Medical Economics November 20, 2024
Key Takeaways
- Many Medicare beneficiaries do not compare Part D plans, leading to potential financial and health consequences due to inertia.
- Perceived difficulty and satisfaction with current coverage are key reasons beneficiaries avoid switching plans.
- Insurers exploit beneficiary inertia by initially offering low premiums and increasing them over time.
- Policy recommendations include auto-enrollment into optimal plans and simplifying plan comparison tools to reduce choice overload.
Study shows that most beneficiaries skip comparing Part D plans that might better suit their needs and their wallet
Each fall, millions of Medicare beneficiaries have the opportunity to select new stand-alone prescription drug plans (Part D) that might better suit their needs. However, the majority stick with their current plans without exploring...
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