Sunday, 18. July 2010
Most of us are painfully aware of the sky-high cost of prescription drugs. The person you’re caring for may be one of the many people 65 and over who have enrolled in a Medicare Part D prescription drug plan to offset those costs. But most Part D drug plans don’t cover any drug costs during the program’s “doughnut hole” — when the patient’s total drug expenses for the year reach $2,700 (in 2009) but his out-of-pocket costs for the year haven’t yet reached $4,350. Or he might not be enrolled in a Part D drug plan. In either case, you’ll want to find ways to save money on out-of-pocket prescription drug costs. A number of sources for discounted prescription drugs are described here.
Switching to other drugs
Could the person I’m caring for switch to a generic prescription drug?
He may be taking a brand-name prescription drug that has a generic equivalent. In virtually all cases, there’s no difference whatsoever in the active ingredients between generic and brand-name drugs. If a generic is available, it usually costs far less than the brand name. He can check with his doctor or pharmacist to see whether a generic is available. The pharmacist can also tell him how much he would save by switching. If he has any doubts about whether the generic would work as well for him as the brand-name drug, he can ask his doctor.
Is there an equivalent prescription drug a patient could take?
Different companies within the pharmaceutical industry often produce virtually identical drugs under different brand names. One may be significantly cheaper than another. If a patient is taking a brand-name drug that has no generic equivalent, he can ask his doctor whether another company sells a nearly identical drug under a different name, then ask his pharmacist whether it’s less expensive.
If there’s no cheaper brand-name prescription drug with the same active ingredients, the doctor may know of a somewhat different drug also used to treat the same illness or condition. It may have come on the market after the person in your care began taking the other drug. Or maybe his doctor prescribed the other drug out of habit without considering an alternative. He can ask his pharmacist whether there’s a significantly cheaper option to the drug he is taking. If so, he can check with his doctor whether it’s a good idea to try it. He should ask whether the new drug is likely to be as effective as the one he’s currently taking and what side effects it may have.
Are free sample of drugs from his doctor?
Pharmaceutical companies constantly give doctors loads of free samples of the medications they sell. The reason is simple: They want the doctor to think of their prescription drugs when he’s writing prescriptions. But they also want him to give away the samples to patients in the hope that the drug will be effective and the patient will continue to use it.
Doctors often give away a free drug sample to a patient who only needs one dose. Before the person in your care fills an expensive prescription, he should ask if his doctor has any samples.
Doctors also frequently give a sample to a patient who’s trying out a prescription drug for the first time. But there’s no reason a doctor can’t give away a number of free samples to the same patient. If a patient is without prescription drug coverage for a period of time — for example, when he’s within the Medicare Part D “doughnut hole” — he may want to ask whether his doctor could provide him with samples to tide him over until his coverage kicks in again.
Getting financial help
Are there any state or local community assistance programs available? Some states and local communities have programs to help older adults pay for a prescription drug when the drug or the patient isn’t covered by a Medicare Part D plan or by Medicaid. Some of these programs offer discounts on all drugs, while others help only with certain common drugs. Often such programs limit their help to low-income, low-asset seniors. To qualify, a patient would need to provide evidence of his financial situation, which might include tax returns and bank, property, and investment statements.
Who’s eligible for veterans’ benefits drug coverage?
If someone is a veteran, he may be eligible for free or low-cost medical care from the Department of Veterans Affairs (VA) healthcare providers. Different levels of VA coverage — called “priority groups” — are available to veterans with various types and eras of service, sources of medical condition, and financial status.
VA medical care can include free (for low-income veterans) or low-cost prescription drugs provided at a VA pharmacy. However, a VA doctor must prescribe these drugs. A veteran enrolled in Medicare is entitled to coverage for medical service from either the VA or Medicare but not both. So a patient who normally receives a prescription for a high-priced drug from a non-VA doctor would have to see a VA doctor to get the same prescription and have a VA pharmacy fill it at low or no cost.
To find out more about VA benefits, you can visit the Department of Veterans Affairs website. You can also call the general benefits phone service at 800-827-1000 or the health benefits service at 877-222-8387.
