Does Cost Plus Drugs Accept Medicare Payments from Your Part D Drug Plan?
The title of today’s post reflects a question that is on many people’s minds . . . if you are enrolled in Part D Medicare Coverage (which helps pay for drugs), can you use that coverage to help pay for prescription drugs you obtain by taking part in Cost Plus Drugs?
It’s a great question. But before we answer it, let’s step back for a moment and define what we are talking about . . .
What Is Part D Medicare Coverage?
Medicare Part D is prescription drug coverage. You can access Medicare Part D coverage by purchasing a standalone Prescription Drug Plan (PDP) or as part of a bundled Medicare Part C plan (Medicare Advantage). Both types of plans are provided by private health insurance companies.
If you purchase a standalone PDP, you will be required to pay a monthly premium to the insurance carrier. If you’re looking to have your drug coverage combined with your medical and hospital coverage, you could consider a Medicare Advantage plan. In all, 89% of Medicare Advantage plans include Part D coverage.
Under both a standalone plan or bundled plan, you will have out-of-pocket costs such as deductible, copayments, and coinsurance responsibilities.
For more information, read this article.
What is Cost Plus Drugs (CPD)?
The Cost Plus Drugs Co. (not affiliated with CoverRight) was founded by Alex Oshmyansky (physician) and Mark Cuban (entrepreneur). That’s right, we’re talking about the same Mark Cuban who is the owner of the Dallas Mavericks and one of the most famous entrepreneurs in America.
Cost Plus Drugs plan is revolutionary. It buys generic drugs from pharmaceutical companies and sells them directly to consumers. At present, more than 350 different drugs are available through the plan. According to the company, that can save you at least 15%, or more. Plus, the company has announced plans to manufacture some drugs of its own in the future, which could save you even more. According to a recent article in the Wall Street Journal, 1.4 million people have signed up to use Cost Plus Drugs.
So Can You Buy Your Prescriptions through Cost Plus Drugs and Save Money?
Now that we have defined both Medicare Part D and Cost Plus Drugs, that’s the next question to ask.
And the positive answer to that question is yes, you can. But to do so, you need to know some of the ins and outs of using Cost Plus Drugs, which we’ll explain now.
How to Obtain Your Prescription Meds through Cost Plus Drugs
If you have a current prescription drug, you can have the prescribing physician submit your prescription directly to Cost Plus Drugs for payment. If you haven’t already filled a prescription you have, follow these steps:
- Visit CostPlusDrugs.com
- Search for the prescription drug(s) you want
- Set up an account (optional) if you want to continue to obtain medications through the service
- Ask your physician to submit the prescription to Cost Plus Drug
And here’s a happy next step – the drugs you order through Cost Plus Drugs will be shipped to you, so you don’t need to travel anywhere to pick them up.
You can submit any of your prescriptions directly to Cost Plus to be filled. It is worth checking your Medicare Drug plan to compare the costs but in many cases, Cost Plus Drugs will be the lower-cost provider.
The Simplest, Most Direct Way to Get Cost Plus Drugs Working to Save You Money
You could wade into the whole question of matching up your Part D drug coverage with Cost Plus Drugs to find out whether you can find a lower cost for your prescriptions to save money on your healthcare.
But we have a better idea. Why not simply call CoverRight and ask us to help you review your Medicare drug plan and optimize your drug coverage?
The phone consultation is free – CoverRight will never charge you anything. And the solutions you and your CoverRight Medicare Concierge discover will keep working hard to save you even more money in the future.
Listen to our podcast interview with Erin Albert from Cost Plus Drugs“Rising drug prices should not force people to make choices between paying for prescriptions or buying food. Erin Albert, Vice President of Pharmacy Relations at Mark Cuban Cost Plus Drug Company is on a mission to make sure this never happens. In this episode, Erin explains how Cuban’s company is disrupting the industry and providing low-cost drug options.”
CoverRight is on a mission to make the Medicare plan selection process easy to understand. We are here to help you compare Medicare plans and find the one best suited to your specific situation. Try the platform for yourself.
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