What is a Prescription Drug Plan?
Prescription drug costs are something which many individuals are faced with these days. Medications are pricey especially if you need more than one medication, which is highly likely as many individuals need multiple medications to treat a variety of conditions. If this is the case, you are going to have high costs to pay each month. Prescription drug plans provide a way to lessen the cost of these expensive medications and make paying for them much easier overall.
Prescription drugs are needed for many different age groups and for a variety of health-related issues. From treating a medical condition on a daily basis to addressing a healthcare issue temporarily, prescription drugs are required for a multitude of reasons. When you do need to obtain a prescription medication, whether short-term or long-term, you’re sure to notice that the cost is anything but inexpensive.
There are many types of prescription drug plans which you can obtain to handle your medical costs and the one you choose will depend on your individual medication needs. When you have to take prescription medications on a regular basis, having a prescription drug plan in place will help you to pay for your much-needed prescription medications and ensure that you are able to get the medication you need, when you need it.
What Do Prescription Drug Plans Cover?
Prescription drug plans will vary in form and the individual coverage will depend on the type of prescription drug plan you choose. The prescription drug plan will usually cover a wide array of prescription medications and provide you with an easy way to pay for your much-needed prescriptions, or at least help you to limit the overall cost. Prescription medications may be necessary to treat specific illnesses or be taken on a daily basis to keep a medical condition under control.
Generally, prescription drug plans will provide a discount on medications, allowing you to use the benefits to offset the total cost of your specific prescription drugs. There may be a co-pay attached to the prescription refills, but the exact amount will depend on your individual benefits plan. With a discount plan, you will be able to get your necessary prescription drugs at a fraction of the price. Some plans will have restrictions on the types of prescription medications which you can obtain with the discount, while others will be open-ended regarding prescription medication varieties.
How Do Prescription Drug Plans Work With Other Insurance Plans?
Certain major medical insurance plans will cover an extensive amount of prescription medication costs while others may carry little of the cost or none at all. The exact way in which your prescription drug plan works with your major medical insurance plan or limited medical insurance plan will depend on the type of health insurance you currently have in place. Some general health insurance plans make you pay for prescription medication coverage and attach it to your major medical insurance plan. In addition, there might be a deductible or co-pay attached to the plan which adds to the cost and makes the savings less effective.
In general, prescription drug plans are best suited for those individuals who have the following:
- A need for daily prescription medications
- High costs associated with the prescription medications needed
- The amount of medications needed is extensive
- The main health insurance plan does not provide enough coverage for these prescription medication payment needs
If your major medical health insurance policy covers certain prescription medications with little or no co-pay and no deductible, you should use that policy to cover those costs. However, if you find that certain medications, or all medications, are not covered by your major medical insurance plan, a prescription drug plan will help you to cover a good amount of the costs you have to pay to obtain your necessary prescription medications.
How Much Do Prescription Drug Plans Cost?
The exact cost of the prescription drug plan will depend on the type of discount plan you choose. Some discount plans will cover a wide array of prescription medications and offer a higher discount than other ones will. Generally, the more inclusive a prescription drug plan, the higher the cost may be. However, prescription drug plans are certainly affordable and well worth the cost of obtaining, especially if you purchase a large amount of prescription medications each month. The discounts attached to these purchases will help greatly to offset the cost of the necessary prescription medications.
How Much Will the Savings Be?
The savings you’ll see from having a prescription drug plan will vary in amount. As this is a discount prescription drug plan, you’ll receive a large percentage off of your prescription drug purchase. Each medication you buy will have a discount allotted to it. The exact amount you save will depend on how much the prescription medication costs prior to the discount, how much the discount is and how often you need to purchase your prescription medications.
In addition to looking at the savings themselves, you need to calculate the costs associated with the price you pay for the individual prescription drug plan. The cost of a prescription drug plan is quite reasonable, especially when you note how much you save on each prescription drug refill when you use your prescription drug discount.
Is a Prescription Drug Plan a Good Idea?
Determining whether or not a prescription drug plan is a good idea will depend on a few different factors. If you have a lot of prescription medications to buy on a regular basis and your current health insurance plan doesn’t pay for these medications, a prescription drug plan will help you out financially with purchasing these items. Also, if you have certain medications that you need to take and they aren’t included on the prescription list offered by your major medical health insurance provider, a prescription drug plan may help you to get the medications you need and do so at a discounted price.