Soaring Drug Prices Front and Center During Medicare Open Enrollment Period
During the 2021 Medicare annual enrollment period,
Rich, whose company is a growing online multicarrier insurance brokerage, points out that the cost of aging is a matter of growing concern across the country. In all of the focus group discussions in a survey of older women conducted by the Government Accountability Office, for example, women expressed concern about the future of
A key concern for Americans in all age groups, Rich notes, is the rising cost of prescription drugs. A study released early this year showed that retail prices for 460 prescription drugs would increase by an average of 5.2% in 2020,(4) more than quadruple the current projected rate of inflation for the year.(5)
All of which, says Rich, indicates that, at least for Medicare-eligible seniors, the best option for controlling drug expenditures for 2021, as well as out-of-pocket medical expenses, may very well be either a Medicare Part D prescription plan or a Medicare Advantage plan that offers prescription coverage. This is provided, of course, notes Rich, that they have been able to sort through the offerings and find the solution that best fits their needs and circumstances, as well as those of their family.
Rich notes that during the 51-day enrollment period, Medicare beneficiaries can:
- Switch from Original Medicare to Medicare Advantage (if they are enrolled in both Part A and Part B and live in the Medicare Advantage plan's service area);
- Switch from one Medicare Advantage plan to another;
- Switch from one Medicare Part D prescription plan to another; or
- Enroll in a Medicare Part D plan if they didn't enroll when they were first eligible for Medicare.(8)
In addition to these changes, there are certain pending government-mandated changes in Medicare coverage. In May, the Trump administration and the
- Increase access to telehealth for services in Medicare Advantage plans;
- Expand the range of supplemental benefits for beneficiaries with a Medicare Advantage plan who have chronic diseases;
- Provide support for more Medicare Advantage options for patients living in rural areas; and
- Expand access to Medicare Advantage for patients with end-stage renal disease.(9)
To help seniors make the most of the choices available to them, Ensurem has deployed smart, web-based products that enable online, self-service product shopping and comparison, including the ability to determine whether a customer's preferred healthcare providers or prescription drugs are covered by a particular plan. Once a customer has made his or her plan/coverage selections, Ensurem's brokerage systems are designed to facilitate and simplify as much as possible the process of final policy issuance.
In the meantime, seniors who prefer to have human guidance through what could be a confusing process have the ability to speak with a broker. Due to the enormous increase in volume of calls Ensurem receives, in fact, over the course of this year the company has doubled its workforce of licensed brokers.
"We believe," says Rich, "that our business structure-- digital products that enable online product shopping and comparison, backed by instantly available staff who can provide any further needed information and efficiently execute the necessary paperwork--is the wave of the future, not just for the Medicare policy market but for the entire insurance industry."
About Ensurem:
Ensurem, headquartered in
1.
2. "GAO Report on Retirement Security - Older Women Facing a Financially Uncertain Future." Wiser Women,
3. "Poll: Older Americans Are Really Worried about
4. "Hundreds of Prescription Drugs Are Costlier in 2020." Carroll County Comet, carrollcountycomet.com/articles/hundreds-of-prescription-drugs-are-costlier-in-2020/.
5. Payne, David. "Used Car Prices Goosing Inflation." Kiplinger, Kiplinger,
6. Keith, Tamara. "
7. Waldrop, Thomas, and Calsyn, Maura. "State Policy Options To Reduce Prescription Drug Spending."
8. Norris, Louise. "Medicare Open Enrollment 2021 Guide." Medicareresources.org,
9. "
Read the full story at https://www.prweb.com/releases/soaring_drug_prices_front_and_center_during_medicare_open_enrollment_period/prweb17443751.htm
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