ConnectureDRX data has shown that $0 premium Medicare plans can cost consumers more money annually, depending on health status, medical needs and drug costs. A premium is a monthly fee that covers the cost of health insurance, whether it’s used or not. And health plan infomercials, direct mail and jazzy web sites can make $0 premium plans sound quite appealing.

According to both ConnectureDRX’s Voice of the Healthcare and Medicare Consumer Survey and Deft Research, price is important beyond premium. Drug coverage is a key decision point for consumers when choosing a health plan. Consumers who have prescription medications need to know if their drugs are covered, and at what cost.

Brokers can easily capture and convert on a $0 premium plan, but it doesn’t mean the consumer will stay with that plan. In many cases, they will end up spending more if drug costs are not included in their out-of-pocket estimates, and ultimately, they may also end up switching plans.

It’s no secret that the key to converting consumers to their best fit plan is conveying the most accurate plan costs. Showing the impact of an individual’s drug costs on their total out-of-pocket costs, is not only the foundation for personalizing the shopping experience, it is also what consistently drives conversions. Being transparent and upfront about these costs drives faster enrollments.