What To Look For When Evaluating Medicare Prescription Drug Plan Options: The Three

People with Medicare can start saving money by enrolling in the government’s prescription drug plan, and with open enrollment running through May 15, 2006, there is still time to save. “This is the most significant change to Medicare since the program’s inception, and it will offer people with Medicare more choices than ever before,” said Scott Latimer, M.D., Central and North Florida Market President for Senior Products at Humana, one of the nation’s leading private sector Medicare insurers. “In order to select the plan that best meets their needs, beneficiaries will need to carefully evaluate their options prior to enrolling.” When choosing a plan, people with Medicare and their family members and friends involved in the process need to factor …

Helping The Elderly Avoid Prescription Drug Problems

According to the National Alliance for Caregiving, there are over 33 million people in the U.S. who care for an aging relative or friend. Caregivers need to be aware that drug errors can happen and may be serious, but often are preventable. The problem stems largely from the multiple drugs seniors are prescribed and the complex network of physicians and pharmacists caring for them. According to Medco Health Solutions, Inc., the average senior takes nine prescription medications a year. One in four seniors sees four or more different physicians and uses three or more different pharmacies. To help prevent errors: • Make and take a medication list including prescription and over-the-counter (OTC) medications, any vitamins or herbal supplements and present …

Cutting Prescription Drug Costs

There are a number of ways to cut prescription drug costs-without sacrificing safety or effectiveness. Try these tips: • What’s In A Name?-Finding generic versions of name-brand drugs can cut costs by a significant percentage. For instance, people who take one of the more popular cholesterol-lowering drugs could save about $175 per prescription if they stuck to the generic versions. • Finding Generics-Your pharmacist or doctor can tell you if the generic version of a drug is readily available in the U.S. You can also check with groups such as 1-800-USAVERX. The company gets drugs from FDA and World Health Organization (WHO)-approved facilities overseas. These markets do not have the same pricing regulations and patent laws as those found in …

Prescription Drug Coverage

Prescription drug coverage is an important aspect of overall health care coverage. This article will briefly discuss the types of coverage that are available, as well as some things you should be aware of when choosing a plan. Most people obtain their prescription drug coverage as a part of their overall medical insurance plan. Most medical plans include some form of prescription drug coverage, and some states actually require employers to include this coverage in the medical plans that they offer to employees. Whether purchased independently or in combination with other coverage, the available types of coverage are similar. Traditional, or fee-for-service coverage is the most common form of prescription drug coverage. This type usually has an annual deductible amount …

Stock Investing – Midterm Elections Make Drug Companies A Sale

Stock investing is tough enough when you have to deal with the specifics of a company and an industry. When you throw politics into the equation it becomes a whole new ball game. Now stock investing can be a crap shoot at best. Let’s take a look at what’s going on currently, and you decide. First let’s look at a little history. For the better part of 50 years, the drug industry has been nothing short of a fabulous stock investment. Whether it was Johnson & Johnson, Pfizer, Merck, or any one of a dozen other drug companies that developed into giants, you would have made a killing with these stocks. One of these companies Johnson and Johnson is the …

A Step-by-Step Guide to Medicare Part D’s Prescription Drug Plan

By May 15 of this year, if you haven’t signed up for the program, you could end up without drug coverage, or have to pay the penalty for applying after the deadline. The penalty is a 1% increase in your premium for each month after May 2006 in which you don’t enroll. The following is a step-by-step guide designed to get down to the basics of Medicare Part D, cut through the jargon, and tells you exactly what you need to know. Step #1: Eligibility. Are you eligible for Medicare’s new prescription drug plan? Simply put, if you are eligible for Medicare Part A or Part B, you are eligible for Part D. Step #2: Cost. What will Medicare Part …

A New Concept in Prescription Drug Savings for Victims of Medicare Part D’s Dreaded “Doughnut Hole”

Many seniors who have signed up for the Medicare Prescription Drug plan are shocked to find out that they are already hitting the dreaded gap in coverage known as the “doughnut hole”. During this gap in coverage, between $2250 and $5100 in prescription drug spending, Medicare Part D participants lose coverage, must continue to pay their monthly premiums and are 100% responsible for paying for their medications themselves. Once they hit the doughnut hole, this massive jump in monthly medication expenditures makes it very difficult for some Plan D participants to cope financially. In a recent Business Week article, Bruce Stuart, director of the Peter Lamy Center on Drug Therapy & Aging at the University of Maryland, estimated that about …