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Latest news and updates about the Medicare and pharmacy industries.

Benchmark Plans: 4 Important Facts That Can Help Your Pharmacy

Posted on June 23, 2021 by Amplicare Team

Why does your pharmacy need to know about benchmark plans? For starters, there are over 250 Medicare benchmark plans around the country.  They also usually offer patients the lowest average cost premiums in their individual state. Benchmark plans are unique because they can give dual eligible Medicare patients more flexibility than other plans to choose the appropriate coverage that works for them. When it comes to caring for patients and helping them choose the best Medicare plan, it’s important to know the benchmark status of a plan.

It’s no surprise that pharmacists are already strained for time and resources with the vaccine rollouts, so trying to expand patient outreach might seem impossible. But, FDS Amplicare is here to solve that dilemma for good.

It can be difficult for patients to navigate benchmark plans, so, let’s unpack what you need to know so your pharmacy can assist them.

Four important facts about benchmark plans:

  1. Benchmark plans offer dual eligible patients more flexibility
    Thanks to benchmark plans, dual eligible patients have the freedom to choose what coverage best suits their needs. Dual eligible patients also have the ability to enroll in coverage all year long with four opportunities between January and September to do so. Your pharmacy can proactively assist a dual-eligible patient in choosing the right benchmark Medicare plan with no DIR fees, which is actually twice as beneficial for them. It also saves your pharmacy from those same DIR fees instantly, which are increasing with each passing year. To alleviate the burden, Connect by FDS Amplicare can automate the communication process and easily help strengthen your patient outreach. This system will allow you to identify and connect with dual eligible patients and help them save them money.
  2. Benchmark plans typically have premiums below the specified amount for the state
    Benchmark plans are a much more cost-effective option for many patients when compared to plans with premiums, as they typically fall below the lowest state average. This is an excellent opportunity to inform your patients that they can save money when they select their Medicare D plans. When helping patients compare plans, it is advisable to focus on benchmark plans as they will not have to pay additional monthly premiums. When you help your patients choose a lower-cost premium or even save them a monthly premium, those savings can engender loyalty to your pharmacy. Finding the right, win-win plan can be as easy as a click of a button with FDS Amplicare's automated software solutions.
  3. If a patient receives Extra Help from Social Security, it can help pay for the full cost of their Part D premiums
    Individuals with limited income may be able to get Extra Help with monthly premiums, annual deductibles and prescription co-payments on their benchmark Medicare D plan. Social Security’s Extra Help can save them up to $5,000 per year! There are many folks out there who qualify for these big savings and they don’t even know it. That’s where pharmacies can step in to help advise patients to choose the right benchmark plan. You can save your patients even more with the aid of automation software like FDS Amplicare, which indicates if a plan is benchmark or not, lists the DIR fees, as well as the total reimbursement and revenue expectations. By offering this valuable insight, your pharmacy’s standard of care surpasses expectations and builds long-term patients.
  4. Former Indy Health patients have until July 31 to choose a benchmark plan
    As Indy Health’s chapter comes to a close on July 31 in Arkansas, Pennsylvania, West Virginia, Illinois, and Georgia, their former patients who had Medicare D will need to select new coverage. Your pharmacy can help guide dual eligible patients from their former SaverRx plans toward another benchmark plan because these patients will feel a financial difference if they don’t select a new benchmark plan. However, you’ll need to act fast as the Open Enrollment Period end date is fast approaching. FDS Amplicare can quickly help your pharmacy have more bandwidth to reach out to patients and help them compare the right that suits their needs. You’ll also be able to see the DIR fee estimate and the benchmark status of each plan available to your patient.

FDS Amplicare’s customizable, automated software can help you connect with patients and match them with the right benchmark Medicare plan.

Offering an exceptional level of care to your patients begins with exceptional communication. But you need the right, streamlined tools to stay seamlessly connected with them. Software solutions can make the process of selecting a plan quick, easy and simple for both you and your patients. By using FDS Amplicare's Connect, your pharmacy can let new and existing patients know you care by easily reaching out to them to inform them of their options. FDS Amplicare’s Match can then help them easily compare benchmark plans with the lowest DIR fees, as benchmark plans are marked within the application.

Ready to make your patient outreach easier and save your pharmacy money in the process? Get a demo of the FDS Amplicare platform below today and we’ll show you how.

Let’s Get Started »

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