America's Benefit Specialist December 2022

ANALYSES SHOW THAT A SMALL SHARE OF MEDICARE BENEFICIARIES COMPARED PLAN OPTIONS OR SWITCHED PLANS MEDICARE MATTERS

Two new analyses from the Kaiser Family Foundation suggest that a relatively small share of the nation’s 65 million Medicare beneficiaries will shop around among the many coverage options for 2023 or switch plans. That decision could have a significant impact on enrollees’ coverage and costs. Results from one new KFF analysis show that only three in 10 beneficiaries (29%) compared their current plan with other Medicare plans offered during the open-en rollment period for 2020.

people in Medicare Advantage plans with prescription drug coverage, only one in 10 beneficiaries enrolled in such plans volun tarily switched plans for 2020. Among ben eficiaries in in traditional Medicare with a stand-alone drug plan, only two in 10 opted for a different plan during open enrollment. (This analysis excluded beneficiaries who receive low-income subsidies for Part D coverage because they have a more limited set of choices and because some are auto-assigned to new plans every year by the government.) Coverage and costs vary widely among both Medicare Advantage plans and Part D prescription drug plans. From one year to the next, plans can change their premiums, cost-sharing requirements, and scope of covered drugs and supplemental benefits, as well as provider networks or prior authori zation requirements. These changes could

The share of beneficiaries reviewing their coverage options was even lower among certain subgroups, including beneficiaries with lower incomes (15%), enrolled in both Medicare and Medicaid (16%), age 85 or older (18%), Hispanic (19%) or under age 65 with disabilities (22%). A second KFF analysis finds that few beneficiaries choose to switch plans during open enrollment, regardless of whether they are enrolled in Medicare Advantage or traditional Medicare. For instance, among

THE ANALYSIS ALSO FINDS MEDICARE’S OFFICIAL INFORMATION RESOURCES ARE NOT WIDELY USED, ESPECIALLY THE 1-800-MEDICARE HELPLINE.

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