Many older adults make Medicare decisions quickly, and most don't change plans, poll finds
It's one of the biggest decisions they might make all year, affecting their wallets and their health care for the full year to come. They may have many options to choose from, depending on where they live.
Many older adults hastily choose their Medicare coverage during open enrollment, with 60% dedicating less than an hour to review their options. The poll, conducted by the University of Michigan Institute for Healthcare Policy and Innovation, reveals that 27% did not take any time to review their options at all. Nearly 80% of Medicare enrollees aged 65 and older chose to stick with their previous year's coverage.
The data was gathered from a nationally representative sample following last year's Medicare open enrollment period. When it comes to sources of information, 25% of those who reviewed options consulted the Medicare plan-finding tool, while only 5% turned to free local counselors like those from the State Health Insurance Assistance Program.
Insurance brokers and health plan websites were also cited as important sources, with 26% and 21% of respondents respectively. Despite the availability of multiple options, 92% of respondents expressed confidence in their decisions. Experts recommend that older adults, particularly those dissatisfied with their current coverage, should take more time to thoroughly review their Medicare options.
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