With Medicare's Annual Enrollment Period Days Away, Higher Costs and Benefit Changes Top Beneficiaries' Concerns

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Oct 08, 2024, 08:00 ET

Medicare sustainability is a top-three voting issue for 84% of Medicare beneficiaries, according to eHealth original research

AUSTIN, Texas, Oct. 8, 2024 /PRNewswire/ -- With Medicare's Annual Enrollment Period starting next week, new research from eHealth, Inc. (NASDAQ: EHTH) (eHealth.com), a leading private online health insurance marketplace, finds that beneficiaries are entering what is expected to be one of the most disruptive Annual Enrollment Periods in years fearful of cost increases and changes to their benefits.

In a survey of more than 1,200 Medicare beneficiaries, eHealth identified enrollees' top-three fears:

73% are worried about their out-of-pocket costs
53% are worried about changes to their Medicare plan benefits
50% are worried about their prescription drug coverage

"Many Medicare Advantage and Part D plan enrollees could see significant changes to out-of-pocket costs and core and supplemental benefits in 2025," said eHealth CEO Fran Soistman. "As our report shows, beneficiaries are worried about the future, not just their ability to pay for the rising cost of their healthcare, but also for the future of Medicare in general. Further, our research shows beneficiaries are overwhelmingly happy with their Medicare coverage and want to see that level of coverage continue without dramatic premium and out-of-pocket cost increases."

Additional highlights from the report:

Medicare sustainability is on voters' minds: 84% of beneficiaries say that ensuring the future of the Medicare program is one of their top-three voting priorities in this year's presidential election.
Beneficiaries are satisfied with their coverage, but few are informed about changes coming in 2025: 92% of Medicare Advantage enrollees and 95% of Medicare Part D plan enrollees are satisfied with their current plans but only three in 10 have read their Annual Notice of Change letter.
Beneficiaries want an Annual Enrollment Period (AEP) extension: Given the distraction of the presidential election and the late Thanksgiving holiday, 75% of beneficiaries would like to see AEP extended this year.

Mr. Soistman continued: "Earlier this year, eHealth encouraged CMS to consider an extension of this year's Medicare Annual Enrollment Period (AEP). This is a year of great change and with change comes confusion and stress. Several millions of Medicare beneficiaries may be looking for new 2025 plans this AEP. Between regulatory changes, plan and market exits, out-of-pocket cost increases, core and supplemental benefits reductions, and a packed calendar, they're going to need more time to review their options and get the personal assistance that only licensed agents can offer."

Read the full report.

Medicare's AEP for 2025 coverage is scheduled to run from October 15 through December 7, 2024. eHealth offers the following tips for beneficiaries:

Review your current Medicare coverage: Find out if your costs or benefits are changing in 2025. Will your current plan still match your needs and budget?
Compare your coverage options: Review 2025 Medicare plan options available in your local area, comparing costs, benefits, and provider networks.
Take advantage of resources available to you: Online tools like those offered at eHealth.com can show you which plans will cover your prescriptions at an affordable price, and which are accepted by your preferred doctors.
Get help from a licensed insurance agent: A licensed insurance agent can offer personal help and advice; it doesn't cost anything extra to work with an agent and there is no obligation to enroll.
Don't procrastinate: Act early to avoid unnecessary stress and avoid long hold times to speak with a licensed insurance agent.

eHealth's new report is based on a voluntary survey of more than 1,200 Medicare beneficiaries who purchased Medicare Advantage, Medicare Part D, or Medicare Supplement plans through eHealth, with coverage still in effect at the time of the survey. For additional methodology information, please refer to the full report.

About eHealth (NASDAQ: EHTH)
We're Matchmakers. For over 25 years, eHealth has helped millions of Americans find the healthcare coverage that fits their needs at a price they can afford. As a leading independent licensed insurance agency and advisor, eHealth offers access to over 180 health insurers, including national and regional companies.

For more information about eHealth, visit ehealth.com or follow us on LinkedIn, Facebook, Instagram, and X. Open positions can be found on our career page.

Media inquiries: [email protected]

SOURCE eHealth, Inc.