Discount drug programs
Is there a pharmaceutical company discount program for prescription drugs? Some pharmaceutical companies have programs to help low-income seniors by providing certain medications at reduced costs. The programs usually have strict income guidelines and offer only small discounts on certain medicines. Still, even small savings on an expensive medicine can add up if someone takes the drug regularly.
To get the reduced price, a patient must register directly with the pharmaceutical company’s program. His doctor might also have to fill out papers required for enrollment in the program. And some programs provide the drug to the doctor, who then distributes it to the patient.
Are there any nonprofit or retail prescription drug discount programs a patient could join?
Some nonprofit organizations that cater to seniors or have large numbers of seniors in their membership have programs to help members get discounted prescription drugs. These include both national and state organizations, some connected to a particular professional, union, or fraternal group. There may be a membership fee, plus a co-payment for each prescription, and the total savings for any prescription is probably no more than 10 percent. But a 10 percent discount on an expensive medicine can be significant.
Many large pharmacy chains also set up programs to provide discounted prescription drugs for people with Medicare. These programs usually issue a membership card, which a person must present each time he buys a drug at one of the chain’s stores.
Can someone get prescription drugs from Canada?
Hundreds of thousands of people in the United States buy prescription drugs online or by mail order, or travel to Canada from border states to fill their prescriptions. The total runs to billions of dollars a year. The reason? The Canadian healthcare system negotiates with the pharmaceutical companies for reduced prices. Anyone buying these drugs — the same drugs that are sold in the United States for 50 to 80 percent more — in Canada benefits from the discount. The law is murky on this subject; technically, U.S. Customs could seize such drugs, but in practice they almost never do.
To help the person in your care find a reliable Canadian source for prescription drugs, you need to take several steps. First find various options online by searching the Internet for “prescription drugs Canada.” Then investigate any particular source by entering the name of the service in a search engine to look for reports of poor service or fraud. Check with any office of the nonprofit State Health Insurance Assistance Program (SHIP) or Health Insurance Counseling and Advocacy Program (HICAP) to vet the reputation of a Canadian pharmacy service that you’re considering. You can find the number for a local office online or in the white pages of the phone directory under SHIP or HICAP. Finally, start small — the first time, order only the smallest available amount of one medication. If that works out well, he can expand his orders to include other prescriptions or larger amounts.
How can I find prescription drug discount programs?
The Medicare website has a link called “Lower Your Costs During the Coverage Gap”, which can direct you to several other links with information about state and local government and pharmaceutical company discount programs. You can get the same information by calling Medicare toll-free at 800-634-2273.
Free information on discount drugs is also available from the federal government’s Area Agency on Aging, a clearinghouse for information about many issues concerning older adults. To contact it, go to the Area Agency on Aging website or call 800-677-1116.
Some online clearinghouses for drug discount information can also direct you to pharmaceutical company, retail, and other drug assistance programs. Among them are Pharmaceutical Research and Manufacturers of America, the Medicine Program, and Volunteers in Health Care.
Caring.com Editorial Team
Caring.com features original content focused exclusively on eldercare matters. Our 20+ editors and writers research and fact-check every article meticulously, and our advisory board reviews the site regularly to assure the accuracy and relevance of the material we publish. We have hundreds of articles and checklists on health, housing, finance, legal and family issues, and other caregiving concerns, and we’re adding new articles and other resources every day.
Saving money on prescription drugs
Posted in Articles by Prescription Savings -
Sunday, 4. July 2010
With more and more small companies opting not to provide health benefits, more individuals and their families are being forced to purchase affordable health insurance on their own. But this can be easier said than done.
One of the most common mistakes that can be made is to try and replicate the benefits under a former group plan. Typically, these plans are very expensive in the individual market, primarily because of lower deductibles and co-pays for everything from physician visits to prescription drugs.
A viable alternative for many people is to consider a health savings account plan instead of a traditional health insurance policy with low deductibles and co-pays. A health savings account plan consists of 2 elements: 1) a high deductible health insurance policy (or HDHP) and 2) a savings account that is similar to an IRA (because it offers tax advantages).
