Medicare Enrollees Could Save $782 on Average if They Optimized Coverage Based on Rx Needs, eHealth Analysis Finds

Rhea-AI Summary

eHealth, Inc. (NASDAQ: EHTH) has released a report indicating that Medicare beneficiaries can save an average of $782 annually by optimizing their prescription drug plans. The analysis is based on over 111,000 users of eHealth's comparison tool during the 2020 Medicare Annual Enrollment Period. Key findings include potential savings of $982 for MAPD enrollees and $716 for Part D plan enrollees. Furthermore, 92% of users could have benefitted from better plan selection, emphasizing the importance of reviewing coverage every year.

Positive

• Average savings of $782 per year for Medicare beneficiaries optimizing their plans.
• Potential annual savings of $982 for MAPD enrollees.
• Potential annual savings of $716 for Part D enrollees.
• 92% of users could have saved money by switching to more cost-effective plans.

Negative

• None.

SANTA CLARA, Calif., Aug. 26, 2020 /PRNewswire/ -- A new report from eHealth, Inc. (NASDAQ: EHTH) (eHealth.com) finds that average Medicare beneficiaries enrolled in a Medicare Advantage Prescription Drug (MAPD) plan or stand-alone Medicare Part D plan could save $782 per year ($65.17 per month) by enrolling in a more optimal plan for their prescription drug needs.

eHealth's findings are based on more than 111,000 uses of eHealth's prescription drug coverage comparison tool by Medicare customers during Medicare's Annual Enrollment Period (AEP) for 2020 coverage, which took place between October 15 and December 7, 2019.

"The cost of prescription drugs is a top concern for many Medicare beneficiaries but their drug needs and coverage may change from year to year," said eHealth CEO Scott Flanders. "Our analysis illustrates why we recommend Medicare beneficiaries use this fall's AEP to review their coverage options for 2021. eHealth's drug coverage comparison tool can help them save money if they enroll in the optimal plan for their prescription needs."

eHealth's prescription drug coverage comparison tool invites users to identify their current drug regimen and their current MAPD or Medicare Part D plan. It then shows them which of the plans offered by eHealth cover their drugs at the lowest combined premium and out-of-pocket cost, and the potential savings to be realized if they switched to the recommended plan.

Additional highlights from eHealth's analysis:

• Among MAPD enrollees, $982 ($81.83 per month) was the average annual potential savings.
• Among Part D plan enrollees, $716 ($59.67 per month) was the average annual potential savings.
• 92% of drug coverage comparison tool users last AEP could have saved money by enrolling in a more cost-effective plan for their 2020 drug coverage needs.

eHealth's report also identifies the average potential savings identified for eHealth customers in select states and the top ten brand-name and generic drugs entered into the tool by users.

Read the full report for more details.

About eHealth
eHealth, Inc. (NASDAQ: EHTH) operates a leading health insurance marketplace at eHealth.com and eHealthMedicare.com with a technology and service platform that provides consumer engagement, education and health insurance enrollment solutions. Our mission is to connect every person with the highest quality, most affordable health insurance and Medicare plans for their life circumstances. Our platform integrates proprietary and third-party developed educational content regarding health insurance plans with decision support tools to aid consumers in what has traditionally been a confusing and opaque health insurance purchasing process, and to help them obtain the health insurance products that meet their individual health and economic needs. Our omni-channel consumer engagement platform is designed to meet the consumer wherever they prefer to engage with us, and enables consumers to use our services online, through interactive chat, or by telephone with a licensed insurance agent. We have created a marketplace that offers consumers a broad choice of insurance products that include thousands of Medicare Advantage, Medicare Supplement, Medicare Part D prescription drug, individual and family, small business and other ancillary health insurance products from over 180 health insurance carriers across all fifty states and the District of Columbia.

For media inquiries, please contact:          

Sande Drew  
DMA Communications for eHealth, Inc.
(916) 207-7674
sande.drew@gmail.com

James Chisum
Media Consultant
(562) 493-6023
JamesC@millergeer.com

 

 

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SOURCE eHealth, Inc.

FAQ

What were the average savings reported by eHealth for Medicare beneficiaries in August 2020?

eHealth's report indicated that average Medicare beneficiaries could save $782 annually by optimizing their prescription drug plans.

How many users participated in eHealth's prescription drug coverage comparison tool?

eHealth's analysis was based on over 111,000 users of its comparison tool during the 2020 Medicare Annual Enrollment Period.

What percentage of eHealth users could save money by enrolling in a different plan?

The report found that 92% of users could have saved money by enrolling in a more cost-effective plan.

What potential savings did MAPD and Part D plan enrollees report?

MAPD enrollees potentially saved an average of $982 per year, while Part D plan enrollees could save an average of $716 per year.

When did the Medicare Annual Enrollment Period for 2020 coverage occur?

The Medicare Annual Enrollment Period for 2020 coverage took place between October 15 and December 7, 2019.