Most Americans don’t review or change Medicare plans, missing possible savings: Survey

[Insurance Forums Staff]

Insurance Forums Staff submitted a new article

Most Americans don’t review or change Medicare plans, missing possible savings: Survey

Research shows most older Americans don’t shop around for Medicare plans—and further research shows that means they’re likely missing out on savings.

Continue reading the Original Article.

 

[policywunk]

Insurance Forums Staff submitted a new article

Most Americans don’t review or change Medicare plans, missing possible savings: Survey

Continue reading the Original Article.

Good!

 

[LostDollar]

The research shows that about two-thirds of the Medicare-aged population has yet to review their Medicare options and an even larger number, 88%, hadn’t changed their Medicare plan

I am not sure about this. Those are quotes from the survey findings but it seems to me there may be a problem in the way the researchers designed the survey or presented its results.

If you reviewed your Medicare options during this year's enrollment why did you do so?
I didn't review my Medicare options 67%

If you changed your Medicare plan this year why did you do so?
I didn't review my Medicare options 88%

The second question and answer seems to suggest a statement like:
I changed my Medicare plan this year because I didn't review my Medicare options.
That doesn't make a great deal of sense to me.

It seems to me that the survey really says that almost nine in ten older Americans did not review their Medicare plans, so any conclusions one wants to draw from the survey would be based on reasons for change provided by approximately one in ten of those surveyed.

If you want to extend from that 10%, around 2/3 of those who did review plan options found no reasons for change. If 2/3 of those who did not bother to check their plan options would also find no reason for change, then the amount of older americans missing savings might not be as significant as the dramatic survey headline suggests.

 

[DS4]

Today, I spoke to a man on a Humana Part D plan that is increasing from $72.50 to $86.20. He takes no meds.

 

[kgmom219]

I am not sure about this. Those are quotes from the survey findings but it seems to me there may be a problem in the way the researchers designed the survey or presented its results.

The second question and answer seems to suggest a statement like:
I changed my Medicare plan this year because I didn't review my Medicare options.
That doesn't make a great deal of sense to me.

It seems to me that the survey really says that almost nine in ten older Americans did not review their Medicare plans, so any conclusions one wants to draw from the survey would be based on reasons for change provided by approximately one in ten of those surveyed.

If you want to extend from that 10%, around 2/3 of those who did review plan options found no reasons for change. If 2/3 of those who did not bother to check their plan options would also find no reason for change, then the amount of older americans missing savings might not be as significant as the dramatic survey headline suggests.

The article is based on the KFF survey. I would say at least 25% of my new clients are shocked when I say "estimate $30 per month for Part D" and respond with "but my mom is paying more than $100". I do a ton of parent reviews for clients. One of the reasons my retention is so high and how I get new clients is that I do an annual drug review.

Think of the 90 year old lady in Matador, TX. Think she is checking her drug plan???

 

[LostDollar]

The article is based on the KFF survey. I would say at least 25% of my new clients are shocked when I say "estimate $30 per month for Part D" and respond with "but my mom is paying more than $100". I do a ton of parent reviews for clients. One of the reasons my retention is so high and how I get new clients is that I do an annual drug review.

Think of the 90 year old lady in Matador, TX. Think she is checking her drug plan???

The reviews I did are probably not going to result in any changes this year for others besides me, but after seeing them, I'm pretty sure my wife will be checking hers when she is 90.

 

[DS4]

One of the reasons my retention is so high and how I get new clients is that I do an annual drug review.

You have found my secret to Medicare supplemental sucess. Please dont share online.

 

[policywunk]

You have found my secret to Medicare supplemental sucess. Please dont share online.

I am so glad that i don't have to do drug reviews for my MA book of business every year - that would be a nightmare.The medical benefits may change a little ( lately mostly for the good) but the usually very good drug component of mapd plans are very stable .