6 Quick Stats on How Retirees Use Medicare Advantage

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Related: A Financial Planning Checklist for Newly Single Clients Over 50

Americans 65 and older can choose health care coverage through Original Medicare or through Medicare Advantage, in which private companies offer plans under rules set by Medicare.

In 2021, more than 26 million people were enrolled in a Medicare Advantage plan, accounting for 42% of the total Medicare population, according to the Kaiser Family Foundation.

In the gallery above are six important Medicare Advantage statistics. The information is provided by MedicareGuide, which conducted a survey in early 2022 of 1,148 U.S. adults aged 65 or older who said they are or have been enrolled in Medicare Advantage.

MedicareGuide is a HealthCare Inc. affiliate that uses Medicare content to help its parent generate Medicare sales leads. HealthCare, which operates under the name HealthCare.com, recently raised more than $200 million from investors.

Emily Holbrook

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1. A quarter of Medicare Advantage enrollees chose these plans because they offered dental, vision and/or hearing coverage.

Forty-one percent said they made the choice because they thought Medicare Advantage was better than Original Medicare, 12% cited drug coverage with no extra premiums, and 7% credited wellness benefits. Original Medicare enrollees who want prescription drug coverage must also enroll in Medicare Part D.

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2. Eighty percent make use of Medicare Advantage benefits not available on Original Medicare.

The most popular of those benefits is vision coverage, of which 57% of respondents use. Dental, drug coverage, and wellness are the next most popular at 48%, 46%, and 27% respectively.

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3. Eighty percent rate their understanding of Medicare Advantage medical coverage good or very good.

While most are confident in their understanding of Medicare Advantage coverage, 14% rated their understanding as “fair.”

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4. Almost 40% of respondents believe they don’t have to stay in-network.

Though most respondents report understanding their Medicare Advantage coverage, 39% erroneously said they did not have to stay in-network and 11% were unsure if they were required to do so.

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5. Twenty-two percent of respondents opted to return to Original Medicare plus Part D prescription drug coverage.

Asked to choose among reasons for leaving Medicare Advantage, respondents cited coverage issues such as: the plan didn’t authorize a procedure (11%), they were billed for out-of-network charges (11%), they skipped a procedure due to cost (10%), or their claim was refused (8%).

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6. Thirty-six percent pointed to licensed insurance agents as the most trustworthy for information about Medicare Advantage.

Twenty-two percent said they trusted publications from government agencies like the Department of Health & Human Services, 20% look to their doctors for trusted information, and only 7% each refer to the internet or friends and family. At 2% each, hotlines, TV ads and postal mail fared even worse on trust. Email marketing (0.52%), telemarketing (0.35%), and billboards (0%) rounded out the bottom.

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6 Quick Stats on How Retirees Use Medicare Advantage

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1. A quarter of Medicare Advantage enrollees chose these plans because they offered dental, vision and/or hearing coverage.

2. Eighty percent make use of Medicare Advantage benefits not available on Original Medicare.

3. Eighty percent rate their understanding of Medicare Advantage medical coverage good or very good.

4. Almost 40% of respondents believe they don’t have to stay in-network.

5. Twenty-two percent of respondents opted to return to Original Medicare plus Part D prescription drug coverage.

6. Thirty-six percent pointed to licensed insurance agents as the most trustworthy for information about Medicare Advantage.

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6 Quick Stats on How Retirees Use Medicare Advantage

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Related: A Financial Planning Checklist for Newly Single Clients Over 50

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1. A quarter of Medicare Advantage enrollees chose these plans because they offered dental, vision and/or hearing coverage.

2. Eighty percent make use of Medicare Advantage benefits not available on Original Medicare.

3. Eighty percent rate their understanding of Medicare Advantage medical coverage good or very good.

4. Almost 40% of respondents believe they don’t have to stay in-network.

5. Twenty-two percent of respondents opted to return to Original Medicare plus Part D prescription drug coverage.

6. Thirty-six percent pointed to licensed insurance agents as the most trustworthy for information about Medicare Advantage.

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