eHealth, Inc. published the proceeds from its most advanced Medicare Choices Survey: Open Enrollment for 2020. Events show, while about 78% of Medicare recipients are satisfied with their current health plan, 79% also plan to review their coverage choices during the open registration season, according to a report released.
The statement is based on a voluntary survey administered in October 2019 of 1,351 eHealth Medicare consumers who had obtained Medicare health protection outputs through the company’s websites to review their impulses in shopping for coverage.
The study results are being released during Medicare’s Annual Enrollment Period (AEP) for 2020 coverage, which started October 15 and is registered to proceed through December 7, 2019.
“Our study outcomes recommend Medicare recipients are getting the directions that it’s smart to evaluate your coverage benefits every year,” states Scott Flanders, CEO of eHealth.
“Your coverage requirements may have increased, and your medicine drug coverage or provider systems may be graduating next year. New plans are also being introduced for 2020. That’s why we encourage all Medicare beneficiaries to review their coverage options during open enrollment.”
Some of the highlights from the study present:
- Most enrollees expect to evaluate their Medicare benefits during AEP, and more than one-quarter believe they’ll change. About 79% of respondents foresee to consider their claims during AEP; 78% are content with their coverage now, and 26% think they’re likely to change to a different plan this AEP.
- Medication costs drive obtaining decisions for a third of recipients. Thirty-two percent of respondents say that prescription medicine prices are the number one part they rely upon when determining a current Medicare plan.
- Up-To-Date Medicare Advantage helps commitment beneficiaries. About 70% of Medicare Advantage enrollees showed a share in supplementary or extended dental and vision interests, while 35% showed interest in coverage for alternative medicine practices.
Data from the survey also foretells the new and increased profits may drive subscriptions.
Among those who displayed concern in new Medicare Advantage profits, 41% stated the presence of these advantages would be a big influencer in determining a plan; an extra 51% said these interests would lead them to a point.
About 27% of lower-income recipients, those with yearly income below $25,000, received they are more involved in medical transportation, while 28% are involved in nutritional care. That’s opposed to 13% for shipping and 15%, individually, among those with incomes between $50,000 and $75,000, the study stated.
“Almost a third (32%) of research respondents said prescription drug prices were the number one constituent they contemplate when buying for an innovative plan,” states Flanders.
The study shares drugstore prices are a more pressing matter for women than men. About 34% of women stated prescription medication cost was their number one concern when selecting Medicare plans, related to 29% of men.
Medicine prices are also a more critical factor for people with lower-income. About 46% of those with an annual income of less than $25,000 said prescription drug costs were their number one concern when choosing a plan, compared to 20% of those with an income between $75,000 and $100,000.
Lastly, data shared premiums, out-of-pocket costs, and network providers are all significant factors for Medicare shoppers. Approximately 27% said monthly premium was their top concern when shopping for a new Medicare plan, and an additional 27% said out-of-pocket costs were their top concerns when shopping.
Premiums are an especially big concern for older enrollees, the survey says.
Thirty-nine percent of respondents aged 80 years and older said the monthly premiums were the most critical factor when choosing a Medicare plan, compared to 21% of respondents under 65 years, and 26% of those aged 65 to 70 years.
Beneficiaries in their 70s are especially concerned about provider access, with 27% of respondents aged 71 to 79 years saying access to their preferred medical providers is their top priority in choosing a plan, compared to 18% of those aged 80 years and older.