The Value Of Generic Drugs Over Brand Name Prescriptions

In order to alleviate a simple health ailment

, patients turn to over-the-counter medications. Since the potency of these medications are not as strong, some people have to see a doctor to obtain a prescription. To make matters even more confusing, a patient might fill the order at the pharmacy only to find that they have an option between brand name and generic drugs. It is important to know about all of the benefits of generic drugs before wasting money on brand name medications that have the same effectiveness.

What are Generic Drugs?

Generic drugs are imitations of brand-name prescriptions. Although it sounds like generic versions might not be as good of quality, the fact is that they have the exact same chemical make-up as brand name varieties. Not only does health insurance in Toronto favor these types of medications for their lower prices, but this ultimately equates to less money spent on the behalf of the consumer.

Generic medications are covered by most insurance in Ontario, but patients might still need to ensure that their prescription orders are filled with these drugs and not brand name versions. Some pharmacies will automatically fill a prescription with a generic version of a drug when available, while others only do so by request.

Differences in Price

Since the quality and effects of generic prescription medications are the same as brand name drugs, consumers value the savings when choosing the former version. The price differences vary based on the type of prescription filled, but patients are sure to save money no matter what. In some cases, employee benefits in Ontario offer health plans that fully cover generic drugs. This saves employees the hassle of paying for their prescriptions out of pocket, while still obtaining the medications they need.

Also, some health insurance in Toronto only pays for a certain amount of prescription medication costs per year. By switching to generics, this cuts the costs submitted to insurance in Ontario so that patients can potentially fill more annual prescriptions at a reduced rate.

Considerations

Although there are many generic drugs that employee benefits in Ontario and other insurance plans will cover, the fact is that not every prescription medication in existence has a generic alternative. As drug manufacturers continue to produce new medications, generic versions are continuously coming out. If a brand name drug is not available in a prescription form, then the patient might have to do some shopping around to save money.

by: Adriatic Financial Services Inc.

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