Understanding Florida Drug Insurance Plans in Florida

If you are not eligible for prescription drug coverage under Medicare or another program, you can purchase your insurance privately. Prescription drug insurance plans in Florida can be quite affordable, and they make a world of difference for those who must take expensive medications on a regular basis.

What is Prescription Drug Insurance?

Prescription drug insurance is a paid program that covers either all or part of the cost of your prescription medications. There are many different types of prescription drug insurance plans in Florida; some will provide you with a formulary, or a list of drugs that are covered, and others will cover almost any medication on the market to an extent. There are also prescription discount plans available. Since all of these plans are quite different in both cost and coverage, it is important to learn about them so that you can make the best choices for yourself and your family.

Insurance with Copays

Most prescription drug insurance plans in Florida require individuals to pay a premium, or a monthly fee, in order to have their medications covered. Aside from the premium, a copay may also be necessary. Before you purchase a prescription drug plan, you should compare the cost of the premium with the amount of the copay. For instance, it may be better to pay a $40 per month premium to receive a $5 copay than to pay $30 a month for a $20 copay. It is also important to check for policies regarding pre-existing conditions and ensure that all of the medications you need are covered under that plan’s formulary.

Insurance vs. Discount Programs

It is important that you never confuse prescription insurance with the various discount programs that are available. While these discounts can be helpful and often come with more affordable premiums, they are often not enough to provide adequate relief from the cost of certain medications. For instance, a discount program may cost you only $10 a month, but if you’re only saving 40% on a $300 prescription, you would be better off purchasing prescription drug insurance plans in Florida. Not only will you save money on this single medication, but you will also save on any future medications.

Tips for Purchasing Prescription Insurance

Before you set out to purchase prescription insurance, there are a few things you should do. First, work with your doctor to determine all of the medications you will need to take as well as how long you will need to take them. Then, find out the cost of the medications without insurance and determine whether or not a generic is available—and if your doctor will allow this substitution. Afterward, you can look into an insurance program and determine whether or not these drugs are covered as well as the cost of the drugs after the insurance is effective. Finally, perform a savings analysis by calculating your costs before and after you purchase the insurance.

Once you understand how prescription drug insurance plans in Florida work, you will be better equipped to choose the right one for your needs and your budget. Most importantly, you should make sure that the medications you need to take are included in the insurance provider’s formulary before purchasing any plan.