Healthcare Soundoff. Tracking Today's Vital Issues.

Drug Cost Savings? (4/21/2008)

Question:  My health insurance keeps changing my prescription drug benefit. It always seems to raise my costs for the drugs I need. How can I save money on my prescription drug costs?

Answer:  Tough question.  Most health insurance drug plans have raised the co-payments for the most popular drugs.  Now drug plans have four separate benefits.  Each benefit has different co-pays such as $10, $20, $30, and then a fourth level that requires you to pay full price.  If you are seriously ill, have a chronic disease, or mental health condition you are likely looking at a 50% increase in your drug costs. You do not have many options other than raising your deductibles and paying for drugs from a health savings account.

Another option we have read about is to look into a pharmaceutical discount card.  Certain Medicare Part D programs issue these cards along with the benefit card knowing that many Medicare recipients depend on the highest costing drugs.  Many of these cards generate a savings of 20% off the retail price of brand name prescription drugs.  Search for the websites of large “pharmacy  benefit managers” for information on these cards.