Prescription Drug Plan

Published: | Updated: October 7, 2017

Definition - What does Prescription Drug Plan mean?

A prescription drug plan is an insurance plan that provides coverage for the cost of prescription drugs. These policies are often used as a supplement to standard health insurance policies.

Insuranceopedia explains Prescription Drug Plan

Prescription drugs can amount to a significant portion of a person's health expenses. While a health insurance policy might cover prescription drugs, it might not cover the full amount. And a policyholder who needs many of them might go over their policy limit. Unless they also have a prescription drug plan, they will need to pay the excess costs themselves.

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