Prescription Drugs, What is Your Real Cost?
Every year we meet with hundreds of clients and look up their expected cost of their medications. We compare over 30 plans to see how a client can maximize their cost. Things that are taken into consideration are:
- Generic or Brand Name
- Dosage
- Quantity
- Pharmacy
- Mail Order
Everything is based on a 30-day supply, but we can compare 30 or 90-day supplies. Some plans have Preferred Pharmacy pricing which can be less expensive than standard pharmacies. Every plan has their own formulary. Some plans cover certain medications while others do not. Then and only then can we make a true recommendation as to which plan may fit a person’s needs better than others.
I always explain that regardless, if the plan has a higher premium or even a deductible, the important factor is what will the expected cost be over the course of the year. Some plans have deductibles that only apply to tier 3, 4 and 5 while covering the lower cost medications immediately.
Does it really help to use discount programs like Good RX? If the medication is NOT covered on a formulary, Good RX MAY be a good alternative. If the drug is simply being applied to your deductible, you may save money the first time but pay much more the rest of the year. I recommend you look at the ANNUAL Expense not what you may pay today. We are here to serve: “Empowering Others to make informed decisions”.