Get To Know The Over-The-Counter (OTC) Allowance Benefit
An over-the-counter (OTC) allowance benefit is a type of health insurance benefit that helps you save money on eligible over-the-counter (OTC) health and wellness products. These products are typically not covered by prescription drug coverage.
How it works
An OTC allowance benefit typically provides you with a certain amount of money each month or quarter to spend on eligible OTC products. You can use this money to purchase products such as pain relievers, allergy medications, stomach remedies, and first-aid supplies.
The specific OTC products that are covered by your plan will vary depending on your insurance company and plan type.
However, most OTC allowance benefits cover a wide range of products, including:
- Pain relievers (such as ibuprofen, acetaminophen, and naproxen)
- Allergy medications (such as antihistamines and decongestants)
- Stomach remedies (such as antacids and laxatives)
- First-aid supplies (such as bandages, antiseptic wipes, and pain relievers)
- Dental care items (such as toothbrushes, toothpaste, and floss)
- Vitamins and supplements
How to use your benefit
You can use your OTC allowance benefit to purchase eligible products at most participating pharmacies and retail stores. You will typically need to present your insurance card and a list of the OTC products you are purchasing.
There are many benefits to having an OTC allowance benefit, including:
- Saves money: An OTC allowance benefit can help you save money on eligible OTC products.
- Improves health: OTC products can help you manage your health and prevent illness.
- Promotes preventive care: OTC products can be used to prevent illness and promote overall health and wellness.
- Provides peace of mind: Knowing that you have an OTC allowance benefit can give you peace of mind knowing that you can afford the OTC products you need.
How to get an OTC allowance benefit
OTC allowance benefits are typically offered by Medicare Advantage plans and some employer-sponsored health plans. If you are interested in getting an OTC allowance benefit, you should contact your insurance company to see if they offer this benefit.
Here are some additional things to keep in mind about OTC allowance benefits:
- The amount of money you receive each month or quarter will vary depending on your plan.
- You may need to pay a copayment for some eligible OTC products.
- You may not be able to use your benefit to purchase certain types of OTC products, such as tobacco products and alcohol.
If you have any questions about your OTC allowance benefit, you should contact your insurance company.