Copay Solutions Study Projects 47% Savings for Medicare Enrollees Under Prescription Drug Plan.LOS GATOS Los Gatos (lôs gä`tōs, lŏs, găt`əs), city (1990 pop. 27,357), Santa Clara co., W Calif.; inc. 1887. It is an affluent residential community and health resort. , Calif. -- A study released today by Copay co·pay n. A copayment. Solutions found that enrollees in a Medicare Prescription Drug prescription drug Prescription medication Pharmacology An FDA-approved drug which must, by federal law or regulation, be dispensed only pursuant to a prescription–eg, finished dose form and active ingredients subject to the provisos of the Federal Food, Drug, Plan can expect to save 47% from their current annual drug spend. On average, enrollees in the study were paying $3,685 per year for 5.4 prescription drugs. By enrolling in the Medicare Prescription Drug Plan with the lowest total cost, enrollees were able to reap projected savings of $1,741 or 47% of their current annual drug spend. While the study analyzed Prescription Drug Plan offerings from all of the insurers involved in the Medicare Drug Program, it found that Humana offered the lowest-cost plan to more than 50% of the enrollees. The study consolidated data from Medicare websites with data collected from enrollees for such items as current drugs, dosage, and cost. The survey sample included 100 enrollees from 93 different zip codes zip code System of postal-zone codes (zip stands for “zone improvement plan”) introduced in the U.S. in 1963 to improve mail delivery and exploit electronic reading and sorting capabilities. across the U.S. "Our analysis indicates that the Medicare Drug Program is a solid program and one that has the potential to save people real money," said George D. Pillari, CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. of Copay Solutions. "We consider this to be a flash estimate of the potential effect of the Medicare Drug Program on the Medicare population and on the organizations offering Prescription Drug Plan insurance products," he added. Anecdotally, the Company cited two primary complaints from enrollees who were considering the new Program: --The belief that the Program was only for low-income citizens and the perceived lack of eligibility led to a lack of interest, and --The plan selection process was overly complex. Since every plan has a different formulary formulary /for·mu·lary/ (for´mu-lar?e) a collection of recipes, formulas, and prescriptions. National Formulary see under N. for·mu·lar·y n. , deductible and copayment co·pay·ment n. A fixed fee that subscribers to a medical plan must pay for their use of specific medical services covered by the plan. copayment, n structure, consumers were having difficulty identifying the most important elements in a purchasing decision. Mr. Pillari added, "Despite the difficulties involved in the plan selection and enrollment process, Medicare enrollees should take the time to identify and enroll in a plan and take advantage of the savings opportunity. The numbers are compelling." Copay Solutions is an independent company that helps consumers manage out-of-pocket pharmaceutical and medical costs. www.copaysolutions.com. |
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