Prescription Insurance

Written by Sarah Provost
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Many employers these days are cutting back on health insurance benefits, and prescription drug coverage is often the first to go. For the millions of Americans who have chronic health problems that require ongoing medication, this can be a devastating blow. Even a relatively healthy individual might be taking, say, a prescription drug for acid reflux, one for arthritis and one for high blood pressure. That can add up to hundreds of dollars a month. Even a single prescription for an antidepressant can cost $600 monthly. That's pretty depressing!

Do You Need Prescription Insurance?

Perhaps your prescription drug use has been limited to one course of antibiotics a couple of years ago. In that case, you may not need prescription drug insurance. If you take any prescription drug on an ongoing basis, however, or if you have children, then prescription insurance probably makes sense for you.

Typically, prescription insurance charges a monthly or annual fee. You are then issued a card that you can present at a local pharmacy to receive your drugs at a discount. Discounts vary widely, ranging generally from 10 to 50 percent.

Use the power of the Internet to find out what your medication usually costs. Then check the insurance provider to find out how much of a discount you will receive. Will you be saving enough to make the monthly fee worthwhile? Can you receive a further discount by buying in larger quantities or in unopened dispensary bottles? Also check to see whether you can reduce your insurance fees by paying annually rather than monthly. With the costs of medications high and rising, it's important to take advantage of every possible way to save.

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