For California health insurance consumers that new California health insurance plan you’re reviewing could be a financial minefield! What in the world do we mean by that?!
If you’re a regular reader of the Vitality California health insurance blog, you now know formulating a sound California health insurance strategy involves knowledge of various important components of your health plan – annual deductibles, annual out-of-pocket maximum, generic-only prescription drug coverage and so on. How you decipher these various components and put them together in one health plan strategy that is uniquely right for you may be the key to avoiding heartache and disappointment in how your health plan performed for you when you were most dependent on it.
Let’s focus on one component of a health plan where choosing wrong or being unaware of how your plan actually works can come back to haunt you later down the line: Whether or not you select a plan with both generic and brand name prescription drug coverage. We’re going to tell you right up front: We firmly believe in a health plan that features both generic and brand name drug coverage. Today, one of the single biggest cost drivers in our country’s health care system is the cost of brand name prescription drugs.
You may be healthier than anyone you know. To date, your use of medicine may have been the two Tylenol you took for a headache four months ago. That’s great and long may that be the case! But consider this scenario: You purchase a health plan today with a generic-only prescription drug feature and three months from now you are diagnosed with a chronic illness. It will require a regular dose of an expensive brand name prescription medicine. The truth of the matter is that you may be forced to live with this chronic illness for years – maybe for life. You turn to your California health plan – with its generic-only prescription drug plan that you selected back in time when your only reference point were those two Tylenol you took – and you now realize that your prescription drug benefits are woefully inadequate to the task of helping to pay for the new and ongoing health care needs you now find yourself dealing with. With generic-only coverage you are looking at thousands of dollars in health care costs you’ll now have to pay for out of pocket each year.
What’s worse is that with health insurance, there are no do-overs: Your spotless medical history is no longer. It will now feature a chronic medical condition that might either make getting an ‘upgraded’ plan difficult to secure or – at the least – make the prospect of a new health plan strategy more expensive because your ‘new’ medical history will likely garner a higher premium rate.
The above scenario happens. Can it be avoided? Yes – but it requires that the California health insurance consumer look past the initial attractiveness of that lower premium that comes with the generic-only drug plan and think long term: Long term strategic planning with your California health insurance coverage is about considering the possibility that the way you use – or rather don’t use – prescription drugs today may not always be the case in the future. It’s about considering the fact that data collected by the Department of Health and Human Services (HHS) shows that at least half of all Americans takes at least one prescription drug, with one in six taking three or more medications.
How best to avoid this from happening to you and your family? After you’ve reviewed our wide array of health plan options and our always fast, easy, and free California health insurance plan quotes here at the Vitality website, reach out to us for our always free, always careful and considerate client consultations. We’ll help you create peace of mind health insurance strategies that work for you today and for what may come in the future.