Prescription insurance is supplemental health insurance that covers some or all of your prescription drug costs. If you’re lucky, you belong to an employer-sponsored health plan that includes this type of coverage. Employer plans usually offer good prescription coverage at relatively low cost to you. But if you don’t have this benefit (or health coverage at all), you may want to look into buying a separate prescription drug plan, especially if you spend a lot of money on your medications.
The cost of prescription insurance depends on the plan you purchase, your individual prescription needs, and other factors. A private policy that you buy from an insurance company will typically be more expensive than group coverage through an employer or other organization. The features of prescription insurance may also vary among plans. For example, some plans are discount plans that simply allow you to buy your medications at a lower cost than you’d otherwise get. Others work like a regular health plan, where you pay deductibles and/or co-payments on top of your premium.
In addition, you may want to consider a prescription plan that offers a mail-service feature. With this feature, certain prescription drugs that you take regularly (such as diabetes medications) can be delivered right to your home. This can come in very handy if you have trouble getting out of the house or if you frequently have to fill prescriptions. Also, you may receive an even bigger discount on prescription drugs that are delivered to you through the mail.
If you have questions, contact the Experts at Henssler Financial:
- Experts Request Form
- Email: experts@henssler.com
- Phone: 770-429-9166
Disclosures: The following information is reprinted with permission from Forefield, a division of Broadridge Financial Solutions, Inc. This article is meant to provide valuable background information on particular investments, NOT a recommendation to buy. The investments referenced within this article may currently be traded by Henssler Financial. All material presented is compiled from sources believed to be reliable and current, but accuracy cannot be guaranteed. The contents are intended for general information purposes only. Information provided should not be the sole basis in making any decisions and is not intended to replace the advice of a qualified professional, such as a tax consultant, insurance adviser or attorney. Although this material is designed to provide accurate and authoritative information with respect to the subject matter, it may not apply in all situations. Readers are urged to consult with their adviser concerning specific situations and questions. This is not to be construed as an offer to buy or sell any financial instruments. It is not our intention to state, indicate or imply in any manner that current or past results are indicative of future profitability or expectations. As with all investments, there are associated inherent risks. Please obtain and review all financial material carefully before investing. Henssler is not licensed to offer or sell insurance products, and this overview is not to be construed as an offer to purchase any insurance products.
