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Prescription Plan

Prescription Plan

There are so many choices existing in the insurance market for the people, who are seeking some form of prescription medicine coverage. People, who are seeking for individual medical insurance policies, there are so many options available to buy from an organization or a company. Even though, such private indemnity policies provide a reduced price for generic as well as prescribed drugs, but the plans itself are costly and mostly, and restrict the options of physicians and pharmacies accessible to the policy holders.

Discount Medicine Policies

Another frequently used choice is discount medicine cards that work almost in the same manner like a discount medical insurance policy does. By enrolling yourself for a discount medicine drug policy, you will be given a complete list of partaking physicians and pharmacies from where you, as an enrollee of the plan, can purchase generic and prescribed medicines at the wholesale price, same to what the insurer may expect to pay for. The disadvantage of such kinds of discount medicine cards is that like a discount medical insurance policy, typically there are rigid limitations on what physicians and pharmacies can be seen and even on what medicines can be bought.

Medicare Prescription Policies

The frequently used prescription medicine policy these days, at least for the individuals shortly to be retired, is a prescription policy accessible by means of Medicare. You can opt for a Medicare prescription medicine policy, or a Medicare Advantage policy or other form of Medicare health policies that provide medicine coverage. Irrespective of the selected policy, Medicare medicinal coverage would help you by covering both of the generic and the prescribed medicines at so many drug stores across the nation.

The key drawback of Medicare medicinal coverage is that like a medical insurance plan, if you join, they usually pay the monthly premium, which differs from plan to plan and an annual deductible (up to 265 USD as of 2007). As a member of such plan you have to pay a portion of the price of prescriptions that includes a coinsurance or co-pay. This indicates that if you need a specific costly medicine, or a huge quantity of prescriptions, the rate of coinsurance will be proportionally and automatically high.

But, the Medicare prescription policy has additional help for the persons having limited funds and earnings. As per the official website of Medicare, nearly 33% Americans having Medicare coverage are eligible for such additional assistance. For the eligible members, Medicare will pay nearly the entire cost of the prescribed medicines.

Advantages of Prescription Plan

People, who have almost no medical insurance as well as the people, who have medical insurance that does not provide coverage for the prescribed drugs, are the good candidates for a prescription plan. A prescription plan, like any other discount plan, is very useful to somebody who needs some sort of assistance for his drugs, provided the party continues his research and is knowledgeable of the restrictions and expenses of the policy that he is enrolling for.

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