Which Prescription Coverage Plan Is Right For Me?

Continuing Series: Questions from Consumers…

21953735_lThe best way to begin answering this question is to determine what medications you take on a continual basis. If you have a chronic condition, your prescription list/costs are probably predictable. Using the chart below can help you determine your prescription needs on an annual basis. This information is especially important now that the open enrollment period for health care is coming to a close. If you obtain coverage through an employer, check with your human resources department to get the exact dates of the open enrollment period. If you’re signing up for a plan through the Affordable Care Act’s Health Insurance Marketplace, you can enroll or freely make changes to your plan (including your prescription coverage) from now until December 15, 2016.

For those who have insurance or are planning on getting insurance, here are two steps you can take to help answer the question, what prescription coverage plan is right for me?

STEP 1: Make a list of prescription drugs you take regularly to estimate your costs and help you shop for the best health insurance plan.  

You may be surprised to find that selecting a low-cost plan does not always results in saving money. Lower tier plans tend to have a limited list of prescriptions covered and higher copays, which can result in high out-of-pocket expenses that add up quickly. You may conclude that a more expensive plan with lower co-pays and prescription costs is a better, more affordable option. As stated in the Wall Street Journal, “The big change in the last couple years is clearly you can shop for health care and reduce your financial exposure, but you have to be willing to shop,” says John Santa, medical director for Consumer Reports Health. 
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STEP 2: No matter what insurance coverage you have, check to see if your medications are still covered.Screen Shot 2014-12-29 at 3.17.00 PM

Entering 2017, many brand name and generic drugs were dropped by insurance plans. For a full list of excluded medications and covered alternatives, contact your insurance provider. You may want to consider changing plans if you do discover your medications are now excluded and you have the flexibility to do so.

Also, if you do find one of your medications has been dropped or you’re unsatisfied with the alternative, the Watertree Health prescription discount card may be the answer to your problem—no medications are excluded, brand name or generic. Sometimes, the cost of medicine when using the card is lower than the co-pay. Plus, no medications are excluded from potential savings. Our card is the perfect complement to any plan.

No matter what health insurance plan or prescription coverage plan you choose this year, make sure you have done your homework. Knowing your yearly prescription costs, analyzing your prescription coverage and using your prescription discount card could end up putting hundreds of dollars back into your pocket each year.

To get your free prescription savings card today, click on the “Get Your Free Card” link and have it printed, text-messaged, emailed, or sent via postage—no personal information required. It’s available to everyoneat any time. For more information about how the free prescription card works, check out our video.

To read our previous post on how to lower prescription costs click here.

 Related Articles:

Dilemma over deductibles: Costs crippling middle class

ObamaCare Open Enrollment Period

Officials Question the Rising Costs of Generic Drugs

Lawmakers Look for Ways to Provide Relief for Rising Cost of Generic Drugs

By WHBlogger 

Edited: 12/15/16 

Instructions and Disclaimer: The content on this website is designed for informational purposes only. It is not intended to be a substitute for informed medical advice or care. You should not use this information to diagnose or treat any health problems or illnesses. Always consult your healthcare provider with any questions or concerns you might have regarding your health. 

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