Willis Towers Watson’s enhancement of its Coverage Checkup tool fuels lower prescription drug costs for retirees
Median savings amounted to $345 per retiree during 2020 open enrollment
ARLINGTON, Va., March 16, 2021 (GLOBE NEWSWIRE) — Willis Towers Watson (NASDAQ: WLTW), a leading global advisory, broking and solutions company, announced today it has enhanced its Coverage Checkup tool, which helped retirees save nearly $345 during the 2020 Medicare open enrollment season.
A Princeton University study found that Medicare Part D consumers rarely switch plans and do not consistently shop for price and quality when they do switch.
Willis Towers Watson launched the Coverage Checkup tool in 2017 for retirees who use Via Benefits, its individual marketplace. The Coverage Checkup provides a personalized drug plan evaluation and recommendation for retirees during open enrollment. Last year, the company enhanced the Coverage Checkup evaluation process and made the improved tool available to retirees with a Part D prescription drug plan. Of those who used the tool during open enrollment, 35% ultimately changed plans. The median savings for plan switchers was $345 per retiree.