Health Insurance And Medications
If life were a fairy tale, everyone would have health insurance that was inexpensive and covered every possible medical expense you can think of
. Unfortunately, though, none of us are Cinderella or Prince Charming, and the woodland creatures have not yet done a deep clean of our house. Returning to reality, we all know how important health insurance can be, but when it comes to medications, not everyone is aware of some of the methods that more money may be saved.It is extremely important to know all parts of your insurance policy, in addition to having familiarity with how to access the formulary list. Medications that are on the formulary are preferred by the insurance company for one reason or another (usually because they are cheaper than similar alternatives). Since these are favored by the insurance company, medications that are on a formulary are cheaper for patients. Most companies provide access to a formulary online, where you can simply type in a medication and find out whether or not it is preferred.
Medications that are not preferred generally have recommendations for alternate, similar medications. Usually the recommendation is simply the generic version of a brand name medication, which essentially functions the same as the original, brand name version. However, sometimes there is not yet a generic available for purchase for newer medications that are still under patent, or even a generic version is still expensive. In this case insurance companies will have recommendations for medications that are similar in function.
It is highly recommended to purchase generic medication regardless of the cost of the brand name version. In cases in which an alternate prescription altogether is recommended, though, one should discuss the pros and cons of the alternative medication with the prescribing physician to ensure that the best care possible is obtained. There are some medications that simply do not have any comparable options available on the market, but there are still alternatives. For example, Provigil is preferred for some individuals with narcolepsy, but the cost may be such as it is prohibitive for many patients. Assuming there is not a generic, patients may be forced to settle for a different medication to keep them awake, such as the generic version of Ridalin. While this medicine will likely not be nearly as effective as Provigil, it is indeed better than nothing.
Many pharmacies now offer select generic medications for a very low price or even free. Wal-Mart has a well-known program of $4 prescriptions, and Meijer offers some antibiotics free of charge. It is very beneficial to be familiar with these programs and carry with you the lists of the medications that are eligible for such discounts. When one of these medications are prescribed, simply drop off your prescription at the participating pharmacy without presenting your insurance card. Some stores will honor the discount regardless of insurance, but others will not do so. Stores that offer these discounts do so to bring more customers into the store in general, resulting in higher profit margins on medication that costs them little to purchase in the first place.
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