Grandfather is paying $66 per month for supplemental Medicare Part D insurance that has only covered ~$80 in prescription drug costs over 2 years despite costing ~$1,600 in premiums. Is this worth keeping?

Hi r/personalfinance,

I was helping my grandparents organize their finances and I see my grandfather has been paying $66 per month for Humana's Medicare Part D Prescription Drug Plan. Over 24 months he has had 20 pharmacy prescription claims of which only ~$80 has been been paid for by the plan while over that same period he has paid ~$280 for these prescriptions out of pocket and paid $1,600 in premiums total.

Am I reading this wrong or is he essentially paying $1,600 to get $80 back in value? Wouldn't it be cheaper to just cancel the insurance and pay for these prescriptions outright? What am I missing here?

Submitted July 12, 2017 at 01:14PM by Yahoo2772 http://ift.tt/2tf0vJd