How to Stay Out of the Dreaded "Donut Hole" on Your Part D Medicare Prescription Drug Plan
Now that we are several years into the Part D prescription drug program, Medicare customers have found many reasons to be dissatisfied.
The biggest fear is ending up in the dreaded coverage gap commonly known as "the donut hole".
Simply put, your plan stops paying once a certain amount, just over $2800 for 2010, has been spent on prescription medication.
It is extremely important to understand that the full retail price of medicine is used to calculate the amount towards the coverage limit, not the co-pay amount that your plan provides.
With this in mind, it's easy to see how just a couple of brand name medications could put you over the limit.
Consumers have become savvy in finding ways to stretch their benefits and thereby beating the system.
Here are some techniques that everyone covered by a Part D plan should consider: oSpeak with your physician about any of the brand name medications that you take to find out if there is a generic alternative medication that would work as well for you.
Lower cost generics and alternatives can save hundreds or thousands of dollars.
oSpeak with your physician about increasing the dosage of your medication and using a pill splitter.
Since most Part D plans charge a co-pay, regardless of the dosage, splitting pills can stretch a one month supply to last two months.
This can be done for both brand and generic drugs thereby cutting the number of times you get refills in half.
oDo not use your prescription drug plan for low-priced generic drugs.
Many pharmacies are offering these medications at extremely low prices, however, presenting your drug card allows the pharmacy to file a claim with your insurer and the full retail price is applied towards your coverage limit.
The low cost specials being offered on generics is available to anyone with or without a prescription drug plan.
TIP! In order to avoid confusion, it may make it simpler to purchase the low cost drugs from one pharmacy which never has your coverage information and purchase the brand names from another pharmacy with which you use your Part D plan.
oTake advantage of lower prices by using mail order and 90-day supply offerings by your pharmacy and prescription plan.
Some may provide buy two, get one free specials or even give you the generics for free.
oMake a year-end purchase of a 90-day supply on any medication you take regularly if you are not currently in the coverage gap.
This will allow you to be ahead for a few months of the new year when your coverage limits start over.
This will be of tremendous help should your medication usage or cost increases in the new year.
oAsk your physician for samples.
They are usually glad to help if all else has failed and you ended up in the gap.
Much time and effort is spent trying to pick a plan based on the premium cost and plan features, however, using the techniques described in the article can potentially save as much or more money than the plan itself.
The biggest fear is ending up in the dreaded coverage gap commonly known as "the donut hole".
Simply put, your plan stops paying once a certain amount, just over $2800 for 2010, has been spent on prescription medication.
It is extremely important to understand that the full retail price of medicine is used to calculate the amount towards the coverage limit, not the co-pay amount that your plan provides.
With this in mind, it's easy to see how just a couple of brand name medications could put you over the limit.
Consumers have become savvy in finding ways to stretch their benefits and thereby beating the system.
Here are some techniques that everyone covered by a Part D plan should consider: oSpeak with your physician about any of the brand name medications that you take to find out if there is a generic alternative medication that would work as well for you.
Lower cost generics and alternatives can save hundreds or thousands of dollars.
oSpeak with your physician about increasing the dosage of your medication and using a pill splitter.
Since most Part D plans charge a co-pay, regardless of the dosage, splitting pills can stretch a one month supply to last two months.
This can be done for both brand and generic drugs thereby cutting the number of times you get refills in half.
oDo not use your prescription drug plan for low-priced generic drugs.
Many pharmacies are offering these medications at extremely low prices, however, presenting your drug card allows the pharmacy to file a claim with your insurer and the full retail price is applied towards your coverage limit.
The low cost specials being offered on generics is available to anyone with or without a prescription drug plan.
TIP! In order to avoid confusion, it may make it simpler to purchase the low cost drugs from one pharmacy which never has your coverage information and purchase the brand names from another pharmacy with which you use your Part D plan.
oTake advantage of lower prices by using mail order and 90-day supply offerings by your pharmacy and prescription plan.
Some may provide buy two, get one free specials or even give you the generics for free.
oMake a year-end purchase of a 90-day supply on any medication you take regularly if you are not currently in the coverage gap.
This will allow you to be ahead for a few months of the new year when your coverage limits start over.
This will be of tremendous help should your medication usage or cost increases in the new year.
oAsk your physician for samples.
They are usually glad to help if all else has failed and you ended up in the gap.
Much time and effort is spent trying to pick a plan based on the premium cost and plan features, however, using the techniques described in the article can potentially save as much or more money than the plan itself.
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