Do you need to save money on your prescriptions? You are not alone.
Did you know that a report done by USA Today, the Harvard School of Public Health, and the Kaiser Family Foundation in 2008 found that 41% of adults had trouble paying for their prescription medications and that 3 out of 10 simply skipped taking meds because they could not afford them? All health insurance providers in California operate a drug formulary. Understanding the formulary and following a few tips can help you save big at the pharmacy.
A drug formulary is the list of both generic and name brand medications preferred by health insurance providers in California. Most health plans will only pay for the drugs that are listed on the formulary. The purpose of the formulary is to steer you toward the least expensive medications so that the insurance companies can save money.
Formularies are generally operated on a three tier system with the least expensive (generic) drugs located on the bottom, preferred brand names in the middle and expensive medications on the top. Each level also has a co-payment tier.
Here are a few money saving tips:
- Make sure you medication is on the formulary. If it is not ask your doctor to change it to something that is
- Pharmaceutical companies give your doctor samples of medication; often if you ask your doctor he or she can give you these for free.
- Check retailers like Target, Wal-Mart and Publix Supermarkets for sales. Wal-Mart, K-Mart and Target often offer a 30 day supply of generic medications for as little as $4 and many Publix Supermarkets offer antibiotics for free.
- Check your health insurance plan. Many health insurance providers in California offer a 3 month supply of medications for single co-payment if you buy through them.
At InsureSaver Insurance Agency we know how difficult it can be to find the right policy for your needs and budget. Let our agents’ help you navigate the insurance industry and help you find the best possible quotes from top rated carriers like Aetna, Coventry, Humana One, Anthem Blue Cross Blue Shield and more. Simply click the link for our fast free quote engine or give us a call toll free at (800) 366-2751.
