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We know insurance jargon can be confusing and consumers may have a hard time cutting through the clutter. In order to make informed decisions about health coverage and ensure patients have access to needed services and treatments, knowing the language of insurance is critical. That’s why we created a back-to-basics video walking through some basic insurance terms.
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Engaging and Empowering Consumers with Coverage Information
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Deductibles for Prescription Drugs Are Becoming More Common
Many consumers are facing higher deductibles and cost sharing – including for services like prescription medicines – that create barriers to accessing needed care. Plans that apply a large deductible to prescriptions can leave patients with high out-of-pocket costs for needed medicines, including those to treat chronic conditions.
A growing body of research continues to raise red flags around the implications of high cost sharing and patients’ ability to access affordable care even if they have insurance. In 2015, 46 percent of commercial plans had deductibles on prescription drugs, double the 23 percent of plans in 2012. And health insurance exchange plans are more likely to require patients to meet a deductible before drug coverage begins.
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Insurers Increasingly Place Medicines on the Highest Cost-Sharing Tier
Patients taking medicines placed on higher cost-sharing tiers often face serious and chronic health conditions. Increased use of 4 or more tier formularies means patients face higher cost sharing; this also takes the form of coinsurance, or a percentage of costs, which is less predictable for patients. And despite warnings that requiring high cost sharing for all or most medications to treat a condition may be discriminatory, some health plans continue to engage in this practice.
In the commercial market, plans with 4 or more tiers are becoming more common. Twenty-three percent of workers in 2015 were in plans with 4 or more tiers, up from only three percent in 2004. In health insurance exchange plans, 98 percent of silver plans use 4 or more tiers. Beyond the number of tiers, health insurance exchange plan formularies continue to suggest bias against individuals with certain health conditions by placing all medicines to treat certain conditions, such as cancer or multiple sclerosis, on the highest cost-sharing tier. 
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