Choosing the medication that’s right for you is up to you and your doctor. Most insurance companies can help by offering an extensive list of covered brand, generic, and specialty medications so you and your doctor can decide what’s best for you based on how well it works and how much it costs. Most drugs fall into one of four categories:
Generic Medications – Generic medications have the same active ingredients, dosage, and strength as their brand name counterparts. You will usually pay less for generic medications.
Preferred Brand Medications – Preferred brand medications will usually cost more than a generic, but may cost less than a non-preferred brand. When a generic drug is not available, choosing a preferred brand can be a lower cost option.
Non-preferred Brand Medications – Non-preferred brand medications generally have generic alternatives and/or one or more preferred brand options within the same drug class. You will usually pay more for non-preferred medications.
Specialty Medications – Often more expensive medications, high technology medications and self-administered injectable medicine that are not available under preferred or non-preferred brand levels.
So how do you use your medical plan to get the most benefit?