Copayments & Coinsurance Fees For Drugs Rise 34% Under ACA
PR Newswire Association LLC |
Plan enrollees who use brand name drugs and specialty drugs face the greatest burden from the increases in copayments and co-insurance fees. Those enrollees who use medications infrequently, on the contrary, are not likely to notice the cost-sharing increases.
The 34% increase in copayments and co-insurance fees does not mean that consumers will spend 34% more on drugs. Drug spending is also affected by multiple factors including deductible amounts, out-of-pocket caps, and what drugs are included within a health plan's list of covered medications.
Prior to the Affordable Care Act, nearly one-out-of-five health insurance plans purchased privately by individuals and families lacked prescription drug coverage. In comparison, all new health plans in the individual market include a drug benefit. In addition, some over-the-counter drugs such as aspirin, folic acid, and iron supplements can be obtained without any out-of-pocket cost when used as preventive medicine.
"With copayments and co-insurance fees rising, consumers must shop health plans more carefully. Copayments, deductible amounts, and limits on annual drug spending should not be ignored," said
The full results of the study "Drug Coverage & the Affordable Care Act" can be reviewed at HealthPocket.com.
HealthPocket.com is a free website that compares and ranks all health insurance plans available to an individual, family, or small business to allow consumers to make their best health plan decision and reduce their out of pocket costs. HealthPocket uses only objective data from government, non-profit, and private sources that carry no conditions that might restrict the site from serving as an unbiased resource. Learn more at www.HealthPocket.com.
SOURCE HealthPocket
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