Benefit From Insurance Programs
Most of us like to save a dollar when we can. Maybe we shop sales or cut coupons. But, possibly the biggest savings elders can experience is reduced costs for expensive prescription medication.
The Commonwealth of Massachusetts will open enrollment to its prescription drug insurance plan, Prescription Advantage, in August or September. Elders should carefully consider enrolling in Prescription Advantage because the savings can be significant. Once enrolled, elders pay a monthly premium and, after a deductible has been reached, a co-payment for each prescription drug purchase. The premiums, deductibles, and co-payments vary depending on the elders’ income.
Considering the high cost of prescription drugs, Prescription Advantage is beneficial for many elders. The Commonwealth has recognized the importance of providing an insurance program to offset spiraling drug costs and has allocated $110 million for Prescription Advantage, up from $96 in the fiscal year that ends on June 30, 2004. I strongly recommend that elders and caregivers talk to a SHINE (Serving Health Insurance Needs of Elders) counselor at some point during the summer to determine if Prescription Advantage can help.
MVES will have two educational seminars on July 19 to discuss Prescription
Advantage and the new Medicare-approved drug discount cards. Both Prescription
Advantage and the drug discount cards can save individuals money, but
it’s important to understand what each program—and each card—offers.
Every individual’s situation is different, but the seminars will
provide an overview of the programs and will present an opportunity for
elders to schedule an appointment with a SHINE counselor. The sessions
on July 19 will be held from 1:30 p.m. to 3:00 p.m. and from 3:30 p.m.
to 5:00 p.m. at MVES' main office location, 300 Commercial Street, #19,
in Malden.
Each session will cover the same material. If you are interested in attending
either of these programs, please call 781-324-7705 to reserve your place.
As a frugal shopper, I encourage you to continue to collect those coupons and check the store flyers for deals. But, be sure not to miss the huge savings that are available through prescription drug insurance programs. You’ll be happy to save your hard earned money and your health!
