Prescription Drug Benefits

Article Licenses: unknown
Advisor Licenses:

Compliant content provided by Adviceon® Media for educational purposes only.

Prescription Drug Benefits 

Drug plans are one of the main attractions in a benefit package for a plan member and is one of the most highly used benefits by two thirds of plan members. A range of drug plan and drug formularies can be tailored to suit your organization’s needs; allowing you to better manage your prescription drug benefits versus costs while still providing your plan members with coverage they value.

You may choose from plan designs offering a range of coverage, including the following managed drug plan:

Prescription drug plan:  Prescription drugs are a fast-rising cost component of group healthcare claims due to cut-backs in government-sponsored plans, Canada’s aging population and the introduction of new, more expensive drugs. The plans provide coverage for drugs that require a prescription for dispensing or for sale; which includes some life-sustaining drugs which may be available without a prescription; or may include or exclude over-the-counter drugs.

Claims Payment Options:  You can choose the method of claims payment your plan members will use for their drug purchases.

Reimbursement: This is the traditional payment option where plan members pay for their prescriptions at the time of purchase and submit their claims on paper for later reimbursement.

Pay-Direct Drug Card: This system allows for on-the-spot claims processing of prescription drugs at almost any pharmacy in Canada. A plan member presents his or her card to the pharmacist, who submits the claim electronically. The plan member’s eligibility and drug coverage is confirmed and he or she pays only the portion not covered by the plan.

Deferred drug card: This system is similar to on-the-spot processing of prescription drugs submitted electronically by the pharmacist at the point of sale. The plan member pays for his or her prescriptions and is reimbursed by cheque once a dollar-amount or time-period threshold is reached.

Note: Plans and coverage will also vary depending on the carrier used.

The Advisor and Manulife Securities Incorporated, ("Manulife Securities") do not make any representation that the information in any linked site is accurate and will not accept any responsibility or liability for any inaccuracies in the information not maintained by them, such as linked sites. Any opinion or advice expressed in a linked site should not be construed as the opinion or advice of the advisor or Manulife Securities. The information in this communication is subject to change without notice.

This publication contains opinions of the writer and may not reflect opinions of the Advisor and Manulife Securities Incorporated, the information contained herein was obtained from sources believed to be reliable, no representation, or warranty, express or implied, is made by the writer, Manulife Securities or any other person as to its accuracy, completeness or correctness. This publication is not an offer to sell or a solicitation of an offer to buy any of the securities. The securities discussed in this publication may not be eligible for sale in some jurisdictions. If you are not a Canadian resident, this report should not have been delivered to you. This publication is not meant to provide legal or account advice. As each situation is different you should consult your own professional Advisors for advice based on your specific circumstances.