The Difference in Using Prescription Insurance Cards
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Many companies offer free discount prescription cards while others are linked to health insurance plans. There are several differences between these two types of cards. Free discount prescription cards simply offer a percentage off the price of a prescription through a store savings program or other type of program offered free of charge to consumers. On the other hand, prescription insurance cards are not free. If a consumer is fortunate enough to have a health insurance plan, it is likely that the plan will include a prescription insurance card as well. The benefits provided by this card are not free. In fact, they are tied in with the health insurance plan and the discounts – or co-pays – are paid for by the insurance company.
Some insurance plans will issue a single dual use health insurance card while others issue a separate prescription drug card. A dual use card includes all of the information provided for both health care and prescription coverage. Other companies provide you with a separate card solely for use for the Rx benefits. When the card holder presents the prescription insurance card to a pharmacy, the pharmacy notes a Bank Identification Number (BIN) that allows the pharmacy to bill the insurance company an appropriate amount for the medication. The information required by the pharmacy includes the card holder’s name, card holder’s date of birth, policy personal identification number, group number and the Rx Bank Identification Number (BIN).
