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Half the Senior Citizens in Medicare Drug Plans Could Have Saved Money with Better Choice
Senior Journal
November 13, 2008
CVS/pharmacy joins National Council on Aging to assist seniors in finding best plan for 2009.
Half of the senior citizens in the Medicare Drug Program would have saved over $250 this year, if they had done a better job of selecting a plan that fit their situation. It least that is what is indicated in a survey by CVX/pharmacy. The drug retailer has joined forces with the National Council on Aging to assist and encourage seniors to take the time to find the best plan possible during this open enrollment period.
The Open Enrollment Period for Medicare Part D opens November 15 and runs through December 31. CVS/pharmacy – the nation's leading retail pharmacy – and NCOA are educating seniors on how to identify the right Medicare prescription drug plan at the most affordable cost.
Among the resources is CVS/pharmacy's online Medicare Part D Calculator that offers easy access to personalized Part D comparisons, available at
www.cvs.com/medicare.
In addition to providing an online resource, CVS/pharmacy says in a news release that it has been educating seniors on the importance of reviewing plans through outreach efforts with NCOA, including senior center visits, direct mail and in-store communications. CVS pharmacists have been trained on the Medicare Part D plan changes, and are available to advise seniors based on their unique prescription history and predicted changes for 2009.
"This year, seniors can expect to see changes in most Medicare Part D plans affecting monthly premiums, co-payments and even which drugs are covered," said Dave Purdy, vice president, pharmacy operations, CVS/pharmacy.
"The good news is that those eligible for Medicare Part D can see significant savings and receive better coverage if they take the time to review their plans, and change their plan if appropriate. The CVS/pharmacy Medicare Part D Calculator is extremely useful in helping seniors navigate the maze of monthly premiums, deductibles, prescription co-payments and covered drugs in order to find the right plan for them."
"We urge people who qualify for the prescription drug benefit to consider their options and realize the potential to save," said Stuart Spector, Senior Vice President, NCOA. "Prescription drug coverage can make a significant difference in the health and lives of people with Medicare, especially those with limited income and resources who may qualify for the extra help."
When evaluating plans, CVS/pharmacy and NCOA recommend three factors for consideration:
Cost: What is the plan deductible, monthly premium and prescription co-pay for the prescriptions you regularly take?
Coverage: Are the prescription medications you regularly take covered in the plan? Are there restrictions such as prior authorization?
Convenience: Can you fill the prescription at the pharmacy of your choice?
The CVS/pharmacy Medicare Part D Calculator guides seniors through this decision-making process step by step. After entering basic information such as ZIP code, current prescription drug coverage, and prescription medications, seniors are guided through a series of options:
Seniors can indicate whether they prefer to find plans with the lowest annual cost or find plans that cover all current medications with the fewest coverage limitations even if it means paying higher annual costs
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They can also make choices about medication in the coverage gap - also known as the "donut
hole".
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Seniors can find out if they qualify for Extra Help from the Social Security Administration.
Lastly, seniors are presented with a list of the top plans that best meet their needs, including information on estimated annual cost, monthly premium, deductible, limitations on medications and gap coverage. The plans can be compared by each criterion.
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