Insurance Companies Are The Problem, Not The Solution

I have chronic heart burn and I have to take medication for that heart burn. The best drug that works for me is Nexium. But, I don't take that because my insurance co-pay is too expensive. If I did take that, I would only have to take one per day. omeprazole prescription

Because Nexium isn't a preferred drug on the insurance policy, I have to take two per day of Priolsec (or its generic equivalent). So, instead of 30 pills per month, I take 60 pills per month. If I miss a pill, I have a horrible few hours until the next pill kicks in.

I thought I would do a little research on what the real cost is.  

The total cost per month for my prescription is $153.99. Because I have a reasonable insurance plan, my co pay for that drug is $10.00 and the pharmacy is proud to say that I "saved" $143.99.

I decided to look at Amazon.com for comparisons.

 

prilosec otc costsHere is what I found. I can buy my drugs over the counter, with no prescription, - the brand name version Prilosec OTC for $38.96 per month. But, the insurance company doesn't pay anything; I am responsible for the full price. generic omeprazole costs

I can also buy a generic version of the drug for $28.56 per month. Again, the insurance company is not willing to pay anything, so I have to pick up the full tab. I choose, like most people do, to have the insurance company pick up the cost. I figure the economic choice is simple. I can pay $10.00, $28.56 or $38.96 per month. I figure I pay $600 per month for my plan, I am going to use it to it's fullest.

Why should I pay 3 or 4 times the cost when I already am paying my insurance company so much to do that for me.

Which would you choose?

I find this fascinating because they are the exact same drug. Exact same dosage. Different package and different marketing route.

I think my head will explode if I hear one more politician say that we need health insurance for everyone. I am at the edge of dumping mine because of stupid pricing schemes like this one.

Hey, insurance company... I'll give you a $30 co-pay for a six month supply if you let me buy the generic over the counter stuff... I'll save $60 per year and you'll save $1,445.16.

Oh... they really didn't save me $143.99... they saved me $18.56.




Corey Smith is the president of Tribute Media a web development firm providing high performing, industry specific websites. He is a businessman, writer, technology fanatic, graphic designer and web developer. His greatest passion is teaching, consulting and speaking.

You can find him on Twitter, FaceBook, FriendFeed, and LinkedIn.


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Insurance companies are also very short-sighted. I once had insurance that would not pay for routine check-ups. Correct me if I'm wrong, but when we get older aren't we more susceptible to disease and illness? If a rountine check-up could detect disease and illness before it becomes worse - treat it early or prevent it entirely - wouldn't that save the insurance company thousands of dollars. Pay a couple hundred now vs. paying thousands for an expensive operation. Doesn't make sense to me.

I'm afraid that the strict adherence to plan descriptions and the "rules" often removes common sense. Your example certainly demonstrates one of the many challenges with the current health insurance environment.

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