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Are You Paying Too Much For Your Prescription Drug Plan?

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Are You Paying Too Much For Your Prescription Drug Plan?

By Marlo Sollitto, AgingCare.com contributing editor

Many seniors who are covered by Medicare are paying more than they need to for prescription drugs, according to a study by PlanPrescriber. The research suggests that far more Medicare beneficiaries could benefit from comparing their Medicare prescription drug plan options during the Medicare Annual Enrollment Period to determine if there is a more cost-effective plan available to them. In fact, according to the results, 90% of seniors are not in the Medicare prescription plan with the lowest out-of-pocket costs.

The Caregivers’ Guide To Medicare Open Enrollment

The study evaluated more than 22,000 Medicare beneficiaries who entered their current plan and medication information into the PlanPrescriber.com tool during last year’s Medicare Annual Enrollment Period. Only 7% were in the Medicare prescription drug plan with the lowest total out-of-pocket costs available to them, and less than 10% were in the Medicare Advantage prescription drug plan with the lowest total out-of-pocket costs available to them. The study also found that in at least 18 states, nearly 90% of users could reduce their total out-of-pocket costs for prescription drugs by switching to a plan that optimized their prescription drug coverage.

Related:
Deal-a-Day Healthcare: Bargain or Bad Idea?
Warning Signs That Your Finances Are Off Track
Are You Responsible for Your Parents Debt?

90% of Seniors Pay Too Much for Medicare Prescription Drug Plan originally appeared on AgingCare.com.  Check our Medicare Open Enrollment section for all your Medicare information.

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21 comments

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8:33AM PDT on Apr 6, 2012

thanks for sharing

7:47PM PST on Jan 5, 2012

Great article!

9:31PM PST on Nov 13, 2011

I am inching up there and am looking at the option. Right now I am scared. Apparently the decision as to which health care plan covers what medication is a nightmare. People supposedly specialize trying to make heads or tales out what should be a simple process. Congress has made another mess I am afraid.

5:01AM PST on Nov 10, 2011

Whether you are a senior or just an average American citizen or legal resident, the cost of healthcare in the USA is absolutely OBSCENE!!!! So many people die from lack of healthcare due to NO insurance. So many people have no insurance because they can't afford it! If this country had done YEARS AGO what so many other countries have done and provided healthcare for their people (with some very MODEST co-pays), this country would not be going through what it is going through now! Don't let them fool you with false statements. My brother in Canada just had a knee replacement and he was in the hospital 4 days and it did not cost him a penny!!!! He also has a nurse coming to his house daily for a week!!! In the USA, you would be pushed out of the hospital in 2 or 3 days and pay through the nose for copays and co-insurance etc., not to mention what you pay monthly for that health insurance!!! If the USA had set up a plan YEARS ago, it would already be in place and the cost would have been included in the budget. Instead they let the medical society and pharmaceutical companies pay them off and now affordable healthcare is like a pipe dream! You either pay or you die or live in pain! The USA is a great country to live in IF you have money - a lot of money to cover your healthcare! God help you if you get sick and you don't work for a big company that provides decent coverage! Many do NOT now!

7:27PM PST on Nov 9, 2011

I recently turned 65 and already Medicare is a royal pain in my rear. My doctor and I have had to change three of my drugs, since they aren't covered. I've taken these drugs for years and have had no trouble with them. Now trying to find something that is covered is taking a toll on me because of side effects and such. Sigh...this is just the beginning.

7:08PM PST on Nov 9, 2011

Thanks for this article. I've tried to understand if it would be advantageous for my parents to be on a plan - not much luck.

1:44PM PST on Nov 9, 2011

You just can't get old anymore.....too costly.....what a shame in the United States of America.......

1:08PM PST on Nov 9, 2011

I guess the only thing we can do is just not get sick. If you do, we just hang in there and hope your own bodies defenses help it pass. Pharm companies are a joke. I always thought social security and medicare where an award for making it. After working and contributing until 62yrs of age anyone deserves to take it easy. Dislike for the elderly is one prejudice we all get over if you live long enough.

12:37PM PST on Nov 9, 2011

Medicare is too expensive for me

10:42AM PST on Nov 9, 2011

thanks

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Disclaimer: The views expressed above are solely those of the author and may not reflect those of
Care2, Inc., its employees or advertisers.

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