Ever gone through a chronic disease or witnessed someone going through it? You might know then that it takes a heavy toll on the pockets to keep up with the drug regimen.
As the price of prescription medications continues to rise with each day passing by, it is a well-known fact that patients are looking for every possible way to save their hard-earned money. So, when your insurances aren’t enough, this is when the copay card programs steps in as it helps you and your loved ones to offset some of the costs.
To understand about these cards, it’s better to go step by step.
What are copay cards?
These cards make medication way less expensive and affordable for you. Its primary feature is to cut down on the total out-of-pocket expense for the patient. Getting access to this card is easy.
Firstly, one has to sign up for the program, which can be done on a drug manufacturer’s website or any independent copay card website. These cards enable you to pay less to your pharmacist; in some cases, you won’t have to pay anything. This is because the pharma company covers the difference.
How do these cards work?
When you have access to the copay assistance cards, you just have to show them to your pharmacist whenever you purchase medications. So basically, your health insurance company pays for some of the cost, and the manufacturer pays part or all of the cost you’re responsible for. Also, if your insurance provider doesn’t cover the medication you’re taking, the manufacturer will cover all or, for that matter, some of your costs.
What is the term period of the card?
Depends and varies from company to company. When you opt for these copay card programs, there are certain parameters set by the company providing the card on which the expiration depends.
Do these cards exist for every kind of medicine?
Notably, it is essential to know that these cards do not exist for every kind of drug/medication on the market. You are most likely to find copay assistance programs for a medicine that’s costly and relatively new to the market. Also, you may find one for a branded drug that’s been out for a while if the drug’s patent recently expired and there’s a generic or cheaper version available.
What are the requirements to get this card?
- You must have private or commercial insurance.
- You shouldn’t have government health insurance.
How to redeem it?
To redeem these copay cards, the patient has to provide it along with the prescription to the pharmacist, who further enters the information into the system to submit a claim.
After all the requisite information is entered, the patient is instantly provided with the coverage data, relaying the patient’s out-of-pocket costs or co-pay to the secondary insurance company’s benefit manager, who further provides a discount. Then, the pharma company pays for the program cost, including the difference in the patient’s cost.
However, overall, if we see the big picture copay assistance programs help individuals save a lot of money when they need it the most. Medical emergencies can suddenly arise at any time of your life and take a toll on your pocket.
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