Medicare Prescription Plans 2024 Study
Medicare Prescription Plans 2024 Study
Seniors Save Significantly When Switching Drug Plans During Medicare AEP
NEWS: Medicare Prescription Plans 2024 – August 24, 2023; A third of seniors saved $300 or more by switching prescription drug plans during Medicare’s prior Annual Enrollment Period (AEP) according to a just-conducted survey by the American Association for Medicare Supplement Insurance (AAMSI). Some 14.5 percent of seniors saved more than $500 on this year’s drug costs by switching plans.
“Medicare’s Annual Enrollment Period (AEP) provides millions of seniors with the opportunity to review prescription drug plan coverage and get better coverage for the coming year,” states Jesse Slome, director of the organization. “Too few seniors take advantage of this chance to potentially save hundreds of dollars in 2024. Regrettably, as people age, they seem less willing to take the time to compare.”
Annual notices of 2024 drug plan changes will be mailed to all plan enrollees in September. According to AAMSI, 23 million individuals with stand-alone Medicare Part D drug coverage should receive this document.
Medicare’s Annual Enrollment Period begins each year on October 15 and concludes December 7th. “Seniors have only 62 days to connect with a local Medicare agent or use one of the available online drug plan comparison websites,” Slome explains.
According to the Association’s survey, some 12% of seniors who compared drug plans last AEP switched and saved between $500 and $700 in drug costs in 2023.
“The typical senior currently has 60 different Medicare drug plans available, including 20 or more stand-alone Part D drug plans,” shares AAMSI’s Slome. “We expect most plans will make changes impacting costs for 2024.”
Tips To Find Best 2024 Medicare Drug Plan
Slome cited what seniors should keep in mind as AEP 2023 approaches.
- 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?
- Is your preferred local pharmacy 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?
Find Best Medicare Prescription Plans 2024
Click to find Medicare drug plan options
To find local Medicare insurance agents, the Association makes available the nation’s leading online directory. It is free and private to access via the organization’s website at https://www.medicaresupp.org/find-local-agent/.
The American Association for Medicare Supplement Insurance advocates for the importance of consumer awareness and supports insurance and financial professionals who market Medicare insurance solutions.
2024 Medicare Prescription Plans Survey Results
Q1. Roughly, how much money did your typical senior client SAVE by SWITCHING THEIR PART D coverage during (2022) Medicare Annual Enrollment?
- $100 a year (13.5%)
- Between $100 and $200 a Year (34.5%)
- $200 and $300 a Year (18.5%)
- $300 and $500 a Year (19.0%)
- Between $500 and $700 a Year (12.0%)
- More than $700 a year (2.5%)
Q2. What percentage of your senior clients COMPARING THEIR PART D coverage (last AEP) switched to BETTER or CHEAPER coverage.
- Less than 10% (22.5%)
- Between 10% and 25% (36.0%)
- Between 25% and 50% (25.0%)
- More than 50% (16.5%)
American Association for Medicare Supplement Insurance survey of independent insurance agents selling Medicare drug plan coverage. Conducted in August 2023.