A new Icario survey suggests that Medicare Advantage subscribers look forward to changing providers. The poll was conducted online by Harris Poll covering more than 1,200 Medicare subscribers, including 535 Medicare Advantage members.
- Poll revealed that 40% of Medicare Advantage subscribers made changes to their plans for 2021 and 25% say they stayed in a Medicare Advantage plan, but changed health plan providers.
- Icario is a health action company that uses technology, data science and behavioral insights to improve health outcomes.
- The survey indicated that subscribers want greater personalization and high levels of member satisfaction- as high as 86%. Most of the MA subscribers seem to be happy with their plans. 87% think their plan meets their healthcare needs.
- Raising the bar for personalization can be a challenging take for MA. It is quite complex when considered regulatory and compliance requirements. According to Icario CEO Steve Wigginton, though, the effort is worth it: It has a positive impact on plan quality, satisfaction and health outcomes.
- Rewards and incentives can improve membership satisfaction, says survey as 75% of MA subscribers would like the same for activities or behaviors, such as recommended cancer screenings, wellness visits or quitting smoking.
- Revealing a larger trend, according to survey supplement benefits like telehealth and Covid-19 coverage reasons for choosing MA plans for 2021. 35% cited Covid-19 supplemental benefits specifically, while 27% cited telehealth benefits, the report said. Thirty-five percent are enrolled in an MA plan for 2021 because they’ve had it before and prefer it; 29% like the prescription drug coverage; 16% like the affordability; and 9% like the supplemental benefits.
- Earlier this month, CMS issued a final rule that will require Part D plans to offer a real-time benefit-comparison tool starting January 1, 2023. CMS said the rule is meant to strengthen and modernize the Medicare Advantage and Part D prescription drug programs so enrollees can obtain information about lower-cost alternative therapies under their prescription drug benefit plan. The agency said it expects the changes will result in an estimated $75.4 million in savings to the federal government over 10 years.
- While MA is quite popular, North Shore Insurance Brokers managing partner Ina Goldberg points out that the elderly, who face severe health issues, end up paying more out-of-pocket with the growing age. The amount sometimes surpasses all monthly supplemental payments they would have made for original Medicare.