Wal-Mart's shockingly cheap drug plan
The retailer partners with Humana to beat out other plans for Medicare recipients.
Wal-Mart (WMT) upended the drug industry in 2006 by offering $4 generic drugs. Now the retailing giant is at it again, unveiling the cheapest prescription drug plan in the country.
Wal-Mart has partnered with health insurance company Humana (HUM) and will offer the plan to people on Medicare, Bloomberg reports. Starting Jan. 1, the plan will cost only $14.80 a month -- less than half the average Medicare premium for prescription drugs.
It's a win-win for both companies. Humana wants to boost its market share and hopes Wal-Mart will bring in enough business to keep its drug plans profitable. Wal-Mart wants more people to visit its pharmacies instead of Walgreens (WAG) or CVSCaremark (CVS).
The companies said the typical Medicare prescription-drug customer could save $450 a year with the new plan, which also has lower copayments and cost shares, according to Dow Jones Newswires. At specific pharmacies -- such as, oh, say, Wal-Mart's -- the copayment could be as low as $2 for generic drugs. Humana's mail-order service will have zero copay.
Already analysts predict a price war as other retailers and drugstores scramble to match Wal-Mart's pricing. "We would not be surprised if rival insurers form joint plans with other pharmacy chains," said Standard & Poor's analyst Phillip Seligman, according to Dow Jones.
People can enroll in the new plan from Nov. 15 through the end of the year. Click here for more information.
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About 18 million Medicare beneficiaries have signed up for prescription-drug-only plans, Reuters reported.
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For you people who squawk about how long it takes to get a prescription filled, have you ever considered dropping it off and looking for some other household bargains while you wait. It may benefit Wal Mart, true, but it may benefit you as well, instead of sitting waiting wringing your hands and getting all riled up. The stroll through the store will do good for you health and you would be surprised how quickly 30 minutes will fly by. Take a break. You will save money and enjoy life more.
This is Back to the Future all over again! Those crooks at Humana and Wal-Mart are setting up another bait-and-switch scheme.
According to the Boston Globe, Humana burst onto the Medicare marketplace in 2006 with low‐cost Part D plans only to raise premiums as much as 466 percent one year later. “Insurer hits millions of seniors with drug cost hike,” Boston Globe, 12/31/06
“Steve Findlay, a healthcare analyst with Consumers Union, the publisher of Consumer Reports, called Humana's price increases a ‘bait and switch’ tactic. ‘That's not an acceptable inflationary increase in prices," he said. "That's sucker them in and you just start raising the prices.”
Join up and I’d bet you’ll be a lot poorer in a few years!
It may be cheap drugs for everyone that will move their prescriptions to Wal Mart , but their associates will pay the price with higher insurance rates starting this october
You realize that wal-mart is subject to the same FDA and state board regulations as other pharmacies. Which means the quality of the drugs is the same. They use the same wholesalers that other companies use (Cardinal, McKesson, Amerisource Bergan). They make money by getting people in the store for a prescription and they buy stuff while they wait.
You are an ignorant person if you believe otherwise
i am a diabetic.. went to go get my NAME-BRAND precrisption a few months ago. know how much it was..hugh?? $230..
had my doc. give me geniric. want o know how much?? $4..guess which one i chose????????
oh and by the way. i am NOT a senior nor on medicare
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