Most Medicare Part D beneficiaries not in low-cost drug plan
By Noah Guillaume
An analysis of more than 100,000 user sessions on PlanPrescriber.com found only 5 percent of customers were in the Medicare prescription drug plan (PDP) with the lowest total out-of-pocket costs available to them. Only 24 percent of customers were in the Medicare Advantage prescription drug (MAPD) plan with the lowest total out-of pocket costs.
PlanPrescriber.com is a wholly-owned subsidiary of eHealth Inc. (NASDAQ:EHTH).
Average users who made the switch to the plan with the lowest out-of-pocket costs in 2012 could have saved $654 over their existing PDP and $605 over their existing MAPD. Customers with an existing PDP would spend $2,076 per year and $1,980 per year with their existing MAPD.
In 2012, 66 percent of customers did not hit the Medicare prescription drug coverage gap with their existing PDP or MAPD, according to the analysis. Of those that did hit the gap, 52 percent hit it before September in their existing Medicare prescription drug plan.
The analysis took place between Oct. 15, 2011 and Dec. 7, 2011, during the 2012 Medicare Annual Enrollment period.
Originally published on BenefitsPro.com