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Looking at the Explanation of Benefits Notice from your Kentucky Health Insurance Companies

May 20th, 2013     News

Clearly, your medical expense can pile up if you don’t have Kentucky health insurance companies that offer with prescription medication coverage on it.  It may seem like a small price to pay now but if you compound the price in months and years you’re using medication, you might be spending thousands of dollars for it alone.  You can take the brunt of the expense out when you have insurance, specifically, insurance with prescription drug coverage.

No matter what kind of prescription drugs you need, youýre looking for insurance that will cover for that expense.  There will be times that you can find insurance that provides for most of your needs but may not have coverage for your prescription medication.  If this is the case, then you need to go shopping some more until you find an insurance plan with a prescription medication package that includes what you’ll need.

But aside from making sure that your prescribed medication is included on the covered benefit of your plans, you have to take note of how much you’re spending on your medication so you’ll know if it may require you to look for another coverage come renewal time. As you notice, regardless of which Kentucky health insurance companies you sign coverage with, you’ll be sent with an explanation of benefits notice if you’re getting insurance with a prescription drug benefit in it.

It’s important to get an explanation of benefits notice where your Kentucky health insurance companies sends you an information package about the prescriptions you’ve filled.  Here, you’ll get a picture of just how much you’ve spent for covered drugs.  You can also learn from your explanation of benefits notice if you’ve entered the coverage gap.  Keep in mind that beyond the covered drugs cap, all the prescribed medication cost (even if it’s part of your covered benefits) will have to come out of your own pocket.

If you reach the covered medication coverage gap on your current plan, this is a signal that you may need to look for other plans when your current plan comes to an end. However, keep in mind that finding higher amount of covered drug plans may likely be offered at a higher premium. But if the amount you’ll add is lesser that the amount you’ve paid for the covered drugs out of your pocket (after reaching the gap), then that’s one good reason to switch plans.

During these trying times, make your every dollar count and find ways to lower your expenses. Get and compare multiple quotes from competing insurers now!