Now more than ever, many Americans are trying to find ways they can cut costs without compromising their health. What if you found out you were paying too much for your prescription drug plan?
Leading health insurance exchange eHealth issued a report following the last Medicare Fall Open Enrollment Period that found more than 90% of those who used their coverage comparison tool discovered they were eligible for a more cost-effective plan for their drug coverage needs.
Would you consider reviewing a new plan if you knew you could have saved on average $65.17 per month, or $782 per year, by enrolling in a plan more tailored to your individual prescription drug needs? The average potential savings was even higher for Medicare Advantage Prescription Drug enrollees, at $81.83 per month or $982 per year.
Imagine saving almost $1000 a year on your prescription drugs, simply by switching to a different plan.
The most popular prescription drugs searched for by Medicare consumers were for medications to treat blood clots, asthma, diabetes, hypothyroidism, bronchospasm and high blood pressure. They were: Eliquis, Xarelto, Symbicort, Lantus Solostar U-100 Insulin, Synthroid, Januvia, Ventolin HFA, ProAir HFA, Cartia XT and Novolog Flexpen U-10.
By entering their prescription drugs, along with their current Medicare prescription drug coverage plan, Medicare enrollees were able to compare the cost of their current plan with alternative plan options. The prescription drug coverage comparison tool takes into account the combined cost of premiums and out-of-pocket expenses.
While only 8 percent of overall tool users in 2019 were already enrolled in the optimal plan for their prescription drugs, that percentage was even lower in 16 states: Alabama, Arizona, California, Colorado, Georgia, Indiana, Kentucky, Michigan, Mississippi, Missouri, New Jersey, New York, Ohio, Tennessee, Virginia and Wisconsin.
As a Medicare beneficiary, you are eligible to change plans during Medicare’s Fall Open Enrollment Period, from October 15 until December 7. During this time, you can join a Medicare prescription drug plan or can switch from one Medicare prescription drug plan to another.
During the Fall Open Enrollment Period in 2019, people entered more than 5 million individual prescription drug searches into eHealth’s prescription drug coverage comparison tool as they made decisions about their plan choices.
If you’re wondering if you could save money on your prescriptions, you can find the tool and other helpful resources on Medicare at eHealth’s non-government website www.eHealthMedicare.com.
Prescription drug coverage is one of many factors that should be taken into consideration when selecting Medicare plans. Review your plan options each year and make sure that the medical and prescription drug benefits you want are covered, that your doctors are in-network and that the cost is within your budget.
*This article was republished with permission from and in partnership with eHealth. Through Sunshine Retirement Living’s partnership with eHealth, you can research and compare your Medicare plan options, please click here. Or you can give them a call at 844-833-5901 (TTY 711) to speak to one of their licensed insurance agents.