Medicare Part D prescription drug plan can save typical enrollees an estimated average of more than $450(2) in 2011 with a $14.80 monthly plan premium and low copays and cost-shares
LOUISVILLE, Ky. and BENTONVILLE, Ark., Oct. 1 /PRNewswire/ -- Today, Humana Inc. (NYSE: HUM) announced an innovative Medicare Part D prescription drug plan, co-branded with Wal-Mart Stores, Inc. (NYSE: WMT) or ("Walmart"), that can provide significant savings on monthly plan premiums and prescription medicine copayments and cost-shares for Medicare beneficiaries, including seniors and people with disabilities.
The Humana Walmart-Preferred Rx Plan (PDP) offers one low national monthly plan premium of $14.80 – according to CMS,(1) the lowest national plan premium in 2011 for a standalone Medicare Part D plan premium offered in all 50 states and Washington, D.C. This new co-branded prescription drug plan can save a typical Medicare Part D beneficiary who enrolls in the Humana Walmart-Preferred Rx Plan (PDP) an estimated average of more than $450(2) in 2011 on plan premiums and prescription medication copayments and cost-shares when compared with the average total costs for a Part D prescription drug plan in 2010. With nearly 18 million Americans relying on Medicare Part D for their prescriptions,(3) the Humana Walmart-Preferred Rx Plan (PDP) provides an affordable prescription solution for those who need it most.
"One of the primary goals of health care reform is to make health coverage more affordable – and that's what we're doing with the introduction of this low-cost Medicare Part D plan," said William Fleming, PharmD, vice president of Humana Pharmacy Solutions. "People are more likely to take the medications prescribed for them when they can afford those medications. And adhering to prescription-drug regimens can enable people to be healthier and prevent future illness. At Humana, we believe that this prevention helps people live healthier lives and achieve lifelong well-being."
"We know every dollar counts, especially when you live on a fixed income. We believe no one should have to choose between buying their groceries or their medications," said John Agwunobi, M.D., president of Walmart's Health and Wellness division. "Financial health is a fundamental part of a person's well-being. At Walmart, the customer is always front and center, and that is why we are committed to doing everything we can to ensure seniors have access to the medications they need at a price they can afford."
Humana Walmart-Preferred Rx Plan (PDP): Benefits and Details
- One low monthly rate nationwide. The monthly plan premium is less than $15 a month for everyone, regardless of where they live.
- According to CMS, the $14.80 monthly plan premium is the lowest national plan premium in 2011 for a standalone Medicare Part D prescription drug plan offered in all 50 states and Washington, D.C.(1)
- The Humana Walmart-Preferred Rx Plan (PDP) offers a monthly plan premium of $14.80, which is less than half the weighted 2010 national average for Medicare Part D prescription drug plans' monthly plan premiums.(4)
- Low copayments when plan members use preferred pharmacies like Walmart, Neighborhood Market or Sam's Club pharmacies:
- In-store copayments (at preferred pharmacies) on generic prescriptions start as low as $2 when plan members use preferred pharmacies.
- Copayments as low as $0 for generic prescriptions filled via Humana's RightSource home-delivery prescription service.
- A broad competitive formulary comparable to other plans, with a list of prescription drugs included in the plan available at humana-medicare.com.
How to Enroll in the Plan: Call, Click or Go
Information on the plan is available starting today; annual enrollment for Medicare plans begins Monday, Nov. 15, 2010 and continues through Dec. 31, 2010. To get more information on the Humana Walmart-Preferred Rx Plan (PDP) and to learn more about these savings:
- Call Humana to enroll at 1-800-899-0441. For TTY, call 711, 8 a.m. to 8 p.m., seven days a week.
- Click on humana-medicare.com or medicare.gov to enroll.
- Click on walmart.com/rxplan or samsclub.com/rxplan for additional plan details and links to enroll.
- Visit a Walmart store to speak to a Humana representative.
