eHealth report finds just 36% say the
Annual Notice of Change letter is easily understandable,
highlighting the value of consulting with a licensed
agent
AUSTIN,
Texas, Aug. 1, 2024 /PRNewswire/ -- New original
research published today by eHealth, Inc. (Nasdaq: EHTH)
(eHealth.com), a leading online private health insurance
marketplace, underscores the need for greater awareness of
potential plan changes among Medicare Advantage and Part D plan
enrollees heading into this fall's Annual Enrollment Period
(AEP).
"Few Medicare beneficiaries carefully review their Annual Notice
of Change letters in September, and few switch plans when their
needs and benefits change," said eHealth CEO Fran Soistman. "Failing to compare plans and
utilize the expertise of a licensed agent could prove costly for
beneficiaries, even for those who are happy with their current
plan, since this year's AEP is expected to be among the most
disruptive in recent memory."
eHealth's new report, based on a poll of more than 500 Medicare
beneficiaries, illustrates why many beneficiaries fail to review
their options during AEP, only to discover after it is too late
that their plans may no longer meet their medical and financial
needs:
- Few carefully read mail from their insurers: Only
48% of Medicare beneficiaries say they carefully read the mail they
receive from their insurance company.
- Most find it challenging to understand their "Annual Notice
of Change" letter: Only 36% of Medicare Advantage and Part D
plan enrollees find their annual notice of change letter readily
understandable.
- Too few understand how much coverage can differ from one
plan to another: 51% of Medicare beneficiaries believe –
incorrectly – that benefits under most Medicare plans are
"basically the same."
- Few make coverage changes: 81% of beneficiaries have
been enrolled in their current Medicare plan for two years or more,
while 51% have never made a change to their Medicare
coverage.
"Changes to coverage can have a profound impact on
beneficiaries' quality of life and financial wellbeing," Mr.
Soistman said. "When Annual Notice of Change letters arrive this
year, Medicare Advantage and Part D plan enrollees could see
reductions in supplemental benefits, increases in Part D premiums,
product withdrawals and market exits by some insurers, and other
core benefit changes."
"It is important for beneficiaries to understand they have
options when faced with significant changes to their benefits," Mr.
Soistman continued. "Licensed agents and brokers like eHealth can
provide valuable assistance at no additional cost to help
beneficiaries review their options and enroll in a plan that meets
their needs for 2025."
Read the full report.
eHealth's latest original research is based on a survey of more
than 500 Medicare beneficiaries drawn from the general population.
The survey was conducted through a third-party survey tool in July
of 2024. Additional methodology information can be found in the
report.
About eHealth (NASDAQ: EHTH)
We're Matchmakers. For over 25 years, eHealth has helped millions
of Americans find the healthcare coverage that fits their needs at
a price they can afford. As a leading independent licensed
insurance agency and advisor, eHealth offers access to over 180
health insurers, including national and regional
companies.
For more information about eHealth, visit ehealth.com or
follow us on LinkedIn, Facebook, Instagram, and X. Open
positions can be found on our career page.
Media inquiries: pr@ehealth.com
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SOURCE eHealth, Inc.