Prescription insurance for self employed

Posted: Mon May 07, 2012 02:43 pm Post Subject:

Prescription drug plans are far less valuable today than they once were. Many plans fail to cover the most costly and newer brand name medications on the market, or only provide a nominal discount from the retail cost.

When you consider that Rite-Aid pharmacies offer a "free" drug card program that provides up to a 20% discount on "thousands of brand name and generic drugs" and lists over 500 generic drugs which are available for $9 or less, you might not need to pay $30 per month for a drug benefit that won't save you any more than what Rite-Aid offers for free when you factor in the $30 per month (most drug plans have a $10 copay for generic drugs).

Here's what Rite-Aid's website says:

Rx Savings Program Features:

$8.99 for a 30-day supply of select generics, and $15.99 for a 90-day supply.
20% discount on other generic prescription medications (not on the flat fee list).
15% discount on brand name prescription medications.
Up to a 28-day-cycle pack of select generic oral contraceptives is only $19.99.
50 count of Rite Aid TRUEtest diabetic test strips is just $29.99.

The Wal-Mart/Sam's Club and Costco pharmacies offer many of the same things for even less (many generics are $4 for a 30-day supply and $10 for a 90-day supply). And state pharmacy laws prohibit Sam's Club and Costco from only providing services to their members.

If you don't have health insurance, spending the money for that would be more important than spending it on a drug card alone. Most HMO plans offer subscribers a prescription drug benefit as part of the plan even though it's not currently required by law.