Willis Towers Watson’s enhancement of its Coverage Checkup tool fuels lower prescription drug costs for retirees

Rhea-AI Summary

Willis Towers Watson (NASDAQ: WLTW) announced an enhancement to its Coverage Checkup tool, which helped retirees save a median of $345 during the 2020 Medicare open enrollment. The tool, launched in 2017, assists retirees in evaluating and selecting cost-effective Part D prescription drug plans. Of those using the tool, 35% switched plans, with a significant portion enrolling online. The company emphasizes the importance of annual evaluations of prescription drug plans to avoid overpaying for medications.

Positive

• Coverage Checkup tool helped retirees save a median of $345.
• 35% of users changed plans due to the tool's recommendations.
• 77% of users enrolled online after using the tool.

Negative

• None.

Median savings amounted to $345 per retiree during 2020 open enrollment

ARLINGTON, Va., March 16, 2021 (GLOBE NEWSWIRE) -- Willis Towers Watson (NASDAQ: WLTW), a leading global advisory, broking and solutions company, announced today it has enhanced its Coverage Checkup tool, which helped retirees save nearly $345 during the 2020 Medicare open enrollment season.

A Princeton University study found that Medicare Part D consumers rarely switch plans and do not consistently shop for price and quality when they do switch.

Willis Towers Watson launched the Coverage Checkup tool in 2017 for retirees who use Via Benefits, its individual marketplace. The Coverage Checkup provides a personalized drug plan evaluation and recommendation for retirees during open enrollment. Last year, the company enhanced the Coverage Checkup evaluation process and made the improved tool available to retirees with a Part D prescription drug plan. Of those who used the tool during open enrollment, 35% ultimately changed plans. The median savings for plan switchers was $345 per retiree.

Retirees use the Coverage Checkup tool to match their profile (current medications and dosage) against available Part D Prescription Drug plans. The tool then makes a recommendation: stay in your existing plan or choose a better fit plan based on the total annual cost (including premiums, deductibles and out-of-pocket expenses) and coverage of the individual’s medications. With this information, retirees may enroll in the plan that best meets their needs and budget. Retirees who used the tool enrolled online 77% of the time.

“Seniors should evaluate their prescription drug plan annually to ensure they are not overpaying for medications. Unfortunately, many don't,” said Brian Tenner, managing director, Individual Marketplace, Willis Towers Watson. “Coverage Checkup does all the legwork for retirees, making it easy to check if there’s a better and more affordable plan.”

About Via Benefits by Willis Towers Watson

Via Benefits Insurance Services has helped more than two million people evaluate and enroll in individual health insurance. Via Benefits is a resource offering personal service to help retirees understand coverage options through a robust online experience supported by an award-winning customer service team. Founded in 2004, it operates the first and largest Medicare marketplace in the country and, in 2014, expanded to include individual and family plans for pre-Medicare retirees.

About Willis Towers Watson

Willis Towers Watson (NASDAQ: WLTW) is a leading global advisory, broking and solutions company that helps clients around the world turn risk into a path for growth. With roots dating to 1828, Willis Towers Watson has 45,000 employees serving more than 140 countries and markets. We design and deliver solutions that manage risk, optimize benefits, cultivate talent, and expand the power of capital to protect and strengthen institutions and individuals. Our unique perspective allows us to see the critical intersections between talent, assets and ideas — the dynamic formula that drives business performance. Together, we unlock potential. Learn more at willistowerswatson.com.

Media contact
Ed Emerman: +1 609 240 2766
eemerman@eaglepr.com

FAQ

What is the Coverage Checkup tool by Willis Towers Watson (WLTW)?

The Coverage Checkup tool helps retirees evaluate and select the best Part D prescription drug plans, potentially saving them money.

How much did retirees save on average using the Coverage Checkup tool in 2020?

Retirees saved a median of $345 during the 2020 Medicare open enrollment.

What percentage of retirees switched plans using the Coverage Checkup tool?

35% of retirees who used the Coverage Checkup tool switched plans.

How does the Coverage Checkup tool evaluate prescription drug plans?

The tool matches retirees' medication profiles against available plans to recommend the best fit based on costs and coverage.

When was the Coverage Checkup tool launched by Willis Towers Watson?

The Coverage Checkup tool was launched in 2017.