HOW TO MAKE THE MOST OF YOUR MEDICARE PART D DRUG PLAN BENEFIT
QUESTION: I am new to Medicare, how do I maximize my Part D drug plan benefits and get the most savings on my medications?
ANSWER: I am going to walk you through step-by-step of how to get the most savings out of your drug plan.
. This is the time of year that you can change your drug plan, making sure that you continue to have your drugs covered at the lowest prices. All the drug plans change the drugs they cover on their formulary and the prices they will charge you every year! Don’t make the mistake of just “keeping what you have”. Your loyalty will cost you! YOU NEED TO FIND THE PLAN THAT WILL SAVE YOU THE MOST IN CO-PAY’S AND PREMIUMS ON THE FIRST 2,700 DOLLARS OF YOUR PLANS BENEFIT BEFORE THE “DREADED DONUT HOLE” IN 2009.
2. January 1st of every year your Part D drug plan benefits start over. You will have to purchase $2,700 worth of medications before you fall into the “dreaded donut hole” in 2009. This is not the co-pay costs, but the RETAIL COSTS are used to add up your purchases. To maximize your benefits you can begin by NOT purchasing as many of your generic drug as possible using your drug plan. WHY? Wal-Mart and some other large retailers have a list of over 300 generic drugs that they sell for $4 for a 30-day supply. If you email me, I will send you this list. If you don’t like using Wal-Mart for some reason, many chain drug stores are doing this as well. Check with them and buy them without using your drug plan, don’t give them your drug plan card and tell the pharmacy this is not to be added to your drug plan coverage.
The reason for this is that every prescription you purchase goes toward the “dreaded donut hole”. If you purchase your generics off your drug plan, you will have more money left in the pot to pay for your expensive medications, thereby keeping you OUT of the “dreaded donut hole” longer! Also, when your doctor prescribes a NEW drug for you, tell him/her then and there that you need to use the older tried and true meds, instead of the new designer drugs that are so expensive, IF your doctor feels like you will be able to get the same results. For those of you that love Sally Field (I DO) and the other celebrities that sell designer drugs and you want to help the drug companies pay their huge salaries for their endorsement (I DON’T), please ignore this advice. HA! Then tell him/her you need to take samples first , to make sure this drug will work for you. You would not believe how many prescriptions people get each year that go toward their “dreaded donut hole” and they end up NOT EVEN TAKING THEM, BECAUSE THEY DON’T LIKE THE SIDE-EFFECTS, OR THEY SIMPLY DON’T WORK FOR THEM . This will keep you out of the donut hole longer as well!
3.
The only folks who need to be concerned about what happens when they hit the “dreaded donut hole” are the folks who know they WILL get to the other side and begin the catastrophic coverage of 95%. Most people don’t fall into the donut hole. The rest fall in and never reach the other side. If you fall into either of those categories, you should STOP USING YOUR DRUG PLAN when you reach the donut hole. You MUST continue to pay your monthly premiums so you won’t have a penalty, but THERE IS NO NEED TO PAY MORE FOR YOUR MEDICATIONS THAN YOU ABSOLUTELY HAVE TO PAY!! You will need to do a little research at this point and call your pharmacist and other drug stores to see how much your medications will cost using your drug card, and how much they would cost without using it. Many of the drug plans charge you a higher retail price while you are in the “dreaded donut hole”
to make up for loses they incurred while you were on the much cheaper co-pays amounts. YOU CAN BUY OR ORDER YOUR MEDICATIONS ANYWHERE YOU CAN FIND THEM CHEAPER!! You can’t afford to be loyal to your drug plan as they are not loyal to you!
4.
If you have serious on-going health problems and know that you take so many medications that you will ACTUALLY fall into the donut hole and make it across to the 95% catastrophic coverage, YOU MUST CONTINUE TO USE YOUR PART D DRUG PLAN CARD SO THAT ALL THE MEDICATIONS YOU PURCHASE GO TOWARD YOUR GETTING OUT OF THE DONUT HOLE.
Now, please read my other drug savings tips and donut hole advice by clicking on them in the category section on the left side of this page! I have much more to tell you!
I hope this answered your question, if not, please write to me, Karyn Blake, and I will find an answer for you ASAP.
