the cost in its entirety.
Your health insurance company provides you with a list of prescription drugs that it covers and how much. Sometimes it happens that there’s not much of a difference in cost between a brand-name and a generic, and the insurer pays the same amount for both. As a general rule, you can expect generics to cost less than the original version, and the amount you pay out-of-pocket will go in your favor.
The Benefits of Mail-Order Prescriptions for Long-Term Savings
When your doctor prescribes the medication that you need to manage a chronic condition, you can typically get enough to last for months. You can opt to fill the prescription at a local pharmacy, or you can save more money by sending it to a mail-order pharmacy.
Mail-order pharmacies can help you save money on the cost of a recurring prescription, especially when you’re getting a three-month supply on a regular basis. The cost of shipping is usually included, further saving you money. In turn, you get the security of knowing that your medication is arriving before you run out.
The cost of buying your medications from a mail-order pharmacy tends to be a little less than a retail pharmacy. That means you’ll pay less out-of-pocket with each refill, something that adds up the more refills you get. Another benefit of utilizing a mail-order pharmacy is the fact that you don’t have to spend time waiting for your prescription to get filled, and you don’t have to drive to the location.
Margolis & Associates’ Guide to Optimizing Prescription Savings
At Margolis & Associates, we understand the importance of saving money on recurring costs such as prescriptions. This guide gets you started on lowering your prescription costs. Meanwhile, contact us to learn more about how prescription coverage works within a healthcare policy. We’re happy to discuss the different types that are available and can help you find a policy that covers all of your needs for personal or business health insurance.