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The typical senior switching their Medicare drug plan (Part D) coverage can expect to save between $500 and $700 according to a report released today by the American Association for Medicare Supplement Insurance.
“Medicare drug plan savings can be significantly more for some,” shares Jesse Slome, AAMSI director. Slome notes that Medicare Open Enrollment begins Saturday, October 15. “This is the once-a-year opportunity for the 23 million seniors with standalone Medicare drug plan coverage to see what they’ll pay in 2023 and whether there’s a better option available.”
Every senior with a Medicare drug plan has 53 days during which they can determine 2023 premium costs for their plan and more importantly what they will pay for their prescription medications in the coming year. “Medicare drug plans get to change the premiums they charge starting January 1st,” Slome explains. “For example, where I live in Southern California, there are plans that will cost $4.50-per-month and some that cost over $100 monthly. That’s just a snapshot of total costs I could pay and not necessarily indicative of what plan will be best for me.”
According to recently released data from the U.S. Department of Health & Human Services, costs for some 3,000 prescription drugs increased in 2022. “The typical increase was 10%,” Slome reports. “But averages are not meaningful. What the medications you take are the only thing that matters and you plan may change how they’ll cover costs in 2023.”
To help seniors save by finding their best 2023 Medicare drug plan options the Association makes available an online cost comparison tool. “The information is of course valuable but seniors like the fact that no personal information need be entered to use the system,” Slome points out. “You won’t be deluged with spam emails or calls. If you find a better plan and want to apply, the system permits that. But it’s only an option.”
The typical senior will have anywhere from a few to as many as 20 or more different drug plans to choose from. You can do the comparison yourself (using an online system such as the one offered by the Association). Or, you can speak with a local Medicare insurance agent. They will typically have access to a similar system that they can use for you.
Before either, gather the names and dosages of the various medications you take. This will enable you to find the best plan specific to your needs.
You can change coverages so long as you do so by December 7. Your new coverage will begin January 1, 2023 and your current coverage will automatically be notified.