The Ins and Outs of Florida Prescription Drug Coverage

There is certainly no denying that health insurance is expensive, and this leads many people to believe that prescription insurance will not fit into their budgets. However, there are many reasons why Florida prescription drug coverage is so important—even for those who do not currently take any medications.

Buy Now, Save Later

The most common mistake that people make when it comes to Florida prescription drug coverage is assuming that since they do not need prescription drugs now, they will never need them in the future. However, according to the Centers for Disease Control, or CDC, the number of Americans that take at least one daily prescription drug has risen from 44% to 48% in the last 10 years. In fact, the same source cites that some 11% of the population takes five or more prescription medications per month. When this is considered along with the rising cost of pharmaceuticals, drug coverage begins to make more sense.

Insurance Costs vs. Out-of-Pocket Costs

Another common misconception regarding prescription medications and insurance has to do with the overall cost. People who do not regularly take medications often feel that it will be less expensive to avoid Florida prescription drug coverage premiums and simply purchase their medications out-of-pocket when the need arises. However, consider this: a one-month supply of the increasingly common depression medication known as Abilify costs $500 a month. Similarly, a one-month supply of Enbrel, a common medication for the treatment of rheumatoid arthritis, costs a whopping $1500 a month. Paying relatively low premiums during times when medication is not needed can help people avoid these sudden costs.

Purchasing Coverage

There are generally two ways to purchase Florida prescription drug coverage: with a health insurance package or as a supplemental plan. Either of these can be beneficial; it all depends on the patient’s situation. For example, those who are on Medicare will need to purchase supplemental insurance, but they can opt to purchase it from Medicare directly or on their own through their insurance agents of choice. When considering this insurance, it is best to select an insurance agent who can provide quotes from several insurers at once. This way, individuals can get the best coverage for the lowest prices available through the process of comparison shopping.  

Premium Costs and Co-Pays

The overall cost of prescription drug coverage will vary based upon several factors, including the number of people in the family being covered, the patients’ ages and health conditions, and the number of medications they are already taking. Even with prescription coverage, there are copays involved. However, rather than paying $500 or $1500 for the medications listed above, patients will pay $10 to $30 for generic prescriptions and $20 to $50 for name brands depending upon the coverage and the plan. With a family’s prescription coverage costing about $1200 per year on average, this could be recouped with a single purchase.

It is also important to consider that the cost of Florida prescription drug coverage increases significantly as people age or if they have pre-existing conditions that require treatment with these medications. Therefore, it is imperative to purchase this coverage at a young age and before any health conditions are present.