How does health insurance cover prescription drugs?

Prescription drugs are medications prescribed by a physician to help diagnose or treat an illness or medical condition. In Washington, health insurance plans are required to cover prescription drugs if they are medically necessary and have been approved by the FDA (Food and Drug Administration). Generally, health insurance plans have a formulary, or list of drugs, which they will cover. A formulary usually includes generics, which are cheaper than brand-name medications. Additionally, most health insurance plans require you to use a particular pharmacy in order to receive coverage for prescription drugs. When using your health insurance to cover prescription drugs, you may be required to pay a copayment or coinsurance. A copayment is a fixed amount you must pay for a prescription drug, and coinsurance is a percentage of the total amount you must pay for a prescription drug. Your health insurance plan will also have an annual deductible, which must be met before you can use your health insurance to cover the cost of prescription drugs. In conclusion, health insurance in Washington covers prescription drugs if they are medically necessary and have been approved by the FDA. You will be required to pay a copayment, coinsurance, and meet your annual deductible in order to use your health insurance coverage for prescription drugs.

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