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A Primer to Prescription Discount Plans

August 1st, 2011 0 comments
Prescription Medication

Do you lack coverage on prescription drugs with your current health insurance policy?  Or, is the coverage simply not good enough for your needs?  Perhaps a prescription discount plan might be the answer, instead of increasing the premiums on your health insurance.

Image by John Lewis

The “What and Where”

A prescription drug discount plan sounds exactly like it is: a plan for obtaining discounts on prescription drugs.

The plan allows you to save a certain percentage on your normal medications.  Most plans cite savings in the 10% to 60% range, though you’ll find may medications on the low side of that.  Yet, it can make a lot of sense for those who are paying a lot for medications.

Where can you look for these types of programs?  These represent your primary options:

  • Health Insurance Companies:
    Many insurers target those who don’t have insurance, or those who have a co-payment that is rather high.  This could be something to consider, combining this with a basic health insurance plan.
  • Pharmacies:
    You’ll find these plans across major pharmacies.  You might just find increased savings on other items, such as other health care products and pet prescriptions.
  • Independent Companies:
    These businesses specialise in these and other discount plans.  You’ll surely find plenty after a simple search.

No Two Are Alike

If you want to see the sheer diversity of these plans, do a quick search.  Every program has its own nuances, advantages, exceptions – and of course, price.

A wide number of discount plans are not even specific to prescription drugs.  You’ll find plenty of plans with savings on vision, hearing, vitamins, skin care, physical therapy, chiropractic care… the whole nine yards.  Indeed, this is something to research for the ambitious.  If you’re looking for a plan that can cater to your needs, from basic savings on prescription drugs to any of your health needs imaginable, get ready to do some comparing.

Price?  Some can be purchased for under $10 per month, while others go up to $30 or more.  Be sure to note if you save on paying for the full year.

The Next Steps

Look at how much you are paying for prescription medications, evaluating your current coverage in this area, if applicable.  If  saving around 15% or so on your medications would net you more than $150 each year, perhaps you should look closer; of course, these are just brief estimates.

Note the services that you need, from prescription drug savings to everything else (vision, chiropractic care, etc.).  Take a look at what your savings would be, at a preliminary glance (you can see the discounts on many drugs online).

Also, pay attention to the nuances of each plan.  Does the plan include all generic and brand-name medications?  If it isn’t at a specific pharmacy, is there a wide network of pharmacies?  How about paperwork – what are the procedures?

Take a good look at what is available.  Chances are that you will find something that won’t break your budget, at the beginning and throughout the program.

Still have questions? Let's talk!

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