Having a health insurance policy that covers doctor and hospital visits is crucial for staying in good health, but prescription drug coverage is another important consideration. Do you know if your new health insurance policy covers your prescription drugs, and at what cost to you?
The quickest way to learn more about what your healthcare covers is to visit your insurance provider’s website. There you can review the preferred drug section, also called a formulary, which is a list of prescription drugs that are covered under your policy. You can also call your insurance provider or review the welcome packet they mailed to you for details on covered medications.
Most healthcare plans have three tiers of prescription drug coverage. Taking medications on tier 1, which are often generic, comes with the financial benefit of lower copays. Tier 2 medications are preferred brand-name drugs, and they come at a higher cost to you. Tier 3 medications are all other varieties that are not preferred, resulting in the highest cost to you.
When visiting your doctor, you can provide him or her with a copy of your healthcare plan’s formulary to see if it’s possible to be prescribed with medications that come at the lowest cost to you. You can often save money by taking a generic drug, while still receiving comparable benefits.
Have you found that the combination of your health insurance policy and your doctor’s knowledge of prescription drugs have helped you save money? Let us know in the comments.