Best Health Prescription for Insurance Coverage

Health insurance is a beneficial service every person should have. It helps you pay for prescribed drugs when they would normally cost hundreds, maybe even thousands of dollars. However, there is still an estimated of 10 percent of United States of America going without coverage. This is an average of 28 million people vulnerable to the financial turmoils medical treatment can incur.

Understandably, when 50 percent of the uninsured population is making less than 200 percent of the federal poverty level—which is currently around 24,000 dollars—health insurance may not be the first priority. However, health insurance will help you in diverse parts of your life. Luckily, there are health care providers with the goal of providing you with affordable coverage for your prescriptions and other necessities. Insurance Line One starts their services at a low price of five dollars a day, meaning even those making lower-wages will be able to afford something helping their lives.  

What Does Health Insurance Do?

Health insurance is a service used to help you pay for medical treatments. Today, many facilities will charge you astronomically high prices for normal care, and when you are uninsured this is only amplified. Health insurance assists you by covering certain costs to the point where the total bill is fractionated. This is only possible because of the large amounts of people using this service.

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Health insurance is essentially a pool, and the bigger the pool is with healthier people, the more it can help. It will also be able to stabilize the marketplace and reduce the constant climb toward higher prices. However, health insurance isn’t a catch-all, medical charges waived service. You have to be aware of what your package covers and doesn’t cover. For instance, to see which of your prescription drugs are covered you’ll need to look at your formulary.

What Is a Formulary?

When you finally obtain health insurance you will receive a packet laying out what will be covered and what won’t. Your formulary—also known as a drug list—will show you which prescription drugs are covered and discounted under your plan. With hundreds of different types of prescription drugs available, health insurance companies created a tier system to easily identify the prices for them.

Furthermore, the people deciding which drugs are placed in their respective tiers are medical professionals: nurses, doctors, pharmacists and many more. They’ll ensure no drugs are misplaced and are accurately priced. Despite all of this, as you go higher in tier numbers, the more you’ll most likely have to pay.

For instance, tier one drugs are preferred generic or generic drugs. These are the cheapest remedies to find because the patents on them have worn off, meaning any company can replicate the formula now. Typically, the copay is around 20 dollars. Tier two drugs average around 40 dollars, but these are preferred brand names. These will usually have a higher-costing generic brand or a low-costing brand name drug.

Tier three are non-preferred drugs and cost somewhere around 60 dollars in copays. There is no generic substitute for these types of medications, which is why they are some of the most expensive. Finally, tier four drugs are for special and rare conditions. These can be a hundred dollars or more to acquire. However, without health insurance it can reach thousands of dollars. Despite all of this, if you choose the wrong deductible for your life, you can still end up paying more than you want.

What Does a Deductible Do?

Your deductible is the amount of money you need to pay-off before you start seeing the full benefits of health insurance. You usually pay for this through copays, coinsurances or out-of-pocket spending. However, when it comes to your medication there are three main groups of deductibles affecting it.

First, there is the deductible where you will still receive discounts on your medication even if you don’t pay it off. You’ll usually pay for your prescriptions through a copay or coinsurance in this case. This is one of the more popular options to choose because it’s quick reaction to help you. Then there is a deductible where you’ll need to pay it off completely before you start seeing any benefits.

The costs of your medication will go toward the deductible, but when you realize there are certain medication costing anywhere from 500 dollars to 2,000 dollars, this can be a hindrance financially. Finally, there is a separate deductible specifically for prescription drugs. This deductible will only be paid off when you obtain your medication. After it’s been paid off you will pay a ridiculously low rate for medication. Deciding on a deductible amount can be difficult, but once you plan out your lifestyle you will be able to make the right decision.

Where Should I Buy My Prescription Health Insurance From?

Acquiring medication for your conditions can be frustrating to do. You are having to pay astronomically high prices for something you need to live or be stable. This is why an estimated 18 percent of the uninsured population postpone filling their medication or ration what they have to save on costs. Health insurance is here to prevent you from going through this. Insurance Line One starts health insurance services at a low price of 150 dollars a month.

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Living in under resourced areas doesn’t provide you with many opportunities to acquire the care you need. This is why we’ve carefully laid out all the services we have available in an easy-to-read format. This prevents any confusion from occurring while you make a decision. To create more possibilities for you to get coverage, we accept applications all year. Our year-round open enrollment will allow you to take as much time as you need to choose an option. Rushing a decision can cost you more money than you anticipated, which is why we want you to take as much time as you need.

Sources:
https://www.kff.org/uninsured/fact-sheet/key-facts-about-the-uninsured-population/
https://www.nerdwallet.com/blog/health/drug-formularies-and-prescriptions/

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