Seniors Can Save $500 By Reviewing Medicare Drug Plan

By: AAMSI
 
LOS ANGELES - Oct. 25, 2021 - PRLog -- The typical senior can save around $500 by comparing their 2022 drug plan coverage before the end of Medicare Open Enrollment according to the American Association for Medicare Supplement Insurance.

"Some 24 million Americans have a stand-along Medicare drug plan," states Jesse Slome, director of the American Association for Medicare Supplement Insurance (AAMSI).    "A significant percentage will pay more than necessary next year simply because they fail to take a few minutes to compare."

Medicare Open Enrollment is chance to compare and switch plans for millions of current plan participants.  The opportunity to switch ends December 7, 2021.

According to a poll of Medicare insurance agents who help individuals compare drug plan coverage, the typical senior can save between $40 and $55-per-month.   "Most seniors will have between 10 and 25 different Part D plans available to them," Slome adds.   The Association recently reported the lowest and highest drug plan costs for leading U.S. markets.

Agents participating in the poll indicated they were successful finding lower-cost drug plan coverage for around three-fourths of the individuals.  "Plans can change from year-to-year.  The drugs you are prescribed also change which is why comparing plans is so important," Slome recommends.  "The plan you signed up for a few years ago might just not be the best and lowest-cost option for 2022."

The costs for Medicare drug plans will vary widely in 2022.   According to the American Association for Medicare Supplement Insurance (https://www.medicaresupp.org) the lowest and highest costs for three major metro areas are: New York City  $7.20 - $101.00; Los Angeles $7.50 - $160.20 and Chicago $6.90 - $94.30.

To find a local agent to help compare plans, or a simple to use drug plan comparison tool, visit the American Association for Medicare Supplement Insurance website at https://www.medicaresupp.org/best-medicare-part-d/.

End
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Tags:Seniors
Industry:Financial
Location:Los Angeles - California - United States
Subject:Surveys
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