Tips for extending your benefits
When you apply to join the Chronic Illness Benefit, and Bankmed reviews your application, we suggest that your treating Healthcare Professional prescribes the generic version of the medication. We do this to make sure you have the best cover for your condition.
By law, only you and your treating Healthcare Professional can decide what treatment is best for you. We will not change your medication without your Healthcare Professional’s permission.
Choose medication wisely
According to the International Generic Pharmaceutical Alliance, generics can be between 20 and 90 percent cheaper than the original medication. When you collect your medication from the pharmacy, ask the pharmacist if a generic is available and the cost implication. You can save by using a single medication to treat a number of symptoms. For example, if you have a runny nose, congestion and headache.
What is a generic medication?
A generic contains the same active ingredients as the original medication, but comes in different packaging. They have the same dosage, strength, quality, performance characteristics and intended use as the original. They are usually less expensive than the original medication. Original medication is more expensive since only the company that developed it can sell it just after they produce it. Generics are made when the patent runs out, and different companies can manufacture the medication.