Welcome to RxSavings Solutions » Medicare Part D

Part D Medicare Plans

Michael Rea, PharmD — Sun, 23 Oct 2011 16:00:54 +0000

This year, Medicare opened registration for selection of your medicare part d plan a full month earlier than in previous years (typically November 15th, this year opened on October 15th). This was done in an effort to give more time to make choices, and have those choices implemented by the start of the new year. But buyer beware, picking the wrong Part-D plan could cost you hundreds or even thousands of dollars in unnecessary expenses. It is important to do your research aside from what your insurance agent is selling you. One such tool can be found at Medicare.gov or through our services at Rx Savings Solutions.

We realize the task of picking a Part-D plan can be an intimidating process. The plan that is best for your spouse or a friend, likely isn’t the best plan for you. And every retail drug store is pushing their own plan, advertising low prices that only apply to a select few medications to lure you in. So how do you sift through all of this information and make the right choice? This year, you can contact Rx Savings Solutions to speak with a highly trained pharmacist for a 30 minute phone consultation. Our services guarantee to help you choose the most economical plan for YOU, not the insurance salesman or insurance company. Finally, there is a trained professional on your side! Don’t wast time, call today to set up your free appointment! 1-800-268-4476

Medicare Part-D Open Enrollment

Michael Rea, PharmD — Sun, 14 Nov 2010 16:00:47 +0000

It’s that time of the year again, Medicare Part-D Open Enrollment! Starting tomorrow, November 15th, enrollment in a Medicare Part-D Plan for the 2011 year will be open and available until December 31st, 2010. Using the Medicare Part-D Plan finder is a great way to assess your current coverage, and make potentially less costly choices in your drug regimen (along with Rx Savings and your doctor), for next year.

Although the enrollment period is open for 6 weeks, we suggest doing your homework and registering before Thanksgiving. We suggest this for several reasons, one being the distractions of a busy time throughout the Holiday Season from the end of November until January 1st. The other, and maybe more applicable one, the government and corresponding insurance companies move rather slowly…..in some cases very slowly.

You can use the government plan finder found at: https://www.medicare.gov/find-a-plan/questions/home.aspx.

As always, if you need help or would like to be sure you save all of the money you possibly can next year, contact one of our professionals online at pharmacist@rxsavingsllc.com or call us toll free at 1-800-268-4476 for more information.

How does that 50% doughnut hole prescription discount work?

Michael Rea, PharmD — Sun, 15 Aug 2010 16:00:09 +0000

From Consumer Reports:

Question When I filled out the Medicare prescription compare plan, I miscalculated my husband’s insulin prescription. Consequently, we reached the doughnut hole within five weeks. In 2011, we are told that we will be paying 50 percent less on name-brand drugs while in the doughnut hole.

Will the full price of the drugs be deducted from $4,550 that the feds require us to pay? Or, will it just be our 50 percent share, meaning we’ll still end up paying $4,550 in the long run?

Answer Good news for you—it’s the former.

Here’s an explanation from our go-to experts at the Medicare Rights Center.

The 50 percent discount for brand-name drugs that will be applied beginning in 2011 will effectively shrink the $4,550 doughnut hole for you. Both what you pay out of pocket AND the 50 percent discount will count toward the $4,550.

Healthcare Reform and Medicare Part-D Doughnut Hole Changes

Michael Rea, PharmD — Sun, 28 Mar 2010 14:58:00 +0000

It is no doubt that over the last week or two, you’ve read articles, watched t.v., or listened to the radio where Healthcare Reform was the main topic. No matter what side of the fence your on, the bill has passed, and so it is important to understand how it will affect you over the coming years. This week, we’ll take a look at how Medicare Part D or Medicare Prescription Drug Coverage will be affected. Here is the breakdown:

In 2010, Medicare Part D participants who reach the coverage gap (otherwise known as the doughnut hole) will receive a $250 rebate
In 2011, Medicare Part D individuals who reach the coverage gap will receive a 50% discount on brand name drugs, but not until they reach the coverage gap.
Brand name drugs will be subsidized slightly more each year between 2011 and 2020, eventually reaching a cost sharing structure of 25% paid by the individual and 75% paid by the plan sponsor (insurance company) in 2020.
Generic drugs will be subsidized for those in the coverage gap starting in 2011 at a rate of 7% per year, eventually reaching a cost sharing structure of 25% paid by the individual, 75% paid by the plan sponsor (insurance company) in 2020.

Each year, 14% of all Medicare Part D enrollees fall into the coverage gap or doughnut hole. Often times, this is an avoidable circumstance and one the professionals at Rx Savings Solutions are trained specifically to deal with. If you’re one of those people paying to much for your medications out of pocket each month, contact us at pharmacist@rxsavingsllc.com today!

Stats were gathered from the Kaiser Family Foundation. For more information, visit their website at http://www.kff.org/healthreform/upload/8059.pdf.

Rx Savings Solutions: Your Prescription for Drug Savings!

Picking a Medicare Part-D Plan for 2010

Michael Rea, PharmD — Sun, 06 Dec 2009 17:58:20 +0000

It’s that time of year again, the holiday season is upon us and there is much to do. If you’re over age 65 or know someone who is, remember that it is also that time of year to pick a Medicare Part-D Plan for your prescription drug benefits for 2010!

Picking a plan is complex process, with considerations including monthly premiums, brand and generic copayments, and protecting against falling in to the dreaded coverage gap, otherwise known as the doughnut hole. In 2007, 25% of people enrolled in Medicare Part-D plans fell into the doughnut hole and were responsible for 100% of the money for their prescription drugs out of pocket. This amount in 2010 could be as much as $4,550! Coupled with this are insurance ads and sales pitches from brokers that can further cloud the picture. Instead, try using the Medicare Part D Plan Finder. Or, you can call 1-800-633-4227 for assistance over the telephone. These non-biased government resources give you the best chance to pick a plan that fits your needs, and keeps you from being sold something you don’t need.

A few things to remember for picking your prescription drug plan:

1. Use non-biased tools and resources to help pick your prescription plan and lower your out of pocket spending. This can include government resources as well as third party resources who don’t have a vested interest in your choices, like Rx Savings Solutions.
2. $4,550 is the amount you could be responsible for out of pocket if you hit the coverage gap or doughnut hole. This happens after the $2,830 of initial coverage shared between you and your prescription drug plan is exhausted.
3. Avoiding the doughnut hole by lowering your prescription costs at the begining of the year is a good way to start. Talk with your doctor about using our prescription drug list for cost savings on some of your brand name medications. Or, employ the Rx Savings Solutions team to make the suggestions for you, and find you the lowest prices on all of your prescription medications!

Remember to take some extra time to do the research and choose wisely now! You’ll be happy you did!