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Episode 107: High-Cost Medications and the Co-Pay Accumulator Policy with Dr. Celine Lee
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If you, any of your family members, friends, or patients are taking a very expensive medication for which a coupon card or program is being used for assistance to pay for the medication, you will want to tune in to learn about the Co-Pay Accumulator Policy. Dr. Celine Lee, a rheumatologist practicing in the state of Utah, explains what the Co-Pay Accumulator Policy is and how it can significantly impact the finances of anyone taking an expensive medication.
If you would like to read more about the Co-Pay Accumulator Policy, Dr. Celine mentioned an article that can be found at https://www.crohnscolitisfoundation.org/patientsandcaregivers/managing-the-cost-of-ibd/copay-accumulator-maximizer-programs
Some states have banned copay accumulators. As of summer 2023, 19 states have banned copay accumulators: Arizona, Arkansas, Colorado, Connecticut, Delaware, Georgia, Illinois, Kentucky, Louisiana, Maine, New Mexico, New York, North Carolina, Oklahoma, Tennessee, Texas, Virginia, Washington, and West Virginia, as well as Puerto Rico.
If you live in a state that has NOT banned copay accumulators, be an advocate:
Contact your congressman
Contact your state's insurance department
Call your insurer to ask questions. Depending on what you learn, you may want to talk to your employer. Your employer might not be aware they signed up for this program or how it negatively affects their employees.
Dr. Celine Lee is a Rheumatologist practicing in the state of Utah. She is not an insurance expert in anyway. This podcast episode is for informational and entertainment purposes only. If you would like to find out more about Dr. Celine Lee or are looking for a rheumatologist in Murray, Utah, her website is https://lotusrheumatology.com/
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Disclaimer: The content provided in the Grow Your Wealthy Mindset Podcast is for informational and entertainment only and should not be considered professional investment, legal, or tax advice. Dr Elisa Chiang is not a certified financial planner, attorney, or accountant. The views expressed are the personal opinion of Elisa Chiang and her guests and should not be taken as advice specific to you, the listener of he podcast. Personal finance is personal and your personal financial decision need to be made based on your personal financial situation and risk tolerance after having completed your own due diligence.
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