Prescription (or Pharmacy) Plans
There is no question that prescription drug costs have been skyrocketing. Health insurance providers have responded to this need by offering pharmacy plans to help you meet these costs.
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Types of Prescription Plans
Whether you’re a Medicare subscriber or not, a pharmacy plan can help you manage prescription drug costs. Even if you don’t need prescription drugs at the moment, it’s best to have your coverage in place before you incur large expenses.
There are two types of policies: Stand-Alone Plans, separate from your other health coverage, or the usually more cost-effective Add-On Plans, which supplement the insurance you already have.
The average monthly cost of a stand-alone policy in Florida is about $35, though premiums can range from as low as $10 to over $100, depending on the extent of coverage.
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Providers offer a variety of options to suit your needs:
- Plans that give you a discount at participating pharmacies.
- Plans in which coverage starts once a member has paid a deductible. The benefits are generally better if you use a pharmacy that is part of a network.
- Plans that allow you complete freedom to choose your pharmacy. These generally require a member to pay up front and then submit a claim.
- New plans that work in conjunction with a Health Saving Account (HSA) policy .
While the choices may seem confusing at first (especially for Medicare members), with a little patience you can find the plan that suits your needs.
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