Health insurance customers generally enjoy two main benefits with regards to prescription drugs. Firstly, insurance policies often entitle holders to cheaper medication. Second, a low co-pay is usually set, although this can vary between policies and between drugs.
When you require a prescription, there are a number of things to check to ensure you pay as little as possible for your medication.
- Is this medication covered in your insurance plan?• Formularies used by insurance company bracket drugs into “tiers”, each with different levels of co-pay. Patients may have to pay a higher percentage of the cost of brand-name drugs.
- How much will it cost?•Your insurance company’s website may provide pricing and detailed on whether the drugs you need are on the “preferred” list (in their formulary). Those that are not may be cheaper to buy using an RxSpark voucher.
- Have you met your deductibles?• With many health insurance plans, patients need to hit a separate prescription deductible before their insurance will pay for medication. Other policies simply have a high all-inclusive deductible but offer discounts on prescriptions. However, paying cash and using an RxSpark voucher may prove cheaper, even with these discounts.
- Does RxSpark have lower prices than your co-pay?• Co-pays are usually at least $10. A huge range of generic drugs purchased with RxSpark vouchers will cost significantly less than this.