- Informational kiosks, including many staffed by Humana representatives, are available in approximately 3,000 Walmart stores across the country. Medicare beneficiaries can click on "Find a Location Near You" at walmart.com/rxplan to locate an on-site Humana representative.
Medicare Part D Background
Medicare Part D is the prescription drug program supported by the federal government. According to the Kaiser Family Foundation, nearly 18 million people are currently enrolled in a standalone Part D plan(3) and Families USA reports that seniors generate one-third of all prescriptions filled in the United States.(5)
Humana Inc., headquartered in Louisville, Kentucky, is one of the nation's largest publicly traded health and supplemental benefits companies, with approximately 10.3 million medical members and 7.3 million specialty-benefit members.
Humana is a full-service benefits-solutions company, offering a wide array of health and supplementary benefit plans for employer groups, government programs and individuals.
Over its 49-year history, Humana has consistently seized opportunities to meet changing customer needs. Today, the company is a leader in consumer engagement, providing guidance that leads to lower costs and a better health plan experience throughout its diversified customer portfolio.
More information regarding Humana is available to investors via the Investor Relations page of the company's Web site at http://www.humana.com, including copies of:
- Annual reports to stockholders
- Securities and Exchange Commission filings
- Most recent investor conference presentations
- Quarterly earnings news releases
- Replays of most recent earnings release conference calls
- Calendar of events (includes upcoming earnings conference call dates and times, as well as planned interaction with research analysts and institutional investors)
- Corporate Governance Information
Wal-Mart Stores, Inc. (NYSE: WMT), or "Walmart," serves customers and members more than 200 million times per week at more than 8,400 retail units under 55 different banners in 15 countries. With fiscal year 2010 sales of $405 billion, Walmart employs more than 2 million associates worldwide. A leader in sustainability, corporate philanthropy and employment opportunity, Walmart ranked first among retailers in Fortune Magazine's 2010 Most Admired Companies survey. Additional information about Walmart can be found by visiting www.walmartstores.com and on Twitter at http://Twitter.com/Walmartnews. Online merchandise sales are available at www.walmart.com and www.samsclub.com.
(1) "Centers for Medicare & Medicaid Services." Click on the "2011 Drug Plan Information - State Fact Sheets" under "Spotlights." September 2010. http://www.cms.gov/center/openenrollment.asp
(2) Savings estimate is based on a comparison between 1) the projected average nationwide out-of-pocket costs for the 2011 benefit year for the average Medicare beneficiary who enrolls in the Humana Walmart-Preferred Rx Plan (PDP) and fills their prescriptions in-store at preferred pharmacies like Walmart, Sam's Club, and Neighborhood Market pharmacies, and 2) the projected average nationwide out-of-pocket costs for the 2010 benefit year for the average Medicare beneficiary. Calculations based in part on industry average PDP premium and benefit information from the "Medicare Part D 2010 Spotlight, Medicare Prescription Drug Plans in 2010 and Key Changes over Five Years", an independent review and analysis of CMS data by the Kaiser Family Foundation (September 2010). Actual savings may vary. For some beneficiaries, actual out-of-pocket costs may be more. Savings estimate may be updated when 2011 benefit year data becomes publicly available.
(3) "The Henry J. Kaiser Family Foundation." Medicare: A Primer. Chart: Prescription Drug Coverage Among Medicare Beneficiaries, 2010, Page 8. April 2010. http://www.kff.org/medicare/upload/7615-03.pdf
(4) "The Henry J. Kaiser Family Foundation." Medicare Part D 2010 Data Spotlight. Chart: Exhibit 2: Weighted Monthly PDP Premiums, 2006-2010, Page 9. September 2010. http://www.kff.org/medicare/8096.cfm
(5) "Families USA." Cost Overdose: Growth in Drug Spending for the Elderly, 1992 – 2010; Figure 1: Seniors Consume a Disproportionate Share of Drug Expenses, Page 2. July 2000.
SOURCE Wal-Mart Stores, Inc.