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When it comes to taking care of your health and safeguarding you and your family against any health-related emergencies, you’ve likely purchased a health insurance policy according to your coverage needs. However, in checking off your health checklist, you may have failed to look into prescription coverage, or you might not be able to afford prescription coverage at this time. To assist with deficiencies in prescription coverage, you should consider supplementing your health insurance with prescription coupons.
For those policyholders who aren’t familiar with prescription coupons and their benefits, this article will review basic definitions, average costs, and other ways to slash your medical expenses. Don’t journey through life without comprehensive coverage, utilize prescription coupons for all of your family’s prescription needs: whether it’s for prescription cough medicine or daily antidepressants.
What are prescription coupons?
Prescription coupons, also known as Rx coupons for short, are like any other type of card offered on-the-market. When presented to the cashier, they provide you with a discount on a prescription drug that you’re purchasing. The amount of savings that you receive will depend on several factors, such as the discount specified on the Rx cars itself.
Traditionally, coupons were sent in paper form and packaged inside of the Sunday newspaper. However, as the digital age has swept the nation, these coupons are now available in a digital format. Many of these can easily be pulled up via the internet onto your mobile device. The cashier will simply need to scan the coupon, or you’ll need to enter the discount code online if ordering digitally. All it takes is a quick search on your internet browser to receive a sizable discount on your prescription medications.
What does the average prescription Cost?
People need prescription medications for a variety of medical conditions. You can get a one-time prescription for something like an infection, or you may have prescription medications that you regularly take, such as a blood thinner or muscle relaxer. Depending on the type of medication that you’re prescribed, the price can vary greatly.
In a study performed by Bloomberg, it was revealed that the average American spends around $1,200 annually on prescription medication. While you may initially attribute these high costs to an increased need for prescription medications in the U.S., as compared to other countries, that’s not the full truth. Instead, the high price is due to the rising costs of prescription medication in the United States.
With this in mind, consumers should strive to minimize their health care costs whenever possible. Lowering the cost of medications, in particular, should be a top priority — especially if you take prescription medications on a routine basis.
What does health insurance cover?
The truth is that the amount of coverage you receive will depend on the type of health insurance policy that you purchase. There are three examples of what you should pay that any policyholder should be aware of when calculating the total cost of their prescription medication. These include deductibles, copay, and coinsurance. Let’s take a look at each one individually to help you to determine how they can be used in prescription coverage.
A deductible is the amount set by your insurance company that must be paid before your insurance coverage kicks in. For example, let’s say your deductible is $500. If your first prescription costs $200, then you’ll have to pay cash for it. Following this transaction, a policyholder will still have to pay $300 in cash towards future prescriptions before their insurance coverage kicks in. Your deductible amount will depend on the policy you’ve purchased.
A copay is the most common set-up for prescription medication coverage. In these cases, a policyholder is charged a set amount of money for each prescription medication.
Most copays run between $20 to $45, depending on the insurance company. It’s important to note that the copay amount can vary depending on the type of medication that you’re prescribed.
With coinsurance, a policyholder is given a set percentage that must be paid for with every prescription medication that you receive. This can be anywhere from 30 to 50 percent depending on your individual health insurance plan.
To better understand this payment set-up, let’s say your first prescription costs $100, and your second prescription costs $200. For the first prescription, you’d be expected to pay $30, and for the second you’ll need to pay $60. An unfortunate downside of coinsurance is that you’ll receive medical bills even after you pay your deductible.
Using prescription coupons alongside insurance
In many cases, you can utilize prescription medication coupons alongside your insurance discount. However, it’s important to note that not all pharmacies accept these coupons or your type of insurance.
You should always check ahead of time with your local preferred pharmacy to ensure they will accept both your insurance and your on-hand prescription coupons to score the most generous discount possible. You may find that in some cases, you might need to visit a different pharmacy to have both discounts applied.
Other helpful tips for lowering prescription costs
When it comes to lowering your prescription medication costs, every little bit counts. While prescription coupons are highly recommended for those policyholders just starting out in their savings journeys, as these coupons are easy-to-locate and easy-to-use, there other savings methods and regular practices you should consider. Most would suggest trying all of these savings methods out at least once and seeing what works best for your wallet.
Start by asking for generic drugs over the name-brand ones. Many doctors will regularly prescribe generic brands to give their patients optimal savings. However, it’s always a good idea to double-check with your physician. Another savings strategy is to ask your doctor to prescribe your medications in bulk, so you can take advantage of more significant discounts.