Prescription drug coverage confusing for everyone
If you are on Medicare then you know the government has mandated that you have creditable drug coverage and that is handled through commercial insurance companies.
Always check every September when you receive your “Annual Notice of Change” for your plan because any or all of these can change:
- Your monthly premium amount
- Your yearly deductible
- How your prescriptions are classified. Has one now moved to a Tier 3,4 or 5? If so it will cost you more.
- Is your co-pay now a percentage of the cost?
Always shop around as it could save you a lot of money. The Affordable Care Act prevents Medicare from negotiating with Pharma to bring prices down. That needs to change. But until it does, here are some hints:
- You are coupon clipping now for prescriptions. Shop around – one place you can shop is www.goodrx.com. There are others but this is really easy to use.
- It may be cheaper to use a coupon and pay cash rather than using your prescription card. Show both to the pharmacist and they will tell you.
- If you think the cost is too high DO NOT BUY TODAY. If you do and you leave the store, you own it – they will not allow returns on drugs. Call your insurance agent and discuss this with them. We are well-versed in finding you options.
In my opinion the cost of drugs is the single biggest headache (and expense) that most people have. Be pro-active in finding the best price for yourself. The Pharma companies certainly won’t.
