Medicare > Medicare Beneficiaries Still Weighing Options as Dec. 7 Open Enrollment Deadline Looms

Medicare Beneficiaries Still Weighing Options as Dec. 7 Open Enrollment Deadline Looms

Medicare Beneficiaries Still Weighing Options as Dec. 7 Open Enrollment Deadline Looms

With less than a week to go until the close of Medicare Annual Enrollment Period (AEP) on December 7, Medicare beneficiaries are still reviewing their Medicare options for the 2022 plan year, according to a national Medicare survey by HealthInsurance.com.

The HealthInsurance.com Medicare AEP survey reached 1,000 Medicare-eligible Americans ages 65 and up, asking them their opinions of their current Medicare plans and coverage, along with healthcare costs concerns including accessibility to medical devices like hearing aids.

MEDICARE ANNUAL ENROLLMENT PERIOD (AEP)

The survey revealed that 63% review their Medicare coverage on an annual basis. And 33% of those surveyed think there is a better Medicare plan than the one they are currently enrolled in, which may be why 22% intend to make a change to their current Medicare plan during AEP. Additionally, 42% of those changing their plans during AEP intend to increase their coverage, while an additional 42% are wanting plans with lower costs.

In terms of plan type, our survey found that 33% are considering switching from Original Medicare to Medicare Advantage; 33% are considering changing from one Medicare Advantage plan to another; and 20% are considering changing their prescription plan.

HEALTHCARE COST CONCERNS

Cost is playing a big role in the decision-making process for many Medicare beneficiaries. Of those on Medicare, 89% think prescription drug prices are too high, 64% are worried about out-of-pocket medical costs, and 39% admit to not filling a prescription because it was too expensive. So it's no surprise that 84% of our Medicare-eligible survey respondents are taking advantage of "senior discounts" to help curb healthcare costs.

Accessibility emerged as a theme for this survey, too: 68% said that hearing aids should be sold over the counter, and 44% said they have or know someone who has avoided getting a hearing aid because of the cost.

CHOOSING THE RIGHT MEDICARE PLAN

Though choosing the right Medicare plan is an important decision, 59% still find it overwhelming or confusing to pick the best Medicare plan for their needs. In fact, 41% say understanding benefits is the most challenging part of finding the right Medicare plan.

Our HealthInsurance.com Medicare survey also gauged what's most important when it comes to choosing the Medicare plan. 34% said selecting a Medicare plan that accepts their doctors is most important, followed by plans with low premiums and copays (25%) or extra benefits like vision and dental (25%).

SHOPPING FOR THE RIGHT MEDICARE PLAN

62% shop for Medicare plans online, which aligns with the 58% that do the majority of their research online to help understand their Medicare options.

Meanwhile, 37% contact their insurance agents to help them understand their Medicare options. And 22% turn to their family members or friends to help them navigate their Medicare plan options.

Click here to view the full HealthInsurance.com survey results and methodology.

SURVEY METHODOLOGY

The national survey of 1,000 Adults 65 or older was conducted by Scott Rasmussen on behalf of HealthInsurance.com using a mixed mode approach. Field work for the survey was conducted by RMG Research, Inc. Most respondents were contacted online or via text while 102 were contacted using automated phone polling techniques. Online respondents were selected from a list of Registered Voters and through a process of Random Digital Engagement. 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 (for full sample).

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Medicare In 2023: Changes & Updates

When planning ahead for your healthcare expenses and how they align with your Medicare coverage, it’s very important to stay informed on the changes to Medicare each year.  Several aspects of Medicare - particularly related to out-of-pocket costs - can change on an annual basis. Beyond costs or plan changes, Congress also occasionally proposes and passes legislation that often impacts Medicare benefits.  In this article, we’ll review the recent changes, including the 2023 Medicare costs and an overall look at the state of Medicare in 2023.  2023 Medicare Costs: An Overview  The Medicare costs that change each year are: Part A deductiblePart A daily coinsurancePart B deductible Medicare Part A CostsThe changes to Part A costs include:Part A deductible - $1,600, an increase of $44 from 2022Part A daily coinsurance for hospital stays over 60 days - $400 per day, an increase of $19 per dayPart A daily coinsurance for hospital stays over 90 days - $800 per day, an increase of $22 per dayPart A daily coinsurance for skilled nursing facility stays longer than 20 days - up to 100 days $200, an increase of $5.50 per month Keep in mind that it is possible to pay the Part A deductible more than once in a year. 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The changes that will be applicable for 2023 include:Caps on the cost of certain insulinTaxes on excessive increases in the cost for prescription drugsLowering the cost of many vaccinations covered under Part DEach of these changes will have an impact on both standalone Part D Prescription  Drug Plans (PDP) and Medicare Advantage Prescription Drug Plans (MAPD). New Caps On Insulin PricesThe Inflation Reduction Act has brought us the Insulin Savings Program, which was a temporary “test program” that began in 2020. The program is now permanent and mandatory. But previously, it was optional: Part D plans could choose to participate on a voluntary basis.The Inflation Reduction Act limits monthly cost sharing for covered insulin products to no more than $35 for Medicare beneficiaries, as long as the insulin is on the plans formulary. No deductible will apply to these insulin prescriptions. For 2023 and beyond, insulin prescriptions are capped at $35 for a one month supply. 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10 Costly Medicare Mistakes to Avoid

