Affordable Care Act
What Consumers Could Have Saved on Prescription Drugs in 2015
Published on October 20, 2015
Today eHealth released some interesting information on the potential savings many customers who compared stand-alone prescription drug plans could have received if they had used eHealth’s online Medicare plan comparison tools.
According to the data published today, a Medicare Beneficiary could have saved $458 on prescription drugs in 2015.
The data also suggests that only six percent (6%) of people on Medicare had Medicare Part D coverage that provided them with the lowest total out-of-pocket costs for their prescription drugs.
The analysis looked at over 49,000 people who used eHealth’s online Medicare plan comparison tools (tools now available at Medicare.com, eHealthMedicare.com and PlanPrescriber.com) during Medicare’s last Annual Enrollment Period (AEP – also referred to as the Annual Election Period).
What were the potential savings on Medicare Advantage Prescription Drug Plans(MA-PDs) vs the potential savings on stand-alone Prescription Drug Plans (PDPs)?
- More than 14,000 people used eHealth’s tool to compare the MA-PD plans they had in 2014 to the plans available in 2015. Among those, 92% could lower their total costs for premiums and prescribed medications by switching to a new plan, according to the tool’s analysis of their drug regimens and plan options. Those who switched to the plan with the lowest total costs in 2015 could have saved an average of $682.
- More than 35,000 people used eHealth’s tool to compare the PDP plans they had in 2014 to the plans available in 2015. Among those, 95% could lower their total costs for premiums and prescribed medications by switching to a new plan, according to the tool’s analysis of their drug regimens and plan options. Those who switched to the plan with the lowest total costs in 2015 could have saved an average of $366.
What Does eHealth’s Medicare Plan Comparison Tool Do?
eHealth’s Medicare plan comparison tool estimates the total cost of Medicare drug coverage for people who use it. To achieve this estimate, a person enters their zip code, the names and dosages of their prescribed medications, and the name of their current Medicare Part D plan or Medicare Advantage Prescription Drug Plan.
Once the data is entered, the tool shows that person the different plans eHealth can offer in their area. The tool estimates the annual cost of each plan for the coming year based on the data entered by the user and plan information provided by insurance companies. The estimated annual cost of a plan is a combination of the plan’s monthly premiums and the estimated out-of-pocket costs for the medications entered into the tool. The estimated out-of-pocket costs include deductibles, co-pays and coinsurance.
Want to look at more data? Check out eHealth’s press release.