Report: Some seniors could save 47% with new drug benefit
Seniors who previously had no drug coverage could save an average of 47% per year on prescriptions if they enroll in the new Medicare Part D drug benefit, according to an independent study.
Copay Solutions, of Los Gatos, CA, a company that reportedly has no ties to prescription drug plans or healthcare companies, conducted the study. It examined the annual prescription costs and current medications taken by 100 seniors. None had insurance. Their projected individual drug spending for 2005 averaged $3,685.
Assuming each would choose the lowest-cost prescription drug plan, the average projected cost was $1,944, a savings of $1,741. The study also found that for a majority of enrollees studied, a prescription drug plan offered by national provider Humana was either the first or second-lowest cost plan.
A copy of the report is at http://copaysolutions.com/pdp_study_12dec2005.pdf.