Prescription drug coverage can often times be just as confusing as physician coverage. There are a few options that you should know about, that can save you hundreds of dollars every time you have a prescription drug filled.
If you do not know already, generic drugs are much less expensive than their name brand counterparts. I am sure many of you already new this. What you may not know is the same company that makes the name brand drugs, usually make the generic version as well. Other than the package being a bit different and the pills themselves having a different appearance, most of the time you are getting the exact same drug.
When you fill you prescriptions you should always ask for the drug to be filled by the generic version. Most insurance companies require the generic version if it is available. Generic drugs can mean the difference of paying $20 and paying $200.
You should also check to see if your insurance company offers a meds by mail program. These are great for a reoccurring prescription. Often time they are free or offered at a minimal fee. The best part is your prescription is mail to your house every month.
By checking into the programs that your insurance company offers and always asking for generic drugs, you can save yourself hundreds even thousands of dollars every year.
Twenty years ago the average American employ wouldn’t have dreamed of turning down company insurance in order to buy a private policy.
Group health insurance was the answer.
The company bore the brunt of the cost while employees paid minimal premiums and coughed up necessary, but equally as low co-pays. Add to that package a prescription drug card and it looks, on the surface, like insurance Utopia. Not anymore.
According to a report in 2007 by the Kaiser Family Foundation, the cost of employer-sponsored health care rose by 6.1%. This followed a 7.7% increase the year before and a 9.3% jump in 2005. Those costs are being passed onto employees. Employees with families get hit the hardest.
The bright side of buying a private health insurance policy is that if your family is relatively healthy, prices on the open market are relatively competitive. The other perk is that you only have to buy what you need. That is rarely, if ever, an option when choosing employer provided insurance.
If you have a pre-existing condition then your best bet may be to stick with your employer’s insurance. Though premiums may be higher, higher is better than no coverage at all. It’s a catch twenty-two and a decision that only you can make. Weigh your options. Can you really afford not to be covered?
If you are self-employed and in need of insurance for your family, there are options available to you. Keep in mind that there is no such thing as “cheap” insurance.
Don’t be fooled by gimmicky sales techniques or flashy websites. If your family is in relatively good health then it is just a matter of choosing an insurance company you trust with premiums and deductibles you can live with.
No longer is it just big businesses who are allowed to use health insurance premiums as business expenses One perk to being self employed is that you can now deduct the cost of health insurance premiums from your federal taxable income. While you can’t use your health insurance premiums as a cause for loss on your taxes, you can claim the deductibles to offset your taxes greatly.
Another option for the self-employed can come through a spouse. If your spouse works outside the home then it may be more financially beneficial to use his or her company insurance. The benefits to this strategy are that you usually can’t be denied and your premiums can’t be “rated-up” due to health issues. Low deductibles and prescription insurance cards are other reasons to look into keeping your spouse’s insurance while maintaining your small business.
