As the Medicare annual open enrollment period kicks off this month, some older adults struggle with choosing a plan. Three-quarters of beneficiaries said the process is confusing, according to an Oct. 1 eHealth poll.
“This is not the year for Medicare beneficiaries to go on autopilot, as significant changes are expected,” said eHealth CEO Derrick Duke. “Many … find the process of comparing their options to be confusing, especially this year with so many health insurers making changes to supplemental benefits and eliminating some plans entirely.”
Here are eight more survey findings to better understand what is stumping beneficiaries:
1. One-third of beneficiaries do not fully know the difference among Medicare Advantage, Medicare Supplement and Medicare Part D plans.
2. 80% of beneficiaries believe choosing the wrong Medicare plan would substantially hurt their finances.
3. Only 51% of beneficiaries plan to review their options this year, versus 63% last year. The remaining are either uncertain or not intending to.
4. The most confusing elements of selecting a plan are determining if a preferred provider is covered, navigating out-of-pocket costs and differentiating between available products.
5. One-quarter of respondents said the monthly premium is their top priority when selecting a plan.
6. 1 in 4 diabetic Medicare beneficiaries do not know about chronic condition special needs plans.
7. 40% of beneficiaries are not confident about Medicare’s GLP-1 coverage, with 33% of respondents falsely believing Medicare will cover GLP-1s for weight loss. Half of respondents would be interested in these drugs for weight loss if included.
8. Half of beneficiaries would be interested in using an AI agent over the phone while shopping for Medicare coverage.
