Navigating the costs of prescription drug coverage
If prescription drug coverage feels complicated to you, you’re not alone. Allow us to help you clear it up!
The costs associated with prescription drug coverage can vary depending on a person’s age, location, needs, and medication coverage. Here’s how to navigate out-of-pocket expenses and get prescription drug costs under control.
What is prescription drug coverage?
Millions of Canadians support their health through the use of prescription drugs. To help navigate the out-of-pocket cost of some medications, there’s prescription drug coverage. At Saskatchewan Blue Cross, prescription drug coverage is a convenient add-on to customize your health insurance plan. The Prescription drugs coverage add-on covers 80 percent of the cost of prescribed drugs listed in the Saskatchewan Prescription Drug Plan Formulary. Contraceptives are included, and the Blue Choice® plan offers a convenient card that allows your pharmacy to submit claims directly to us on your behalf.
With 80 percent coverage for your prescription drugs, the bulk of out-of-pocket expenses is covered. For example, if you have a prescription that costs $50 per month, with drug coverage, you’ll pay just $10 per month for your prescription. For higher-priced drugs, the impact is even greater and can make the prescriptions you need much more accessible. With a Blue Choice® plan, coverage for prescription drugs is unlimited; with Conversion or Guaranteed Acceptance, you’ll have a limit to the amount you can claim in your policy year.
Prescription drug costs in Canada
Each province and territory will have its version of prescription drugs that are covered in hospital settings or with provincially-funded drug plans. Coverage will vary from person to person depending on age, requirement, income, and condition. In Canadian hospitals, prescription drugs are administered at no cost to the patient.
Canada offers universal healthcare without universal medication coverage. Many people in need don’t have the budget for unexpected or recurring prescriptions, hence the need for health insurance plans.
Some might go without taking their prescribed medications, or taking too little because getting more is too expensive to them. Not taking prescription medication when it’s needed can cause further health problems. For example, an eye infection could be easily resolved with a prescription. However, if the prescription drug costs are too high and the patient doesn’t take the medication, the eye infection could develop into a more serious concern and cause lifelong vision problems.
Consider this: 55 percent of Canadians between the ages of eighteen and seventy-nine have used a prescription drug within the last month. Nearly 25 percent of those people take three or more prescriptions a month.
Of those people who experience cost barriers to prescription accessibility, 40 percent say they don’t have access to medication coverage. Right now, around 60 percent of Canadians are enrolled in health insurance plans for medication coverage, with around five to seven million Canadians without any sort of prescription drug coverage.
These numbers showcase the dire need for Canadians to have access to the prescriptions they need with prescription drug costs that fit within their budget. Health insurance plans can help manage those costs and commit a person to paying a consistent, expected amount every month to cover their medical needs.
The risks of missing medications
Prescription drugs can be seen as a preventative or initial intervention. Without them, medical conditions can worsen, leading to worsening health outcomes. This can affect your work life, family, hobbies, and even your overall happiness. Missing work can also lead to lower wages which can make it even more difficult to pay for prescriptions without a health insurance plan.
Click here for more information on Canadian prescription drug costs.
How Saskatchewan Blue Cross can help navigate the costs
At Saskatchewan Blue Cross, we value the health, safety, and happiness of Canadian residents. We offer health insurance plans that can be customized for various family dynamics and individuals to best suit their needs. Within these plans are numerous benefits including the option of prescription drug coverage. Note that coverage under prescription drugs differs between plans. Compare them here. Once you’ve chosen your plan, get started here. Our team is always here to help if you need assistance choosing the right plan for you.