By Marlo Sollitto, AgingCare.com contributing editor
Many seniors who are covered by Medicare are paying more than they need to for prescription drugs, according to a study by PlanPrescriber. The research suggests that far more Medicare beneficiaries could benefit from comparing their Medicare prescription drug plan options during the Medicare Annual Enrollment Period to determine if there is a more cost-effective plan available to them. In fact, according to the results, 90% of seniors are not in the Medicare prescription plan with the lowest out-of-pocket costs.
The study evaluated more than 22,000 Medicare beneficiaries who entered their current plan and medication information into the PlanPrescriber.com tool during last year’s Medicare Annual Enrollment Period. Only 7% were in the Medicare prescription drug plan with the lowest total out-of-pocket costs available to them, and less than 10% were in the Medicare Advantage prescription drug plan with the lowest total out-of-pocket costs available to them. The study also found that in at least 18 states, nearly 90% of users could reduce their total out-of-pocket costs for prescription drugs by switching to a plan that optimized their prescription drug coverage.
90% of Seniors Pay Too Much for Medicare Prescription Drug Plan originally appeared on AgingCare.com. Check our Medicare Open Enrollment section for all your Medicare information.