How to Change Prescription Insurance

When you carry separate prescription insurance, changing your coverage is a simple manner.  For others, whose prescription drug benefit is a part of their group plan, making a change may be more difficult to accomplish. There are a few different ways to change your insurance policy depending on the type of insurance coverage you have.

Changing a Separate Prescription Insurance Plan

Do not cancel your existing coverage when you have a separate prescription plan. Once you have decided on a new plan, apply for the new prescription insurance. Once approved by the new carrier, you can cancel your existing coverage. 

The same process applies for a person who has individual health insurance with a prescription drug benefit. With this type of plan, the prescription drug benefit is linked to your overall coverage. In order to make a change to the prescription insurance, a change would need to be made to the insured’s overall health insurance plan. Follow the same process for cancelling the existing coverage after receiving approval for any new health insurance plan you apply. The new plan should include a linked prescription drug benefit plan.

Making a Change in a Group Health Plan

If you are an insured participating in your employer-sponsored group insurance plan, changing the prescription insurance is far more difficult to accomplish. The changes to an employer-sponsored group insurance plan only take place once a year during the open enrollment process. 

Contact the Insurance Carrier

You may attempt to contact the carrier to determine if a substitution or change can be made to the linked prescription drug benefit. The certificate of insurance that you received as a participant in the plan should outline conditions under which a change may be made. If this is possible to accomplish, go with making the change to the prescription drug benefit immediately.

Termination of Employment

You will find unfortunately in most cases involving group insurance that the change to a prescription drug benefit will require changing coverage when enrollment comes up. The exception is when you terminate your employment with the employer. If you choose not to take the COBRA option available to you for continuation of your benefits, you have the opportunity to choose different coverage, including new prescription insurance.

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