Prescription InsuranceDoes your health insurance include prescription insurance to cover drug costs? Some health insurance policies do not provide for prescription coverage and a separate policy must be purchased for prescribed medications. This is an area where it pays to do some homework and research and find the best policy for you. Prescription insurance coverage is not a necessity; like health insurance coverage, it is a calculated risk, although the risk is not as high. Usually you can buy this type of coverage at any time, so if the doctor determines that you need an expensive maintenance drug, you may opt in at that time. It is important to know that if you presently have this type of policy you can usually only change it at a specific time of the year, although you can add new medications, you can’t change plans. The person who seldom takes prescription meds probably does not need this separate coverage; however, a person who takes maintenance drugs for any of these conditions:
you most likely needs insurance against the high costs of drugs. Insurance policies for medications usually have "tiers", which usually means that a generic drug is at a low or no co-pay, a tier 2 level may be the brand name genuine, and a tier 3 may be a brand new expensive drug that the co-pay could be a set high-percentage of the cost. In choosing coverage, you should first list the medications that you take and the retail amount of them. If you chose not to purchase insurance, this would be your monthly cost. Find out from the provider what the monthly premium for you would be, then what the medication co-pay amount would be and add these two figures together. Which is the less expensive alternative? This is the best way to make an educated decision regarding purchasing this additional policy. If you require even one or two prescriptions, in most cases, it pays to buy the insurance. Don't take a chance with your health!
Read About Health Insurance
|
