Health insurance is an often confusing topic. It doesn’t help biased commercials and TV commercials highlighting the more minor but exciting parts of the plan. Many Medicare beneficiaries do not understand how their Medicare coverage works, what benefits are included, or what their costs will be when using the program.
More than 750 Medicare beneficiaries over the age of 65 participated in a investigation conducted by Medigap.com to determine how well they understood Medicare and the options that come with it. The results were staggering. Many of these beneficiaries did not fully understand the coverage and benefits offered to them by their plans.
Lack of understanding of current Medicare coverage
In terms of understanding their plans, less than 20% responded that they were aware of the coverage. About 10% of people who responded to the survey knew absolutely nothing about how their Medicare programs worked.
26% of beneficiaries surveyed said they were only somewhat familiar with the coverage offered by their plan. When asked how well they thought their Medicare coverage was managing the essentials, about 31% said they didn’t think their required medical needs were being met.
These are certainly issues that our Medicare beneficiaries should not have to worry about. There’s no doubt that there’s a lot to remember about Medicare coverage. Perhaps a simplification of benefits and what is covered needs to be built into the education process.
Consider switching plans
When participants were asked if they had considered changing plans, nearly 80% said they would consider changing plans. Another telling statistic was the number of people who, despite having medical insurance, were concerned about the cost of their medical bills. Nearly 60% worried about medical bills.
As we age, our medical needs change and it’s important to maintain coverage that adequately meets your needs. It’s crazy that 27% of people included in the survey felt that their plans don’t cover their basic needs. More worryingly, about 13% chose not to receive medical services because they did not know if the procedures would be covered.
Many health insurance plans focus on preventive care, early detection, and treatment of health-related problems. This helps reduce health care costs by treating these situations as soon as possible and beginning treatments to maintain and improve health.
What can blueprints do better?
Survey participants were asked what they wish their plans would do better. The most significant response was that they felt the dental coverage was inadequate. This was indicated by almost 75% of participants. After dental care, about 52% felt visual coverage was lacking and 43% said hearing coverage was insufficient.
Dental, vision and hearing coverage are the most important annual concerns. Original Medicare does not cover these benefits unless it is due to a medically necessary situation or condition. Many beneficiaries want these benefits, which are essential for aging well.
Things to look for when choosing coverage
When reviewing your coverage options, it’s wise to come in with a checklist of your needs and essentials.
For beneficiaries who go to the doctor often, they may wonder if it is necessary to keep their doctor or if it is more important to save costs when visiting a health care provider.
Another item that is very important to us as we age is prescription drugs that help us maintain our health. Make sure your agent enters all of your scripts and verifies that you have the best coverage for what you are taking.
Others may be in very good health and want to save the most on their plans. In these cases, physicians may not matter as much as recurring costs such as premiums. Everyone has different needs, so it’s important not to get caught up in what someone else is signed up for, but which plan fits your individual needs and concerns.
What is the answer?
This survey shows a definite need for improved education around health insurance. There are many different sources of information, some more credible than others, but everyone understands and learns differently. There appears to be a need for continuing education programs to keep individuals on Medicare informed of changes. Additionally, outreach to let beneficiaries know that education is available would also be beneficial.
If you have a plan and you don’t understand how it works or are wondering if it best suits your needs, you should seek the assistance of a licensed insurance agent or broker. Working with someone representing multiple plans will help ensure that you are not sold on a product, but are properly presented with your options.
Many beneficiaries feel their plans are lacking and don’t understand how they work or what their plan covers. It can be an easy fix, but it has to be a concentrated effort at all levels of the Medicare program. From benefits more clearly defined by insurance companies to agents taking a few extra minutes with their customers to make sure they understand how to use their coverage. If everyone does their part, we can help ensure that Medicare beneficiaries have confidence in their plans and what they cover.
About the Author
Lindsay Malzone is a Medicare expert for Medigap.com. She has contributed to many well-known publications as an industry expert since 2017. Her passion is educating Medicare beneficiaries on all of their Medicare supplemental options so they can make an informed decision about their coverage. health care.
