(BPT) - Did you know that if you're on a Medicare Advantage plan, you most likely have an over-the-counter (OTC) allowance to help offset the costs of everyday healthcare items? Millions of Medicare Advantage beneficiaries have access to this key benefit, but most don't use it. According to a study by The Consumer Healthcare Products Association, 70% of OTC benefits are never used, leaving billions of dollars on the table. They also found that on average, every dollar spent on OTC medicines saves the U.S. healthcare system $7.33, resulting in an overall annual savings of $167.1 billion. It is time to double-check your health care plan and make sure you're taking advantage of all your benefits and supporting your everyday care routines.
How Medicare Advantage OTC plans can help you save
Medicare Advantage enrollment has been on a steady climb for the past two decades. In fact, this year, over half of the eligible Medicare population (ages 65 and older) are enrolled in a Medicare Advantage plan.
Most Medicare Advantage plans offer OTC allowance benefits, providing an average of $400 in annual allowances per beneficiary to help with practicing everyday self-care. These can be used to pay for certain non-prescription items, including health and wellness products.
However, OTC allowances are a use-it-or-lose-it benefit under many plans. The allowance may not roll over into the new plan cycle, whether it's on a monthly, quarterly or annual basis - it's crucial to make the most of them while they last.
Check with your provider to understand how often you receive a new OTC allowance balance, so you don't miss out. From OTC medications to dental care and skincare products, many of your favorite items may be eligible to purchase with your OTC allowance.
Not sure how to spend your benefits? Kenvue, the world's largest pure-play consumer health company by revenue with 135+ years of experience, is working to help beneficiaries understand and get the most from their OTC allowance to practice everyday self-care. Check out these six suggestions for ways to use this benefit.
1. Pain and arthritis
Do you regularly buy medications for your pain and arthritis symptoms? The next time you head to the pharmacy, use your allowance to purchase pain medication like TYLENOL® 8-Hour Arthritis Pain Relief to relieve your minor arthritis pain.
2. Cold, cough and flu
Although you can get the cold, flu or a bad cough any time of year, these conditions tend to be more prevalent during the colder months. Now is a perfect time to be prepared with products to relieve your cold, cough and flu symptoms. Make sure to have products like SUDAFED® and TYLENOL® Cold & Flu on hand so you don't have to run to the store when you're already feeling ill.
3. Digestive health
Whether you regularly suffer from stomach issues, get occasional heartburn, or want to be proactive about your gut health, hit up your local drugstore for digestive health products. For example, pick up a bottle of PEPCID® Complete to help reduce stomach acid levels and keep heartburn at bay after a hefty meal.
4. Skincare
Are you ready to revamp your skincare routine? Use your OTC allowance to take care of your skin with quality products like Aveeno® Eczema Therapy.
Don't forget to pick up eligible suncare products as well! You need to protect your skin from the sun's harmful rays all year round - not just during the summer. Get in the habit of incorporating SPF items like Neutrogena's® line of suncare products, including outdoor essentials like Sport Active Defense SPF 30, Ultra Sheer Lotion SPF 70 and Beach Defense Spray SPF 70, into your skincare routine.
5. Dental care
Impress your dentist and invest in your oral health with OTC-eligible dental care items. For example, LISTERINE® products including LISTERINE® Cool Mint are great for keeping that smile fresh and healthy.
6. First aid
Have you ever had a cut or scrape and found out you're out of bandages? Avoid this frustrating scenario by restocking your medicine cabinet with must-have items from BAND-AID® Brand such as BAND-AID® Brand Pro Heal™, which provide 60% better healing† and are designed to help prevent the appearance of scars**.
Note: Before buying any of these products, be sure to read your plan for product eligibility and allowance usage as plans do vary. Contact your provider for the different methods with which you can spend your allowance, which typically include:
- Catalog, online, phone or mail order through your provider
- Submitting receipts for reimbursement to your provider, or
- Using an OTC debit card at retailers
Don't wait to invest in your everyday health
Make the most of your Medicare Advantage OTC benefits to improve your everyday care. To learn more about these and other OTC-eligible products, visit kenvuebrands.com/us/medadvantage.
†Based on a 7-day average of percentage of subjects showing improvement of general wound appearance compared to standard of care
**Hydrocolloids create an optimal moist healing environment