Tuesday, 9. March 2010
The cost of Prescription drugs are increasing dramatically and unfortunately more and more of the expense is coming out of the consumer’s pocket. As only about 60% of employers help to cover health insurance and prescription costs for their employees, this places more of a burden on the consumer. A 4-Tier Prescription plan is an option that saves you money on your prescriptions and makes prescription coverage more affordable for you.
What is a 4 Tier Plan?
With a 4 Tier plan, prescription medications are divided into co-payment categories that are called Tiers. A consumer’s co-payment is normally the least for generic or brand name medications that are on the Preferred Brand Drug List. Example of Tier Pricing: Drugs in the 1st Tier are priced less than $10, prescriptions in the 2nd Tier are less than $20, drugs that fall in the 3rd Tier are less than $50 and drugs that are in the 4th Tier are at special negotiated discount prices. Consumers can normally fill prescriptions at most pharmacies and there are no deductibles that have to be met, no age requirements, no claims forms and no waiting periods. Consumers simply present their prescription card to the pharmacist to receive the discounted Tier pricing.
Are Generic Medications a Good Alternative?
A drugs brand name, is the trade name under which the product is marketed and sold, and is protected by patents so that it can only be produced by one manufacturer for a certain number of years. Generics are basically a chemical copy of the brand name drug. The drug may look different such as a different color or shape, but the active ingredients must be the same for both. Using Generic drugs does not compromise the quality of your health care and they are lower-cost alternatives to brand name drugs. The preferred drug list contains only FDA-approved generic medications. Brand name drugs are also included on the Preferred Brand drug list.
How can a 4 Tier Prescription Plan be beneficial for you?
A 4 Tier prescription plan is designed to provide you and your physician with a high quality benefit. One that helps manage costs while still offering enormous choice. When you visit your physician, take your prescribing guide with you and have your doctor choose a preferred drug that is in the same therapeutic class in place of an expensive brand name medication that is right for you. This can significantly lower your prescriptions costs and allow you to keep more of your hard earned money in your pocket.
Today’s consumer must take a more active roll in his or her own healthcare and the associated costs. A 4 Tier Prescription plan provides a prescribing guide with the preferred drugs available in each Tier. This allows you, along with your physician, to choose a drug from the same therapeutic class that is right for you and that can save you a substantial amount of money and put you in more control of your out of pocket prescription expenses. 4 Tier Prescription plans are available to both individuals and employer groups.
Posted in Articles by Prescription Savings -
Tuesday, 9. March 2010
Our situation: Self-employed (husband is a contract-only self-employed software architect; I work for his business in an administrative capacity – so techinically, I am his “employee”). Two adults, two small children. All healthy.
Currently we pay for a PPOM that allows for 2 office visits/person/year + $35 co-pay. VERY LIMITED coverage (inpatient only + preventative care such as OB-GYN stuff and well care for kids). Individual deductible = $1000 per person/ $2000 per family, then 80% coverage to $15,000 (our max out of pocket); then 100% coverage. Premium totals over $5200/yr and increases about 18-21% a year (no prescription coverage, of course)
A year ago our accountant advised switching to HSA type health insurance because he said the write-offs would be much greater. Now he’s not sold on the idea. We’d like to better understand where the tax write-offs would be and what the potential savings are in switching (or not switching).
If we switch, the HSA type would cost about $900 less per year in premiums. Family deductible amount (there is no individual deductible) shoots up to $5800.
NO office visits covered. Preventative package would include “covered” services such as OB-GYN w/ mammogram; well-child care consisting only of $500 max limit for vaccinations for kids – but all out of pocket expenses, as they would fall under the deductible first.
We are a healthy family, but this past year we had some unexpected health set-backs (my husband broke his nose, and my son had a trip to the ER for something minor on a Saturday night ). I had a CT scan, which cost a bundle and turned out normal (thought I had a hernia). We spent well over $3000 ON TOP OF our premiums (this for a PPOM), and we STILL did NOT meet our $2000 family deductible!
What does and does not constitute as going toward the deductible is sometimes quite nebulous, it seems.
My question is: with the numbers in mind – should we switch? Or stick with the PPOM? And why?
Thanks to any insurance and / or accounting expert/professional who takes the time to give us some insight into this whole HSA vs. PPOM thing.
Posted in Answers by Prescription Savings -
Monday, 8. March 2010
Legally Save Massive Amounts Of Money On Your Divorce.
Legally Save Thousands On Your Divorce.
Posted in Articles by Prescription Savings -
Monday, 8. March 2010
I was in the past month hospitalized twice.I lost my job,have run out of food,have no money in savings or in hand.I feel I should not ask to borrow money from anyone because i have NO income,therefore i am unable to repay any “borrowed” money.I need prescription medicine NOW. My LIFE depends on it!
I DO NOT HAVE ANY DEPENDENTS UNDERAGE,THEREFORE I DO NOT QUALIFY FOR WELFARE TYPE PUBLIC ASSISTANCE. I ALSO AM WITHOUT ANY TYPE OF TRANSPORTATION..
Posted in Answers by Prescription Savings -
Sunday, 7. March 2010
The increasing costs of prescription drugs, combined with a lack of prescription drug coverage, is leaving patients without the medication they need. Fortunately, help is available. A national study has shown that 17% of the population lacked any type of health insurance whatsoever. Even more amazing, a staggering 26% did not have insurance covering prescription drugs.
