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With ~3 weeks to go in the Medicare open enrollment period, we find most seniors don’t compare coverage options annually. Does it matter? Not for everyone, but it can matter a lot for people who get seriously ill or take pricey medications @RetireRevised https://www.nytimes.com/2020/11/13/business/medicare-advantage-retirement.html?referringSource=articleShare
Today, the average person on Medicare has a choice of 57 Medicare drug & "Advantage" drug plans, & traditional Medicare. This is 50% increase since 2017.
The increase is partly due to a change made by @CMSgov that lifted the requirement for plans to be meaningfully different.
The increase is partly due to a change made by @CMSgov that lifted the requirement for plans to be meaningfully different.
Ideally, during #MedicareOE, people on Medicare compare the various features of plans that can affect their out-of-pocket costs (not just premiums), access to specific medications, provider networks & other factors.
This can matter. Plans can change from one year to the next.
This can matter. Plans can change from one year to the next.
Most people on Medicare say they do not review or compare their coverage options annually. In fact, 1 in 4 say they NEVER do.
Comparing dozens of Medicare options may not be a problem for some, but most don't do it, and that can come at a cost. https://www.kff.org/medicare/issue-brief/more-than-half-of-all-people-on-medicare-do-not-compare-their-coverage-options-annually/
Comparing dozens of Medicare options may not be a problem for some, but most don't do it, and that can come at a cost. https://www.kff.org/medicare/issue-brief/more-than-half-of-all-people-on-medicare-do-not-compare-their-coverage-options-annually/
