eHealth Analysis: Medicare Beneficiaries Could Save an Average of $611 Per Year if They Enroll in Optimal Prescription Drug Coverage
MOUNTAIN VIEW, Calif., Sept. 26, 2018 /PRNewswire/ -- eHealth, Inc. (NASDAQ :EHTH ) (eHealth.com) released results today from an analysis of customers who used its Medicare prescription drug coverage comparison tool during last year's Medicare Annual Enrollment Period (AEP), illustrating the tool's potential to help consumers find significant savings.
Approximately 17,000 Medicare beneficiaries entered their current Medicare insurance plan and the details of their personal prescription drug regimen into eHealth's comparison tool during the last AEP. Based on these and other factors, eHealth identified the Medicare Part D or Medicare Advantage Prescription Drug (MAPD) plan that offered them coverage for their drugs at the lowest cost, according to eHealth's data, calculated by combining premium and out-of-pocket expenses with data on drug costs.
Highlights from eHealth's report:
Only 8 percent of beneficiaries are in a plan optimal for their drug regimen: 92 percent of eHealth customers using the tool during last year's AEP were not currently enrolled in the optimal plan for their personal drug regimen based on eHealth's analysis
Switching plans could save Medicare enrollees hundreds per year: $611 was the average annual savings identified if tool users chose to enroll in the optimal plan that eHealth identified for them.
Switching both MAPD and Part D plans can lead to significant annual savings: Among MAPD plans, the potential average annual savings for eHealth customers who chose to switch to the optimal plan identified for them was $865; $545 was the average annual savings available to beneficiaries who switched to the optimal Part D prescription drug plan.
eHealth's report also identifies the ten most popular drugs entered by users into its prescription drug coverage comparison tool during the last Medicare AEP.
"Prescription drug costs are a big concern for Medicare beneficiaries," said Chris Hakim, eHealth's vice president for Medicare products. "In a recent survey of our Medicare customers, 41 percent said they worry about their drug costs, while 51 percent worry about copayments and other out-of-pocket costs that may also be associated with prescription drugs. Today's report shows how eHealth can actually save people money by matching them with the optimal coverage for their personal needs."
eHealth's report describes the potential savings identified by users of eHealth's Medicare Prescription Drug Coverage Comparison tool during the Medicare Annual Enrollment Period that occurred between October 15 and December 7, 2017. Average savings and other findings are based on more than 17,000 user sessions. Calculations are based on Medicare insurance plans available through eHealth's websites. Potential savings identified by the tool would only be realized if the user switched to the optimal plan identified. Potential savings and optimal plan recommendations were based on the data available to eHealth's systems at the time of the study.
eHealth, Inc. (NASDAQ :EHTH ) owns eHealth.com, a leading private online health insurance exchange where individuals, families and small businesses can compare health insurance products from brand-name insurers side by side and purchase and enroll in coverage online and over the phone. eHealth offers thousands of individual, family and small business health plans underwritten by many of the nation's leading health insurance companies. eHealth (through its subsidiaries) is licensed to sell health insurance in all 50 states and the District of Columbia. eHealth also offers educational resources, exceptional telephonic support, and powerful online and pharmacy-based tools to help Medicare beneficiaries navigate Medicare health insurance options, choose the right plan and enroll in select plans online or over the phone through Medicare.com (www.Medicare.com), eHealthMedicare.com (www.eHealthMedicare.com), GoMedigap (www.goMedigap.com) and PlanPrescriber.com (www.PlanPrescriber.com).
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