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Home > Drug News > HSA Drug Transition Relief Period Ends Dec. 31, 2005
HSA Drug Transition Relief Period Ends Dec. 31, 2005
(PRWEB) August 17, 2005 -- The U.S. Treasury’s transition relief period, making non-preventive pharmacy benefits subject to deductibles for all Health Savings Accounts (HSA)-qualified, high-deductible health plans (HDHPs), will end December 31st 2005. Drugs that are used to prevent an illness, however, can continue to be covered below the HDHP deductible. All non-preventive drugs, including those used to treat chronic conditions, are subject to the deductible.
HSA Trustee Services, a nationwide leader in providing HSA/Health Savings Accounts, knew this day was coming when they started offering HSAs in January of 2004. To ease the effect of this change, the company has, since the beginning, issued thousands of discount prescription cards for their clients, saving them an average of 12 to 45 % on their prescription costs.
Their exclusive “hsa Rx Card” program offers the ability to get real- time pricing from a pharmacy in your local area. Not only does it compare real time pricing, but shows that, in many cases, there are drug substitutions available for your current prescription that may yield significant savings. Drug substitutions are considered pharmaceutical equivalent drug products because they contain the same active ingredient(s), dosage form, route, and strength or concentration. For example your doctor may be prescribing a 20mg dosage, and when you compare prices, you see that the 40mg dosage is the same price or just a few dollars more. You could then ask your doctor to prescript the 40mg dosage and split the pills for an additional 50% savings. If you’re paying $3 per pill, your cost just went down to $1.50 per pill. You can not walk into your local pharmacy and ask for this type of information because of the different pricing programs the drug companies have, so this valuable tool could save you hundreds of dollars per year. (Drug substitution products should be presented to your physician to determine if they are suitable for your particular situation.)
HSA Trustee Services was the first to offer a discount prescription drug card and the first to offer a Section 125 plan with an HSA module, so that employers can offer HSA payroll deduction plans for their employees while also saving on FICA taxes. “hsa Trustee Services has continued to grow over the last year and a half through customer referrals and our agent network.” said spokesman Tim Morales “When comparing HSA providers, not only should the consumer look at what fees the provider will be charging, but also at what other services and benefits are they providing you. From day one, we have been the industry leader when it comes to added benefits and services for our customers. We certainly are not one of the largest providers of HSAs, nor do we want to be. hsa Trustee Services wants to be known as the best HSA provider, and adding our new online, real-time pricing tool to our “hsa RX Card” takes us closer to our goal.”
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