Prices for a record number of prescription drugs increased in 2022 according to data reported by the American Association for Medicare Supplement Insurance (AAMSI).
"Most drug plans renew once a year in January at which time they can charge more for various medications," explains Jesse Slome, director of the Medicare-focused organization. "Many price increases are nominal but some can be very significant so it is vital to check now."
Slome was sharing the importance of comparing Medicare drug plans with a group of seniors that have stand-alone Medicare Part D coverage. "Medicare gives every senior the chance to review their coverage for next year and switch to the best plan based on the drugs they take," Slome explains.
In January 2022 some 3,239 drugs experienced price increases. That was a increase over the 3,164 for the prior year and 2,394 for 2019. "The average drug price increase was 10% last year," Slome explains. "With prices increasing for so many things, I would expect prices will increase more for 2023."
A free online drug plan comparison tool is made available by the American Association for Medicare Supplement Insurance. "No personal information is entered other than a Zip Code," Slome adds. "The system will compare over 4,700 plans to find the best one in your area."
Access to the Medicare drug plan comparison tool can be accessed on the Association's website.
The American Association for Medicare Supplement Insurance advocates for the importance of consumer awareness and supports insurance and financial professionals who market Medicare insurance solutions. Visit their website for more information at https://medicaresupp.org
Jesse Slome is director of the American Association for Long-Term Care Insurance. He also directs the American Association for Critical Illness Insurance and the American Association for Medicare Supplement Insurance. To find local Medicare insurance brokers near me utilize the organization's free online directory.