A recent survey conducted by American Viewpoint, Inc. on behalf of BCBSA and AHIP (America’s Health Insurance Plans) shows nearly nine in ten seniors to be happy with their Medigap (also known as Medicare Supplement or Med Supp plans) coverage. Consumers believe these plans provide good value for their money, while helping to fill the gaps that Medicare does not cover.
The survey found that 88% of Medigap policyholders are satisfied with their coverage, while 62%are very satisfied. In addition, more than three-fourths (77 percent) of policyholders surveyed say Medigap provides excellent or good value for their money and 87% would recommend a Med Supp policy to a friend or relative.
“Medigap policies provide important protections from Medicare’s high out-of-pocket costs,” said Scott P. Serota, BCBSA president and CEO. “Seniors are highly satisfied with these policies.”
“Nearly 10 million seniors across the country rely on Medigap for their health security,” adds Karen Ignagni, President and CEO of AHIP. “Seniors like the predictability, financial security, and peace of mind these plans provide.”
According to the survey, the aspects policyholders like most about their Medicare Supplement plans are the fact that they are allowed to see the doctor of their choice, while providing financial security and peace of mind, and making it easier to deal with medical bills and paperwork.
Other key findings include:
— Medigap policyholders are unwilling to pay higher deductibles or other out-of-pocket expenses in order to reduce their premiums (69%).
— A majority (68%) of policyholders would oppose Congressional action that would require policyholders to pay annual deductibles and other out-of-pocket expenses for services that are currently covered by their Medigap policies.
— If policyholders could no longer afford to purchase Medigap insurance, their main concerns would be dealing with medical bills/Medicare (22%); the possibility of high costs due to illness (18%); out-of-pocket costs for health care (17%); and loss of financial security and peace of mind (13%).
The nation wide survey was conducted via telephone by American Viewpoint, Inc. between March 16 and 22, 2009. In all, 500 telephone interviews with Medicare enrollees who purchased Medigap plans. The sample was drawn from a targeted Survey Sampling database of those ages 65 and older and respondents were randomly selected. All survey findings are estimates because they are based on a sample of persons rather than the entire population.
Jim McFadden has over 11 years of executive-level experience in the health insurance industry, is a youth baseball, softball and football coach, and has one of the worst fantasy football records in the world.