by Gabriel Levitt, President, PharmacyChecker.com and Prescription Justice | Oct 30, 2015 | Drug Prices, Medicare Drug Plans
We’re two weeks into the open enrollment period of Part D Medicare Drug Plans and it is my deepest hope that if you are a Medicare enrollee then you are taking time to find the best plan. It’s not easy. Finding the right plan, however, could mean getting the medications you need to stay healthy, saving money, and avoiding lots of headaches throughout the year. Our website, MedicareDrugPlans.com, gives you basic information, such as premiums, deductibles and coverage levels, but also ratings and reviews about Part D plans that can inform you about the experiences of your peers in using the different plans. Your final search should be with the government’s website – Medicare Plan Finder – where you can find the plans that cover the medications you are already taking now and specific costs related to those plans. Below are key points about costs and coverage.
Part D Plan Costs
Plan costs have gone up this year. The deductible cap increased by 12.5%, from $320 to $360. Fifty-three percent of the plans are charging the full deductible, while the other 47% charge less. Average premiums have increased from $36.68 in 2015 to $41.46 in 2016. The lowest monthly premium is $6.80, that’s if you live in Puerto Rico and choose the Humana Preferred Rx Plan. The highest premium is $174.70, that’s if you live in Florida and choose Blue MedicareRx Option 2.
Part D Plan Choices
The overall trend of having fewer Part D plans to choose from continues this enrollment season, down to 886 this year compared to 1001 last year. Looked at historically, the declines are even more striking, as there were 1,875 plans in 2007. These numbers are the totals available in all states and U.S. territories but options are really state-based. Alaskans had only 19 plans to choose from, compared to a high of 29 in West Virginia and Pennsylvania.
Part D Plan Coverages Phases
There are four coverage phases for Part D plans: deductible, initial coverage period, the coverage gap, often referred to as the “donut hole,” and catastrophic coverage. The deductible is pretty straightforward–you pay the full cost of your medications up until that dollar amount, which can be as high as $360. During the initial coverage period, you usually pay about 25% of drug costs and the plan picks up 75% until total costs have reached $3,310. At that point you’re in the coverage gap, but you’re paying discounted prices, 45% and 58% of brand and generic drug costs, respectively. Once total costs have exceeded $7,515, you are in catastrophic coverage territory, and only have to pay 5% of your total drug costs until the next year begins.
Understanding these generalities about Part D plans is important, but the devil is in the details, which can only be understood through research. It’s not enough to just stick with the plan you have. Nine out of 10 Medicare enrollees do not change plans, and many end up with higher drug costs because they don’t. The landscape of plans changes every year; so do your research, shop around, and get the best plan for your health and wallet!
For a thorough plan analysis see Kaiser Family Foundation.
For ratings and reviews, check out www.medicaredrugplans.com.
To finalize your decision go to Medicare Plan Finder.
Tagged with: donut hole, Kaiser Family Foundation, Medicare Drug Plans, Medicare Part D, medicare plan finder, Medicare.gov, medicaredruglans.com
by Gabriel Levitt, President, PharmacyChecker.com and Prescription Justice | Oct 23, 2015 | Drug Importation, Government
In his article for AFRO – “A Growing National Outcry for Lower Prescription Drug Prices” – we were pleased to be noted by Congressman Elijah Cummings (D-MD) as a supporter of the Prescription Drug Affordability Act of 2015, and one of several organizations, including Public Citizen, Families USA, and Knowledge Ecology International that “speak of millions of Americans.” The bill was also introduced in the Senate by Senator Bernie Sanders (I-VT), who is a candidate for the Democratic Primary.
Rep. Cummings highlights the fact that American public opinion is overwhelmingly in favor of legal and regulatory reform to bring down drug prices. His legislation calls for Medicare to negotiate drug prices with drug companies, ending “pay-to-delay” deals, which are often characterized as payoffs from brand to generic drug companies to postpone introducing a lower cost generic, and reforming drug importation laws to expand our access to lower cost medications in other countries.
PharmacyChecker.com is not taking sides in a partisan fashion. Republicans, Democrats, and independents agree on the urgency of tackling drug prices in America. Sen. John McCain (R-AZ), Charles Grassley (R-IW), and David Vitter (R-LA) have all introduced and sponsored drug importation reform legislation over the past few years that we support. Another example is Republican presidential candidate Mike Huckabee, who wrote an op-ed strongly in favor of legal reform of drug importation to help Americans buy lower cost medications from Canada.
The most critical factor is that we move in the right direction towards expanding access to affordable medication, and we salute Congressman Cummings for doing so.
Tagged with: Bernie Sanders, Charles Grassley, Congress, David Vitter, drug importation reform legislation, drugs from canada, Elijah Cummings, John McCain, Mike Huckabee, personal drug importation, Prescription Drug Affordability Act of 2015
by PharmacyChecker.com | Oct 16, 2015 | Drug Prices
“Migraine” by Sasha Wolff from Grand Rapids – Can’t Concentrate: 14/365. Licensed under CC BY 2.0 via Wikimedia Commons.
Dr. David Belk, a practicing physician in California, healthcare cost research guru and Huffington Post blogger, recently wrote a story about the huge difference in price faced by one of his patients when trying to fill a prescription for the migraine medication called Maxalt (rizatriptan). Since my daughter suffers from migraines, I know how debilitating migraine headache can be and how important it is to have the medication when you need it.
Essentially, Dr. Belk discovered that Walgreens, a big chain pharmacy, was charging much more money than another pharmacy – in this case Costco. The price for the generic at Walgreens without insurance was $1,490 for 40 pills, or $37 a pill, and even with insurance the price was almost $17 dollars a pill. But Dr. Belk’s patient ended up getting the medication at Costco for $1.03 per pill!!
Now ordinarily here’s where we’d write about how you might consider PharmacyChecker- verified international online pharmacies to purchase Maxalt or rizatriptin if you don’t have insurance – but you would not need to. According to Dr. Belk’s post, Costco’s price was the cash price! None of the online pharmacies in our program sell it for just over a buck a pill. It’s the cheapest in the U.S.A.!
A few months back, Tod Cooperman, MD, founder of PharmacyChecker.com was on Fox and Friends talking about another big chain pharmacy, one accused of overcharging consumers for generic medications. It seems that the problem is not just Big Pharma but Big Pharmacy.
Drug prices these days seem to be all over the place. The moral of this story: shop around as much as possible and don’t trust your friendly neighborhood chain pharmacy or assume that international online pharmacies are cheapest. I know it’s enough to give you a headache, even a migraine, but finding the lowest drug prices will help lessen the pain.
Tagged with: Dr. David Belk, Drug Prices, Huffington Post, maxalt, migraine, rizatriptan, Tod Cooperman, walgreens
