After seeing their out-of-pocket prescription drug costs, many clients experience sticker-shock. Often times, they turn to their insurance agent and ask, “Is there a way to save money on my prescription drugs?” Yes, there is!
Let us help you answer this common question.
Whether your client is enrolled in a Prescription Drug Plan (PDP) or a Medicare Advantage Prescription Drug Plan, understanding the plan is only one part of helping your client save money. It is essential to know the difference between preferred pharmacies for each plan and what a standard pharmacy is.
A preferred pharmacy is part of the Medicare drug plan’s network, resulting in members paying lower out-of-pocket costs for some prescriptions. On the other hand, while a standard pharmacy participates in a plan’s network, it charges a higher copayment or coinsurance simply because it is not “preferred.”
Ultimately, your client could unknowingly be paying higher prices for their medication solely based upon their pharmacy. One solution is to encourage clients to choose a preferred pharmacy due to the financial benefits.
Another option that would allow clients to keep their current pharmacy would be to find a PDP that includes their current local pharmacy as preferred rather than standard.
Providing your clients with financial savings not only helps them, it also earns you goodwill with a valuable customer. This goodwill then translates into word of mouth marketing, increasing your chances of referrals. We call that a “win-win!”
Are you looking for more insightful help as an Independent Agent? Why not a creative and supportive partner like Carolina Senior Marketing, a North Carolina-based Insurance FMO? If you have any questions about what we can offer your business, give us a call at 919-460-6073 or email email@example.com.