Shortly before Medicare Part D rolled into business, many people including our wholesaler and a few insurance agents, asked Sean Kacsir, founder of MedSave Discount Pharmacy if they were going to go out of business. The answer was with confidence “absolutely not!” Now that we are four months into the year, MedSave has silenced the critics and we have statistics to back what we thought all along. Medicare D prescription insurance is not the answer to saving out of pocket money and in the end will not save the majority of senior’s money. MedSave Discount Pharmacy added more than 300 new customers in the month of April, from savvy seniors that are saying NO to Medicare Part D and the growing Health Savings Account population.
MedSave Discount Pharmacy is a “cash pharmacy” or non-insurance pharmacy created in February, 2004 to help people with limited insurance or no insurance save money on prescriptions. Kacsir states “If you take a Medicare Part D plan you could be wasting your money”. Before Medicare Part D, seniors were very frugal with their money and shopped around to get the best deals. They typically went to Canada for their brand medications and purchased many of their generics at MedSave. Using a very confusing plan with at least 17 insurance companies bidding to sell their plans, many seniors have purchased plans they simply do not need. They pay a premium and take their business to an overpriced pharmacy to pay a copay on a medication priced 2-3 times what they used pay. This plan does not even allow for a consumer to buy from the lowest retailer and turn in receipts. This is wasting money for fixed income seniors and catering to insurance companies that do not want to take the time to honor the receipts of the lowest cost provider like MedSave Discount Pharmacy. We can typically save a customer 50% on their medication costs.
On most generic medications seniors are using their new insurance to pay a copay three times what it would cost at MedSave without using insurance. Everyday we are getting seniors that are frustrated because they were told that this program would save them money. We get at least 2-3 customers everyday that will be canceling their plan because it is not helping them save money. In fact in our stores only 7% of our customers use their Part D insurance card. The other 93% save money not using their insurance cards.
So why are seniors buying the insurance? Many are afraid of the “penalty”. We feel that if you buy a drug plan that you do not need, that is a “penalty” and there is no guarantee if you take a plan today to avoid ‘the penalty” that it will even cover the drugs you may take in the future. Another growing concern from MedSave is that now that everyone thinks they have insurance coverage, it will put less pressure on the big chain pharmacies to keep their prices in check. Before you had at least 8% of the population making sure prices were in check. I believe now the prices will go up to compensate for a transition of a shrinking cash prescription market to a lower margin insurance customer.
Fred Wesely, Chief Pharmacist of the New Hope pharmacy states “With all the Medicare Part D prescription plans we feel most people will be better off paying cash for their medication. Using MedSave Discount Pharmacy on your generic medications and using Canada on your brand medications seems to be the best plan to save out of pocket money. Everyday we find a way to save our customer money.” MedSave has had tremendous success and much publicity because of what they have done for the community of New Hope and Duluth.
To fill your prescriptions from MedSave Discount Pharmacy, you may bring a prescription to the store, have your doctor call in your prescription or simply call MedSave and our pharmacist can transfer your prescription from your current pharmacy.
About MedSave Inc.
MedSave Pharmacy Inc. opened their doors on Feb. 17, 2004. MedSave is a discount retail pharmacy that is based out of New Hope, Minnesota. Contact: Sean Kacsir President; e-mail protected from spam bots (763-300-7155) or visit their website at www.MedSaveDiscountUSA.com New Hope 763-252-0094, Duluth 218-722-8042
