End the duopoly

Beneficiaries’ lack of Medicare knowledge could lead to dissatisfaction in plans

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More than two-thirds of Medicare beneficiaries find their insurance confusing and difficult to understand, according to a recent survey by MedicareAdvantage.com , which also revealed that many don’t grasp basic insurance terminology.

The study sample included 1,000 respondents enrolled in Medicare and took place over August 17 to 19. Participants were quizzed about topics ranging from Medicare enrollment and benefits to insurance terms and definitions.

Less than half of the respondents could correctly define deductible or coinsurance. Just over half (52%) could describe what a premium is.

When it came to cost-related questions, the respondents didn’t fare much better. More than 85% thought that Medicare Part A deductibles were annual when in reality, they operate on a cycle of “benefit periods.”

About 70% of respondents falsely said that the Centers for Medicare and Medicaid Services will send a notice when it’s time to enroll and that Medicare Part A and Part B have yearly out-of-pocket spending limits.

On a brighter note, over half (54%) knew that they can enroll late in Part B, but a late-enrollment penalty may be applied for every month in the plan. And more than three quarters knew that they must pay the Part B premium every month, even if […]

read more here —> www.healthcarefinancenews.com

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