It’s that time of the year, Medicare Annual Enrollment is now open. Time to see if we might find a better prescription drug plan, perhaps save $100 or $200 in 2024. What if I told you I have a plan to save $1,200 instead?
Last year around the start of November I hit the 2nd gap in my Medicare Part D prescription coverage. I discovered, instead of a copay of $120 for a 3 month supply of Eliquis, I would be paying would be paying $462 for a 3 month supply. I shelled out $154 for 1 month and started looking to see if I could find a different plan going into 2023.
Turns out I had an appointment with my cardiologist before that supply ran out. I told him my story, we checked alternatives, none saved me money. Before I left my exam I had 2 months supply of Eliquis samples.
Starting in January I had a new plan with Cigna, it looked to be a little less money and, since I did not need my first prescription of Eliquis filled until the start of February, I naively thought I might stretch my gap to closer to the end of the year. When I went to refill my Eliquis near the start of September, I was dumbfounded to learn I was already in the gap period, almost 2 months earlier. Not only was it not less, if I couldn’t again be gifted samples, I was looking at paying about $400 more than last year.
Checking online, Forbes rated United Healthcare #1 and Cigna #2 for Part D subscription coverage.
If I switch to the Cigna Saver Rx plan for 2024 it would be about $200 cheaper than the Cigna plan I currently have.
Cigna Saver Rx: $2,484
This is how is what switching to the UHC plan would cost me. To get that estimate I entered all the drugs I am currently taking.
Rx Preferred from UHC: $1,492 (yr premium) + $1,067 (drugs) = $2,549
Next I looked at Online Pharmacies Canada. I have ordered from them in the past, before getting into any drug plan. I have been really impressed with them. The generic equivalent of Eliquis, Apixaban, was was approved in 2020, available in Canada, not the U.S. These were my totals purchasing the generic equivalents without insurance:
- Eliquis – Apixaban $643
- Furosemide $112
- Sotalol $140
- Atorvastatin $204
Online Pharmacies Canada: $1,099 add shipping ~$1,300
Okay, there’s a saving’s of around $1,200. Not bad for a few hours work.
Next I was reminded to check GoodRx. I’ve used them before, a small pharmacy in Arizona was kind enough to suggest it when I was in shock about some drug I was prescribed. I was already a member, so I signed in and did some checking. They have “coupons” with excellent 1 time savings, but I soon saw that if I were to get all my prescriptions filled through them I needed to become what they call a “Gold Member”. That’s $10/mo and not all pharmacies that honor GoodRx are part of the Gold Membership network. Costco, which I was thinking about joining anyway, is part of the Gold network with some of the best prices. Here’s what I calculated (rounding):
- Gold Membership $10/mo = $120
- Costco $60 (standard 1 yr)
- Atorvastatin $13.33/mo = $160
- Sotalol $39.50/3 mo = $118
- Furosemide $15.20 = $182
- Eliquis $565/mo = $6,950
Let’s forget about Eliquis for the moment – I suspect strongly I know the story on why that’s the way it is – and do the totals without that outlier.
GoodRx: $630
Online Canada: $556 [without Eliquis or shipping]
I call that a tie and, personally, I say the tie goes to GoodRx for convenience and the very high likelihood that my prescription needs are going to change. I’m almost certainly on Eliquis, or an equivalent, for the remainder of my days. I think it will be at least 3 more years before the generic Eliquis, Apixaban, is available in the U.S.
So, unless something changes this is my plan:
- Quit my Part D ripoff prescription drug plan
- Join Costco (they also have some great men’s clothing)
- Make GoodRx my primary prescription drug plan
- Order the generic Apixaban from our neighbors to the north.
GoodRx + Online Pharmacies Canada = $630 + $643 = $1,273
Savings: $2,484 – $1,273 = $1,211
As always, your comments are appreciated and have a healthy new year.
