High prescription drug prices have paved the way for a generic alternative. Drug companies have made billions of dollars from name-brand drugs, and it seems that millions of people have suffered from not being able to afford them. This is why many are searching for online quotes, and they are attracted to the prescription discounts that vary from company to company. Most insurance coverage options favor generic drugs over name-brand drugs. Why? Name-Brand drugs can be very expensive and due to this fact many people without insurance find it almost impossible to afford. Generic drugs are bioequivalent which means they are identical in composition. They may not look like the name-brand, but they have the same composition and serve the same purpose. The U.S. Food and Drug Administration approve all generic drugs to ensure that it is the same as the name-brand counterpart. The FDA checks quality, safety, performance, and overall effectiveness. The great thing about generic drugs is that they treat the same health conditions at a fraction of the costs of their name-brand counterparts. By using generic drugs, we can save money, and reduce the risk of increasing our insurance premiums.

How does the co-pay process work? Most health insurance companies use a tier plan for prescription drug co-pays. For instance, let’s say that Bob receives a generic drug, and he pays at tier 1 which is ten dollars. He also has the option to receive a preferred name-brand drug, which costs twenty five dollars at tier two. Then at tier three he could receive a non-preferred drug at forty five dollars. Obviously the tier one prescription is the best value. By using generic drugs your co-pay percentage could be as low as 30 to 70 percent. Discount percentages vary, but should be considered while weighing insurance coverage options. If a current prescription drug is needed it is best to see if the coverage of that prescription is available.

The easiest way to check for the lowest co-pays on generic drugs is to search the internet. Online quotes are fast and easier than ever before. Most quotes take just a few minutes and many companies provide information to help the consumer reduce their rates. Saving money is on everyone’s mind these days. Many drug companies recognize this and much research is being done to create more generic prescription drugs.

By doing searches online you can learn about the generic drugs that are currently being tested and are in development. Staying informed can save money and not every doctor will know whether there is a generic equivalent to your prescription. A pharmacist has access to a list of generic drugs and they work closely with hospitals and doctors alike.