According to a new survey, Medicare Supplement insurance policy holders see great value in the coverage. The survey, released by the Blue Cross Blue Shield Association (BCBSA) and America’s Health Insurance Plans (AHIP) , found that enrollees appreciate not having to worry about the cost of care. Exactly 88% of Medicare Supplement insurance policy holders are “satisfied” with their coverage and 62% are “very satisfied.”
More than three-fourths (77%) of policyholders who participated said Medicare Supplement plans (or Medigap) provides “excellent” or “good value” for their money and 87% would recommend Medigap to a friend or relative.
Nearly 10 million seniors have enrolled in a Medigap program, which covers out-of-pocket expenses not covered by Medicare.
“Medigap plans provide important protections from Medicare’s high out-of-pocket costs,” said Scott P. Serota, BCBSA president and CEO, in a statement. “Seniors are highly satisfied with these policies.”
Added Karen Ignagni, president and CEO of AHIP, “Seniors like the predictability, financial security, and peace of mind these plans provide.”
The survey found that policy holders like most that their Medigap coverage allows them to see the doctor of their choice, provides financial security and peace of mind and makes it easier to deal with medical bills and paperwork.
The survey also indicates the majority of Medigap policy holders (69%) are unwilling to pay higher deductibles or other out-of-pocket expenses in order to reduce their premiums.
A similar majority (68%) would oppose congressional action that would require policy holders 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 national telephone survey of 500 Medicare enrollees who have self-purchased Medigap plans was conducted by American Viewpoint between March 16 and 22.
Wiley Long is founder and president of Medigap Advisors, and is passionate about helping people navigate the confusing waters of Medicare. He is the author of The Medicare Playbook: Designing Your Successful Health Coverage Strategy, a clear and simple explanation so you can make the most of your Medicare coverage. For more information visit www.MediGapAdvisors.com.