One issue that many of us worry about is the cost of prescription drugs. It seems that drug prices are always on the rise, and paying for a prescription is a concern for many consumers.
Health insurance usually offers prescription drug coverage to help you pay for your prescriptions. Paying for a prescription with insurance will help you save out-of-pocket costs.
Under the Affordable Care Act, every American must have health insurance coverage. One option to buy health insurance is through the Affordable Care Act marketplace. This is a service to help Americans choose plans that meet certain federal requirements.
On the marketplace, Americans can choose different levels of health care plans—Bronze, Silver, Gold and Platinum. Each plan has different costs and payments. Patients generally get coverage for the same services on all plans.
The costs of prescription drug copays vary by the plan you choose. Costs change from year to year based on the market.
Bronze Plans: Bronze plans are usually regarded as the cheapest healthcare plans. You will pay a small health insurance premium. However, you will pay higher costs for care, including for prescriptions.
Silver Plans: One step above a Bronze plan, Silver plans have higher premiums. But, the costs you pay out-of-pocket will be lower than costs on a Bronze Plan. Prescription drug costs will usually be lower than a Bronze Plan’s costs as well.
Gold Plans: Gold Plans are the second highest level of coverage. The costs of prescription drugs will usually be lower than Silver and Bronze plans. Your premium might be higher.
Platinum Plans: Platinum Plans have the highest levels of coverage. But, they also have the highest premiums. However, the cost of prescription co-pays and other services are usually the lowest of all four levels of coverage.
Your health needs and how much coverage you can afford determine what plan you should buy to cover your prescription costs. If you take a lot of medications and need lower co-pays, a higher level plan might fit you.
Remember, you can buy other health care plans off the Affordable Care Act marketplace as well. If you have questions about Indiana health insurance coverage, call us at (219) 362-2113.