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.