Tech Savvy Seniors Gear Up For Medicare Annual Enrollment

PR Newswire

MOUNTAIN VIEW, Calif., Oct. 14, 2020 /PRNewswire/ -- Increasingly tech savvy seniors are surfing online to find the right Medicare plan for them, according to a new healthinsurance.com national survey of 1,000 U.S. adults on Medicare aged 65+. The survey asked seniors about their current Medicare plans and coverage, medical costs, telemedicine, technology, social media and the upcoming election.

healthinsurance.com survey shows a 716% spike in telemedicine usage among seniors

MEDICARE COVERAGE & ANNUAL ENROLLMENT PERIOD (AEP)
As the Medicare Annual Enrollment Period (AEP), also known as open enrollment kicks-off, 84% of seniors said they are confident that they are enrolled in the right Medicare plan. Seniors are so sure about their plans that 70% have never adjusted their Medicare coverage in years past. However, the COVID-19 pandemic has many Americans taking a closer look at their healthcare plans. 15% of seniors said they are likely to change or adjust their Medicare coverage, with an additional 34% still undecided about making a change during this open enrollment period.

When asked about what is most important when selecting a plan; 44% said a plan that accepts their doctor(s), followed by 27% who said low monthly premiums and copays are most important. 61% of seniors prefer to surf the internet to get information about Medicare plans and coverage. More than half said it's not difficult to find the right information about which Medicare plan is right for them, with 24% consulting with family and friends.

However, seniors are also skeptical, with 68% saying they don't trust online services that promise to help find the best Medicare plan.

MANAGING MEDICAL COSTS
Out-of-pocket costs are a major concern for most seniors. 82% think prescription drug prices are too high. Sadly, 54% are worried about contracting COVID-19 because of the cost of care.

EMBRACING TELEMEDICINE DURING COVID-19
Seniors are embracing technology and adapting during COVID-19. The survey revealed a 716% spike in telemedicine usage among seniors on Medicare during the pandemic. 49% reported using telemedicine during the past seven months with 1 in 4 using it more than once. 36% prefered to use their smartphones for these appointments. It looks as though telemedicine is here to stay, with 42% saying they will continue to use it on a regular basis when the pandemic is over.

SILVER TECHIES
Seniors are not shying away from using the same technology their kids and grandkids use. 39% admit to binge-watching a streaming service; 76% text and 35% have video chatted with children and/or grandchildren within the past month. However, they aren't totally sold on cutting the cord; 60% watch cable news regularly.

A majority of seniors are hitting the "like" button; 71% said they use Facebook at least once a week, with 52% admitting to going on Facebook daily. However, with all these digital technologies available, 73% are worried about protecting their privacy.

2020 ELECTION
When asked about the upcoming election, 49% said the U.S. Supreme Court vacancy makes them more concerned about the U.S. healthcare system. A shocking 82% said this is the most important presidential election of their lifetime.

For the entire survey results click here.
For more information on Medicare open enrollment please visit the Consumer Guide to the Medicare Open Enrollment Period.

METHODOLOGY:
The survey of 1,000 U.S. Adults 65 and Older was conducted by Scott Rasmussen using a mixed mode approach from October 1-6, 2020. Field work for the survey was conducted by RMG Research, Inc. Survey respondents were contacted online, via text, and by using automated phone polling techniques. Certain quotas were applied to the overall sample and lightly weighted by geography, gender, race, and political party. Other variables were reviewed to ensure that the final sample is representative of that population. Margin of Sampling Error: +/- 3.1 percentage points.

ABOUT HEALTHINSURANCE.COM:
Healthinsurance.com combines the nation's leading health insurance carriers and advanced technology to offer a suite of private insurance solutions and Medicare plan options. In just a few clicks, our website provides consumers the ability to access powerful online comparison tools and educational resources that enable efficient self-guided navigation of available health insurance and Medicare options. For more information, visit www.healthinsurance.com.

FORWARD-LOOKING STATEMENTS:
Healthinsurance.com LLC is part of the Benefytt Technologies family companies (NASDAQ: BFYT). This press release contains "forward-looking statements" within the meaning of the U.S. Private Securities Litigation Reform Act of 1995. Forward-looking statements are statements other than historical fact, and may include statements relating to goals, plans and projections regarding new markets, products, services, growth strategies, anticipated trends in our business and anticipated changes and developments in the United States health insurance system and laws. Forward-looking statements are based on our current assumptions, expectations and beliefs are generally identifiable by use of words "may," "might," "will," "should," "expects," "plans," "anticipates," "believes," "estimates," "predicts," "potential" or "continue," or similar expressions and involve significant risks and uncertainties that could cause actual results, developments and business decisions to differ materially from those contemplated by these statements. These risks and uncertainties include, among other things, our ability to maintain relationships and develop new relationships with health insurance carriers and distributors, our ability to retain our members, the demand for our products, the amount of commissions paid to us or changes in health insurance plan pricing practices, our ability to integrate our acquisitions, competition, changes and developments in the United States health insurance system and laws, and our ability to adapt to them, the ability to maintain and enhance our name recognition, difficulties arising from acquisitions or other strategic transactions, and our ability to build the necessary infrastructure and processes to maintain effective controls over financial reporting. These and other risk factors that could cause actual results to differ materially from those expressed or implied in our forward-looking statements are discussed in BFYT's most recent Annual Report on Form 10-K filed with the Securities and Exchange Commission (SEC) as well as other documents that may be filed by BFYT from time to time with the Securities and Exchange Commission, which are available at www.sec.gov. Any forward-looking statement made by us in this press release is based only on information currently available to us and speaks only as of the date on which it is made. You should not rely on any forward-looking statement as representing our views in the future. We undertake no obligation to publicly update any forward-looking statement, whether written or oral, that may be made from time to time, whether as a result of new information, future developments or otherwise.