Prior to joining Medicare most people don’t realize the very high costs of prescriptions.
Most pre-65 and Group Insurance plans (other than High-Deductible HSA type plans) have simple copays for drugs … e.g. $10/$40/$60… or $7 generics 50% brand name up to $125 max.
After joining Medicare, this all changes since the Initial Coverage level with Part D is capped ($3,700 retail cost in 2017).
For example, if you happen to be a diabetic taking the following common medications, you would hit the donut hole in month 3 or 4.
Prior to the donut hole you may have a reasonable copay e.g. $30-$50 for each of these three medications, but then when you reach the donut hole and have to pay 40% the cost of these medications (until you reach catastrophic coverage). After 12 months on Part D, you are likely to spend $2,000-$3,000+ just on these three drugs!
This is just one example of many high cost RX examples we see for people on Medicare.
Below is a list of 7 tricks to help save on your RX costs.
Each of these tricks could save you hundreds or even thousands of dollars per year on your RX costs!
Bottom line, you should work with an expert to make sure you are optimizing your RX dollars each year.
Call now 908-272-1970 if you need help signing up for Part D, or you can fill out our FREE RX Analysis Form each year during the Annual Enrollment Period (Oct 15 – Dec 7).
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