America's Benefit Specialist August-September 2022

MEDICARE MATTERS

Jamie Needham is the chief marketing officer for Ensurem. Before coming to Ensurem in September 2020, she served as senior vice president, marketing and communications, for

global business services firm Vistra, and vice president, marketing and communications, for NASB Financial. Earlier in her career, she served in digital business and strategy roles for Assurant and American Century Investments. She holds a BA in Communications from the University of Kansas and an MBA from Rockhurst University.

CONFERENCES

July 10-11 Ms. Medicare 2023 Cleveland, OH www.msmedicare.org

September 15 Metro Detroit AHU Medicare Summit Detroit, MI www.mdahu.org

September 13 Central Pennsylvania AHU Medicare Summit Grantville, PA stacy.fry@aleragroup.com

REPORT REVEALS SIGNIFICANT GAPS IN MEDICARE KNOWLEDGE AMONG OLDER ADULTS

Americans will enroll by 2030, the negative effects will only intensify. “This report shows the striking level of confusion surrounding Medicare enrollment for all ages. While there may be many better plan options, very few enrollees have the necessary knowledge to choose them,” said Dan D’Orazio, Sage Growth Partners CEO. “The level of satisfaction with shopping for Medicare plans lies below the cellar-dwellers of industry satisfaction such as cable TV providers and Internet shopping. This is very troubling considering what is at stake for older adults and their clinical and finan cial health.” The report’s key findings: • Only 20% of Medicare-eligible individu als have a good understanding of Original Medicare; only 31% have a good under standing of Medicare Advantage. • Sixty-three percent are “overwhelmed” by Medicare advertising; only 31% of respondents “strongly agree” that they can make effective selection decisions. • More than half (58%) stay in their current Medicare plan each year rather than re viewing their plan options and enrolling in the best plan for their evolving needs.

Seniors enrolling in Medicare face a process fraught with challenges, display significant gaps in knowledge of plan components, are overwhelmed by Medicare advertisements, and often fail to re-evaluate their plan op tions when selecting plans. As a result, many are enrolling in plans that fail to best reflect and support their evolving healthcare needs. These challenges could jeopardize the ability of seniors to make the best choices for their unique health and wellness needs, and the results may worsen as they get older. These are the findings of a new report, Hidden Crisis: The Medicare Enrollment Maze, issued recently by national health care consultancy Sage Growth Partners. The report is based on a survey of 1,142 individuals ages 64 and older, which was commissioned by Healthpilot, an AI-driven, fully digital platform for Medicare education and insurance enrollment. The report explores the profound impact of widespread confusion and overwhelming enrollment challenges on older Americans, as well as the entire healthcare system. With nearly 64 million Americans enrolling in Medicare in 2021 and the U.S. Census Bureau projecting more than 73 million

• Thirty-three percent have a financial advisor, but only two percent use that advisor to help with plan selection. “This report confirms that most older adults find Medicare enrollment confusing and lack adequate resources or support to choose the best plan,” said Dave Francis, CEO of Healthpilot. “Enrolling in Medi care is a pivotal time for millions and the Medicare marketplace is ripe for transfor mation. I believe that it is possible to make healthcare better for individuals aged 64 and older throughout the country, but we need dynamic platforms and sincere actions to make this happen.” In April, Healthpilot commissioned Sage Growth Partners to conduct the indepen dent survey of Medicare enrollment-eligible individuals (those aged 64 and older). More than 80% of survey participants had cover age through Medicare or Medicare Advan tage. The respondents came from across the enrollment experience spectrum: 10% of respondents were first-time enrollees; 32% had been enrolled for less than one year to three years; 35% for four to nine years; and 23% for 10 years or more.

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