November Newsletter 2009

Seniors Save Big!

In 2009, PlanPrescriber helped seniors realize an average annual savings of $612 by switching from their current Presciption Drug Plan (PDP) to their optimal PDP.* Seniors can save hundreds or even thousands of dollars by evaluating their needs and comparing PDPs, Medicare Advantage, and Medicare Supplement plans in their zip code. Since its release, PlanPrescriber has identified more than $2 billion in savings.

There are several factors to consider when choosing a Medicare Advantage, PDP, or Medigap plan. Many opportunities exist to save on healthcare and prescription drugs if you know how to navigate the system. Remember that drug plans change the list of drugs they cover each year so it is important to make sure the drugs you take will still be covered in 2010. To make sure that you are getting the most out of your MA, PDP, or Medigap plan, start by evaluating your needs.

Questions to ask yourself:

• What prescriptions do I take? What dose do I need? Would I be willing to use a generic substitute for brand names?
• How much did I spend on healthcare in 2009? Review records and receipts.
• What are my health care needs for 2010?
• How much am I willing to pay for premiums, deductibles and copayments?
• Does my plan include prescription drug coverage? Does it include any additional benefits?
• Do my doctor, hospital, and pharmacy accept the plan?

Once you are ready, you can go online to the Medicare Advantage, PDP, or Medigap finder tools and compare the plans that meet your criteria. Now is the best time because Annual Enrollment Period begins November 15th, and this will be your opportunity to join, change, or drop a Medicare Advantage or Part D plan. The tool will easily guide you through a comprehensive comparison of your plan options and provide you with the information you need to be confident in your choice. If you have more questions or would like to explore if you could be saving money by switching plans, call 1-800-819-6906. In the meantime, check out our tips on how you can start saving now!

Get the most bang for your buck:

• Use generic alternatives to brand name drugs when possible. Discuss your prescriptions with your doctor and/or pharmacist to see if generic alternatives can save you money.
• Ask about mail order options. This may save you 30-60% on your co-pay for the drugs you take on a regular basis.
• Join a Prescription Drug Plan (PDP) or a Medicare Advantage Plan with a PDP
• If you are of limited financial means apply for one of the many public assistance programs you may be eligible for. See http://www.ssa.gov/prescriptionhelp/ to find benefits programs.
• If you are Medicare participant with limited income and assets, you may be eligible for the Low Income Subsidy (also known as Extra Help) through Medicare’s Part D coverage. Call 1-800-819-6906 to find out if you qualify.

* Source: Experion Systems, Inc analysis of 10,033 seniors using PlanPrescriber between Nov.1 and Dec. 31, 2008. Assumes prescriptions entered in 2008 remain constant in 2009. Compares senior’s 2009 rates for their current 2008 Med D Plan to the cost of their optimal 2009 Med D Plan.

Read the other November Newsletter articles:

• Medicare Fraud on the Rise: Don’t Be a Victim
• Get Ready for Annual Enrollment – November 15th
• The 2010 Medicare Changes Are In