Insurance agents who help clients buy Medicare Part D prescription drug plans believe that some clients who shop actively for new coverage can save more than $200 per year, and that a few may save more than $500 per year.
The American Association for Medicare Supplement Insurance, or AAMSI, has published figures supporting that conclusion in a summary of results from a voluntary survey of about 200 agents who are active in the Medicare plan market.
What It Means
Health care economists and others have always wondered how much practical good actively shopping for health coverage does for the insureds.
In the Medicare drug plan market, AAMSI sees signs that active shopping can provide a modest but noticeable amount of savings for a large minority of the clients who take the time to shop.
The Details
About 23 million of the 66 million people enrolled in Medicare have stand-alone Medicare drug plans.
The annual enrollment period for Medicare Advantage plans and Medicare drug plans for 2024 is set to run from Oct. 15 through Dec. 7.
