The cheapest Medicare Part D plan may not have the lowest overall cost. The is the warning expressed by MedicareWire as it address senior’s concerns about the 2019 WellCare Value Script PDP.
Earlier today, MedicareWire announced concerns with the WellCare Value Script 2019 Medicare Part D plan (PDP). As the least expensive prescription drug plan available to seniors in most states, the PDP is highly attractive to budget conscious retirees. However, upon analysis, MedicareWire expressed concerns about the overall value of the drug plan.
More information about the WellCare Value Script PDP is available at: https://medicarewire.com/blog/wellcare-value-script-2019/
According to David Bynon, founder at MedicareWire, "Many seniors compare the monthly premium of Part D plans without consideration for the other cost factors, including the annual deductible, co-payments and coinsurance. Ranging in price from $10.40 to $16.90 per month, the plan is priced well below its competition. However, the annual deductible is $415 and the co-payments on generic drugs and brand name drugs are higher than most competing plans. As a result, most seniors with regular prescriptions will end up paying more for their medications. Due to WellCare’s new entry-level pricing model, we’re receiving a flood of emails from seniors asking if it’s the best plan for their needs.” Each year MedicareWire publishes a full analysis of Medicare Part D plans (see: https://medicarewire.com/medicare-part-d/) to assist seniors through the process of choosing a plan.
Aetna has agreed to sell its Medicare Part D drug plan business to WellCare Group. The deal was made as Aetna moves to gain regulatory approval from the Trump administration for its $69 billion merger with CVS Health, the largest pharmacy chain in the nation. The acquisition would mark the third deal for WellCare Group in just over two years, raising market consolidation concerns as the administration moves to reduce healthcare costs by regulating prescription drug costs.
“Our concern”, Bynon expressed, “is that seniors with multiple prescriptions will be wooed by the super low monthly premium, only to discover that their overall healthcare costs have increased. We’re equally concerned by the company’s substandard, 2-star, Drug Plan Customer Service Record reported by the Centers for Medicare and Medicaid Services in October. Because of these two issues, we cannot recommend this plan to most seniors who visit our website.”
Seniors needing extra help finding the best prescription drug plan are encouraged to reach out to their State Health Insurance Assistance Program (SHIP). Each state has a SHIP that provides one-on-one counseling to help beneficiaries identify their best options. Seniors who cannot afford their prescription medications should visit the Social Security Administration's "Extra Help" page on the web at https://www.ssa.gov/benefits/medicare/prescriptionhelp/.
The Medicare Advantage and Medicare Part D open enrollment period for the 2019 plan year started October 15 and ends December 7. During open enrollment, seniors can join a Medicare Part D plan or renew their existing coverage. New plan elections start January 1. Medicare beneficiaries can compare their plan options on the MedicareWire.com website, which provides plan contact information and enrollment instructions on each plan page.
