Don’t Show Your Medicare Prescription Card!
February 26, 2008 11:46 pm Prescription DrugsJust because you have a Medicare Prescription Card, doesn’t mean you have to use it every time you get a prescription. In fact, you shouldn’t use it if you are getting a generic prescription at one of the retail pharmacies that offers $4-$5 generics. For those of you familiar with the “Donut Hole,” or “Gap” you know that when your the total retail cost of your prescriptions in a calendar year reaches $2,510 you enter the donut hole and Medicare quits paying for your prescriptions. So you need to stay below the gap, or delay it for as long as possible. That is why you shouldn’t use your card when you get inexpensive generic prescriptions.
Do the Math
Even though your co-pay for a generic prescription may be $5, the retail cost could be $10, $20 or even $50. It is the retail cost that is added to your annual total. So if you have 4-5 generics with a total retail cost of $100, then you are adding $1,200 to your “Getting towards the Gap” total. If you don’t use your Prescription card, and simply pay the same $4-$5 price at Walmart, Kroger, or any of the other pharmacies that offer the low cost generics then may delay or eliminate the gap.
Related Topic
If the first two paragraphs make sense, then it will make perfect since why you should try to use generic versions of all of your prescriptions. For exactly the same reason only more drastic. The retail cost of preferred and non-preferred brands will range from $20 to $150 or much more. Again do the math. If you reach the gap at $2,510, then you need to keep the monthly retail total of your prescriptions below $209.16. ($2,510 / 12). You should be getting a monthly statement from your Part D plan. The statement will tell you exactly what the retail costs of your prescriptions are. If that number is above $209 per month, then you need to convert some of your brand named prescriptions to generics if at all possible.
I’m working on a video that will describe the “Donut Hole” in great detail. I’ll post an announcement here when it is finished.
Best Regards
Mark 12:31