Garland Insurance Blog

Seven Factors that Could Affect Drug Costs

Most health insurance plans cover some or all the cost of your prescription drugs. You can rest assured knowing that you likely have some form of coverage for the cost of medication.

However, you might wonder how much of the cost of drugs your insurance will cover. There are many factors that can affect the cost you pay for prescription medication.

When choosing health insurance, remember these factors that could impact your medication prices:

1. Generic vs. Non-generic Drugs

Many name-brand drugs have generic alternatives that are basically the same medication. Generic drugs are often chemically identical to branded medications. Generics are often much cheaper and many insurance plans cover them. Generic drugs can often give you the same protection at a lesser price.

2. The Pharmacy of Choice

Insurance companies often work with certain pharmacies to ensure low drug prices. Your insurance provider might have a preferred pharmacy. You will likely have to fill prescriptions with that business for insurance to pay.

3. The Location

Where you live can impact your drug prices. State insurance, tax regulations and different coverage options often impact how much you pay.

4. Your Insurance Provider

Most insurance companies offer similar prescription drug coverage plans. Costs under different insurance companies vary but are often comparable.

Yet, even if competing plans are identical there can be price variations. Your insurance agent can guide you to choose a plan that meets your drug needs.

5. Your Deductible

Some plans may need you to meet certain costs of your deductible before they offer their highest coverage levels. Other plans may offer specific deductibles for drug coverage.

Always ask how your deductible impacts drug costs before you enroll in a plan.

6. Drug Tiers

Most insurance companies classify drugs in certain groups or tiers. The tier is often based on a variety of factors. These can include the initial cost of the drug, the condition it treats and whether it has a generic alternative.

Low-tier drugs often have the smallest co-payments. High-tier drugs cost more out of pocket.

7. Dosages and Refills

Many insurance plans specify how doctors are to prescribe drugs. If you receive a customized dosage of medication then your costs may be different. Your drug plan may also limit how many pills your doctor can prescribe at one time.

These are just some of the most common factors that could impact the cost of your medications. Talk to your doctor and your insurance company. Your doctor can discuss your treatment options. Your insurance company can work with your doctor and you to get the medications you need.

Garland Insurance Agency can help you choose the best prescription drug coverage. Contact us for a Tampa health insurance quote at (863) 683-9334


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