What Is Prescription Insurance, and What Does It Cover

What Is Prescription Insurance, and What Does It Cover?

The West Health/Gallup Poll says about 18 million Americans can’t pay for prescriptions. That represents seven percent of the U.S. adult population. Among households earning less than $24,000 per year, that percentage jumps to 19 percent.

These statistics may make you wonder, “What is prescription insurance, and can it help?” Do you know how to get this type of coverage? Does it pay for all your medications?

Keep reading to get answers to these questions.

What Is Prescription Insurance?

Each health insurance plan varies in what it pays for and how much it costs. Sometimes, it includes some coverage for specific drugs.

When selecting a plan, you may opt to buy extra coverage. If you take a lot of prescriptions or specialty drugs, this helps reduce your expenses.

Costs vary depending on the plan, your specific prescriptions, and other factors. Often, you’ll pay more for policies bought directly from the insurance companies. Group insurance plans through employers are usually less expensive.

How to Get Insurance For Prescriptions

In general, all health insurance plans include some level of prescription coverage. Today there are several avenues for getting medication cost assistance.

Employer Benefit

Most employers offer health insurance benefits for full-time employees. Remember that basic plans may not pay for all your prescriptions. If not, ask about other ways to increase your coverage.

The Marketplace

Americans can buy health and drug insurance coverage via the Marketplace. If you live in the U.S., are a U.S. citizen or national (lawfully present), and aren’t in jail, you’re eligible. Individuals who have Medicare aren’t allowed to use the Marketplace.

Medicare

Medicare Part B offers payment for a few outpatient prescriptions. This plan usually doesn’t pay for medicines only given in medical settings.

Individuals may buy a separate plan called Medicare Part D. This pays for prescriptions based on a “tier” system.

The percent you pay depends on the tiered cost-sharing percentage. For example, it’s common to pay 25 to 50 percent of the cost for drugs in the highest specialty tier.

Medicaid

Medicaid is a program jointly administered by the federal and state government. It provides healthcare cost support for low-income individuals and families.

Under federal Medicaid laws, pharmacy coverage is an extra benefit. Yet, all states currently provide drug cost assistance for outpatient prescriptions.

Will I Get a Prescription Insurance Card?

Some insurance companies give you a health policy card and a drug policy card. Others combine both types of coverage into one card.

Your health insurance card can be used for vaccines at many pharmacies. Yet, you’ll need the drug card or combination card when you pick up prescriptions.

Is There a Way to Buy Medications at a Lower Price?

The answer is “Yes”.  Go here to find prescription & non-prescription drugs from an accredited Canadian pharmacy.

Prescription Point is also fully licensed as an international intermediary pharmacy. You can safely order all your prescribed and over-the-counter medications.

This pharmacy doesn’t accept any type of insurance payment. Yet, some insurance companies will reimburse you for out-of-pocket prescription expenses.

The Canadian government limits the price of drugs when they’re approved. Generic meds also cost less than they do in the U.S. Thus, they can offer lower prices.

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