More than half of Medicare beneficiaries are in the same plan they had 3 years ago

SANTA CLARA, CA – October 31, 2022 – eHealth, an online private health insurance marketplace, today released results from a survey of more than 1,000 Medicare beneficiaries. According to the survey, more than half (53%) of beneficiaries are currently enrolled in the same Medicare coverage they had three years ago, though many have experienced changes in the past year that may suggest the need for a new Medicare plan.

Highlights from eHealth’s survey:

• Many Medicare beneficiaries may be overdue to reconsider their coverage options: 53% have had the same Medicare coverage for three or more years; 45% say they have not reviewed their coverage options in the past year. More than two-thirds (67%) said they are likely to review their coverage options for 2023, but 33% said they are not likely to do so.
• Significant numbers are unaware of enrollment opportunities and plan changes: 36% don’t know that Medicare’s Annual Enrollment Period is currently under way; 40% are unaware of any potential changes to their Medicare plan benefits for 2023.
• About half experienced changes in the past year that may suggest a new plan is in order: 46% say their prescription drug needs changed in the past year; 51% began seeing new medical providers; 46% say their personal financial situation has changed. Meanwhile, more than one-third (38%) were diagnosed with new medical conditions in the past year, suggesting that a change of plan might be in order, while 62% said they received no new medical diagnoses in the previous year.
• Inflation is a big concern for long-term affordability: Over 75% say they are worried about inflation’s impact on health care costs; fewer than half could afford it if their out-of-pocket costs increased more than 5%. With inflation on the rise, increased out-of-pocket costs would be a problem for most beneficiaries. More than one-third (35%) said they can’t afford to pay any more than they already do.

Read the full report.

Medicare’s nationwide Annual Enrollment Period for 2023 coverage began on October 15 and is scheduled to continue through December 7, 2022.