Insurance

Will Using GoodRx Affect My Insurance?

Many people are looking for ways to reduce the cost of their prescription drugs due to their escalating costs. GoodRx is a well-liked solution that has surfaced; it is an app that offers deals and savings on prescription medications. However, a lot of people are curious about how using GoodRx may affect their insurance.

If a GoodRx discount is available, you should take advantage of it rather than your Medicare or health insurance if the cost is less. Remember that you cannot use insurance and GoodRx together. To pay for your prescription drugs, you can utilize GoodRx in place of insurance or government-funded programs like Medicare or Medicaid. GoodRx isn’t an insurance plan.

Will GoodRx Be Covered by My Insurance?

You are choosing to pay without insurance when you use GoodRx to pay for your medication. However, you can request that your insurance pay you back or subtract the cost of the transaction from your deductible. This is how your insurance deductible will be affected if you use a GoodRx voucher to make a payment.

Due to the fact that nearly half of Americans already have high-deductible health plans (HDHPs), many of them are subject to expensive prescription costs—at least until their deductible is met. Purchasing medications with a GoodRx discount can frequently be less expensive than using coverage.

Is GoodRx more affordable than my insurance?

Major medical costs are partially covered by your health insurance, but many policies now only provide a portion of what they once did due to escalating healthcare costs. Formularies, or lists of medications, are used by insurance companies to determine prescription prices.

Your prescription may have a higher cost or no coverage at all if it is on a higher formulary tier or is not a recommended drug. Furthermore, in the event that your prescription plan includes a deductible, you might be required to pay the entire cost of your medication up until the personal maximum.

GoodRx can provide a simpler and more economical method of paying for your prescription drug in any of these situations. Inform your pharmacist that you would like to pay cash using a GoodRx coupon rather than using your insurance if you find a lower discount with GoodRx than what your insurer is requesting.

How do I choose my insurance company versus GoodRx?

You can compare costs at home instead of waiting to visit the drugstore cash register. To do this, follow these steps:

Verify your insurance cost.

Go onto the portal provided by your insurance provider and look for the “Price a Medication” link under Pharmacy Benefits. Make a note of any limitations, such as quantity restrictions, step therapy, or previous authorization. Check to see if you have a deductible as well. If so, you would have to pay the whole cost of your prescription until you hit the allotted amount out of pocket.