ST. LOUIS, Oct. 18, 2017 /PRNewswire/ -- Medicare can
be an alphabet soup (Part D; MA-PD; MA), but according to research
released today by Express Scripts (NASDAQ: ESRX), seniors
understand the value offered by these plans, especially when it
comes to prescription medications.
Since the federal prescription drug plan, Medicare Part D, was
first introduced more than a decade ago, it has been one of the
most widely used benefits within Medicare. For 2018, the Centers
for Medicare & Medicaid Services (CMS) expect enrollment in
Medicare Advantage and Part D plans to be at an all-time high.
"Now that open enrollment season is here, seniors should be
doing their research to identify the plan that's right for both
their health and financial circumstance," said Rebecca Rabbitt, PharmD, Express Scripts. "It's
important to understand that considering only premium costs can be
a misleading way to compare plans, and that you should always
factor in the drugs you may currently be on so that you can get the
best value out of your plan."
The survey titled The Medicare Matrix, which was
conducted by Russell Research on behalf of Express Scripts, found
the vast majority—eight in ten of those surveyed (84
percent)—agreed that Medicare Part D is essential for their
well-being stating that access to the medications they need and
making them affordable is what they value most about the
prescription drug benefit (36 percent and 48 percent respectively).
Among the respondents, nearly two-thirds (64 percent) use Medicare
Part D at least once every three months and more than one-third (36
percent) use it monthly.
With the cost of prescription medications increasing year over
year, it's not surprising that four out of five seniors (81
percent) say they would have trouble paying for their drugs without
the prescription drug plan and more than one-third (32 percent)
with annual incomes under $50,000 say
it would be impossible to afford their medications. Even with
Medicare Part D coverage, the survey revealed, some enrollees still
find it hard to cover their medication costs.
"Medications are the first line of defense with any illness or
chronic condition so it's imperative that we provide seniors with
knowledge and choices about their prescription drug coverage that
bring down the costs of their medications and provide access and
affordability to maintain their health," Rabbitt said. "Moving to a
generic or generic alternative, using a preferred network pharmacy,
and ordering 90-day supplies through a home delivery pharmacy are
all ways to significantly lower costs while maintaining
access."
For this 2018 open enrollment period, Medicare beneficiaries
have between 20 to 30 different Medicare plans to choose from in
each market. While this can be confusing, more than half of
respondents (52 percent) are not confounded by Medicare Part D. In
addition, six in ten (62 percent) are knowledgeable about what
their medications cost, and more than half (54 percent) of those
surveyed have an understanding of what is and is not being covered
by their Medicare Part D plan. The study did reveal that older
seniors (ages 70 and older) have a leg up on understanding their
prescription plan over their younger counterparts (ages 65 to 69),
48 percent to 57 percent respectively.
Given its frequency of use, the findings underscore the need to
reinforce the availability of resources that can help people better
understand each plan and compare offerings including
www.Medicare.gov and www.roadmapformedicare.com, that provides tips
on how to choose a Medicare Part D benefit that is right for
them.
Survey Methodology
The survey was conducted online for
Express Scripts by Russell Research between August 18, 2017 and 20, 2017 among 1,055
respondents ages 65 and older. The margin of error is +/- 3.1
percent.
About Express Scripts
Express Scripts puts medicine
within reach by practicing pharmacy smarter – taking bold action,
delivering specialized care, creating innovative solutions and
leveraging data insights – to make better health more affordable
and accessible.
Headquartered in St. Louis,
Express Scripts provides integrated pharmacy benefit management
services, including network-pharmacy claims processing, home
delivery pharmacy care, specialty pharmacy care, benefit-design
consultation, drug utilization review, formulary management and
medical and drug data analysis services. Express Scripts also
distributes a full range of biopharmaceutical products and provides
extensive cost-management and patient-care services.
For more information, visit Lab.Express-Scripts.com or follow
@ExpressScripts on Twitter.
Media Contact:
Jennifer
Luddy
Express Scripts
(201) 269-6402
Jennifer_luddy@express-scripts.com
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SOURCE Express Scripts