Medicare covers many healthcare needs for senior citizens, but it does not cover everything. Therefore, seniors may want to explore additional insurance or financial assistance programs to manage out-of-pocket medical costs more effectively. Access to accurate tools will assist seniors in making more informed decisions.
Medicare is federal health insurance available to people age 65 or over or those under 65 with certain disabilities or conditions like End-Stage Renal Disease (ESRD). There are four parts to Medicare: Parts A, B, C and D. Many seniors opt for private plans managed by insurance companies which offer additional benefits than Original Medicare such as gym memberships, dental care plans and hearing aids.
Beneficiaries who use Medicare websites like Social Security Administration’s Medicare Finder and the AARP Medicare Adviser to select plans cite information regarding costs and coverage as being most essential, yet still find the process confusing and frustrating. Beneficiaries reported wanting to compare prices, coverage options and provider networks so as to make an informed decision – while also needing expert support to make sound choices.
Our research discovered that many traditional Medicare beneficiaries rely on supplemental coverage for healthcare costs. Supplemental policies typically cover copayments and deductibles associated with Parts A – D as well as prescription drug costs; in addition, many supplemental policies provide vision and dental services as well as transportation to medical appointments that would otherwise not be covered.
Focus groups taught us that traditional Medicare beneficiaries typically do not possess enough knowledge to select an ideal plan, often making their choice based on cost or provider location, familiarity with plan name or input from trusted sources such as plan representatives. Beneficiaries indicated they might consider switching plans if there was a significant shift in health needs or changes to coverage or provider networks that rendered previous options inadequate for them.
As more seniors opt for Medicare Advantage, it’s imperative that the federal government create a system that’s easy for them to use. One solution could be the Medicare Advantage Marketplace which would enable beneficiaries to easily explore all available plans in their area and switch easily if necessary; also making it simpler to determine which plan suits individual healthcare needs and personal preferences best. Such an arrangement will increase quality across Medicare for all beneficiaries while offering long-term care insurance as a safeguard against future expenses like nursing homes or assisted living facilities.
