Maybe it is not being stupid but simply not being informed. As I get older I learn new things! Things that perhaps I could have learned a long time ago. Having been in the insurance business for over 30 years now and having been covered by group health insurance one would think I have knowledge of the prescription drug plans and how they work. One would be wrong.

My case in point: I take a couple of prescription drugs. One on an as needed basis, you know for those anxiety attacks and another one on a daily basis. So, each year at my annual checkup, my doctor writes me a prescription for another year. The prescription calls for a 90 day supply with 3 refills during the year.

I have been going to the same pharmacy on the corner and each time I give them the prescription guess what I get? A 30 day supply because that is all the healthcare provider will alow at one time. Thus, I have to pay my copay ($15.00) each time for a total of $45.00 over a 90 day period. Are you following me? That comes out to $180.00 annually for one drug and I take two so that means the total is now $360.00 if I were to take one pill of each drug daily. The healthcare company ignores the prescription that calls for a 90 day supply.

Here is the kicker that makes me feel stupid along with a little disenchanted with my pharmacy on the corner. ARMAC Insurance Agency, of which I am an owner, switched healthcare plans to a high deductible ($3,000 out of pocket) and then gave our employees a Health Savings Account into which we contribute $95.00 per month. When I told the pharmacy that I would be paying for my drugs instead of using insurance, they offered me an invitation to join their pharmacy club for only $20.00 and this would allow me big savings on my drug purchases. I agreed to enroll and paid the $20.00.

The next time I ordered my refill online and when I went to the pharmacy they refilled the FULL 90 day supply. That was great but what really blew my socks off was when they charged my credit card for only $8.50 for the 90 day supply. I told them that they had made a mistake as I was used to paying a $15.00 co-payment for just a 30 day supply and this time I was actually going to pay for the drug myself. They just said welcome to the club! Are you kidding me? I have been ripped off for years! And by the way a 90 day supply of the other medication was only $5.70.

So, here is the lesson. Ask your pharmacy if they have a drug club. For some of you this is not the drug club you are thinking of so move on. If they don't go find the one on the corner of the intersection. That's where most of them are. Give them a list of your medications and have them price them out as if you were a member. See if you are not paying more by using your health insurance and paying the co-payment. You should be pleasantly surprised.

"Stupid is what stupid does" is the famous statement. I now have time to find something else to sink my stupity into. Good Times!

Ross D. McEachron
Chairman/CFO
http://isu-ross.blogspot.com/2010/03/stupid-stupid-stupid.html?spref=fb