Seniors Save When Switching Medicare Drug Plans

LOS ANGELES - Oct. 12, 2022 - PRLog -- The typical senior switching their Medicare drug plan (Part D) coverage can expect to save between $500 and $700 yearly according to a report released today.

"Medicare drug plan savings can be significantly more for some," shares Jesse Slome, director of the American Association for Medicare Supplement Insurance. Slome announced the information in advance of Medicare's Open Enrollment which begins this Saturday (October 15).

"Saving on prescription drug plan costs should be vitally important to the 23 million individuals with stand-along Medicare drug coverage," Slome notes. "These seniors have 53 days to check on the 2023 premium costs for their plan and more importantly what they will pay for their prescription medications in the coming year."

"Medicare drug plans get to change the premiums they charge starting January 1st," Slome explains. "For example, where I live in Southern California, there are plans that will cost $4.50-per-month and some that cost over $100 monthly. That's just a snapshot of total costs I could pay and not necessarily indicative of what plan will be best for me."

According to recently released data from the U.S. Department of Health & Human Services, costs for some 3,000 prescription drugs increased in 2022. "The typical increase was 10%," Slome reports. "But averages are not meaningful. What the medications you take are the only thing that matters and your plan may change how they'll cover costs in 2023."

To help seniors save on 2023 drug plan coverage the Association offers a free online drug plan cost comparison tool. "A unique feature is the fact that no personal data need be entered to access data based on over 4,000 plans offered nationally," Slome points out. Access more information on Medicare drug plan savings at https://medicaresupp.org/medicare-drug-plan-compare-2023/.

Access the 2023 drug plan comparison via the Association's website at https://www.medicaresupp.org. The American Association for Medicare Supplement Insurance advocates for the importance of Medicare education and information. AAMSI supports insurance professionals who market Medicare insurance plans nationwide.