Why Synthroid is No Longer Covered by Insurance?
Why Synthroid is No Longer Covered by Insurance? What used to be one of the most commonly prescribed drugs in the country is suddenly no longer covered by most insurance plans.
Why Synthroid is No Longer Covered by Insurance? What caused this shift? How does it affect you? And what can you do about it?
Why Synthroid is No Longer Covered by Insurance? Let’s take a look at the details behind this change and find out why Synthroid is no longer covered by insurance, so you can make an informed decision about your treatment plan and health coverage.
What Is Synthroid?
Synthroid is a medication used to treat an underactive thyroid, a condition in which the thyroid gland doesn’t produce enough of the hormone thyroxine. This can cause problems with growth and development, metabolism, and body temperature regulation.
What Is the Difference Between Generic and Brand Name Drugs?
When it comes to prescription drugs, there are two main types of drugs: brand name and generic. Brand name drugs are created by a pharmaceutical company and are usually more expensive than their generic counterparts.
Generic drugs are made after the brand-name drug’s patent expires and are typically cheaper. So, why is Synthroid no longer covered by insurance?
Why is Synthroid no longer covered by insurance?
Why Synthroid is No Longer Covered by Insurance? There are a few reasons why Synthroid, a medication used to treat hypothyroidism, is no longer covered by insurance. One reason is that there are now generic versions of the drug available.
Insurance companies often prefer to cover generic drugs because they are less expensive. Another reason is that there are other options available to treat hypothyroidism, so Synthroid isn’t considered essential.
Finally, insurance companies may have found that Synthroid isn’t as effective as other treatments or that it has more side effects than other options.
How Much Does it Cost Patients Who Use Brand Name Drugs?
In many cases, the cost of brand-name drugs like Synthroid can be much higher than their generic counterparts. This is often because insurance companies will only cover the cost of generic drugs, as they are typically much cheaper.
However, there are some exceptions to this rule. For example, if a patient has a medical condition that requires them to use a brand-name drug, their insurance company may cover the cost of the medication.
What Other Side Effects Can Result from Taking a Brand Name Drug over a Generic Drug?
One of the most common brand-name drugs that people take is Synthroid, which is used to treat an underactive thyroid.
According to the FDA, generic drugs are just as safe and effective as brand-name drugs. So why is Synthroid no longer covered by insurance?
Could This Case Affect Me or Anyone I Know?
In September of last year, the U.S. District Court for the District of Massachusetts ruled that Pfizer, the manufacturer of Synthroid, had engaged in unfair methods of competition against generic manufacturers of levothyroxine, the active ingredient in Synthroid.
Why Synthroid is No Longer Covered by Insurance? As a result of this ruling, some insurance companies have stopped covering Synthroid.
Where Do We Go From Here?
It’s been a little over a year since insurance companies stopped covering the cost of Synthroid, and many patients are still struggling to pay for their medication. Here’s a look at why this happened and what patients can do to get the help they need.
In January of 2018, the FDA released a statement saying that they had found evidence that Synthroid was no longer effective in treating hypothyroidism.
Conclusion – Why Synthroid is No Longer Covered by Insurance?
There are a few potential reasons why Synthroid might no longer be covered by your insurance. One possibility is that your insurance company no longer covers the medication, which could be due to a change in their formulary or contract with the drug manufacturer.
Another possibility is that you’ve reached your maximum coverage for the year and need to pay for the medication out-of-pocket. If you’re unsure of why you’re no longer covered, call your insurance company and ask to speak with a customer service representative.