The growing price of medication these days make it difficult for people to afford. In order to buy prescription drugs from a pharmacy online with a health insurance, you need to understand how prescription drug coverage works so as to avert ending up paying high for drug costs. One survey conducted in the year 2015 by eHealth, stated that around 6500 customers and more than one-third, almost 35% had to pay more than what they expected for prescription drugs in the last year. Therefore, on an average, these people spent almost $800 out of their pocket for their covered meds. So, you need to know if your medications are covered by the medical insurance. But, how will you find out if your meds are covered? Read this blog to learn the ways to find out if your medications are covered by any medical insurance.
How is it possible to avoid over expenses when shopping for coverage?
- How will you know about the drugs or their names that are covered by your health plans?
You need to know that not all the health plans cover all the drugs. If you are in need of a drug that is not covered, then it can cost you a lot of money. You need to look at the list of prescription meds, known as a formulary, that is covered by your health insurance plan so as to avoid these unexpected costs.
- How much should you have to pay for prescription meds under the plan?
This is usually based on three groups:
Group 1: Drug coverage before deductible
If your insurance plan is covering the meds before you meet your deductibles, each med will be subject to cost sharing in the form of copayments or coinsurance. Depending upon the drugs you take, your out of pocket costs can vary. A low price generic med might cost you only about $20 copayment whereas you might have to pay 40% of the full price for a brand medicine.
Group 2: Drug coverage after deductible
There are some plans that do not cover the prescription drug costs until your plan’s annual deductibles are met. You need to pay enough attention to plans that require you to fulfill a deductible before drug coverage begins.
Group 3: Drug coverage after special prescription drug deductible
There are certain plans that might have special deductibles which are meant solely for prescription pills. These deductibles are very low then the overall deductible for other medical plans.
- How to avoid unexpected costs when it comes to drug coverage?
The best way to avert unexpected drug costs is to know what you’re going to buy when shopping for drug coverage. You also need to pay attention if your prescription will be covered with simple co-pay or if you need to fulfill your annual deductibles in the first place. Using co-pay schemes while buying medications from a legitimate online pharmacy can also help reduce prescription costs to a certain extent.