Looking At Health Insurance Options? Things to Think About
Healthcare costs continue to rise—and prescription drugs are no exception. To maximize your savings, we recommend reviewing your prescription drug coverage during the open enrollment period. Look at the following to make an informed decision:
Your Prescription Drug Plan:
This plan (also known as a formulary) is a list of covered medications.
Pro Tip: Choose generic brands when possible, as they are less expensive than name-brand medications. (A quick Google search will help you find the generic option for your medication.)
Tiers and Costs:
Medications are divided into different tiers with unique costs. Lower tiers usually have lower copays, while higher tiers—which often include brand-name or specialty drugs—tend to cost more.
Preferred Pharmacies:
Some plans have networks of preferred pharmacies with lower-cost medications. Make sure your preferred pharmacy is in-network (or consider switching to one that is).
Mail-Order Options:
Many plans offer mail-order pharmacy services, which can save you time and money on long-term prescriptions.
Prior Authorization:
Some plans require prior authorization for certain drugs. This means your doctor needs to get approval from the insurance company before filling the prescription.
ACA Healthcare Exchange Important Open Enrollment Dates
November 1st – Open Enrollment begins
December 15th – Last day to enroll or change plans for January 1st coverage
January 1st – Coverage begins for plans with enrollment completed by December 15th
January 15th – Open enrollment ends
February 1st – Coverage begins for plans with enrollment completed by January 15th
ACA Healthcare Exchange Important Open Enrollment Dates
November 1st – Open Enrollment begins
December 15th – Last day to enroll or change plans for January 1st coverage
January 1st – Coverage begins for plans with enrollment completed by December 15th
January 15th – Open enrollment ends
February 1st – Coverage begins for plans with enrollment completed by January 15th
Healthcare costs continue to rise—and prescription drugs are no exception. To maximize your savings, we recommend reviewing your prescription drug coverage during the open enrollment period. Look at the following to make an informed decision:
Your Prescription Drug Plan:
This plan (also known as a formulary) is a list of covered medications.
Pro Tip: Choose generic brands when possible, as they are less expensive than name-brand medications. (A quick Google search will help you find the generic option for your medication.)
Tiers and Costs:
Medications are divided into different tiers with unique costs. Lower tiers usually have lower copays, while higher tiers—which often include brand-name or specialty drugs—tend to cost more.
Preferred Pharmacies:
Some plans have networks of preferred pharmacies with lower-cost medications. Make sure your preferred pharmacy is in-network (or consider switching to one that is).
Mail-Order Options:
Many plans offer mail-order pharmacy services, which can save you time and money on long-term prescriptions.
Prior Authorization:
Some plans require prior authorization for certain drugs. This means your doctor needs to get approval from the insurance company before filling the prescription.
Step Therapy:
You may need to try a less expensive prescription drug before your plan will cover one that costs more.
Coverage for Specialty Medications:
Make sure your plan has the coverage you need for specialty medications, which can be a lot more expensive.
Your Deductible and Out-of-Pocket Maximum:
Take note of your plan’s annual deductible (the amount you must pay before your insurance takes over) and out-of-pocket maximum (the most you will have to pay during the policy period).
Changes in Coverage:
Plans may change their coverage terms each year. Review any changes to the prescription drug plan, tier placements, or cost-sharing requirements.
Case Studies
Mia takes Lipitor for her cholesterol. She usually has her prescriptions filled at the CVS pharmacy in her neighborhood, where she pays about $22. But Mia recently downloaded the Hooray Health 365 app and learns that if she travels a block farther, she can get the exact same prescription for about $7. She visits the new pharmacy for a savings of about $14/month ($175/year).
Hunter has high blood pressure. His doctor recommends Exforge: a newer, more expensive medication that will offer better treatment. The local Walgreens pharmacy has the drug for about $71. He remembers his Hooray Health Discount Rx card and visits the Hooray Health 365 app. To his surprise, Hunter finds the same medication at the Brookshire Brothers pharmacy for about $17 . By purchasing his medication there, Hunter saves about $54/month ($650/year).
Download the free Hooray Health 365 App to explore additional details.
To speak to a representative,
please call (855) 479-4017
Want to keep even more money in your pocket? Take a look at Hooray Health’s supplemental insurance offering.
Sources:
https://play.google.com/store/apps/details?id=com.hoorayhealthcare.asif.hoorayhealth&pli=1
https://apps.apple.com/us/app/hooray-health/id1285135333
https://healthcare.gov/blog/explore-your-health-care-options-after-open-enrollment/
https://nerdwallet.com/article/insurance/medicare/medicare-open-enrollment
https://healthcare.gov/blog/explore-your-health-care-options-after-open-enrollment/