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.
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.