Prescription drug program improvement announced: 90-day generic prescriptions
Did you know that prescription drug expenditures in the United States have been the fastest growing component of healthcare spending over the past several years? It's true. In fact, Americans will spend over $150 billion on retail prescription drugs this year alone. At the same time, however, few can doubt that pharmaceuticals are a good value compared with other healthcare services. Medications cure and prevent diseases and disabilities, save lives and improve quality of life. Medications can also save money because they can reduce the need for surgery, hospitalization and other costly healthcare services.
But with all the benefits provided by prescription drugs, all of us have read or heard about people failing to take medication or reducing dosages in an effort to save money or, in many cases, simply because they can't afford their prescriptions. The value of prescription drugs and the need to be able to afford them were some of the reasons why the Union fought hard to institute a prescription drug program.
The Union firmly believes that members and their families should not have to choose between groceries and the medicines they need, and the pharmacy program reflects that belief. That's why brand name drugs that are on the Health Centers' formulary are available for only $15.00 for a 30-day supply and generic drugs on the formulary are available for no more than $5.00 for a 30-day supply.
What is the formulary? It is a list of preferred drugs that makes the prescription drug program possible. Our prescription drug program's formulary is as extensive as possible, covering more than 90 percent of all medications that are prescribed to members and their families. We should add that while the formulary is far too extensive (it is 17 pages long) to be published in Hotel Voice, a copy of it is available on the Funds Office's website: hotelfunds.org
As all members are no doubt aware, since the inception of the prescription drug program there have been a number of improvements. And now there is even more good news for our members! Beginning next month, many generic drugs will be available in a 90-day supply at $12.00 or less, Dr. Robert Greenspan, Chief Executive Officer of the Benefit Funds Office has announced.
That's right, starting in January you will be able in many cases to receive 90-day generic prescriptions that will save you two visits every three months to the Health Center pharmacy that you use. That's not all. There's another benefit for everyone through this improvement. "Obviously, the 90-day prescriptions will result in fewer pharmacy visits for most members, but it will also result in reduced waiting time for all members," Dr. Greenspan said.
Asmostmembers are aware, the Health Center pharmacies charge members and their families the actual cost of acquiring a drug. That means that if the actual cost of acquiring your drug is less than $5 or $15, depending on whether it is generic or brand name, your co-payment will be less than $5 or $15, since you pay only that price for your medication. Of course, at $12.00 or less, your 90-day prescription will save you even more than your current co-payment! Better yet, it will indeed save you two trips to the pharmacy.
To take advantage of this improvement you should remember to always ask your doctor to choose a formulary generic drug for you, and ask your doctor or pharmacists if you can refill the prescription three months at a time.
Finally, while we are talking about this improvement in the prescription drug program, it might be a good idea to review some facts about generic drugs.
The first thing to remember is that the U.S. Food and Drug Administration (FDA) regulates all pharmaceuticals, including generics, and determines whether or not they are safe and effective. A generic drug must contain the exact same active ingredients and must be equivalent in strength and dosage to the original brand-name product. The FDA ensures that generics are manufactured according to federal standards, and that they are released into the body at the same rate and the same way as the brand name medicine.
Members who are on these medications might notice that the medication may be a different size, color and shape from the brand name version they are used to, but everyone can be confident that they will be getting exactly the same pharmacological effect and result as they did with their original brand name prescription.
In short, generics are cost-effective and they provide the exact same results as the brand name medication they replace because they contain the exact same active ingredients in the exact same amounts as the brand name prescription drugs they replace.
It is good news that generic drugs save billions of dollars in health care costs every year. And it is equally good news that starting in January members who use generic drugs in many cases will be able to save more than money. They will also be able to save time by using the 90- day prescription feature and greatly reducing the number of visits they have to make to their Health Center pharmacy!
