Do You Know The Difference Between Premiums and Co-Pays on Your Part D Drug Plan?
Yesterday, one of our Personal Consultants was on the line with an elderly gentleman trying to make a decision on his Medicare Part D Plan. He was so concerned about his premium being under $30 a month, that he was not paying any attention to his co-pay amounts.
We were trying to show him that although his premium could be $35 a month on his Part D plan, the co-pays on this particular plan were much lower than the plan he was looking at with a $30 premium. He just could not understand this concept.
On the $35 premium plan his Lipitor was going to be $20 a month. On the $30 premium plan he was going to pay $40.
So, to save $5 a month in premium, he was willing to pay an extra $20 a month for his Lipitor.
WHY?
Because, he didn’t understand the difference between the meaning of Premium and Co-Pays.
The PREMIUM is the monthly amount you pay to the Insurance Company to have your Medicare Part D Drug Plan in force. This comes out of your Social Security Check or you can have it on a bank draft.
The CO-PAY is the amount you will pay for your medications when you take your Drug Card from the Part D Plan you have enrolled in to the pharmacy.
If you have several different medications that you take each month, the co-pays can add up quickly and if your co-pays are higher than necessary, you will be paying so much more! It almost negates the importance of a lower premium altogether.
These comparisons will be LIVE ONLINE, Nov. 15th thru Dec. 31.
Please go there begining Nov. 15th and if you need help, please call
toll free 866-752-1795. Our licensed and certified Personal Consultants will be standing by to help you!
