Studies Show Most Seniors on Medicare Don’t Know About Savings Programs

If you are curious as to whether or not you are paying the lowest possible amount for your Medicare and supplements, give SeniorQuote a call for free, and a licensed technician can see if there are any money-saving programs you are missing out on!

More than four in ten people over the age of 65 rely on a monthly Social Security check for 90 percent or more of their income. Not surprisingly, large numbers seek help each year to manage rising health care costs. Based on more than one million customer service calls fielded in 2017, eHealth, Inc. (NASDAQ: EHTH) (Medicare.com and eHealthMedicare.com) has identified the three money-saving opportunities most commonly overlooked by lower-income Medicare beneficiaries.

  1. Medicare Savings Programs: Most people who call looking for help to lower their costs don’t know about Medicare Savings Programs that can help them pay for Part A and Part B premiums and out-of-pocket medical costs associated with deductibles and co-pays. In addition, growing numbers of seniors who qualify for Medicaid are unaware of their eligibility for special Medicare Advantage plans that offer broader provider networks and richer medical benefits than available under Medicaid alone. In 2017, 60 percent of calls fielded by one company’s Medicare customer service line involved helping beneficiaries connect to Medicare Savings Programs, the Extra Help program and dual-eligible special needs Medicare Advantage plans.
  2. Extra Help with Drug Costs: According to the Kaiser Family Foundation, Medicare Part D enrollees spend about $500 per year on average for prescription drug costs, an amount that is expected to grow significantly in the next decade. Seniors struggling to pay for prescription drugs are in search of ways to lower their costs. Many are surprised to learn that they qualify for and can receive free assistance by signing up for Extra Help — the Medicare program that limits drug costs for seniors who meet income eligibility requirements. Data shows that 90 percent of those enrolled in Medicare prescription drug coverage may be overpaying for their drugs, and could save more than $500 per year on average by switching to a plan optimized for their personal prescription regimen.
  3. Extra Benefits: Original Medicare doesn’t cover benefits such as dental, vision and hearing services. Exposure to high out-of-pocket costs leaves 75 percent of Medicare beneficiaries who need a hearing aid unable to obtain one; 70 percent of those unable to afford dental services report having had trouble eating because of their teeth. Medicare call centers field many calls each month from people looking for ways to help pay for these services. Most of the Medicare beneficiaries don’t know that some Medicare Advantage plans can cover such services and that there are standalone policies specifically designed to provide benefits in these categories.

If you are interested in potentially saving significant amounts of money, SeniorQuote is committed to educating Medicare beneficiaries about coverage options and cost-saving opportunities.

More About SeniorQuote

SeniorQuote is an online company where individuals with Medicare or those looking into it can compare health insurance products from brand-name insurers side by side and purchase and enroll in coverage online and over the phone. It offers many individual health plans underwritten by many of the nation’s leading health insurance companies. SeniorQuote is licensed to sell health insurance in all 50 states and the District of Columbia. SeniorQuote also offers educational resources, and exceptional telephonic support to help Medicare beneficiaries navigate Medicare health insurance options, choose the right plan and enroll in select plans.

 

Article Taken From: https://www.businesswire.com/news/home/20180611005249/en/ Jun. 11, 2018