|Question: What is prescription insurance?|
Prescription insurance is supplemental health insurance that covers some or all of your prescription drug costs. If you're lucky, you belong to an employer-sponsored health plan that includes this type of coverage. Employer plans usually offer good prescription coverage at relatively low cost to you. But if you don't have this benefit (or health coverage at all), you may want to look into buying a separate prescription drug plan, especially if you spend a lot of money on your medications.
The cost of prescription insurance depends on the plan you purchase, your individual prescription needs, and other factors. A private policy that you buy from an insurance company will typically be more expensive than group coverage through an employer or other organization. The features of prescription insurance may also vary among plans. For example, some plans are discount plans that simply allow you to buy your medications at a lower cost than you'd otherwise get. Others work like a regular health plan, where you pay deductibles and/or co-payments on top of your premium.
In addition, you may want to consider a prescription plan that offers a mail-service feature. With this feature, certain prescription drugs that you take regularly (such as diabetes medications) can be delivered right to your home. This can come in very handy if you have trouble getting out of the house or if you frequently have to fill prescriptions. Also, you may receive an even bigger discount on prescription drugs that are delivered to you through the mail.