BENTONVILLE , Ark. (Oct. 1) Walmart and Humana on Friday unveiled a new Medicare Part D prescription drug offering designed to help both companies gain market share and save money for those enrolled in the program.
Co-branded as the Humana Walmart-Preferred Rx Plan, the program involves a $14.80 monthly premium that is less than half the weighted 2010 national average, generic drug co-payments as low as $2 at Walmart pharmacies and no co-payments for select generics filled via Humana’s RightSource home-delivery service. Humana and Walmart said the program has the potential to save Medicare Part D enrollees as much as $450 annually.
“People are more likely to take the medications prescribed for them when they can afford those medications,” said William Fleming, PharmD, VP Humana Pharmacy Solutions. “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.”
John Agwunobi, M.D., president of Walmart’s Health and Wellness division said Walmart is uniquely qualified to help lower the cost of prescriptions because it is the world’s largest retailer.
“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,” Agwunobi said.
He called the program an example of Walmart’s commitment to help people save money so they can live better.
It is also an example of how Walmart can bring more shoppers to its store. There are an estimated 18 million people enrolled in the Medicare Part D program, but that figure is forecast to grow to 26 million by 2015. Open enrollment in the program begins Nov. 15 and continues through the end of the year, and Humana and Walmart are undertaking an extensive media relations and marketing campaign to drive awareness and education. A key element involves kiosks in some 3,000 stores which will occasionally be staffed by Humana representatives.