Welcome to your prescription drug plan insurance guide. This page will give you a good understanding of prescription drug plan insurance, will inform you of savings opportunities, and also provide a number of other useful tips based on our publications. The Canadian publicly funded health care system provides some drug coverage through provincial programs like the Ontario Drug Benefit Program, Trillium Drug Program and a number of others. In Alberta it would be the Alberta Health and Wellness Prescription Drug Programs.
According to the organization for Economic Cooperation and Development, approx. 75% of Canadians have some kind of health insurance (group, private plans, etc.) to cover supplemental medical expenses. Most of these people are covered under group benefits of the company for which they work. If you have a group benefits plan with your employer, a drug plan is typically a significant part of your group insurance policy.
Nevertheless, there are many cases where you want an individual health insurance and drug plan, such as when there is a lack of group policy available for you or you are self-employed.
What are the key elements of drug plans?
Drug Plans can vary greatly based on the scope of drugs covered and coverage limits. Often drug plans are bundled with basic health insurance. There are several aspects of prescription drug plan insurance that need to be considered.
- Maximum coverage per person per year: This amount can vary greatly, from between $250 and $10,000 per calendar year.
- Percentage covered: Often insurers limit the drug coverage amount, letting customers pay for a part of it. Those value often range between 70% and 100%.
- Generics vs. brand name drugs: In most cases brand names will not be covered as long as there is a generic drug available.
- Deductible per prescription: An additional amount that you need to pay out of pocket for each prescription.
- Coverage for pre-existing drugs: Often, current medications are not eligible for coverage. Sometimes there are optional coverages available to cover pre-existing drugs.
- Age of policyholder: Some drug plan coverages can be limited to particular ages e.g. 65. Make sure to check if any benefits will become unavailable to you as you age.
Our Publications related to Health Insurance
The arrival of COVID-19 has pushed Canadians, more than ever before, online for finding and applying for insurance and banking products. It is not easy, though, to make the right choice without knowing if a particular insurer will be there when you need them the most. As the largest Canadian review platform with thousands of […]
A heart attack is a terrible experience for the person who has one and for that person’s loved ones. There are many reasons why you could suffer a heart attack, from inherited heart disease, stress or an unhealthy lifestyle. If this isn’t bad enough, after you have a heart attack, you face another challenge – […]
A diabetes diagnosis can be frightening. Some common thoughts are: Will I have to inject insulin? Do I have to give up all sugars? How will the disease affect my quality of life? While your doctor will help you navigate through steps you must take to live a rich, full life with diabetes, there […]
What is Cystic Fibrosis? Cystic fibrosis is a critical illness that typically affects children and young people and has a life expectancy (on average) of about 37 years. It is considered a critical illness and it impacts various parts of the body, predominantly the lungs and digestive system. Cystic fibrosis is a result of a gene […]
Getting life insurance might seem like a boring task, but at the same time it is quite important to pay attention to the fine print on your policy. Today we will guide you through 15 life insurance policy traps based on InsurEye consumer reviews and discussions with insurance expert Lorne Marr. Forgetting pre-conditions: That one […]