A new survey shows that 84 percent of Medicare beneficiaries are satisfied with their coverage and more than 80 percent say their Part D premiums and co-payments are affordable.
The survey of 1,243 Medicare beneficiaries, conducted by KRC Research, was commissioned by Medicare Today, a coalition of more than 400 national and local organizations whose goal is to provide seniors and near-retirees with information on Medicare benefits and program changes.
"The Medicare Part D program continues to defy its doubters," said Mary Grealy, president of the Healthcare Leadership Council and co-chairman of Medicare Today. "At its outset, critics said health plans wouldn't participate in Part D, but today seniors have ample choices of affordable plans."
Grealy said critics also said the Part D program would cost too much, but the last Medicare trustees report found costs to be 41 percent below initial expectations. Other critics, she said, said seniors would find the program too confusing, but it remains popular.
The KRC Research survey found 94 percent of Medicare beneficiaries understand how their plan works and know how to use it. Among the beneficiaries who don't have Part D coverage, only 6 percent said it's because the program is too complicated.
The survey comes just before the Medicare Part D open season, which runs Nov. 15 through the end of the year. During this time, beneficiaries have the ability to move from one coverage plan to another. Researchers found that 65 percent of beneficiaries feel no need to shop around for another plan, while 31 percent said it's very likely they will compare their current plan's costs and benefits with available alternatives.
Grealy said the survey underscores the need for both public and private sectors to continue Part D education outreach to the Medicare beneficiary community.
The study found one in five seniors are aware that eligible beneficiaries who have drug spending that places them in the so-called "doughnut hole" will receive a 50 percent discount on brand-name prescription drugs beginning next year.
"Seniors on limited incomes need to plan their spending and budget their resources and it's important they know about these changes," she said. "Congress and the nation's pharmaceutical companies have taken significant steps to reduce out-of-pocket spending for these 'doughnut hole' seniors and we need to raise awareness of these changes."