April 4, 2016
2 minute read

Prescription Drug Plans for Families: What Are They?

Young girl handing medications to pregnant mother with a family prescription drug plan

Does your family take more than one regular medication? Do your kids seem to get sick at the least convenient times? If so, you’ve probably encountered consistent prescription drug costs. Without coverage, you could be paying an arm and a leg at the pharmacy. But thankfully, with prescription drug plans for families, these regular expenses can be extremely affordable.

What Are Prescription Drug Plans for Families?

Prescription drug plans for families provide coverage for prescription medications. If a prescription is covered by a plan, it often requires a small copayment instead of the full cost of the medication. Prescription plans are included in all qualified health insurance plans as an essential benefit.

Each family prescription drug plan will cover different medications. A list of medications that a plan covers, or its drug formulary, can be found on the insurance company’s website (or by calling the company).

Keeping Costs Down

In order to keep costs low, both for insurance companies and consumers, many plans will use several cost control methods. For example:

  • Formularies—by creating a drug formulary, a prescription drug plan can try to limit access to expensive drugs and use more cost-effective options. Medically necessary drugs can be added to a plan’s formulary with a prior authorization request.
  • Prescription Mail Services—insurance companies and pharmacies can mail prescriptions to customers. Not only is this more convenient (90-day prescriptions can be ordered), it often allows for larger discounts.
  • Generic Substitution—by substituting a brand-name drug for generics, the cost of the prescription is decreased.

Compare Pharmacies For Other Potential Savings

Did you know that costs can vary from pharmacy to pharmacy? Try this tool to compare prescription costs in your area: USARx. Switching where you get your medications could help you save.

Choose Coverage Based On Your Family’s Prescription Drug Plan Needs

Before choosing a new prescription drug plan for your family, check the health insurance policy’s drug formulary. If your medications aren’t listed, you may end up paying more than expected at the pharmacy. Or, if you’re comparing multiple plans, let HealthMarkets help. We can compare drug formularies, deductibles, and out-of-pocket costs to help you find the right coverage for your family and your budget. Just give us a call today at (800) 827-9990.

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© 2022 HealthMarkets Insurance Agency. All rights reserved.

To send a complaint to Medicare, call 1-800-MEDICARE (TTY users should call 1- 877-486-2048), 24 hours a day/7 days a week). If your complaint involves a broker or agent, be sure to include the name of the person when filing your grievance.

We do not offer every plan available in your area. Any information we provide is limited to those plans we do offer in your area. Please contact Medicare.gov or 1-800-MEDICARE (TTY users should call 1- 844-704-7357), 24 hours a day/7 days a week, to get information on all of your options.

Attention: This website is operated by HealthMarkets Insurance Agency, Inc. and is not the Health Insurance Marketplace® website. HealthMarkets Insurance Agency, Inc. is licensed as an insurance agency in all 50 states and DC. Not all agents are licensed to sell all products. Service and product availability varies by state. Sales agents may be compensated based on a consumer’s enrollment in an insurance plan. No obligation to enroll. Agent cannot provide tax or legal advice. Contact your tax or legal professional to discuss details regarding your individual business circumstances. Our quoting tool is provided for your information only. All quotes are estimates and are not final until consumer is enrolled. Medicare has neither reviewed nor endorsed this information.

HealthMarkets Insurance Agency offers the opportunity to enroll in either QHPs or off-Marketplace coverage. Please visit HealthCare.gov for information on the benefits of enrolling in a QHP. Off-Marketplace coverage is not eligible for the cost savings offered for coverage through the Marketplaces.

This information is not a complete description of benefits. Call the Plan’s customer service phone number for more information.

HMIA002468

© 2022 HealthMarkets Insurance Agency. All rights reserved.

To send a complaint to Medicare, call 1-800-MEDICARE (TTY users should call 1- 877-486-2048), 24 hours a day/7 days a week). If your complaint involves a broker or agent, be sure to include the name of the person when filing your grievance.

We do not offer every plan available in your area. Any information we provide is limited to those plans we do offer in your area. Please contact Medicare.gov or 1-800-MEDICARE (TTY users should call 1- 844-704-7357), 24 hours a day/7 days a week, to get information on all of your options.

Attention: This website is operated by HealthMarkets Insurance Agency, Inc. and is not the Health Insurance Marketplace® website. HealthMarkets Insurance Agency, Inc. is licensed as an insurance agency in all 50 states and DC. Not all agents are licensed to sell all products. Service and product availability varies by state. Sales agents may be compensated based on a consumer’s enrollment in an insurance plan. No obligation to enroll. Agent cannot provide tax or legal advice. Contact your tax or legal professional to discuss details regarding your individual business circumstances. Our quoting tool is provided for your information only. All quotes are estimates and are not final until consumer is enrolled. Medicare has neither reviewed nor endorsed this information.

HealthMarkets Insurance Agency offers the opportunity to enroll in either QHPs or off-Marketplace coverage. Please visit HealthCare.gov for information on the benefits of enrolling in a QHP. Off-Marketplace coverage is not eligible for the cost savings offered for coverage through the Marketplaces.

This information is not a complete description of benefits. Call the Plan’s customer service phone number for more information.

HMIA002468

© 2022 HealthMarkets Insurance Agency. All rights reserved.

To send a complaint to Medicare, call 1-800-MEDICARE (TTY users should call 1- 877-486-2048), 24 hours a day/7 days a week). If your complaint involves a broker or agent, be sure to include the name of the person when filing your grievance.

We do not offer every plan available in your area. Any information we provide is limited to those plans we do offer in your area. Please contact Medicare.gov or 1-800-MEDICARE (TTY users should call 1- 844-704-7357), 24 hours a day/7 days a week, to get information on all of your options.

Attention: This website is operated by HealthMarkets Insurance Agency, Inc. and is not the Health Insurance Marketplace® website. HealthMarkets Insurance Agency, Inc. is licensed as an insurance agency in all 50 states and DC. Not all agents are licensed to sell all products. Service and product availability varies by state. Sales agents may be compensated based on a consumer’s enrollment in an insurance plan. No obligation to enroll. Agent cannot provide tax or legal advice. Contact your tax or legal professional to discuss details regarding your individual business circumstances. Our quoting tool is provided for your information only. All quotes are estimates and are not final until consumer is enrolled. Medicare has neither reviewed nor endorsed this information.

HealthMarkets Insurance Agency offers the opportunity to enroll in either QHPs or off-Marketplace coverage. Please visit HealthCare.gov for information on the benefits of enrolling in a QHP. Off-Marketplace coverage is not eligible for the cost savings offered for coverage through the Marketplaces.

This information is not a complete description of benefits. Call the Plan’s customer service phone number for more information.

HMIA002468