Most people will find themselves in line at the pharmacy eventually. Whether you’re someone with a condition that requires regular medication or just visit the pharmacy now and again when illness strikes, prescription insurance is something to think about. You can’t predict when or if you’ll get sick, but it never hurts to be prepared, especially in today’s unpredictable world. If you think that presenting a medical insurance card at the pharmacy counter will cover your prescription costs, you might want to think again. Keep reading to get the information you need to set yourself up for optimal health.
What is prescription insurance?
Prescription insurance is not usually included with your basic medical insurance plan. When you get a supplemental health insurance plan for prescriptions, you’ll receive coverage for most, if not all your prescription medication costs. This can be incredibly useful, even if you don’t expect to use it right away.
If you’ve never had to worry about this type of coverage, chances are you, a parent, or spouse has an employer-sponsored health insurance plan that includes prescription coverage. Even if you don’t need this type of coverage right now, it doesn’t hurt to know more about it in case your current plan has to change for any reason.
Who should get prescription insurance?
Prescription insurance is beneficial for all types of patients. Anyone with a chronic illness that requires medication should consider prescription insurance if it isn’t already part of their medical insurance plan. Similarly, a condition that comes with age might require regular medication that isn’t covered by a basic medical plan.
You don’t need a condition to be covered
A lot of people might think the additional cost of supplemental coverage is unnecessary. However, you never know when you’ll find yourself in a position where you need pain medication, antibiotics, allergy medication, or even a steroid cream! While it’s always better to hope for the best, it never hurts to be prepared for the unexpected. Even something as simple as an afternoon hike could lead you to a pharmacy counter, whether the cause is a bug bite, poisonous plant, or even elevation.
The point is, you can’t predict every part of your day-to-day experience, much less your long-term future. Even the strictest plans can go awry and leave you in a financially impactful situation. Healthcare serves people better when there is a plan in place, not after events have occurred. If you limit your coverage, you limit your immediate access to healthcare resources you might one day need. Even if prescription medication isn’t something you typically support, there are certain conditions that cannot be fixed from homeopathic remedies alone.
Anyone who suffers from a chronic illness—such as diabetes or heart disease
If you have diabetes, the last thing you need is to worry that your insurance won’t cover the medication that you quite literally need to live. According to the American Diabetes Association, healthcare costs are more than doubled for the 34 million Americans living with diabetes today. The measured annual cost of diagnosed diabetes in the United States is $327 billion, and a staggering 88 million people are reported to have prediabetes. Anyone from that 88 million will most likely see a huge leap in their healthcare costs if their condition doesn’t improve. So, not only do you stand to benefit from prescription insurance as someone with a diagnosed condition like diabetes, but you should also consider it if you’re an at-risk patient too.
Anyone suffering from heart disease or related conditions would also stand to benefit from supplemental prescription coverage. Cardiovascular disease is no joke, and time is a huge factor in a patient maintaining their health. If you or a loved one is at risk of heart disease or current relies on medication, make sure to check that there is a supplemental plan in place to offset the cost as much as possible.
Aging adults and seniors
The elderly population also benefits greatly from prescription health insurance. Many adults end up taking a whole host of medications as they reach old age, and those who don’t have the right coverage stand to suffer even more. It’s important to check on your loved ones and make sure they are getting everything they need to feel their best. Sometimes, family members don’t want to seem like a burden and keep financial woes to themselves. If you have any older family members or friends, check in with them and make sure they have a coverage plan that suits their needs, to set them up with the best quality of life possible.
How does prescription insurance work?
When it comes to prescription insurance, there is no “one size fits all.” Depending on the individual, certain deductibles and tiers of coverage are more favorable. For example, someone who will be going to the pharmacy each month will likely reach their required deductible faster, allowing them to benefit from coverage faster. If someone who isn’t expecting to need any prescriptions is also required to spend a high amount before their coverage kicks in, they might not be matched with the most ideal plan.
Before you go and enroll in a new prescription insurance plan, you’ll want to assess your current and potential future needs. There are several factors that play into the cost of health insurance plans and you want to make sure you’re getting as much as you can out of your investment. Go over your recent medical history and track how often you needed prescriptions. If there were times that you would have benefitted from better coverage, make sure you take note of them. Bring this information to an agent and they will be able to work with you to make sure your coverage is customized to your needs and avail you of any concerns and doubts you may have.
Does Medicare have prescription coverage?
Many patients that would benefit from prescription medication coverage are currently enrolled in Medicare programs. Sometimes people might not try to take advantage of everything their plan has to offer, so it’s important to know what you’re entitled to.
According to Dr. Michael Roizen, patients with Medicare can use coverage from Part D to help with prescription drug costs. There is a condition that the patient spends a certain amount before this kicks in. You might want to get in touch with your agent to verify how much you’ve already spent under your plan, to see how much is left until you reach the requirement. If you have any additional questions about how Medicare can help with certain supplemental prescription coverage, use this time to ask them!
Conclusion
If you’re reading this, chances are you’re interested in prescriptions or health insurance of some kind. If you want to prepare yourself with the best coverage, it truly benefits you to consider all the supplemental plans out there. Some plans aren’t necessary for everyone, but prescription medication can become a necessity for anyone, even when it’s least expected. If you or a loved one has an ongoing medical need that requires prescription medication, then there’s even more reason to get in touch with your agent today and learn about your options.
When it comes to prescription insurance, the pros outweigh the cost. However, make sure you are informed before you make any new investments.