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Features and Uses of Prescription Drug Coverage plans

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Features and Uses of Prescription Drug Coverage plans

Features and Uses of Prescription Drug Coverage plans

Prescription drug plans helps in saving on different medications. This article enumerates the various features and uses of such plans.

Several insurance providers and employers have implemented strict steps to minimize the proliferation of prescription drug costs. One of the steps adopted is to purchase a prescription drug coverage plan. These plans help in covering the expenses of a specified number of drugs. But before buying any such plans, each of their features must be evaluated against each other so that you can purchase a suitable plan. There are several things that must be known about prescription drug coverage plans before buying it.

All such plans often use the term called 'formulary' that connotes preferred medication listing. It lists the different medicines whose prices will be covered by your chosen drug plan. Depending on the efficiency, protection and price worthiness the formulary medicines are selected. Therefore, it is advised that you carefully go through the plan's listing to ensure that your most sought-after drugs are covered by it.

In case your preferred medicines are listed in the formulary, then it doesn't always means that its expenses will be covered by the plan. The coverage is based on the flexibility of your drug plan. For instance, you may be prescribed sexual potency enhancement drugs, which is listed in your plan's formulary, but still your employer may prohibit your plan to cover for it.

It may happen that your physicians recommend you to take a medicine that is not listed in the formulary of your dug plan. In this case you are required to pay a higher copayment for the non-formulary prescription.

Sometimes your doctor may even have to take an approval from your prescription drug coverage plan prior to prescribing you certain medications. This procedure is termed 'prior authorization'.

Having prescription drug coverage, you may often have to go for generic medications, because they are cheaper in cost than the branded drugs. However, their action, dosage and efficiency are almost same as the branded ones. The FDA (Food and Drug Administration) will only approve a generic drug, if it has same proportion of chemical constituents like its corresponding branded drug.

There are some employers who offer a 3-tier based prescription drug coverage to their staffs and workers. With such a type of coverage, employees are required to upfront the least amount of money for the generic medications, a slightly more money for the formulary medications and the most of the money for non-formulary medications. Many a times, a 4th tier is introduced by some employers in which employees have to pay for the drug shots, injections and several other routine drugs.

There are some prescription drug programs that come with drug order provisions via mail. These types of drugs plans require the members to pay smaller copayments and use the postal order service more to get their drugs delivered at home. Some plans even make the use of these postal-order services as obligatory.

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