WTW’s Coverage Checkup led to a median savings of $373 during 2021 Medicare open enrollment
ARLINGTON, VA, February 22, 2022 — Shopping for and comparing Medicare prescription drug plans can pay big dividends to retirees, according to an analysis by WTW (Willis Towers Watson, NASDAQ: WTW), a leading global advisory, broking and solutions company. The analysis found that retirees who used the Via Benefits (WTW’s individual marketplace) Coverage Checkup to compare and ultimately change plans during the 2021 Medicare open enrollment period had a median savings of $373.
More than seven out of 10 people on Medicare don’t review or compare their coverage options annually, a recent study by Kaiser Family Foundation found. Those who don’t review their plans may end up needlessly paying higher costs.
Coverage Checkup was launched in 2017 for retirees who use Via Benefits. It was enhanced last year to include Medicare Advantage Prescription Drug (MAPD) plans. The Coverage Checkup provides personalized plan evaluations and recommendations for retirees during open enrollment. Retirees who changed drug plans in 2020 had a median savings of $345 per retiree; the savings increased to $373 in 2021.
Coverage Checkup matches the retiree’s profile (current medications and dosage as well as the retiree’s doctors) against newly available MAPD and Part D prescription drug plans. It 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 and doctors. With this information, retirees may enroll in the plan that best meets their needs and budget. Retirees who used the tool enrolled online 82% of the time.
Coverage and costs vary widely among both Medicare Advantage plans and Part D prescription drug plans. Plans can change from one year to the next, which could lead to unexpected and avoidable costs and disruptions in care for beneficiaries who do not review their options annually.
“Retirees should evaluate their medical and prescription drug plan every year to ensure they are not overpaying for medication,” said Brian Tenner, managing director, Individual Marketplace, WTW. “Coverage Checkup makes it easy for retirees to determine if they are in the most cost-effective plan. It’s literally a two-minute process. All retirees have to do is make sure their prescriptions are up to date, and Coverage Checkup does the rest.”
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.
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