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Re: [TSP_Strategy] Digest Number 5081

 

Thanks for all of your help over the last few years!


There are 3 messages in this issue.

Topics in this digest:

1. Federal Health Plans Hidden Costs   
    From:  sarah_oz

2a. Inflation   
    From:  sarah_oz

3a. US Dollar   
    From:  sarah_oz


Messages
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1. Federal Health Plans Hidden Costs
    Posted by:  sarah_oz@yahoo.com sarah_oz
    Date: Sat Jun 17, 2017 7:53 am ((PDT))

The Hidden Cost of Federal Health Plans By Tammy Flanagan
June 15, 2017
Did you know that more than 25 percent of total spending under the Federal Employees Health Benefits Program goes to prescription drugs? Rising drug prices and increasing drug utilization continue to drive up FEHBP premiums.
Every year, the Office of Personnel Management sends a call letter https://www.opm.gov/healthcare-insurance/healthcare/carriers/2017/2017-01.pdf to all FEHBP carriers. This year's edition encourages the carriers to thoroughly evaluate options to improve affordability, reduce costs, boost the quality of care, and protect the health of their enrollees. The letter also advises that any proposed benefit enhancements must be offset by proposed reductions so premiums are not increased due to benefit changes.
The first item that OPM is setting as a theme for the upcoming health insurance open season is a focus on prescription drugs.
That makes sense, because drug costs are clearly on people's minds. In the Kaiser Family Foundation's latest health tracking poll http://www.kff.org/report-section/kaiser-health-tracking-poll-late-april-2017-the-future-of-the-aca-and-health-care-the-budget-rx-drugs/, respondents identified it as their number two priority in health, just behind reducing out-of-pocket health care costs in general.
The May issue of AARP Bulletin featured a story called "Why Drugs Cost So Much http://www.aarp.org/health/drugs-supplements/info-2017/rx-prescription-drug-pricing.html." It noted:
Americans spent $457 billion on prescription drugs in 2015, up 8 percent from the previous year. From 2008 to 2016, prices for the most popular brand-name drugs rose 208 percent. The median salary of a pharmaceutical firm CEO in 2015 was $14.5 million, more than any other industry. Drug companies spend $24 billion per year marketing to doctors. It's important that federal employees and retirees keep drug coverage in mind when choosing a health plan because:
Prescription drug costs are the largest out-of-pocket health care expense for many FEHBP participants. If you only use generic drugs or don't fill many regular prescriptions, you may be paying for a health plan that has a lot of prescription drug costs reflected in its premiums. If you're a retiree with Medicare Parts A & B as primary coverage, your FEHBP plan (or TRICARE for Life, if retired military), not Medicare, provides prescription drug benefits. Medicare Part B (medical insurance) generally doesn't cover prescription drugs used at home, but it does cover a limited number of outpatient prescription drugs under certain conditions. Medicare Part D is a separate plan and is generally not necessary for federal employees and retirees since you can get prescription drug coverage that is as good or better than a Medicare drug plan through your FEHBP or TRICARE for Life enrollment. It's a good idea to study the prescription drug coverage for your FEHBP plan in your plan brochure. You can find a link to your 2017 FEHBP plan brochure by clicking on the state where you live https://www.opm.gov/healthcare-insurance/healthcare/plan-information/plans/. On the last few pages of the brochure, you will find a summary of plan benefits with links to the pages of the brochure that cover each benefit. Details about your plan's prescription drug benefits are found in Section 5. You will find the copays for generic and name brand drugs and the difference between high and standard plan options. Some plans provide additional incentives for members who have Medicare A & B as their primary coverage.
In addition, on the same chart, you will find a link to your health plan's website https://www.opm.gov/healthcare-insurance/healthcare/plan-information/plans/, which includes much more information about prescription drug coverage. Here are some things to look for:
Copays for prescriptions filled at a local pharmacy compared to the cost of ordering your prescriptions through your health plan's mail-order drug provider. Out-of-pocket costs for generic, preferred brand name, and non-preferred brand name drugs. A list of your plan's list of covered prescription drugs. It includes generic, brand name, and specialty drugs as well as preferred drugs that, when selected, will lower your out-of-pocket costs. I checked the cost of 100 mg Precose tablets, which are used to treat Type 2 diabetes. Here are some of the results of my search for a dosage of 90 tablets per month:
Blue Cross Blue Shield Standard Option (CVS Caremark prescription provider): $49.29 for a 30-day supply or $7.25 using Acarbose, the generic equivalent. Acarbose was also available in a 90-day supply for $15 through the mail-order program. I searched again with the option checked for Medicare Part B coverage as primary and the price came up as $48.36 at the pharmacy and $10 for a 90-day supply of Acarbose through the mail order program, or $4.84 at the retail pharmacy for a 30-day supply. National Association of Letter Carriers High Option (CVS Caremark prescription provider): $82.53 for a 30-day supply with in-store pickup, or $221.42 for three months supply through mail service or at the pharmacy. The cost for the generic equivalent, Acarbose, was $12 for three months supply through mail order or at a pharmacy. Aetna's pharmacy benefits were: $316.68 for three months supply through their mail-order service and $107.35 for a 30-day supply at a local pharmacy. For Acarbose, the price was $20 for a three-month mail-order supply and $10 for a 30-day supply at a retail pharmacy. Kaiser Permanente of the mid-Atlantic region listed Acarbose on their formulary. For generic medications, the copay is $7 ($5 for mail delivery) for high-option coverage and $10 ($8 for mail delivery) for standard option coverage if the prescription is filled for a 30-day supply at a Kaiser center pharmacy. If you fill a regular prescription, compare how your FEHBP plan covers that drug compared to some of the other plans. It's also a good idea to call your plan to be sure that the prices listed on the plan website haven't changed.
To get ready for the 2017 health insurance open season this fall, you may want to spend one of your lazy, hazy days of summer comparing prescription drug benefits between your FEHBP plan options. It could save you some out-of-pocket costs in 2018.
Photo: ccPixs.com http://www.ccpixs.com/
By Tammy Flanagan
June 15, 2017






