Does Health Insurance Cover Prescriptions?

Prescription drugs are taken by almost everyone in the world. You could have developed heart disease and need something to stabilize your blood pressure or your child caught bronchitis. Medication is used by everyone, but for people going without health insurance these costs can reach astronomically high heights. Considering at least 50 percent of the uninsured population makes less than 200 percent of the federal poverty level—which is currently around 24,000 dollars—a lot of these drugs would be just out of reach.

Luckily, there are health care providers with the goal of creating more affordable plans for people capable of giving them the solutions they need. Insurance Line One starts services at a lot price of five dollars a day. However, there are a couple pieces of knowledge you need to be aware of before you hastily choose a health insurance package.

What Kind of Deductible Do You Have?

You pay for your coverage in two main ways; in a monthly premium and an annual deductible. Depending on the plan you choose the deductible will be able to cover the costs of your medication, or you will have to pay for it out-of-pocket. There are three main groups, though. The first group is when you can still receive discounts on prescriptions, even if you haven’t fulfilled your deductible rate.

Read More

Usually, when you are part of this plan you will need to pay a coinsurance or a copay. A coinsurance is usually in percentage form where you pay a portion of the total. A copay is a flat rate you have based on the drug’s tier, which can vary depending between health care providers. Quickly picking a plan can result in you spending hundreds, maybe even thousands more than you anticipated.

For instance, the second option for drug deductibles is where you have to finish your deductible off before you start seeing reductions. This can be costly were you not financially stable, and since half of the uninsured population makes less than 24,000 dollars many people will struggle to survive. The last option is a special deductible made just for medications. You’ll need to completely pay this off before you start seeing any of the benefits health insurance has to offer.

Despite all of this, health insurance is able to aid you when you are in need of medication. Understandably, this can create confusion when you are looking for a plan. However, you shouldn’t let this resentment take ahold of you because it will benefit you more than ignoring this service. Grasping the information regarding the different tiers of drugs will also help your comprehension of this major service.

Different Types of Drug Tiers

When it comes to medication, there are four main tiers they fall into. However, health care providers do change the policies involved, meaning there isn’t going to be identical services. However, this doesn’t change the importance of understanding the tiers. The first tier is reserved for generic brands and preferred generic brands. These are the cheapest drugs you can acquire, particularly because the patents privatizing them expired. This is why there is an abundance of these drugs and are incredibly affordable.

It’s been reported the average cost for tier one medications is anywhere from a couple cents to 20 dollars. Tier two drugs are known as preferred brand names. Typically these are more expensive than tier one remedies, but, since there is no generic brand, it can range anywhere from 10 dollars to 30 dollars.

Tier three drugs are non-preferred brand names. These will be more expensive than the previous two and even tier four at times. Typically these will make you pay a coinsurance or a copay, however, it still ranges anywhere from 30 percent to 47 percent. Finally, tier four drugs are for people with rare health conditions, which is why these tend to be the most expensive.

Are There Dangers Going Uninsured?

Going uninsured may seem like a pleasant time for your wallet, but it can cost you severely more than you expected. When you are insured you don’t have the aid of a health care provider to reduce the price during strenuous times. You’ll be left to pay the 30,000 dollar bill for heart attack recovery on a salary barely making 24,000 dollars. This will cause you to file for bankruptcy or pick up another job you can’t handle.

Read More

Additionally, people who choose to continue remaining uninsured have a much lower chance of having a regular source of care. As a matter of fact, you might be part of the 45 percent of uninsured people who experience this. Furthemore, even if you do happen to have a regular source of care, it isn’t confirmed you will go to it right away. An estimated 23 percent of people push off seeing a doctor because of the costs.

This lines up well with the estimated 18 percent who refuse to pick-up their medication or ration them in the hopes of saving money. This will not help you in the long-run; you are only elongating your pain. 56 percent of people with some mental condition don’t receive the treatment they need, as well. Whether this is because of social stigmatization or high costs, is something only they know. It doesn’t change the fact millions of people can’t get the care they need. Health insurance is capable of changing this dynamic and turn it into something useful for those suffering.

Choosing the Best Health Care Provider

Health insurance helps you pay-off costly medical treatments and makes expensive medication affordable. However, with the amount of health care providers in the marketplace it can be difficult to find the right package for you. Insurance Line One wants to make this decision-making process easier. We don’t just start our services off at a low price of 150 dollars a month, we’ve also meticulously arranged our list of services into a simplified format.

Read More

This prevents any confusion from occurring and allows you to carefully make a decision. You don’t want to hastily choose an option only to receive the monthly bill and realize you are spending hundreds more than you thought. It’s one of the reasons why we provide you with year-round open enrollment. This decision is going to be determining who you see and how much you pay them, it’s vital you have a complete understanding of what you are choosing.

Sources:

https://www.kff.org/uninsured/fact-sheet/key-facts-about-the-uninsured-population/

Testimonials

About Us

  • We can provide affordable health insurance in all 50 states.
  • We enroll you 24/7/365
  • Affordable Health Insurance Plans Starting at $150 per month