eHealth Survey Highlights Why Medicare Beneficiaries Should Review Their Coverage Options This Annual Enrollment Period
53% are enrolled in the same coverage they had three years ago, despite life changes suggesting they may need a new plan 36% do not know Medicare's Annual Enrollment Period is happening right now
SANTA CLARA, Calif., Oct. 31, 2022 /PRNewswire/ -- eHealth, Inc. (Nasdaq: EHTH) (eHealth.com), a leading 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.
"Your coverage needs can evolve each year, and this may be especially true for Medicare beneficiaries," said eHealth CEO Fran Soistman. "Your provider network and benefits under your current plan may also be changing for 2023. Reviewing your options could save you money. For example, beneficiaries who used our prescription drug coverage comparison tool found a median of $552 in potential savings based on their personal drug regimen*."
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.
- 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.
- 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%.
Read the full report.
eHealth recently published its top seven tips to help Medicare beneficiaries find the best plan for their needs.
Medicare's nationwide Annual Enrollment Period for 2023 coverage began on October 15 and is scheduled to continue through December 7, 2022.
* Based on an eHealth analysis of 142,000 user sessions among Medicare customers who used eHealth's prescription drug coverage comparison tool between January 1 and May 11, 2022. Potential savings were calculated based on the personal drug regimen and current coverage entered by tool users. Potential savings were only realized if the customer went on to enroll in the recommended plan.
eHealth, Inc. (Nasdaq: EHTH) operates a leading health insurance marketplace at eHealth.com and eHealthMedicare.com with technology that provides consumers with health insurance enrollment solutions. Since 1997, we have connected more than eight million members with quality, affordable health insurance, Medicare options, and ancillary plans. Our proprietary marketplace offers Medicare Advantage, Medicare Supplement, Medicare Part D prescription drug, individual, family, small business, and other plans from approximately 200 health insurance carriers across fifty states and the District of Columbia.
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