Messages in this topic (1)
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2a. Inflation
    Posted by:  sarah_oz@yahoo.com sarah_oz
    Date: Sat Jun 17, 2017 7:54 am ((PDT))

Inflation Chart of the Week for June 16, 2017 - June 22, 2017
The Consumer Price Index ("CPI") is a closely watched economic indicator published monthly by the Bureau of Labor Statistics. The Index is a measure of the average change over time in the prices paid by urban consumers for a fixed market basket of consumer goods and services. The chart above shows the year-over-change in CPI for the first five months of 2017.
CPI increased by 1.9% year-over-year in May 2017, which was the slowest growth since November 2016, and a decrease from the five-year high of 2.7% reported in February 2017. CPI is one indicator monitored by the Federal Reserve Board ("Fed") to measure inflation. While the 1.9% figure was below the Fed's target of 2% annual inflation growth, the Fed still announced on June 14, 2017 a possible reduction in its balance sheet starting later this year and increased the target rate range of the Federal Funds Rate by 0.25%. It's the Fed's third interest rate hike since December 2016. Some economists wonder how the slowing rate of inflation growth will impact upcoming Fed decisions.






Messages in this topic (7)
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3a. US Dollar
    Posted by:  sarah_oz@yahoo.com sarah_oz
    Date: Sat Jun 17, 2017 8:07 am ((PDT))


Note that the USD has been strengthening long term since 2008 and continues to be bullish long term.

For that reason, the recent weakening of the USD still appears to be short term.  For that reason,
the I fund isn't that attractive...yet.



Messages in this topic (17)



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Neither the TSP Strategy group, nor individual members, are licensed or authorized to provide investment advice. Any statements made herein merely reflect the personal opinions of the individual group member. Please make your own investment decisions based upon your personal circumstances.

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