Survey results indicate a need for people to become better informed about their coverage, which is both a challenge and an opportunity for insurers.
More than two-thirds of Medicare beneficiaries find their insurance confusing and difficult to understand, according to a recent survey by MedicareAdvantage.com, which also revealed that many don’t grasp basic insurance terminology.
The study sample included 1,000 respondents enrolled in Medicare and took place from August 17 to 19. Participants were quizzed about topics ranging from Medicare enrollment and benefits to insurance terms and definitions.
Less than half of the respondents could correctly define deductible or coinsurance. Just over half (52%) could describe what a premium is.
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