With the rising cost of healthcare, consumers are increasingly searching for ways that can help them pay for medications without burning a hole in their pockets. Insurance Copayment is one such option that consumers can try to save the money spent on medications. A cost-sharing way that many health insurance plans provide, copayment helps in sharing the cost of health care between the insurance company and the policy holder, helping consumers to pay less on their premiums every month.
What is a Copay?
A Health Insurance Copayment is a fixed amount of fee you pay when you receive certain health services. Under this insurance plan, the cost of health services is shared by the insurer and the insured. However, some preventive medical services may not be available for a copayment. These may include annual health care checkups, child immunizations, etc.
How does a copay work?
A copay may be similar to deductibles in the sense that it is nothing but a fixed amount to be paid every time the insurance plan is used. But, unlike in the case of deductibles, a copay involves smaller dollar amounts. It is also applied on a per visit basis, which means every time you visit a doctor, and if you are opting for a health care service that is eligible for a copay, then you will have to pay for that visit. The amount of copay that you are entitled to is printed on your insurance card.
Copay insurance plans help you by covering your share of the health care cost. From brand name medications to doctor’s visit, there is a lot that copay cards cover, making it easier for patients to access medications in a cost-effective way. The drug manufacturer covers the cost that is reduced using your copay plan when you use it for buying medicines.
A few facts about copay plans and their usage
- Reports have shown that people with lower copay plans are less likely to skip their medications. On the other hand, those who have higher patient copayments may avoid taking medications.
- Several healthcare programs restrict the use of copay cards.
- Along with that, mail order medication programs do not accept copay cards as well.
- Copay plans are also believed to promote the usage of brand-name drugs which are expensive than generic medicines.
How Drug Discount Cards help patients with high copays?
Are you looking for ways to save money on your high copays? Well, if so, then Drug Discount Cards can benefit you for sure.
Drug Discount Cards help in saving the amount of money spent on different types of drugs. These cards may come through the mail, may be offered by state governments, pharmaceutical companies, or retail stores and even by employers. One of the biggest advantages of these cards is that these can reduce the cost of not just brand name medications but also generic medications. So, if you have a high copay and find it difficult to pay a huge sum of money out of your pocket every time you buy prescription medicines, using a drug discount card may help you.
Just remember to ask the pharmacist not to use your insurance plan to buy medications, instead ask them to run your discount card. By making sensible use of benefits like these, patients can easily reduce their spent on health care prescriptions and lower their medical expenses.
If you’re unsure how to reduce your copayments, we’re here to help. Download our drug discount card and avail discounts of up to 85% on your prescription drug purchases over and above your copayment amounts.