Drug Formularies Save Money!

A drug formulary is a list of the prescription drugs that your health insurance company has agreed to cover so that when you fill your prescription, you don’t pay the full price of the medication. In most cases, formularies are comprised of drugs that are the safest, most effective, and most affordable.

Call for FREE Help
(702) 898-0554

↑ click to call ↑

What is a Prescription Drug Formulary?

How Are Drug Formularies Determined?

The medications on your health insurance company’s formulary were chosen by a third-party panel of experts known as a pharmacy and therapeutics committee. Pharmacy and therapeutic committees are made up of doctors, nurses, and pharmacists. The committee meets 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 better drugs hit the market or new safety data comes out.

The health insurance company determines what these drugs will cost its customers. In most cases, 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.

 

How Drug Formularies Work

Drug formularies are comprised of drug tiers. Some health insurance companies only divide their formularies into four tiers while others may have as many as five or six. The tier that your medication is in determines your portion of the drug cost.

In most cases, each tier is associated with a specific co-pay, and the lower the tier, the smaller your co-pay. For example, your health insurance company may cover almost all the cost of a generic medication that is on the first tier, but you may pay a significant portion of the cost of a third- or fourth-tier drug. Sometimes Tier 6 medication costs $0. You’ll have to verify by reviewing your health plan or speaking with your broker.

Quote and or Enroll

Using Your Health Insurance Company’s Drug Formulary to Save Money

How much you pay at the pharmacy counter depends on your insurance plan and whether your medication is on your health insurance company’s formulary. In some cases, your primary care physician may have knowledge of your formulary or can look it up to determine what would be the most inexpensive medications they could prescribe for you. Other times, your best bet is to bring a copy of your formulary with you to doctor’s office visits.

Occasionally, health insurance companies remove a drug from the formulary. If this happens, then your insurer should provide you with written notice. This gives you an opportunity to speak with your doctor about switching to a more cost-effective medication.

 

Finding a Health Insurance Company that Fits Your Needs With Nevada Insurance Enrollment

Every health insurance company has its own unique drug formulary. If you are receiving treatment for a condition and you purchase individual health insurance, then finding a health insurance company that covers your prescription can help you save a lot of money. At Nevada Insurance Enrollment, our health insurance agents can help you review your needs and find the health insurance plan that will provide the best coverage.

Health Insurance During Pregnancy and for New Babies

Health Insurance During Pregnancy and for New Babies

For many women, pregnancy and childbirth are among the most expensive health care costs that they will face in their lifetimes, and without adequate health insurance coverage, they can end up with tens of thousands of medical debt.

 

By page visits (this month)

#1) Health Insurance Subsidy Chart

#2) Health Insurance

#3) Health Insurance WITH a Subsidy

#4) Insurance Blog

#5) Request a Quote

By page visits (this month)

 

#1) Health Insurance Subsidy Chart

#2) Health Insurance

#3) Health Insurance WITH a Subsidy

#4) Insurance Blog Posts

#5) Request a Quote

How To Surrender Your Vehicles License Plates

Every state has its own laws for what you should do with your license plates if you sell your vehicle or cancel your auto insurance policy. In some states, you are allowed to keep personalized and vanity plates, but you must turn in regular license plates.

Why You Shouldn’t Ignore Vehicle Recalls

If you get a recall notice in the mail, read the letter carefully. It describes the issue and outlines any risk that it poses or warning signs that you should pay attention to. It also gives you a timeline within which you have to schedule an appointment with a licensed dealer to have the issue taken care of.

2024 Obamacare Health Insurance Open Enrollment

Health Insurance Open Enrollment is Here! Open Enrollment for Obamacare health insurance coverage is from November 1st, through January 15th. If you call after January 15th, you will have missed the time frame to receive a Health Insurance Subsidy and a Qualified Health Insurance Plan.

Should You Upgrade Your Cars’ Headlights?

Regardless of your age, headlights that work well can help you stay safe while driving in the dark. Over time, your headlights may lose their intensity. Replacing worn headlights with new ones can help you see better at night. There are three main types of headlights, each with benefits and drawbacks.