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October 04, 2012 at 06:35 AM
A new national survey of seniors has found that fewer than one-third (28%) of those who use an advisor say they discuss Medicare plans. That is likely a mistake; of those seniors who reported they do discuss Medicare with their advisor, 79% reported their advisor was “knowledgeable or extremely knowledgeable” about the federal insurance program.
The information was released as part of a larger survey of seniors who are enrolled in Medicare. The study, the Allsup Medicare Advisor® Seniors Survey: Seniors with Financial Planners, was commissioned by Allsup and conducted by Richard Day Research, a Market Probe company based in Evanston, Ill.
Allsup is a nationwide provider of Social Security disability, Medicare and Medicare Secondary Payer compliance services for individuals, employers and insurance carriers.
The study also found that although 71% of seniors with financial advisors said they will review their income and expenses in the next 12 months, only 58% plan to review their health care needs during that time. However, the study notes that Medicare’s annual enrollment season, when all seniors can change plans for 2013, begins Oct. 15 and lasts through Dec. 7.
