Blue Line Financial Group, a CUSO of Cleveland Police Credit Union, has partnered with Heritage Consulting Group of Cleveland to offer a discounted drug program to member credit unions.
For $19.95 a month, members of participating credit unions can join CreditUnionRX, through which they will receive discounted prices for both generic and brand name drugs at more than 42,000 pharmacies nationwide, according to the companies.
"This program goes head to head with the Medicare card," said Nancy Coveleskie, manager of Blue Line Financial Services. "We work off of a preferred drug listing and have contracts with all the major manufacturers."
The four-tier system that categorizes drugs according to market value will allow members to pay up to $10, $20, $50 or "special network pricing" per prescription. Members will also receive a preferred drug list as a guide to help their physicians determine whether less expensive drugs can be prescribed.
She said the CUSO enlisted the services of Heritage Consulting Group because it saw a need for lower cost medical services.
"Within the police and fire departments here, there's been a 500% increase in retiree health care costs," she said. "And people are pointing fingers at prescriptions drug costs."
BLFC considers CreditUnionRX another beneficial product to enhance its retirement planning services already in place, Coveleskie said.
She said eight credit unions have already signed on to offer the program to their members. They will receive marketing assistance that includes brochures, newsletter articles, posters, referral training, statement stuffers and Internet links. Heritage Consulting Group, which also manages the same program under the name, RX101, plans to solicit to credit unions across the country.
Blue Line Financial Services was formed in 1996 as a CUSO of Cleveland Police Credit Union, which has $30 million in assets and serves 6,200 police employees and their families.
