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Health insurance is a huge and diverse sector of the insurance industry, with hundreds of different policies that relate to all areas of life. health insurance policies also differ greatly depending on location, as some jurisdictions have government funded health bodies and others do not. One of the important distinctions between alternate health insurance policies is related to the level of coverage of prescription drugs. Not all health insurance plans cover the cost of medical prescriptions, and some contracts only cover specific kinds of medication under certain conditions. For anyone thinking about taking out a health insurance contract, it is important to make sure you are getting the right policy for your individual health care needs.

In the United Kingdom, Australia, and many other countries, most prescription drugs are partly funded by the government, which makes them less expensive for the end consumer. In Wales within the United Kingdom for instance, all prescription drugs are free for children, and covered as part of the nations universal health care system. Universal health care in most countries around the world is funded by multiple models, including general taxation, specific levies, and private payments. The nature of universal health care throughout the world means that private health insurance companies do not normally have to compensate people for the vast majority of prescription drugs. However, there are a number of cases where certain drugs are required for specific conditions, and these may be covered under some private health insurance models.

In the United States there are a number of tiers relating to prescription drugs, with tier one drugs being the least expensive and generally also the most common. Individual insurance companies deal with the different tiers in unique ways, so it is always a good idea to do your homework before you choose a specific insurance policy. Most health insurance companies throughout the United States will pay out for drug costs on a ratio basis, with different ratios expressed for different kinds of drugs. Exactly how prescription drugs are funded and insured is a complex operation, that depends on the public healthcare system of where you live, and what kind of health insurance policy you have taken out.