Prescription Drug Savings Tip For Seniors With Medicare Drug Plans
2023 Prescription Drug Savings Tip from the American Association for Medicare Supplement Insurance (Posted Dec. 7, 2022)
Seniors with stand-alone Medicare drug plan coverage have a little-known opportunity to save suggests the American Association for Medicare Supplement Insurance (AAMSI).
“Some 23 million seniors have Medicare Part D drug plan coverage and many can expect to pay more for their medications starting January 1st,” explains Jesse Slome, director of the Medicare-focused organization. “The nation’s 800 Medicare drug plans generally change plan provisions starting January 1 and often that means people will pay more when they refill current prescriptions.”
“In 2022 the average price for over 1,200 prescription drugs increased by 31.6 percent compared to 2021,” Slome reports. “Some drugs in 2022 increased by more than $20,000 or 500% and the majority of these plan changes start with the new year.”
Refill Lower Cost Prescriptions Before End Of Year
The Medicare insurance expert recommends a savings strategy for seniors who know they will continue taking medications in the coming year. “Refill any available prescriptions before the end of 2022 especially those that will cost more in 2023,” Slome suggests.
Consumers can typically find 2023 pricing including co-payments and deductibles by contacting their drug plan provider. “Many offer easy-to-use online systems that will immediately tell you how much various drugs will cost next year,” he adds.
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.
Prescription Drug Savings Tip – learn more about finding the best Medicare drug plan from the Association.
Facts About Medicare Drug Plans (2023)
In 2022, 49 million of the 65 million people covered by Medicare are enrolled in Medicare Part D plans.
53% are enrolled in Medicare Advantage plans offering prescription drug coverage.
47% (23 million) have stand-alone Medicare prescription drug plan (PDP) coverage.
Just over 800 different PDP plans are available nationally.
The typical senior will have multiple different stand-alone plans available.
The number varies by state with New York (19) to Arizona (28).
Big States: California (26), Texas (27), Illinois (24), Florida (23).
Many insurers/providers offer multiple options.
The average monthly premium for Medicare stand-alone Part D plan is $43 (a 10% increase from 2022).
costs range from $5 to $11-per month.
The standard (maximum) deductible is $505. Some plans offer a $0 deductible.