Medicare Drug Plan Data Reported By Medicare Insurance Association

“Prescription drug plan coverage is one of the most important benefits valued by seniors,” states Jesse Slome, director of the Medicare advocacy organization. “Individuals have enormous choice today and selecting the right prescription drug plan coverage can be significant money saver.”

According to the 2022 Medicare insurance drug plan data posted by the Association, about half of Medicare beneficiaries with drug plan coverage are enrolled in stand-alone plans. “The other half are enrolled in a Medicare Advantage plan that provides prescription drug coverage,” Slome notes.

The average Medicare beneficiary has more choices when it comes to drug plans included with Medicare Advantage. “In 2022, the average individual has some 31 different plans available, up from 15 in 2015,” Slome shares. The same is not true when it comes to stand-alone Medicare prescription drug plans. The number of available plans in 2022 is 23 a nominal decrease from prior years partly due to plan consolidations suggests Slome.

“Seniors have the opportunity to compare and find the best Medicare drug plan coverage each year,” Slome advises. “For agents who market Medicare Advantage and Medicare Supplement plans, helping prospects compare drug plans can be an effective way to build relationships that result in additional business.”

The American Association for Medicare Supplement Insurance (AAMSI) advocates for the importance of educated planning. AAMSI supports insurance professionals who market Medicare insurance solutions. To access information regarding the 2022 Medicare drug plan data, go to www.medicaresupp.org/medicare-drug-plan-data-2022/.