Researching your Medicare plan and understanding how to use your benefits wisely is key to maximizing your Medicare plan. But if you don't take the time to learn all that your current plan has to offer, or if you avoid comparing Medicare plans when it may be time to make a change, you could end up paying more money for your healthcare.   To help you make an informed choice, we’ve put together this guide about 10 costly mistakes to avoid when picking a Medicare plan.   Mistake #1: Using Doctors And Medications That Are Not Covered By Your Plan Medicare Advantage plans have formal networks of providers and lists of medications that are covered (called a formulary). If you see doctors who aren’t in-network, you’ll be paying more for your care than if you use in-network providers. While some PPO plans will allow you to see non-network providers, you’ll save the most money when you use in-network providers. 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Instead, consider using your plan even if you’ll pay more, if it means that you’ll move out of the donut hole faster. Mistake #4: Not Understanding Your Plan’s CostsWhile Medicare Advantage plans generally help to limit your healthcare costs, it’s important to remember that there are costs you’ll be expected to pay for your care. These costs are usually referred to as cost-sharing. Cost-sharing can include deductibles, copayments, and coinsurance. Besides these amounts, you’ll want to double check your plan’s Out-of-Pocket Maximum (OOPM), which is the most you could possibly spend in one year.  Mistake #5: Choosing A Plan Based On Premiums AloneIt can be tempting to focus on the monthly premium you pay for your coverage, and not dig deeper into the costs you’ll pay to use your benefits. Pay particular attention to any deductible that you have to meet, as well as co-payments for services you’re likely to use. Besides these, consider your total costs in light of any costs for prescription drugs you take, too. Mistake #6: Not Checking To See If You Qualify For Financial AssistanceThere are a number of federal and state programs that are designed to help you pay for the cost of your health care. These can include Medicaid, Extra Help, Low Income Subsidy, and state pharmaceutical assistance programs. While there are income and asset limits for participation in some of these, you should apply for them if you think there is any chance that you could be eligible. Many times the limits are dependent on household size so you may qualify even if your income appears to exceed the limits. The upside is huge and there’s no downside to applying, so don’t miss out any potential for savings with these programs. Mistake #7: Not Considering Late Enrollment PenaltiesIt’s very important to consider the impact of late enrollment penalties, especially when you’re first entering Medicare. You can potentially be subject to enrollment penalties for both Part B and Part D. These penalties are assessed in the form of an additional monthly premium. Importantly, these penalties are generally permanent; once you’re subject to them, you’ll pay them for the rest of your life.If you’re already in Medicare, and you have avoided late enrollment penalties so far, just make sure that you continue to have Part D drug coverage, either from a Medicare Advantage Plan or a standalone Prescription Drug Plan.Mistake #8: Not Reviewing Changes In Your CircumstancesIt's important to review any changes in your circumstances on an annual basis. If you’ve been referred to a new specialist, prescribed a new medication, or diagnosed with a new medical condition, you might be better served by a different plan for the new year. So be sure to consider the impact these kinds of circumstances may have on your Medicare coverage.  Mistake #9: Automatically Renewing Your Plan Each YearEach year, your plan will mail your Annual Notice of Change (ANOC) before the fall Annual Enrollment Period (AEP). The ANOC outlines changes in your plan benefits or costs for the upcoming year. Use this document, along with your plan’s overall Evidence of Coverage (EOC) to know how to use your benefits for this year.If you don’t make a change during AEP, you’ll automatically stay in your current plan. But plan benefits change from year to year, as do Medicare Advantage plan networks. So it's essential to review your coverage each year. Mistake #10: Not Working With A Licensed Insurance AgentAs you research the plans available in your area, consider working with a licensed insurance agent like one of our TogetherHealth agents. We work with a network of the nation’s major insurance carriers and can provide you with a variety of plan options to fit your healthcare needs, remain in-network with your doctors, and give you strategies to save money on prescription drugs.  Get Help With MedicareIf you need more guidance, call 1-800-620-4519 (TTY 711) to speak to one of our licensed agents and get advice on how to avoid these 10 costly Medicare mistakes.

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