Retail Prices of Popular Drugs
Drugstore.com (owned by Walgreens), is a great resource to use when researching the retail costs of drugs. Below is a listing of the most popular brand name prescription drugs, each linked to a price estimate. Keep in mind when using this guide that drug prices can vary from store-to-store, even if the stores are the same chain.
Why are these prices so important? Because when you’re enrolled in an HDHP, you will be paying the true cost (not just a copay) of your drugs until you reach your deductible. After you reach your deductible (and plans vary widely), prescription drugs may be covered at a copay-level or cost you a percentage of the retail cost.
Drug not listed? Drugstore.com has an excellent search for retail drug prices:
URL: http://www.drugstore.com/pharmacy/drugindex/default.asp
Why Knowing Where You Stand With Your Deductible is So Important
Most American medical insurance carriers offer online claims access, allowing their members to quickly access information pertaining to their deductible and coinsurance, similar to the way online banking works. Within minutes those covered by an HDHP can view their claims, see what they have left of their deductible and/or what they have left to pay towards their out-of-pocket maximum. The problem? Even with this technology at their disposal, many insured by HDHPs have no idea where they stand with their deductible
If you have an HDHP, it is crucial that you know how much you have spent towards your deductible and coinsurance.
Problems can occur when the insured goes for services covered by their insurance and there is uncertainty about how much they have paid towards their deductible. Should they be paying in-full because they have not hit their deductible yet? Should they only be paying coinsurance? Have you already hit your out-of-pocket maximum and pay nothing?
Knowing where you stand with your deductible is of the utmost of importance the further you get in your plan year the more you have paid year-to-date towards your deductible. Ultimately the claims process initiated by the doctor/provider should make you right with your deductible and coinsurance but as an insured it is important to view your claims and deductible accumulation online to maximize your own knowledge of your high deductible health plan.
NOTE: What you have spent year-to-date from your health savings account does not necessarily correspond with how much you have spent towards your deductible. This is because there are many items that are HSA eligible expenses (pdf here) that are typically not counted towards the deductible of most HDHPs. Notably this includes eyewear and dental expenses.
2012 HSA Contribution Maximum Contributions
The IRS has recently announced the 2012 Health Savings Account Contribution Maximums. As predicted, there has been a slight increase from the 2011 figures. The single HSA maximum contribution has been increased by $50, the family maximum has been raised by $100. These number apply to the 2012 tax year and will have no effect on your 2011 contributions.
2012 Single Max Contribution: $3100
2012 Family Max Contribution: $6250
These numbers reflect a slight increase over the previous maximums, which are below.
2011 Single Max Contribution: $3050
2011 Family Max Contribution: $6150
This increase is good news for HSA account holders as from 2010 to 2011 the maximums were not increased due to low inflation rates. The IRS document outlining the 2012 funding maximum increase can be found here.
