Approximately 4.1 million Americans turn 65 this year, representing a large influx of retirees beginning to maneuver through a new-to-them healthcare coverage system: Medicare.
Navigating Medicare can be challenging and confusing. Due to its unfamiliar and intricate structure full of choices and decisions, partners rely on each other to choose coverage. While this is the reality, is it wise?
Let’s explore why couples are choosing the same Medicare plan.
Medicare Basics
According to the U.S. Department of Health and Human Services, Medicare is available for people aged 65 or older, younger people with disabilities and people with End-Stage Renal Disease.
An enrollment period takes place every year allowing participants to elect Medicare Part A, Part B or more plans covered under Medicare Advantage Plans. Typically those 65 and older rely on Medicare as their primary health insurance coverage and it can be difficult to determine which plan is best at different stages of life.
For more information about Medicare, the plan offerings, enrollment and terminology, check out this article: Original Medicare (Parts A & B) Explained.
Medicare Research
To further examine how Medicare participants make their coverage decisions, the University of Michigan recently completed a study shedding light on couple behavior surrounding Medicare coverage elections. The findings brought attention to some considerations that may need extra attention from policymakers, insurance professionals and those participating in Medicare.
The study determined that being in a partnership and sticking to a significant other’s enrollment decision was the most prominent factor in predicting Medicare insurance coverage elections. For example, if Partner A changed their coverage from one Medicare Advantage plan to another, 86% of their partners elected to make the same change.
A big takeaway from this research was that individuals need more support in making insurance decisions. The researchers made a note that policymakers and advocates could offer more tools for Medicare participants to make the best decision for individual health needs.
What Does This Mean for You?
Whether this is your first enrollment period or you are a Medicare master, consider adding an extra step in your insurance coverage process. Ask yourself a few of the below questions before securing health insurance coverage for the upcoming year:
- What health coverage do I know I will need this year?
- Is this different than my partner?
- What else could come up this year for me?
- Are there additional solutions available to protect me?
Need Support?
Another way to support yourself and your partner in making Medicare election decisions is by pursuing services provided by the State Health Insurance Assistance Program (SHIP). SHIP aids in insurance counseling to local families to help guide coverage decisions.
This trusted and unbiased organization offers one-on-one counseling services for those navigating Medicare. Consider finding local help for your family as you navigate this new chapter of insurance.
We’re here for you!
Bankers Life is here to help customers with their financial and insurance needs so please visit us at BankersLife.com to learn more.
