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Factors to Consider when Selecting Medication Plan

Prescriptions drugs’ cost can prove to be a challenge. If you are on prescription drugs it’s important to have medical coverage to help with the financial burden these drugs come with. It is important too, however, to compare drug plans carefully and not just pick the first one you come across. When comparisons are made, you are sure to end up with a plan that is a right fit for you. Different plans have different co-pays for a month supply of a similar drug. Cost of plans, copayments and formularies are subject to change every calendar year. The tips in this article will help you ensure that you find affordable medical coverage.

First of all, you need to know your pharmacy’s plan. It could cost you more when you limit yourself to only one pharmacy. Having a familiar face attend to you in a pharmacy is not of much importance. Medication plans offer better discounts with some pharmacy chains. Before choosing a pharmacy, compare their plans and prices they offer. Change the pharmacies to the best option when making the final selection. Changing your pharmacy could save you money. Your pharmacy may help you in choosing a medication plan. It’s important however to be aware that pharmacies might be biased towards the plans they have a relationship with.

Don’t assume that the plan you have is the best for you. Insurance companies review their copayments every calendar year. Pay attention to plan details. Insurance companies are known to change their benefit structures. Deductibles, copayments of your current plan may have changed. It is therefore important to research on your current plan and make sure it’s the best plan in the market. It seems simpler to select a plan with the lowest premiums, but that’s not a wise decision. Other costs should be compared such as copayment levels and deductibles. Review your spending on drugs from the past year. Evaluating each plan’s total costs based on your spending on drugs will help you pick the most cost-effective plan even if its premiums might be much higher.

Check to see if there are restrictions on your medication. The selection process involves listing your current medication. When you are choosing your plan have your list of medication with you including the dosages. Different drugs have different policies with different plans. Plans offer different plans, therefore, they should be carefully evaluated. Check the ratings for each plan. Ratings of plans will help you eliminate those that aren’t good enough. Ratings as a criterion of plan selection are not very useful. An affordable medication plan will be chosen using these tips.

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