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Who Benefits Most from Medicare Drug Plans

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Tags: drug costs and seniors, Medicare, Medicare Part D

If you are a senior with chronic health conditions chances are a Medicare drug plan has saved you hundreds of dollars per year as you entered the coverage gap, also known as the donut hole.

In 2012, more than 3.5 million people with Medicare Part D coverage received $2.5 billion in discounts on brand-name prescription drugs.  On average beneficiaries saved $706 according to Medicare.  When it came to generic drugs for people in the donut hole, savings totaled $105 million for 2.8 million beneficiaries.

Drugs managing chronic conditions such as high blood sugar, blood pressure and high cholesterol accounted for almost 33% of the saving, according to the Centers for Medicare and Medicaid.

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Taking Your Meds Can Save You Money

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Tags: drug costs and seniors, Medicare Part D

If you cut back on prescribed medication are you saving money? In the short run, maybe - in the long run, probably not. It's one of those paradoxes where our actions can have the opposite impact of what we intended.

Many of us just don't do what the doctor says. We stop taking pills before we should; we don't take it in the prescribed amounts or timing; or, we don't get a prescription filled or refilled. We might be trying to save on our prescription costs. Or we just might be engaging in a bit of "I know what's best for me."

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