Understanding Your Prescription Drug Costs

July 6, 2017

The world of prescription drugs is a complex web.

You need to have a grasp on the process and know how it affects your personal costs, but there are people who will advocate for your needs, so there’s no reason to do this on your own. Here are the basics of how the prescription drug market works.

The role of competition

Competition in the pharmaceutical industry is different than in other enterprises.

  • A prescription drug product won’t have a comparable counterpart right away. Once a new drug arrives on the market, there’s a period of time during which there is no competition. The company can capitalize on being the only source of the drug, jacking up the drug’s cost.
  • There are different forms of the same product. When a drug loses its patent, other companies are able to swoop in and start producing a generic version that is significantly less expensive. Providers will then begin prescribing the lower-cost drug.
  • Health plans and drug manufacturers have a relationship. Health plans will work to make sure the cost of new therapies put out by drug companies is as affordable as possible and that they’re available to their patients who could benefit from the treatment.

The behind-the-scenes bargaining of pharmaceutical companies, health plans and employers should remain effective in keeping your prescription drug costs down.

However, you can also take steps to control your costs.

What you can do to cut costs

As retirement age nears, the costs associated with prescription drugs and other health care become an urgent issue. Here’s how a UROne health care expert can help.

  • You need understanding. Because a professional knows the ins and outs of the industry, she knows how to explain tricky concepts to you in a way that makes sense. She’ll be able to discern your needs and make sure you aren’t paying for coverage that you don’t need.
  • You need a guide for the long haul. Personal connections are important to you as a consumer. It instills a sense of security when you know you can come back to the same person to help down the road when you need to make changes to your policy or another issue that comes up.
  • You need a mediator. Your insurance broker can advocate for you in the event of a discrepancy. They can help you obtain the coverage you deserve and avoid paying for services you don’t need.

Contact UROne Benefits™ today to get the expert help you need on prescription drug coverage.