eHealth Drug Coverage Comparison Tool Helps Medicare Beneficiaries Identify Medicare Plans With Optimal Drug Coverage and Potentially Save An Average of $898 Per Year
Per eHealth report,
eHealth’s Medicare Choice and Impact report examines user sessions from
more than 62,000 eHealth
“The burden of prescription drug costs is a major concern for
Potential savings with Medicare Advantage Prescription Drug (MA-PD) plans
- Only 7% of MA-PD enrollees who used eHealth’s drug coverage comparison tool were currently enrolled in the MA-PD plan providing optimal coverage for their prescription drugs.
- More than nine-in-ten (93%) could potentially save money by enrolling in a different MA-PD plan, according to eHealth’s analysis of drug regimens and plan options.
-
$1,417 per year (or$118 per month) was the average potential savings available to these consumers if they enrolled in the optimal MA-PD plan for their personal drug regimen.
Potential savings with stand-alone Medicare Prescription Drug Plans (PDPs or Part D plans)
- Only 11% of PDP enrollees who used eHealth’s drug coverage comparison tool were currently enrolled in the PDP providing optimal coverage for their prescription drugs.
- Nearly nine-in-ten (89%) could potentially save money by enrolling in a different PDP, according to eHealth’s analysis of drug regimens and plan options.
-
$643 per year (or$54 per month) was the average potential savings available to these consumers if they enrolled in the optimal PDP for their personal drug regimen.
How does eHealth’s
eHealth’s prescription drug comparison tool estimates the out-of-pocket
costs associated with prescription drug coverage under MA-PD and
In using the tool, consumers enter their zip code, the names and dosages
of their prescribed medications, and the name of their current
Out-of-pocket costs for prescription drugs may change year to year
Changes to one’s prescribed medications aside, the amount a
- The drugs covered by a plan
- The plan’s monthly premiums
- The plan’s annual deductible, coinsurance, and co-payments
- The plan’s drug tiers, which are used to assign different coinsurance amounts and co-payments to specific drugs
Any one of these changes may affect what an enrollee pays out of pocket
for his or her drugs on the same MA-PD or Part D plan from one year to
the next. In some cases, the lowest-cost plan for a
Potential cost savings for plan switchers
The table below details potential savings after calculating all costs —
including monthly premiums, co-payments, coinsurance, and deductibles —
for people who used eHealth’s online
Potential average annual |
% of users who could potentially |
|||
Stand-alone Prescription Drug |
$643 | 89% | ||
Medicare Advantage |
$1,417 | 93% | ||
Combined Average Savings of |
$898 | 91% |
The actual savings estimated when a person uses the tool differ based on variables such as geographic location, plan availability and selection, and other factors. Benefits and coverage may also vary between plans. When selecting a plan, consumers should always be sure to check the plan details to confirm the accuracy of any estimate of plan costs and coverage.
Survey methodology
This report analyzes more than 62,000 user sessions that occurred on
eHealthMedicare.com and PlanPrescriber.com during the 2016 Annual
Election Period (also called Annual Enrollment Period or AEP), which
took place
The
The information users were required to provide in order to be counted as
currently enrolled in a PDP or MA-PD plan included their zip code and
the name of their existing PDP or MA-PD plan. In the user sessions used
for this analysis, customers also included the names, dosages and
frequency of any prescription drugs they were taking. Average annual
savings were calculated as the difference between the customer’s total
estimated out-of-pocket spending on their current plan — including
monthly premiums, deductibles, coinsurance, and co-payments — and the
estimated out-of-pocket spending on the plan recommended by eHealth’s
For price comparisons, this study assumes no changes in prescription or
medical needs, as well as no changes in rates or drug prices during the
applicable time period. The average savings presented in this report are
based on user sessions that occurred during the last AEP on
eHealthMedicare.com and PlanPrescriber.com only. These user sessions may
not reflect the overall
NOTE:
eHealth
For more health insurance news and information, visit eHealth's Consumer Resource Center.
View source version on businesswire.com: http://www.businesswire.com/news/home/20161011005210/en/
Source:
DMA Communications for eHealth, Inc.
Sande Drew, 916-207-7674
sande.drew@ehealth.com
or
eHealth,
Inc.
Nate Purpura, 650-210-3115
nate.purpura@ehealth.com