Most Seniors Report They are Satisfied with Their Medicare Drug Plan |
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Written by U.S. Insurance News
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Thursday, 24 January 2008 |
A growing number of seniors are satisfied with their Medicare drug plan, according to a new survey conducted by Harris Interactive for The Wall Street Journal Online’s Health Industry Edition.
A growing number of seniors are satisfied with their Medicare drug plan, according to a new survey conducted by Harris Interactive for The Wall Street Journal Online’s Health Industry Edition.
But that sentiment could change among seniors who did not compare drug plans this year.
Three-fourths of seniors were satisfied with their Medicare drug plan by the end of 2006, but that number jumped to 87 percent in 2007. Similarly, more seniors in 2007 (75 percent) said their plan saved them money on prescription drugs than said that in 2006 (70 percent).
Generally holding steady in both years was the number of seniors who said:
- their drug plan is easy to use (83 percent in 2007; 82 percent in 2006)
- they received information from their plans on ways to lower their drug costs (50 percent in 2007; 49 in 2006)
- their physicians switched them to generics in order to lower their costs (35 percent in 2007 and 2006).
Given these numbers, it’s easy to understand why only 19 percent of seniors said they were likely to switch plans when the six-week open enrollment period for 2008 began on November 15.
However, those who had no plans to switch this year may reconsider next year—largely due to rising costs.
A vast majority of seniors (91 percent) said the choice of prescription drugs covered is the most important factor when choosing a plan, followed by the cost of co-pays for prescriptions (89 percent) and the monthly premium cost (89 percent). However, average premiums are expected to rise about 17 percent, and many plans are starting to charge different amounts for both brand name and generic drugs.
“Most seniors did not switch plans for 2007—it’s not easy to review and understand all of the different options—and most will not switch for 2008, even though many plans are raising monthly premiums and changing drug coverage,” explained Katherine Binns, division president for Healthcare Research at Harris Interactive. “Many seniors who stay with their current plans could be surprised when the plan that was free to them in 2007 is no longer free in 2008.”
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