Seniors Avoid Paying Drug Price Increases Advises Medicare Supplement Insurance Association

Los Angeles, CA October 13, 2022 --(PR.com)-- Over 3,000 drugs experienced price increases in 2022. Many will likely cost more again in 2023. Seniors on Medicare can avoid paying higher prices in the coming year advises the American Association for Medicare Supplement Insurance (AAMSI).

“The vast majority of prescription drug price increases occur in January,” says Jesse Slome, director of the organization. “That’s when Medicare prescription drug plans roll out their programs for the coming year.”

During Medicare’s Open Enrollment which begins next week (October 15), individuals have a limited-time opportunity to find 2023 drug plans that offer the best coverage for the coming year. “Those who take advantage of the opportunity can easily save significant dollars in 2023,” Slome notes.

According to the Association, the average senior who changes Medicare drug plans saves between $500 and $700 in out-of-pocket costs. “There are 23 million Americans with stand-alone prescription drug plans and every one of those plan participants should be comparing their 2023 coverage,” Slome advises.

A report issued by ASPE’s Office of Health Policy found that the average price increase for drugs in 2022 was nearly $150 per-drug or roughly 10 percent. ASPE is part of the U.S. Department of Health & Human Services.

“It can be very simple to compare your current plan and find your best coverage for 2023,” Slome notes. The American Association for Medicare Supplement Insurance makes available access to a free online drug plan comparison tool. “No personal information is needed to use the tool,” Slome adds. “It’s completely private and compares over 4,700 plans nationwide.”

Access to the drug plan comparison tool can be found on the Association’s website https://www.medicaresupp.org/best-medicare-drug-plans-2023/.

Established in 1998, the American Association for Medicare Supplement Insurance advocates for the importance of consumer awareness and supports insurance and financial professionals who market Medicare insurance solutions. To learn more, go to https://www.medicaresupp.org.

Contact Information:
American Association for Medicare Supplement Insurance Jesse R. Slome 818-597-3205
Contact via Email
https://www.medicaresupp.org

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