Insurance for prescriptions is an important aspect of any health insurance policy. Due to the overwhelming cost of prescription medication, health policies without this coverage leave subscribers vulnerable.
Companies like Blue Cross Blue Shield have a variety of prescription insurance plans. Blue Cross prescription protection insurance offers clients several different levels of protection.
Cheap prescription plans provide added coverage when adding prescription drug insurance to major medical plans is too expensive. Affordable prescription insurance companies advertise their products as supplements to regular policies.
Insurance for prescriptions doesn’t eliminate all out of pocket expenses. However, adding prescription insurance to an existing policy makes co-pays more affordable and generic drugs even more inexpensive. Affordable prescription protection insurance will:
1. Provide more comprehensive health care to subscribers.
2. Bring the cost of co-pays down and save patient’s money.
3. Decrease out of pocket expenses for subscribers.
4. Provide more opportunities for savings on medical flex spending accounts.
Action Steps
The best contacts and resources to help you get it done
Choose medical plans offering insurance prescriptions
Insurance policies that don't offer prescription drug coverage are simply incomplete. Since prescription drug costs are a major factor, providing this type of coverage to employees just makes sense.
I recommend: Blue Cross Blue Shield offers comprehensive and affordable group prescription drug plans.
Pick prescription drug plans with the most affordable co-pays for both name brand and generic drugs
Co-pays take a big bite out of employee pockets. Help group members by keeping these costs as low as possible.
I recommend: HealthInsuranceSavings.com features low costs prescription drug coverage for individuals or businesses.
Look for medical plans that include prescription insurance while keeping overall out of pocket expen
Trading higher deductibles for cheaper prescription co-pays may look like a money saving opportunity. But it's better to balance overall costs than focus just on saving money on prescription co-pays.
I recommend: Aetna provides a full line of insurance products to meet any budget needs.
Encourage employees to enroll in medical flex spending accounts to save tax dollars
Medical flex spending accounts let you set aside a certain amount of money from your pay check into a pretax savings account. Use these dollars throughout the year for things like prescription drug co-pays. Combining a good prescription drug plan with a medical flex spending account saves everyone money.
I recommend: AFLAC includes great medical flex spending account options for your group.
Tips & Tactics
Helpful advice for making the most of this Guide
- Encourage all members of your company to participate in some sort of prescription drug plan. Savings on prescriptions really add up over time even though it costs all employees a small amount each month.
- Shop around for the most affordable plan with the best coverage for your employees. Combine products from different companies when necessary to provide the best plan for your group.
The official source of Prescription Protection Insurance is
the Prescription Protection Insurance page at Business.com
Related Resources from Business.com
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