Nevada Insurance Enrollment Explains How To Save Money With Prescription Drugs

LAS VEGAS - May 2, 2019 - PRLog -- As Nevadans who take prescription drugs are figuring out new ways to bring down the cost of their medication therapy, saving at the pharmacy counter may be as simple as understanding one's health insurance company's drug formulary.

A drug formulary is a list of the prescription drugs that a health insurance company has agreed to provide coverage for. The formulary is divided into drug tiers. In some cases, health insurance companies divide their formulary into two tiers, while others may have as many as five or six tiers.

The tier to which a drug is assigned directly affects how much a customer would pay for that drug. In most cases, each drug tier is assigned a specific co-pay, with lower tiers being associated with smaller co-pays. For example, a customer may pay only a few dollars for a first-tier drug but a significant portion of the cost of a third- or fourth-tier drug.

In most cases, formularies are comprised of drugs that are the safest, most effective and most affordable. The formularies are built by a third-party panel of experts called a pharmacy and therapeutics committee. These committees are comprised of doctors, nurses and pharmacists. They meet regularly to discuss new drugs, safety data, the results of clinical trials and doctors' recommendations for new drugs that may be added to the formulary. For this reason, the formulary may evolve over time as more effective drugs are introduced to the market or new safety data comes out.

The health insurance company determines what the drugs on a formulary will cost its customers. Most often, the health insurance company covers a greater portion of the cost of more affordable drugs, such as generics and inexpensive brand name drugs, giving customers an incentive to opt for these over more expensive options.

By understanding their health insurance company's formulary and knowing whether a prescribed drug is among their insurer's preferred drugs, Nevadans can minimize what they pay at the pharmacy counter.

In some cases, primary care physicians may have a working knowledge of a given insurer's drug formulary or can look it up to determine what would be the most inexpensive medication for their patient. Generally speaking, however, it may be in an individual's best interest to have a copy of their formulary when they visit their doctor's office. This information can be found on their health insurance company's website.

A health insurance company's drug formulary may evolve over time as drugs are added and removed from the formulary. If a drug is removed from the formulary, customers who are currently taking that drug are generally provided with written notice. This gives them an opportunity to speak with their doctor about switching to a more cost-effective option.

Nevadans who are seeking out health insurance while receiving treatment for a condition may wish to speak to a health insurance agent. Nevada Insurance Enrollment's health insurance agents help customers review their needs and select a health insurance company that provides the necessary prescription drug coverage.

Learn more: https://www.nevadainsuranceenrollment.com/individual-fami...

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Website: https://www.nevadainsuranceenrollment.com/