Many Medicare Beneficiaries Spending Nearly 24 Hours Researching And Selecting Their Medicare Coverage

According to a national survey of Medicare-eligible Americans conducted this year by Humana Inc. (NYSE: HUM), one of the nation’s leading health and well-being companies, 70 percent of people 65 and older say that selecting the right Medicare coverage impacts their ability to live a healthy life.

Consequently, people eligible for Medicare coverage are taking the plan-selection process very seriously. As we’re now in the midst of Medicare’s Annual Election Period (which runs through December 7, 2013), people with Medicare are utilizing different criteria and taking advantage of different resources this year as they navigate their coverage options.

The survey found that:
  • Medicare beneficiaries who research and evaluate Medicare options spend, on average, 22 hours on their plan decision – reflecting the importance they place on the decision.
  • 64 percent of people eligible for Medicare cite plan quality as the key factor driving them to switch their Medicare coverage, rating overall quality as more important than plan cost and ability to continue receiving care from their primary care provider.
  • Nationally, educational resources from the Centers for Medicare and Medicaid Services (CMS), help from friends, and the Internet are the leading resources Medicare beneficiaries turn to aid them in the plan-selection process.
  • 10 percent of Medicare beneficiaries would like for someone to do their Medicare planning for them.

By providing access to agents across the U.S. who can work one-on-one with Medicare beneficiaries, Humana takes a personalized approach to helping people pick a plan that best suits their needs.

“Over many years, countless industries have tailored and customized their approaches to working directly with their customers. Our survey reveals that health care is no different – people want individual attention,” said Debbie Smith, Vice President, Senior Products at Humana. “While people enrolling in Medicare or a Medicare plan recognize the importance of selecting the option that works best for them, the research shows they are dedicated to finding what they believe to be the highest quality coverage and will invest the time to identify that best option.”

If you liked this article you might like

Apple Is the Tom Brady of Stocks: Cramer's 'Mad Money' Recap (Thursday 8/31/17)

Boeing, Pure Storage, Activision Blizzard: 'Mad Money' Lightning Round

The Makings of Another Huge Rebound?

Healthcare Management Stocks Look Too Pricey for Activists

Tenet Dives After Worse Than Expected Quarter Leads to Lower 2017 Outlook