Selecting the Right Prescription Drug Coverage

No one is feeling the pinch of high-priced prescription drugs more than the elderly. That’s why in 2003, the federal government took steps to address this serious issue. The end result is the Medicare Prescription Drug, Improvement and Modernization Act of 2003 (P.L. 108-173).

Its goal is to assist individuals with limited financial means to obtain one of several new prescription drug coverage plans. Making sense of the differences between these plans can be difficult, but don’t worry. Several resources have been set up to help you make the right choice. One reference is the Medicare and Prescription Help from the Social Security Administration

Making the right choice involves first understanding the type of prescription coverage you have included in your current health insurance plan. Some of you have separate prescription plans in place right now which is why gathering together the various plans is an important first step. The goal is to determine whether the amount of prescription coverage you currently have in any way impacts your eligibility under this new prescription drug coverage law. For more information on prescription drug information, visit the Health & Human Services Medication Fact Sheet.

While you’re reviewing the coverage you currently have and what you can expect under the new law, you may find you’re eligible for other benefits offered by the government that can save you money on the prescription drugs you need. With so many programs being run by state, federal and local governments, you sometimes aren’t aware of the benefits for which you’re eligible.

Once you’ve selected the prescription drug plan that makes most sense for your situation, you should begin to immediately realize a savings. And the savings usually begin right at your local pharmacy. Those working behind the scenes of the various Medicare drug plans have successfully negotiated better pricing with drug manufacturers. The result of these negotiations has been better discounts on the drugs seniors need most.

If you’re looking to save even more money, consider switching to generic brands. Many of the higher-priced name brand drugs have generic equivalents that are as effective, but cost a fraction of the price. Another potential area for saving money can be found simply by switching to a different drug within the same drug class. These are drugs that provide benefits that are very similar to the higher-priced drugs you currently take. If you do a bit of research, you’ll see that these alternative drugs are just as effective. So why pay more when you don’t have to?

Even though the new prescription drug law got off to a rocky start, many participants are already realizing savings in the range of 60 – 71%! They’re maximizing their savings by switching to generic brands and lower-cost equivalent treatments. But wait. There are ways to save even more. Consider selecting the plan in your area that offers a low premium. Another option that may save you even more money is getting your drugs through mail order. Prices are often lower than those you’ll find at discount warehouse stores.

If saving money is important, you owe it to yourself to find out whether any of these options are worth pursuing. One of the benefits of having a non-medical home care provider is having the freedom to travel to the doctor, pharmacy, or assistance agency to get the answers that you require. A home care provider like Comfort Keepers can be liberating as they can provide assistance with walking, driving, etc to pursue answers. View some of our senior care options now.


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