As an aircraft mechanic, some of the most important tools that I had were tools that I rarely used. But they had a specific purpose, and when I needed that tool, I needed that specific tool. There is a new tool in your prescription drug coverage toolbox – TrumpRx. It is a great tool, but it has limited applications. However, when it works, it really works.
How TrumpRx Works – “I know a guy who can get you that drug cheaper!”
Don’t think of TrumpRX as a pharmacy, rather think of it as a coupon or cash savings directory. The government has negotiated lower costs with drug companies on a list of (currently) 80 commonly used drugs. This is up from 43 when TrumpRx first rolled out. The expectation is that this list will continue to grow.
TrumpRx doesn’t sell these drugs to consumers, rather the consumer can purchase the drugs directly from the manufacturer at a reduced rate, or from a local pharmacy with a coupon at the discounted rate.
You are getting a discount on the drug because you know someone (the federal government) that can get you a better price. Your “connections” have influenced the drug company to make their product available to you for less!
Like other discount drug resources such as GoodRx, you may use the coupon or purchase directly from the manufacturer for a lower cost, but the medicine won’t be covered by your insurance, and the cost won’t count toward satisfying your deductible. In fact, TrumpRx partners with GoodRx to provide access to some of the drugs available on TrumpRX.
When TrumpRX Works – “I never meet my deductible!”
TrumpRx is good for those who are uninsured or have a high prescription drug deductible. Because they are paying out of pocket with little to no expectation of every have their drug plan cover their costs, they can spend less on the drugs they have to purchase.
Lets assume you are one of the 170,000 Americans taking Wegovy. TrumpRx quotes a 30-count fill at $149. For 12 months this would cost $1,778. That’s expensive! However, the original price is listed as $1,349 per a 30-count fill or $16,188 per year. What a deal!
However, those with low deductibles and high drug costs may want to stay away. If you are insured, and you regularly meet your deductibles, purchases through TrumpRx will simply delay the point at which you meet your out-of-pocket maximum and your plan starts to cover your costs. It is possible in the example above, that TrumpRx could reduce your costs from $16,188 per year to $1,778. That sounds great! However, if you have a deductible of $500 and a $1,000 out of pocket maximum, you would be better off just using your insurance and paying the higher price. You would reach your out-of-pocket maximum and save yourself $778 in drug costs.
Yes, our system is broken, and we do need to reintroduce market forces and comparative shopping into the U.S. healthcare industry. But until we do, are you willing to volunteer to pay an additional $778?
When TrumpRx Does Not Work – “I am enrolled in a government prescription drug coverage.”
Part of using TrumpRx is accepting the “Terms of Use” which include confirming that you are not enrolled in a government, state, or federally funded medical or prescription benefit program. This includes Medicare, Medigap, VA, DOD, Tricare, and Medicaid. If you have both commercial and government coverage, you are considered to have government coverage and ineligible.
So while TrumpRx is not right for everyone and for every situation, it is another tool in the box and worth a look. Go to www.trumprx.gov and click “Browse Medications” to see if you can get your prescription at a discounted rate. Just remember, use the “right tool for the right job!”
Did You Know?
Your employer sponsors this financial wellness benefit from Francis. The benefit connects you with down-to-earth financial planners who educate and advise on any money matters…without the sales pitch. We are exclusively engaged by employers like yours and have no investment products to sell, so you can feel confident that you will always receive objective advice.
Your financial planner will help you set priorities and achieve your money goals, without judgment or financial jargon. Know that all discussions are kept strictly confidential. This service is offered as an employee benefit with no per-session co-pays, so you can meet with a financial planner as often as you wish. Services are paid by your retirement plan or your employer.
Connecting with a financial planner is easy! Here’s how:
- Visit FrancisWay.com > Services > Participant Portal
- Call (866) 232-6457
Download the free mobile app (Search for Francis LLC)
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