Save $300 - $1,300 On Your Prescription Costs

Save $300 – $1,300 On Your Prescription Costs

If you take one or more prescriptions, you may be shocked to learn how much you can save by comparing plans based on the prescriptions you use and switching drug plans, when you find a better match.  This is an important financial habit to get into EVERY year.  Drug plans routinely raise premiums and co-pays, and invariably what your best choice was in 2006 no longer holds true today.  Although everyone’s savings experience will be different based on the particular prescriptions they take, consider these cases from my files**:

 

  2006 Costs  2010 Estimated Cost if Stayed in Same Plan Lowest Cost Plan 2010 Estimated 2010 Savings Using Lowest Cost Plan

Senior A

$2,515

$4,506

$3,136

$1,370

Senior B

$1,139

$2,310

$1,377

$933

Senior C

$670

$863

$531

$332

** All costs cited include premiums and prescription out-of-pocket.  

 

The way to learn about your drug plan choices is to use the Medicare Drug Plan Finder at www.medicare.gov.  You will need a complete up-to-date list of your current prescriptions.  Correct spelling is essential.  Using a computer, either you or a Medicare benefits counselor will input your information and prescription information.  The Drug Plan Finder will pull up a list of all the plans in your area and the estimated costs for each based on the prescription you currently use.

Using the tool takes computer know-how, and interpreting the results can take some special training.  You can get free unbiased help through your State Health Insurance Assistance Program (SHIP).  Call your local Area Agency on Aging.  Check the number in your local phone book and when you call, say you need help comparing drug plans. 

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