Drug Prices can vary from pharmacy to pharmacy for the same medicine. Get the best price on your prescription drugs by shopping around.
What will you pay for medicines?
With some health plans, you pay a coinsurance for your medicines. This is a set percentage of the drug's cost, such as 30%. With other health plans, you pay a prescription copay, which means you pay a fixed amount for each medicine you buy.
Many formularies have two or more cost levels, called tiers. The copayment for each tier will likely be different. Higher level tiers cost you more. For instance, a third tier medicine costs more than a first tier one.
Many health plans have three or four tiers of costs:
Tier 1: Generic medicines, which cost the least
Tier 2: Preferred, brand-name medicines
Tier 3: Non-preferred, brand-name medicines
Tier 4: Specialty medicines, which are often costly, brand-name medicines. For instance, chemotherapy may be a fourth tier medicine.