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(NAPSI)-Medicare's Part D prescription drug program is giving seniors much-needed help in paying for outpatient medications. The year after the program was implemented, American Medical News reported that seniors who did not have prescription drug coverage before enrolling in Part D were able to fill nearly twice as many prescriptions and cut their out-of-pocket costs nearly in half after enrolling. Prescription drug costs, however, continue to rise. According to a Kaiser Family Foundation report, retail prescription prices increased an average of 7.5 percent a year from 1994 to 2006, almost triple the average annual inflation rate of 2.6 percent. Rising costs, coupled with Part D's deductible and "Donut Hole" (a coverage gap), can still put seniors living on fixed incomes in a tough spot. "All seniors need to know how Medicare prescription drug coverage can help them," said Scott Perry, president of Bankers Life and Casualty Company, a national life and health insurer serving the retirement market. "They also need to be aware that there are many resources available to them and simple steps they can take to keep their out-of-pocket costs in check." First, don't overlook the importance of smart shopping when it comes to choosing your prescription drug coverage. The federal government's Medicare Web site (http://www.medicare.gov/) has a listing of available plans and lets you submit a list of your current medications to see what plans will cover them, in addition to comparing rates, policy benefits and limitations. Next, check with your state's department on aging for programs that cover costs not included in Part D. These programs can substantially reduce out-of-pocket costs for eligible seniors. You can find a listing of them on Medicare's State Pharmaceutical Assistance Program Web site at http://www.medicare.gov/spap.asp. It's also useful to periodically review your medications with your doctor. Are there any that your doctor feels you no longer need to take? Can any be replaced with a generic or a less expensive alternative, such as an over-the-counter drug? Consider comparison shopping, too. The National Center for Policy Analysis (NCPA) says that drug prices vary considerably from store to store. A survey cited in one of its studies found that prudent shopping saved consumers almost 10 percent on brand-name drugs and 81 percent on generics. For more topics of interest to seniors, visit www.bankers.com. |
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