Here is a 5-point plan approach to help individuals make the switch to a health savings plan:
1. Instead of an expensive policy with a low deductible, carry a low cost plan with a high deductible. This alone can save thousands a year in premiums.
2. Take the money saved on premiums and deposit it into a special tax-sheltered HSA. These deposits are 100% tax-deductible “above the line,” so you instantly lower your tax bill each time you merely deposit money into your savings account.
3. You can then withdraw money from the HSA on a tax-free basis to pay routine medical bills during the year. When you use tax-free money to pay medical bills, you are using discounted dollars to pay those bills, thereby lowering their actual cost to you.
4. Most larger expenses should be covered under your high deductible health plan (after the deductible has been satisfied, subject to policy terms, benefits, and limitations).
5. What you don’t use from the health savings account each year is always yours! The unused funds remain in the account and continues to grow on a tax-deferred basis, just like an IRA. In fact, HSA plans are often referred to as “medical IRA” plans because they help supplement your retirement, just like an IRA.
By following this 5-point plan, you should see your health care account grow and grow over time. It’s a much more attractive option for most people than paying high premiums for health care they rarely need.
This article was written by C. Dean Richard, a benefits broker who has specialized in health savings accounts for individuals and the self employed since 1999. His expertise with health savings account plans has earned him the nickname “the HSA king.”
Posted in Articles by Prescription Savings -
Monday, 31. May 2010
I have a new option of the HDHP vs a PPO at work. These are the numbers I have come up with so far. Last years total out of pocket $5700 including premiums and co-pays. The HDHP is offered with all preventive medical and prescriptions at 100%, $1500/3000 deductible and $3000/6000 max out of pocket. A $2000 contribution to a HSA by the employer. With the PPO I would pay $3300 in premiums next year. So I figure those two together in a HSA would be $5300. About $3500 of last years costs would be covered as preventative under the new plan. So I see a net savings of about $1800. Something seems to good to be true here. Anyone been down this road yet and willing to lend some insight? Family is 2 40yr olds and 3 and 9 year old girls.
Posted in Answers by Prescription Savings -
Tuesday, 20. April 2010
There is a saying that health is wealth. But life is unpredictable, full of twist and turns and if you do not plan ahead it can spell disaster for your personal well-being and your budget. So having a Medicare Prescription Drug Coverage is vital to wellness and peace of mind.
Imagine yourself as a Senior citizen and you were driving along in a familiar street, enjoying the summer air floating inside your car; it seems like a perfect day as you passed by beautiful houses and happy looking people. Suddenly a sharp pain was felt in your chest. You become dizzy, your vision becomes blurred, and you can’t even remember if you managed to stop the car.
You woke up inside a hospital. The joyous feeling was replaced by fear. Somewhere along the way, you discovered a part of you is missing. You just had a heart attack! But you thought it would not happen to you. You were after all, can be considered a health conscious elderly. Worst! What ever pain that ails you, it becomes intense as you think about the hospital bills and the drug expenses.
That is why having Medicare prescription drug coverage is as important to any individual because not having any health care coverage at all can be a drain in the Family’s pocket. Since January 2006, voluntary outpatient prescription drug benefit took effect. It is available to millions of elderly and disabled beneficiaries who enroll in private plans approved by Medicare to offer coverage. Medicaid is now being replaced by Medicare as the primary source of doing coverage for disabled and low-income people.
There are two types of Medicare Prescription Drug Plans:
A) Stand-alone prescription drug plans (PDP) for people getting other Medicare benefits like the fee-service program.
B) Medicare advantage prescription drug (MA-PD) plans, such as HMO’s or PPO’s that cover drugs and other Medicare benefits.
Medicare Prescription Drug covers for the payment for both generic and brand named drugs; it also offers a choice of plans to Medicare Beneficiaries. There are four ways that Medicare Drug plans may require you to pay your share and these are:
1.Premium
2.Deductible
3.Copay
4.Coinsurance
Cost will vary depending on which plan you choose. There are some people that can qualify for extra help paying for their cost. You can also contact the Social Security Administration should you think you are not qualifying for extra help.
