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taking Generic Prescriptions - Think Outside The Plan!
By www.menhealthonline.biz
taking Generic Prescriptions - Think Outside The Plan! By www.menhealthonline.biz Generic Medications. Online PharmacyA generic drug is a pharmaceutical product, usually intended to be interchangeable with an innovator product, that is manufactured without a licence Are generic drugs just as good as brand name drugs? discusses this issue.
Prescription drug costs are big drivers of a medical plan. I've seen this firsthand with some of my self-funded clients - the prescription drugs claims have been as high as 33% of total claims!
Not only are drug costs hitting employer's claim liability; they are also hitting the pocketbooks of insureds. In these days of health savings account plans, prescription drug deductibles, and higher drug co-pays, it pays sometimes to look outside of the plan for cost savings.
This is where some of the retail pharmacies come into play. The pharmacies of HEB, Wal-Mart, and Target have all come up with a list of generic medications that retail for $4-$5 for a 30 day supply. Some of these lists will have between 200 and 500 different generic drugs, listed by category. HEB has even upped the ante with their "platinum plan" that offers a 90 day supply of listed generics for $9.99. Target and Walmart have also created similar plans.
Here is the deal - if you are able to take a generic equivalent, check with Wal-mart, HEB, or Target to see if your drug is on their list of medications covered under their program.
the price with what your medical plan co-pay is - you might save some money!
If you are taking a brand name medication, check with your doctor to see if there is a generic equivalent available that might be covered under the $4 or $5 program. Your physician will also be able to determine if a generic equivalent is right for you - sometimes you may need the more expensive medication.
These $4 and $5 programs work really well for those enrolled in HSA qualified high deductible plans. I'm currently on a health savings account qualified high deductible health plan, so I always check to see if I qualify for one of the $4 or $5 prescriptions. Since I pay negotiated retail price for all prescriptions until my deductible is satisfied, I am always comparison-shopping.
So next time you need a prescription, think outside of the plan!
Todd Bryant is the Texas Business Benefits expert. He is the founder of SB&K Benefits,LLC, a Texas based benefit solutions company. He has over 13 years of experience implementing the best benefit plans for his client - completely tailored to their specific needs. His expertise includes helping you avoid renewal headaches and keep you on track when it's time to review and renew your plans. Sign up to receive his complimentary ezine, The Benefit Insider at http://www.sbkbenefits.com and stay on top of current employee benefits issues.
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