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(HealthNewsDigest.com) – WASHINGTON, D.C. — Consumers Union, the independent, nonprofit publisher of Consumer Reports, today urged Medicare beneficiaries to use the November and December Part D Prescription Drug Plan open-enrollment period to check for savings.
“The Medicare website can help you save hundreds and even thousands of dollars,” said Consumer Union health analyst Bill Vaughan.
Vaughan noted that by going to www.Medicare.gov, individuals can confidentially list the drugs they need and immediately see which plans offer the best package of premiums, deductibles and copays for those particular drugs.
“It is very important to list the specific drugs you are taking,” said Vaughan. “When you go to the website and type in your zip code, you get a list of thirty to fifty plans. But if you fail to type in your specific drugs, the plans are automatically ranked from low-cost to high-cost based on an estimated annual drug cost. This number assumes an average beneficiary drug cost. We encourage you to type in your specific medications because that will give you very different and much more accurate ranking of plans.”
“If you only look at the list of drug plans that are listed by their ‘estimated annual drug costs,’ and pick the lowest cost plan, you may not get the best deal,” said Vaughan. “In fact, you could be getting a very bad deal. Typing in your specific drugs at the Medicare website will show what your true costs will be. For example, we entered just five common drugs at the website and found savings of $800 to $1500 a year or more compared to just picking the lowest cost ‘estimated annual drug cost’ plan.”
The following chart shows the type of savings available on five fairly common drugs. The drugs are Altace 10 mg, Celebrex 200mg, Lipitor 10 mg, nifedipine 30 mg extended release, and Zoloft 100mg.
#1
#2
#3
#4
Area
“Lowest cost plan” on the Medicare website, without entering sample of 5 drugs
True cost of “lowest cost plan” in column #1 when you enter the sample of 5 drugs
Best cost plan available if you need the 5 drugs
Savings, if you typed in the drugs you take and picked the best cost plan
(column #2 minus #3)
Long Island, New York
$1,627
$4,340
$2,788
$1,552
Florida panhandle
$1,627
$4,328
$3,231
$1,097
Northern California
$1627
$4,350
$3,496
$854
“Instead of relying solely on the ‘estimated drug cost’ option, you can use the website to fine tune the data, and we urge shoppers to do so. It can save you a bundle,” said Vaughan.
“Another reason to shop is that the value of your plan may change from year to year,” said Vaughan. “What was a good deal last year may not be this year. You won’t know unless you shop.”
“Not everyone is comfortable using the computer to visit these websites,” continued Vaughan. “If you’re not comfortable using the site, we urge you to ask a relative or a friend to help you. The bottom line is, take the time to shop around. It could be worth a lot of money for a few minutes of shopping.”