Most Medicare drug plans require that you used a pharmacy. It has a list of pharmacies called the “Pharmacy Network” on which you can used to get your prescription filled. While the start of 2006 is a very good year for Seniors without coverage that can now avail of the Medicare approved plan that would cut their yearly drug cost in half, in return for a $35 monthly premium while low-income Seniors will received additional help from a $600 annual subsidy.
But before getting a plan, figure out first what plan is best for you that give overall value. Consider the cost coverage, and convenience. Determine if you went a higher monthly premium, but a lower copay or coinsurance on each prescription or pay a higher copay or coinsurance on each prescription but for a lower premium.
What ever you decide, regardless of your income, illness or status everyone needs a Medicare Prescription Drug plan, it offers savings and it will ease the burden on your family expensive cost of drugs out in the market today. So do plan your health needs. It’s one of your best investments which help you be prepared for unexpected medical expenses.
Posted in Articles by Prescription Savings -
Tuesday, 13. April 2010
Ameriplan Dental gives you immediate savings. Features of the plan include:
*Nearly 30,000 network dental providers
*You may choose the dentist of your choice
*25%-80% savings on dental procedures preformed by a Plan dentist.
*Special savings on specialist work such as, braces, oral surgery, root canals, and children’s dental work.
*NO waiting period
*NO limits on number of visits
*You know the discount amount you will pay
*NO paperwork, NO insurance companies to deal with
*PLUS you receive FREE Vision, Prescription, and Chiropractic Care Plans.
Visit our website to learn more www.mybenefitsplus.com/kkimball
Posted in Answers by Prescription Savings -
Sunday, 28. March 2010
No waiting period,
No pre-authorization for treatment,
No exclusions on lab procedures,
No paperwork,
Instant savings,
All specialist included,
All ongoing medical problems accepted,
Cosmetic surgery included,
Mental health sevices included,
Ancillary services included,
No age limit,You can change physicians whenever you want.
Membership Fee Quaranteed For Two Years.
$49.95/mo. for individual membership.
$59.95/mo. for your entire household.
Includes medical, dental, vision, prescription and chiropractic.
Save up to 50% or more.
For more details please respond to this question and I will gladly answer any unanswered questions you may have.
This plan is designed for people without any medical, dental, vision, prescription or chiropractic coverage and Remember, this is NOT INSURANCE. This is a Discount Medical Plan. You simply present your plastic card to your provider and pay up front their discounted fee.
Posted in Answers by Prescription Savings -
Friday, 19. March 2010
I have been contributing a substantial amount to my savings plan since the first of the year. In May I received notice that I was part of a “short term layoff”. I have been using enough vacation in each pay period to pay for my benefits (I was told that I would have full benefits through the end of June – if I wasn’t back to work by the first of July I would have to go on Cobra). During the time I have purchased glasses and prescriptions that I submitted and was reimbursed for by my flex account. Now I’m receiving word from my company that they are going to take out “negative balance” of my flex account for the year from my last paycheck in June (I’m cashing out my vacation). I was always told that if an employee dips too far into their account before the payments were received that the company “ate it”. I have been told this is the law. They are still referring to me a a ’short term layoff’. I haven’t been dismissed yet. Can they do that?
Posted in Answers by Prescription Savings -
Tuesday, 16. March 2010
A few questions on ‘health savings plans’. Can I use the funds in these plans to cover my insurance deductibles? Prescriptions? Also, are they available to use for dental procedures or optical frames?
Basically, I don’t understand how they work (how do I get access to the money), or what they’re for.
Thanks!
Posted in Answers by Prescription Savings -
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 -
Sunday, 28. February 2010
I have medical insurance but no prescription drug plan associated with it. The price of my medications w/o insurance is ridiculous. I found Drug Card America, a free drug card with 50% savings for 90 supply at a lot of pharmacy’s. Its free and all they ask for is name and birth date? But when something seems to good to be true it usually is. Is this legit? Is it worth my time?
Posted in Answers by Prescription Savings -