Prescription coverage basically is an insurance plan where you pay premiums to give you coverage on your payments for prescription drugs. Normally, a prescription drug plan covers branded and generic prescription drugs. This kind of insurance is highly welcome since the numbers of people using prescription medicines are increasing every year. But, the cost of medicines and drug therapies are also skyrocketing on a yearly basis. Having an insurance policy that protects you from an unexpected prescription drug bill is something worth considering.
The older we get, the more dependent we become on prescribed medications. That may be hard to swallow but that is the awful truth of the situation. This is also the reason why the elderly, those who have disabilities and who are chronically ill are more likely to need prescription drug coverage. This kind of insurance plan is covered in Medicaid and state prescription assistance programs (SPAPs), which are both state health care programs.
Prescription assistance programs are very beneficial for people who cannot afford to pay for needed medications. And if they do get the drugs, they often take a lesser dosage of the medicine than is prescribed so they can extend the use of the drugs. The do this because following the prescription and buying the drugs can severely impact their financial resources.
If you belong to a family that is well off, then the premium costs of your plan may not be as important. However, you don’t need to rush in signing an agreement with an insurance agent right away. There are several things that you need to think about and some of it may be dependent on the health care coverage you have right now. You own health care service might be offering prescription drug coverage so it is better to ask your insurance representative regarding this issue before going out hunting for other companies.
Whether you decide to go with your own health care service or look for a new company, one thing is certain: prescription drug coverage needs you to pay a monthly premium which is actually like paying your regular health insurance. The cost of the premium depends on the plan you choose. Insurance companies will often offer you a selection of plans. If you’re very dependent on the prescription drugs, it would be better if you get a plan that has a higher coverage gap. You may be paying a higher premium for this but the coverage plan alone should more than make up for it.
When selecting a coverage plan for prescription drugs, you should also determine the kinds of drugs covered by your policy. Some companies will include at least two kinds of drugs that fall under each category so policy holders can have choices. Insurance companies might also require doctors of policy holders to get in touch with the insurance company before any prescription is written.
The logic behind this relies on the fact that despite falling under the same category drugs still differ in prices. Some are exorbitantly high while others are really cheap. And yet despite the big price difference, sometimes the cheaper ones are just as effective as the more expensive ones. In this regard, insurance companies are just protecting their own interests. If a cheaper drug is as effective as the more expensive one, then insurance companies will simply do the math and ask the doctor of the policy holder to prescribe the less expensive yet equally effective medicine.
Local pharmacies play a major role in prescription drug plans. You should never go with a plan that has no local participating pharmacy. That kind of plan defeats the whole purpose that a prescription drug plan offers. More often than not, prescription drug policies have a list of local pharmacies where you can buy your medicines from. The length and quality of the list depends on the insurance company that is offering the coverage plan.
The need for such a coverage plan is a positive one. The needs of senior citizens as well as people with disabilities are always among the top priorities in a family.