Those numbers are escalating as drug prices continue to grow. The AFL-CIO Task Force on Prescription Drugs reports there are a few factors that contribute to the quick increase in prescription drug expenditures: a.) the increasing number of prescription drugs per person; b.) the availability of newer, more expensive prescription drugs that replace older, less expensive medicines; and c.) the price increases of existing drugs. In response, governments have tried to control increasing prices by limiting the useage of prescription medicine, pressuring pharmaceutical companies for price breaks, and changing the Medicare payment system. It is estimated that total spending by and for Medicaid beneficiaries will more than triple over the next decade, from $71 billion in 2001 to $228 billion in 2011.
Having a condition or disease can put a lot of strain on a person’s body and mind. To compound the problem further, many patients have low income, with little or no drug insurance and limited “disposable” income which can be designated for medical care. Even those with medical insurance know there are no guarantees: many have had to meet increasing deductibles and had drugs go partially covered – or totally uncovered. There are several ways around every healthcare roadblock.
Lack of insurance coverage is a prescription for disaster, while most drug costs are quickly escalating, the cost of brand name drugs is escalating even more quickly. Can you take the generic version of your medicine? Ask your doctor and pharmacist if your prescriptions can be filled with the lower-cost generics. In some instances, this isn’t possible because the brand names are more efficacious than their generic alternatives. Many healthcare providers will assist their patients by giving free samples of the prescription medicine. While samples are not a permanent solution they can help in time of need. Ask your healthcare provider.
One of the best ways to get low cost or free prescription medicine is to talk to the manufacturer. Contact the company and ask about their Prescription Assistance Program. Almost all drug companies offer these programs, which enable patients to receive prescription drugs they need at a price they can afford. You and your physician will need to complete an application. Patient Assistance Programs run by manufacturers have been in existence for over 17 years. These programs are designed to assist eligible patients who can’t afford their prescription drugs due to limited income or other financial hardships. Pharmaceutical companies did not want their low income customers to be forced to make a choice between paying for life saving prescription medicine or for paying for rent or groceries. As a result, patient assistance programs came into being as part of the company’s philanthropic efforts. Until relatively recently, very few patients knew about the existence of these programs or could follow the complicated application process that was necessary for participation. In many cases several applications had to be filed with several different drug manufacturers in order to gain access to a prescription advocacy program.
The manufacturers seem to believe that providing information on their websites and toll-free numbers is essentially all that people need to access PAPs. They just don’t understand the inability of many patients, particularly those on multiple prescriptions from 2 or more physicians to follow through with the confusing application process. It also places an unfair burden on the doctors that are already overburdened with paperwork. Fortunately there are companies that will perform the task for people for a fee. These prescription assistance companies will generally coordinate the process from beginning to end. Of course the prescription assistance is free and if people are capable of doing it themselves they should, but for those people that just do not have the ability to do it themselves, the hiring of a company to do the job is a better option than not taking the prescriptions they need.
Kirby Horton is Founder, President and CEO of Rx HELP
, a Prescription Assistance Company. He has over 30 years experience helping Americans with their healthcare needs. He can be reached at 866-960-9497
Posted in Articles by Prescription Savings -
Sunday, 7. March 2010
i have recently been diagnosed with genital herpes, although i have not had a blood test yet to confirm it. I went to walmart to get a prescription of generic valtrex filled and my total came to a ridiculous $244! i can not afford this kind of medication, i told them to just put it back. I have bad insurance, its called a health savings account and apparently it helped a little with the cost of the valtrex (what a joke). i am only 18 years old and will have to live with this the rest of my life, its painful and i feel that i can not have intercourse until i am on medication that will reduce the chances of me spreading it. Is there another way to get this medication at a cost that i can actually afford? Or is there a way to make my outbreaks less frequent or painful? If i get medicated i will have less outbreaks, it will lessen my chances of spreading it, and it will reduce my pain and discomfort so i am very desperate. If u have ANY information i will be extremely grateful.
i live in the US
Posted in Answers by Prescription Savings -
Saturday, 6. March 2010
Posted in Articles by Prescription Savings -
Saturday, 6. March 2010
Recently our company converted our health insurance into HSA+ high deductable, as such, we have to pay out of pocket for our prescription drugs. Shopping around in the web, with canadian drug sellers, I’ve found same brand drug running at 1/3 the price here in US and generic (not offered at our local pharmacy) is at 1/10 the price. I wonder whether anyone has tried Canadian drug companies, and can share their (+/-) experience. In particular, I am concerning about the safety but get motivated by the savings.
Added note: I used to pay $25/month for this prescription (30day supply) with the old issurance, Costco wants $115 and CVS wants $120; several canadian drug companies offer this at $120 for 90 days supply. And $30/ 90 days if I go with the generic version.
Posted in Answers by Prescription Savings -
Friday, 5. March 2010
Discover More Than 119 Green Solutions That Will Put Money In Your Pocket And Help Save The Planet! Tips On Saving Energy, Organic Foods, Recycling, Recycled, Environmental And Eco Products, Lowering Carbon Emissions, Reducing Waste And Solar Products.
Money Saving Green Solutions.
Posted in Articles by Prescription Savings -
Friday, 5. March 2010
Cam I purchase prescription for my children with HSA or is it only for me?
thanks!
Posted in Answers by Prescription Savings -