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Medicare Drug Program News
Generic Drug Price War: Target Matches Wal-Mart, CVS
Says Wal-Mart Plan is Meaningless
Discounts by Kmart, Wal-Mart, Target – No
word from Walgreen's
 September 23, 2006 – The pharmacy battle over who
has the best deal on generic drugs, which can help millions of senior
citizens falling into the "doughnut hole" of their Medicare drug plan,
has been hot after Wal-Mart's announcement of a $4 price on a 30-day
supply on limited generics. Kmart struck first, saying its deal is
better at $15 for a 90-day supply. Then, Target said it will match the
Wal-Mart offer. But, CVS may have hit the nail on the head saying,
"These 300 drugs are all older generics that already have lower
reimbursement rates from health plans. They represent less than 10% of
the more than 3,000 unique generic products that we stock." The nation's
largest pharmacy, Walgreen's, has yet to issue a statement.
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The Wal-Mart plan not only is limited to about 300
drugs, it also is only available in the area of Tampa, Florida. They say
it will cover all of Florida in January 2006 and does plan on making
this a nationwide program.
Kmart's deal is attractive: it offers a 90-day
supply of generic drugs for $15, it is already nationwide and apparently
includes more drugs. The problem is there are only 1,100 Kmart
pharmacies in the country.
Target's announcement said it is matching Wal-Mart
in the Tampa area beginning immediately. The company currently operates
1,443 Target stores in 47 states, and although the news release did not
specify specific future plans, it is assumed they will match Wal-Mart's
roll-out.
"Cash sales of these products amount to less than
one-half of one percent of our total pharmacy sales," said Matt Leonard,
Senior Vice President of Pharmacy at CVS/pharmacy.
"For customers who have prescription coverage, the
average generic co-pay is relatively nominal. For example, the generic
co-pay for Medicare prescription drug plans is typically $5.
"Furthermore, under many health plans, the price
paid by the consumer for some of these drugs is actually less than $4.
In addition, beneficiaries who reach the so-called 'donut hole' in
Medicare Part D coverage pay the plan price, which can be less than $4
for a significant number of these drugs.
So, as things stand today, there is a question of
how much help these discounts on generic drugs will mean to senior
citizens.
According to the 2006 Medicare Part D plan,
standard enrollees pay the first $250 of medications. After reaching
that initial deductible, 75 percent of their drug costs are covered.
However, once total annual drug costs exceed $2,250, the enrollee must
pay the full cost out-of-pocket until costs surpass $5,100, the level
when catastrophic coverage begins. This $2,850 gap in coverage is known
by many as the "doughnut hole." Many seniors falling into the hole are
also surprised to learn their monthly premiums continue.
By the end September, four million Medicare
beneficaries are estimated to fall into the "doughnut hole." By the end
of the year this number could exceed six million.
Many senior advocacy groups are concerned with
studies that show about 16 percent of the seniors falling into this gap
in coverage will just stop taking their medications.
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Kmart Says Its 90-Day Deal on Generic Drugs is
Better than Wal-Mart's 30-Day
Kmart's plan -
already nationwide - offers 90-day supply for $15
September
22, 2006 – Kmart says it has a better deal on generic drugs for senior
citizens trying to buy prescription drugs after falling in the "doughnut
hole" of most Medicare drug plans. Wal-Mart said yesterday it will offer
generic drugs at $4 for a 30-day supply. Kmart says its deal, already in
place nationwide, is a 90-day supply for $15.
Read more...
Wal-Mart to Price Nearly 300 Generic Drugs at $4 to Help Seniors in
Doughnut Hole
Program starts
tomorrow in Tampa, will eventually be nationwide
September 21, 2006 – With thousands of senior citizens falling into the
Medicare drug program's "doughnut hole," where premiums continue but
drug coverage stops, Wal-Mart has announced a program in Florida to make
nearly 300 generic drugs available for only $4 per prescription for up
to a 30-day supply. This begins tomorrow in the 65 Wal-Mart,
Neighborhood Market and Sam's Club pharmacies in the Tampa Bay area and
will expand throughout Florida in January. This, the company says, is
the first step toward making the offer nationwide.
Read more...
Four
Million to be in Medicare Drug Program Doughnut Hole by End of Month
Survey finds 16%
dropping medications rather than go to generics
September 21, 2006 –By the end of this month,
four million Medicare-eligible senior citizens and disabled, averaging
seven prescriptions per month, are estimated to fall into the Medicare
Part D "doughnut hole," a nearly $3,000 coverage gap where their drugs
are no longer paid for by their drug plan, yet, they must continue to
pay the monthly premium. A new study indicates about 16 percent will
just stop taking their medications.
Read more...
Medicare's Doughnut Hole Gets Even Bigger in 2007,
Reports Medical Rights Center
Asclepios
newsletter says administration brags that the average Part D premium is
going down, but it fails to mention that all other out-of-pocket is
going up
September 22, 2006 – There is a storm of concern
over the millions of senior citizens falling into the "doughnut hole" in
Medicare drug plans, which is where seniors continue to pay their
premiums but get no help on buying drugs. If it is bad this year, wait
until next year when the "doughnut hole" gets even bigger, according to
Asclepios, the weekly Medicare consumer advocacy update from the
Medicare Rights Center.
Read more...
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