As the Medicare Annual Enrollment Period (AEP) opens up on October 15, our latest HealthInsurance.com Medicare survey indicates that the majority of our Medicare-eligible participants make it a point to review their current Medicare coverage every year.
The survey reached 1,000 Medicare beneficiaries ages 65 and older, asking them about their perceptions of their current Medicare plans, healthcare costs, technology, social media and retirement.
Still, only 22% plan to make a change to their current Medicare coverage during the 2022 Medicare Annual Enrollment Period. Of this percentage, 42% want to change plans because they’re looking for more coverage and benefits, which may be offered through a private plan like a Medicare Advantage (Part C) plan.
Medicare Fact: Original Medicare (Parts A and B) provides hospital and medical coverage to Medicare beneficiaries. Meanwhile, a Medicare Advantage plan can be an alternative to Original Medicare. Medicare Advantage plans may be appealing because many offer extra benefits (dental, vision, hearing), while giving you an annual cap on your spending.
It’s no secret for those aging into Medicare that the various Medicare plans can be overwhelming and confusing to Medicare beneficiaries. But our Medicare survey honed in on what - exactly - is more confusing to our participants.
We also asked our Medicare-eligible survey participants about who they turn to as a trusted source to research their Medicare plan options.
Meanwhile, 37% call their licensed insurance agents for guidance, and 22% seek out a family member or friend for Medicare advice.
Whether it’s insurance company sites, government websites, or online marketplaces, the majority of our survey respondents also turn to the internet when shopping for Medicare plans.
The above survey results were gathered through a national survey of 1,000 U.S. adults ages 65 and older from September 13-16, 2021. Certain quotas were applied, and the sample was lightly weighted by geography, gender, race, education, and political party to reasonably reflect the 65+ population. (Margin of Sampling Error: +/- 3.1 percentage points)
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