Medicare Enrollees Could Save $782 on Average if They Optimized Coverage Based on Rx Needs, eHealth Analysis Finds
The company recommends Medicare beneficiaries use the upcoming Annual Enrollment Period to make sure they're in the right plan for 2021
SANTA CLARA, Calif., Aug. 26, 2020 /PRNewswire/ -- A new report from eHealth, Inc. (NASDAQ: EHTH) (eHealth.com) finds that average Medicare beneficiaries enrolled in a Medicare Advantage Prescription Drug (MAPD) plan or stand-alone Medicare Part D plan could save $782 per year ($65.17 per month) by enrolling in a more optimal plan for their prescription drug needs.
eHealth's findings are based on more than 111,000 uses of eHealth's prescription drug coverage comparison tool by Medicare customers during Medicare's Annual Enrollment Period (AEP) for 2020 coverage, which took place between October 15 and December 7, 2019.
"The cost of prescription drugs is a top concern for many Medicare beneficiaries but their drug needs and coverage may change from year to year," said eHealth CEO Scott Flanders. "Our analysis illustrates why we recommend Medicare beneficiaries use this fall's AEP to review their coverage options for 2021. eHealth's drug coverage comparison tool can help them save money if they enroll in the optimal plan for their prescription needs."
eHealth's prescription drug coverage comparison tool invites users to identify their current drug regimen and their current MAPD or Medicare Part D plan. It then shows them which of the plans offered by eHealth cover their drugs at the lowest combined premium and out-of-pocket cost, and the potential savings to be realized if they switched to the recommended plan.
Additional highlights from eHealth's analysis:
- Among MAPD enrollees, $982 ($81.83 per month) was the average annual potential savings.
- Among Part D plan enrollees, $716 ($59.67 per month) was the average annual potential savings.
- 92% of drug coverage comparison tool users last AEP could have saved money by enrolling in a more cost-effective plan for their 2020 drug coverage needs.
eHealth's report also identifies the average potential savings identified for eHealth customers in select states and the top ten brand-name and generic drugs entered into the tool by users.
Read the full report for more details.
eHealth, Inc. (NASDAQ: EHTH) operates a leading health insurance marketplace at eHealth.com and eHealthMedicare.com with a technology and service platform that provides consumer engagement, education and health insurance enrollment solutions. Our mission is to connect every person with the highest quality, most affordable health insurance and Medicare plans for their life circumstances. Our platform integrates proprietary and third-party developed educational content regarding health insurance plans with decision support tools to aid consumers in what has traditionally been a confusing and opaque health insurance purchasing process, and to help them obtain the health insurance products that meet their individual health and economic needs. Our omni-channel consumer engagement platform is designed to meet the consumer wherever they prefer to engage with us, and enables consumers to use our services online, through interactive chat, or by telephone with a licensed insurance agent. We have created a marketplace that offers consumers a broad choice of insurance products that include thousands of Medicare Advantage, Medicare Supplement, Medicare Part D prescription drug, individual and family, small business and other ancillary health insurance products from over 180 health insurance carriers across all fifty states and the District of Columbia.
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DMA Communications for eHealth, Inc.