Medicare Part D and Prescription Drug Roundup
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We recently ran across a new study by the Kaiser Family Foundation that was written by Massachusetts Institute of Technology economist Jonathan Gruber and thought it was a good time to pull together a number of great prescription and Part D resources that we’ve come across over the past few months.
Choosing a Medicare Part D Plan: Are Medicare Beneficiaries Choosing Low-Cost Plans?
The Kaiser study looked at Medicare prescription drug claims for 55,000 seniors (65 years, or older) from 2005. Gruber then modeled the plan choices for 2006 based on the advice to choose a plan based on their current medication regimen. He then compared the modeled choices to the actual choices and then calculated the differences in annual out-of-pocket prescription drug costs. Among those who didn’t choose the lowest-cost plan, enrollees would have saved $360 and $520 on average if they had chosen the lowest cost plan. On the high end, some could have saved as much as $1,360.
Open enrollment doesn’t begin until November, but it’s a good idea to keep the concepts top of mind so that you can be prepared when the time comes. You can find the full study here: Choosing a Medicare Part D Plan (PDF)
Choosing a Part D Plan? Can You Say Formulary?
Whether your choosing a standalone prescription plan, or a plan that’s part of a Medicare Advantage plan, you’ll need to know what they cover and for how much. That’s where the formulary comes in. A formulary is a list of prescription drugs covered by a drug benefit plan. It’s usually a long list of drugs with brand names and generic names, whether they’re covered by the plan and how much you might pay in terms of a copay, or a percentage of the price. You may pay varying copays for drugs that are on the formulary. For more on our post click here.
Where to Find Inexpensive Generic Meds and Why They May Not Be So Cheap in Your State
It’s likely that you’ve heard about grocery stores and pharmacies offering low prices on generic prescriptions, but you don’t know which pharmacy might offer the generic you need. Many, but not all, of the pharmacies have posted the generics that they offer at reduced prices. You might also find that those same generics aren’t available where you live. A number of states may not allow retailers to offer a product at a price below its cost. In general, there are laws against predatory pricing that, in this case, might put a local pharmacy out of business. For more on our post click here.
How to get the most from discount generic drug programs
So, what’s the best way to save money with these programs? For starters, you need to know that the stand-alone drug stores, CVS and Walgreens, charge for a generics program membership, so you won’t get the generic price automatically. Some have both 30 and 90-day prescription plans, while others only offer 90-day programs. Target, Kroger and Wal-mart provide both 30 and 90-day generic prescriptions. Most of the drugs available for a 30 days are also available for 90 days, though that’s not true of Kmart. They appear to have split the list by generics that you’re likely to get on a 30-day prescription (e.g., antibiotics for a short-term infection) from the ones that you might get with a 90-day prescription, like for chronic conditions such as high blood pressure. For more on our post click here.
Your State May Have a Prescription Drug Price Finder
We’re big fans of local resources because they tend to do a better job of meeting our specific needs. That’s why we were simultaneously excited and disappointed at the prescription drug price finders we found. A number of states offer tools that will help you find better prices on your prescriptions. We could find twelve state sites (Wisconsin thinks it’s part of Canada) that allow you to search pharmacies in your area for specific medicines. It’s difficult to tell how accurate they are, but they’re certainly worth a try. For more on our post click here.
Tips on Helping Manage Prescriptions
family and other caregivers often find themselves partially, or fully, involved in a senior’s medical regimen. This post has a number of good tips for reducing a chance of a problem with prescription, over-the-counter and herbal remedies. One of favorite parts of this post is the Pill Identification Wizard. Check it out here.
My Medicine List
This is a beautifully designed document that every senior should complete. It comes with a coversheet that has the patient complete their personal information along with emergency contact information and information on any allergies or problems with medications. Click here to see the post on My Medicine List.
So, What Can We Flush Down the Toilet?
Finally, on the somewhat lighter side…Seniors of course take significantly more prescription medications that the average adult. And while you should follow your doctors orders and finish the medicine, it’s not uncommon for a physician to change your prescription midstream leaving you with unwanted pills. Learn about what you can and cannot flush.
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