The Other Yearly Checkup
Objectives: To quantify seniors' potential savings for switching to a new prescription drug plan (PDP) for 2011 and to assess predictors of which seniors could save most by reviewing their PDPs annually.
Methods: This cross-sectional analysis included 404 Medicare beneficiaries 65 years or older who selected PDPs at Senior PharmAssist (SPA), a pharmacist-led nonprofit in Durham, NC.
Results: Seniors had a mean potential savings of $348 for the year. The 62% of beneficiaries who could save by switching plans had a mean potential savings of $559. None of the factors examined predicted whether seniors would have potential savings. Among those with any potential savings, individuals taking more medications (P = 0.003), people with no low-income subsidy (P = 0.0002), and first-time consulters (P = 0.03) had greater potential savings.
Conclusion: Some seniors can realize substantial cost savings by changing PDPs annually. Pharmacists can help patients save money, reduce sources of nonadherence, and earn appreciation as professionals by alerting patients to these potential savings and referring them to help in selecting a plan.
Every year, Medicare beneficiaries can choose from dozens of options for their medication coverage. For 2011, the average enrollee selected among 33 prescription drug plans (PDPs) and 24 Medicare Advantage PDPs (MAPDs). Plans vary with respect to medications covered, premiums, deductibles, copayments, and coinsurance. Plans can also change these features between years, altering beneficiaries' costs. These cost differences can increase cost-related nonadherence and produce worse clinical outcomes.
Previous research has assessed the number of beneficiaries who are in plans that minimize their out-of-pocket expenses and the amount they save when assisted by pharmacists and volunteers in selecting plans. However, no studies have examined potential savings for choosing a new plan for 2011. Also, few studies have identified factors that predict potential savings.
Abstract and Introduction
Abstract
Objectives: To quantify seniors' potential savings for switching to a new prescription drug plan (PDP) for 2011 and to assess predictors of which seniors could save most by reviewing their PDPs annually.
Methods: This cross-sectional analysis included 404 Medicare beneficiaries 65 years or older who selected PDPs at Senior PharmAssist (SPA), a pharmacist-led nonprofit in Durham, NC.
Results: Seniors had a mean potential savings of $348 for the year. The 62% of beneficiaries who could save by switching plans had a mean potential savings of $559. None of the factors examined predicted whether seniors would have potential savings. Among those with any potential savings, individuals taking more medications (P = 0.003), people with no low-income subsidy (P = 0.0002), and first-time consulters (P = 0.03) had greater potential savings.
Conclusion: Some seniors can realize substantial cost savings by changing PDPs annually. Pharmacists can help patients save money, reduce sources of nonadherence, and earn appreciation as professionals by alerting patients to these potential savings and referring them to help in selecting a plan.
Introduction
Every year, Medicare beneficiaries can choose from dozens of options for their medication coverage. For 2011, the average enrollee selected among 33 prescription drug plans (PDPs) and 24 Medicare Advantage PDPs (MAPDs). Plans vary with respect to medications covered, premiums, deductibles, copayments, and coinsurance. Plans can also change these features between years, altering beneficiaries' costs. These cost differences can increase cost-related nonadherence and produce worse clinical outcomes.
Previous research has assessed the number of beneficiaries who are in plans that minimize their out-of-pocket expenses and the amount they save when assisted by pharmacists and volunteers in selecting plans. However, no studies have examined potential savings for choosing a new plan for 2011. Also, few studies have identified factors that predict potential savings.
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