By
Marc Manor
Please
forgive me, but as a lifelong sports fan, I always try to squeeze in
a sports analogy or pun when I can. If you have seen the movie
“Money Ball” and/or you are a baseball fan, you know the
importance of a good “Farm” Team System. Major League Baseball
teams find young talent and sign them to Minor League Farm Teams to
develop them as opposed to signing high priced free agents to help
their team win. This is good business for professional baseball and
the same holds true for Medicare beneficiaries. In this blog I will
explain how Medicare beneficiaries can save money by using the right
“pharm” (pharmacy) system to put together a winning team in the medicine cabinet!
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Beneficiaries
using Medicare Part D benefits have a vast landscape of plans they
can choose from. Many Medicare Advantage Plans have Part D
Prescription Drug coverage included. So how does one go about
choosing the right plan? There are a number of factors, not least of
which has to do with what pharmacy they use.
Medicare
Prescription Drug Plans frequently contract with certain pharmacies
for discounted prices for their prescription drugs. This can make a
big difference with how much a beneficiary pays for their drugs on a
recurring basis. Usually there are three categories to consider:
- Mail Order Pharmacies. Mail Order Pharmacies are usually the best way to save money on prescription drug purchases. Beneficiaries also have the convenience of having their prescription drugs delivered to their mailbox. Sometimes even deeper discounts are available for 90-day supplies vice 30-day supplies.
- Preferred Pharmacies. Preferred Pharmacies are those brick and mortar pharmacies that contract with the insurance company for discounted prices. Some of these are nationwide stores and others are locally owned businesses.
Either way, I always encourage using the Preferred Pharmacies and I recommend you get to know what pharmacies participate as “preferred” upon enrollment in any Medicare Advantage Prescription Drug Plan or Stand Alone Prescription Drug Plan.
Courtesy of FreeStockPhotos.com - Retail Pharmacies. These pharmacies will accept the insurance but not at the maximum discounted rate. I do not usually recommend Retail pharmacies in most cases because there are usually preferred pharmacies available for almost any plan in any neighborhood. If you feel loyal to your pharmacy, I recommend using an insurance plan that designates them as “preferred”.
And
as always, there are some exceptions. Some plans do not designate
“preferred” pharmacies in their benefit schedule. If that is the
case, I recommend comparing the cost structure of other plans. Of
course, it also depends on the needs of the client, the doctors in
the network etc. All these factors need to be considered before
recommending a Medicare Advantage and/or Prescription Drug Plan.
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An
independent agent will be able to objectively advise you on how to
choose your “Pharm Team” as one of the many aspects of their
service. Just as with baseball teams do, you should build your
medicine cabinet with “players” that will result in a winning
season in terms of good health and maximum savings.
Marc
Manor is a 30-year military veteran who is now dedicated to teaching
his fellow Americans how to make the most of their Medicare and
healthcare benefits. As an independent agent, Marc has access to a
wide variety of carriers with an abundance of resources to find
tailored solutions. There is no charge for a consultation so call
904-222-0698 or email: marc@marcmanor.com.
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