The majority of seniors are using the wrong drug plan, partly due to the face that Medicare has a mindboggling assortment of plans and changes constantly from one year to the next. That is the conclusion drawn by a recent study of 22,000 beneficiaries of Medicare that supplied their medication and plan information during Medicare annual enrollment last year.
Among those participating in the survey, many were Florida seniors health insurance outcasts, of which ninety-four percent could have saved a great deal of money if they switched their Medicare plans.
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Medicare beneficiaries
Medicare beneficiaries in Florida have had a somewhat difficult time selecting a plan that is best for them, especially in comparison to their peers throughout the country. Across the nation, ninety percent of beneficiaries with Medicare would have been better off has they switched to a different plan.
This year, seniors will not have the same amount of time to choose the plan that best fits their needs. The enrollment period has been pushed up to October 15 by the federal government, and it will only last through December 7. In previous years, seniors were given until the end of the year to make up their mind about the Medicare plan that they chose.
Ross Blair is the president and CEO of PlanPrescriber, which is an organization that focuses on matching senior citizens with the medical and drug plans that are best for them. He said, “There is a belief among some seniors that ‘Hey, this is all Medicare. It doesn’t make much difference which plan I sign up for.’ ”
However, research by PlanPrescriber discovered that the average beneficiary of Medicare could save close to $550 simply by selecting a plan that has the lowest out-of-pocket costs for his or her medication requirements.
