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What is the pharmacy gag rule and why should I care? Is it because the medicine has a bad taste? Does the gag rule affect my Medicare Part D coverage? GA Medicare expert Bob Vineyard answers your questions.
The pharmacy gag rule existed in a handful of states prior to October, 2018. It works like this.
You take a prescription to your pharmacy. If you ask the druggist about a lower price he/she was prohibited from telling you how to save money where the gag rule was in place.
The result, you pay more for your medication when you use insurance.
A recent study by JAMA indicates people with Medicare Part D drug insurance overpaid for prescriptions by $135 million in 2013. Copayments in those plans were higher than the cash price for nearly 1 in 4 drugs purchased in 2013. For 12 of the 20 most commonly prescribed drugs, patients overpaid by more than 33 percent.
That's more than just sofa change. Seniors on a fixed income need to hang on to as much of their money as possible.
As a nation we spend $450 million on prescription medications. I think cutting prices by 25% to be significant.
People on Medicare can see the impact of the pharmacy gag rule next year. As of January 1, 2020 a senior on Medicare is entitled to know if they can get their drugs for less by paying cash.
Pharmacists are allowed to tell you how to save money without using your Part D card.
Just because a druggist CAN tell you about lower prices does not mean they WILL tell you.
If you want to save money you will have to ask . . .
You can also save money by checking out Free and Low Cost Prescription Drugs
But if you like paying too much, you can always use your prescription drug plan.
GA Medicare expert Bob Vineyard has over 500 clients in Georgia. He specializes in explaining how to save money on prescription medications.
There is no pharmacy gag rule that can keep him quiet.
Georgia Medicare Plans YouTube Channel has several videos explaining how Medicare Part D works. Here are just a few things you can learn.
Choose a Part D plan that has a deductible
Use preferred pharmacy's
Ask your doctor about generic alternatives
Pay cash for generic drugs
Use a discount card like GoodRx for generics
Consider buying brand names by mail from Canada
Every year we review our clients current drug plan and compare it to the new plans for the following year. Almost every time our clients will save money. An average of $60 per month.
Two years ago we saved one client over $600 per month and another over $700 per month.
A few weeks ago we showed a client how to cut his prescription eye medications from $800 to less than $250.
Let's face it. Medicare Part D is confusing. But it doesn't have to be.
How much can you save?
The pharmacy gag rule never kept us from telling our Medicare supplement clients how to save money.
GA Medicare expert Bob Vineyard reviews the BEST Georgia Medicare plans, news and options. Review our videos. Bob will help you find the RIGHT plan that fits YOUR needs and budget. Call (404)252.5859 or email [email protected] Watch our Medicare videos on YouTube.
There is nothing wrong with buying a Medicare plan online as long as you are prepared for a LOT of phone calls from agents wanting to sell you something you don't need, don't want and can't afford.
If you are turning 65 and enrolling in Medicare, this may be your only chance to purchase a Medicare supplement plan in Georgia. Full report with Medicare supplement rates for ALL Georgia Medigap carriers. Anthem GA Medigap rates include Silver Sneakers
You don't have to receive Social Security to enroll in Medicare insurance. CMS is the agency that oversees Medicare.
How to enroll in Medicare? You may sign up for Medicare 3 months before your 65th birthday, the month you turn 65, and 3 months following your 65th birthday. You may enroll online (highly recommended), by mail or by visiting a Social Security office.
Seniors often buy the wrong drug plan and spend too much on their prescription plan. Seniors on Medicare spend an average of $263 per month on prescription medications.
Lower your medication bill by only using your drug card when necessary. The right drug plan will save a lot on brand names but you will almost always pay MORE for generics.
Consider paying cash or using GoodRx instead for maximum savings. Also look for drug plans that have a deductible.
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