Medicare Agents Help Seniors Save On Drug Plan Costs
SENIORS SAVE NEWS: A local Medicare insurance agent can help you save $700 or more on your Medicare drug plan premium costs according to a just published survey of agents conducted by the American Association for Medicare Supplement Insurance.
Click here to read the full report Medicare Drug Plan Savings Study (2023).
Use the Association’s free online directory to find local Medicare insurance agents in your Zip Code. Or, click the banner ad (on the right) and access the drug plan finder tool. No personal information is entered to see available plans in your Zip Code.
Tips Help Seniors Save on 2024 Medicare Drug Plans
The Association’s survey clearly shows the importance of comparing your stand alone Medicare drug plan every Medicare Annual Enrollment Period (AEP).
Whether you work with a local agent or do the comparing on your own, the savings can be significant. And, the amount of time needed is not that great. You can often compare and switch in less than an hour.
Here are steps recommended by Jesse Slome, director of the American Association for Medicare Supplement Insurance.
- Start early. AEP only runs from October 15-December 7. Don’t procrastinate!
- Make a list of all the prescription medications you take (name and dosage taken).
- If you can, contact your doctor(s) and ask if they plan to make any changes when you next meet? For example, there may be never versions that they favor. Or generics.
- Share the info with the Medicare agent you work with.
- If using an automated system, use one that allows you to enter the drug info. That will get you the most accurate price comparison.
Here are some additional tips from Jesse Slome. Make sure you receive the Plan changes document from your current drug plan. This should arrive during September. If you don’t get one, call the company and request another.
- Have you started taking any new medications in 2023?
- Will the ‘tier’ change in 2024 for those drugs you currently take?
- Did a generic version of any of your prescription drugs become available?
- Make sure your preferred local pharmacy is still a preferred provider?
- Are lower-cost mail options available?
- Will plan deductibles, co-pays or co-insurance change for 2024?
- Could you benefit from a Medicare Advantage plan with included drug coverage?
Additional Medicare Information You May Find Of Value
Please click on any of the links (below). Read other recent news stories or reports containing information we believe you may find of value. Find the best Medicare insurance plan options by searching the Association’s Medicare insurance information center.
Top 10 Additional Medicare Advantage Benefits
Number of Medicare Advantage Plans 2023 Grows
Medicare Advantage Agent Commissions 2023
Top-10 Drugs Taken by Medicare Beneficiaries 2023
Switching to Medicare Advantage from Traditional Medicare is Growing
The Difference Between Medicare Broker Medicare Agent Matters
Best Medigap 2023 Prices Reported By Association
Senate Report Slams Medicare Advantage Marketing Practices
What Medicare Supplement Is The Most Popular Medigap?
Key 2023 Medicare Advantage Data For Consumers
About the Author
Jesse Slome
Medicare Insurance Expert
Director, American Association for Medicare Supplement Insurance
Jesse Slome is a leading Medicare insurance expert and the founder and director of the American Association for Medicare Supplement Insurance (AAMSI). Since 1998 AAMSI has served to educate consumers and support insurance professionals who offer Medicare insurance plans.
