A new survey finds high satisfaction with Medicare plans, but plenty of concern over costs and future access to benefits.
Though many Medicare beneficiaries are satisfied with their plan, they have trepidation about where the health insurance program is heading, according to a survey by eHealth.
The private health insurance marketplace surveyed 4,567 members with either Medicare Advantage (MA), Medicare Supplement, or Medicare Part D prescription drug plans through eHealth this month to gauge how beneficiaries feel about their coverage.
Nearly nine in 10 respondents (88%) said they are satisfied with their coverage, but 60% believe political leaders who influence Medicare policy aren't listening to their needs.
Costs are the biggest concern, with more beneficiaries saying they are worried about being able to afford out-of-pocket expenses (75%) than their monthly premiums (43%).
The fear of costs is heightened due to the end of the COVID-19 public health emergency, with 62% of members expressing concern about their out-of-pocket expenses for COVID-related care increasing.
Beneficiaries are worried about the future of Medicare, but those concerns differ by income. Lack of access to prescription drugs is the top concern for those with an income over $100,000, while benefits being reduced is foremost for those making between $50,000 and $75,500, and not being able to afford care is front of mind for those making below $25,000.
"As our research demonstrates, there are important nuances in how Medicare beneficiaries feel about their coverage and cost burden," Fran Soistman, CEO of eHealth, said in a statement. "Understandably, uncertainty about future expenses weighs heavily on those living on a fixed income. They want to know that insurance carriers and Medicare policymakers are listening to them.
"As an organization that advocates for transparency in health insurance coverage, it is important for us to shine a light on their concerns."
The survey also revealed that awareness among beneficiaries is low. While 95% of members said it's important to review coverage options at least once per year, only 10% of MA enrollees were aware of the MA enrollment period currently under way.
Lack of awareness is also set to affect Medicaid enrollees. A survey from the Urban Institute found that 64% of adults in a Medicaid-enrolled family have no idea that they may lose coverage with the return to regular Medicaid renewal processes.
Health insurers can do their part by educating their members and guiding those that lose coverage to new plan options.
Jay Asser is the CEO editor for HealthLeaders.
KEY TAKEAWAYS
eHealth surveyed Medicare beneficiaries to better understand how they view their coverage and what future concerns are on their mind.
Of the respondents, 88% said they are satisfied with their coverage, but 60% feel Medicare policymakers aren't listening to and considering what they need.
Lack of access to prescriptions drugs is the primary concern for those with higher income, while lower-income members worry about losing benefits or being unable to pay for care.