Prescription (or Pharmacy) Plans
The cost of prescription drugs keeps going up. As these costs skyrocket, health insurance providers have responded by offering pharmacy plans to help you meet these costs.
Even if you don’t need prescription drugs at the moment, it’s always a good idea to be covered before you incur large expenses. As with other health expenses, it’s a comfort to know that you are covered ahead of time in case you ever have to pay for expensive drugs.
There are two types of policies: Stand-Alone Plans, which are separate from your other health coverage, and Add-On Plans, which are usually more cost effective and supplement the insurance you already have.
Premiums can range from as low as $10 to over $100, depending on the extent of coverage.
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Providers offer a variety of options to suit your needs:
- Plans that give you a discount at participating pharmacies
- Deductible plans which, like ordinary health plans, cover your drug costs after you have paid the deductible
- These often require you to pay up-front and file a claim for reimbursement.
- Plans that allow you complete freedom to choose your pharmacy
- Plans that work in conjunction with a Health Saving Account (HSA) policy
Prescription drug coverage is of special concern for seniors (those 65 years and over) who need to choose whether to purchase Medicare Part D. While the choices may seem confusing at first, with a little patience you can find the plan that suits your needs.
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