by Geralyn Trujillo
October 25, 2017
With almost 12 million individuals enrolled nationwide, “MedSupp” (also known as Medicare Supplement and Medigap) plans continue to be a popular and valued part of a consumer’s financial protection playbook. Enrollment continues to grow and according to new research, beneficiaries are overwhelmingly satisfied with their coverage.
MedSupp pays for significant out-of-pocket costs that are not covered by Medicare, such as deductibles, coinsurance, and copayments. It allows seniors to budget for medical expenses, and therefore, avoid the confusion and difficulty of handling complicated medical bills. This all helps make Medicare Supplement coverage an essential tool that mitigates unplanned health expenses while filling the gaps within traditional fee-for-service Medicare.
New research from AHIP shows that beneficiaries are satisfied with their coverage. It found that nine out of 10 beneficiaries are satisfied with their coverage. Not only are they satisfied, but more than half would recommend the coverage to their friends and family. Services and benefits covered got high marks, as did the process to enroll and renew their coverage.
Seniors are happy – happy with insurance coverage that is there when they need it, offered by companies that make it easy to use the coverage and are available to answer questions when they come up. When asked about their financial security, over 90 percent of those surveyed would be concerned if Medicare supplement products were taken away or drastically altered. They depend upon the coverage, both to help them plan for the future and to enjoy the present.
Medicare supplement coverage has long been a source of stability, consistency, and protection for those with traditional Medicare. It offers choice and access to quality care, which is particularly valuable in the current environment of rapidly increasing costs, challenging legislative and regulatory environments, and an aging population. Those with Medicare Supplement coverage like it, they use it, and they would tell their friends and family to add it to their portfolio as well – a sign of trust that MeddSupp providers don’t take lightly.
Seniors and Medicare Supplement – a positive, long-term relationship that continues to offer good news and opportunities for ongoing physical and financial well-being.
Geralyn Trujillo is executive director of Product Policy at AHIP.