67% Are as Satisfied, or More Satisfied, with Medicare Than with Their Previous Employer-Sponsored Group Health Plans
BURLINGAME, Calif.--(BUSINESS WIRE)-- In an independent survey, conducted the week of the 45th anniversary of Medicare, 85% of 504 retirees on Medicare queried said they are “very” or “somewhat” satisfied with their Medicare coverage. In fact, 67% said they are as satisfied, or more satisfied, with Medicare than their previous employer-sponsored group health plans.
Top reasons for overall satisfaction were (a) fewer billing and payment problems (37%), (b) better benefits (30%) and (c) lower cost (28%).
The survey was fielded July 26-29 by Extend Health, Inc., which operates the largest private Medicare exchange in the country at www.ExtendHealth.com. Extend Health’s retiree customers typically purchase private Medicare plans with funds provided by their former employers.
“Retirees on Medicare have long been among the most satisfied of all Americans with their health insurance coverage, and after 45 years of Medicare, we now know that two-thirds of retirees like Medicare as much or more than the group plans provided by their former employers,” said Bryce Williams, CEO of Extend Health. “This is important information as large employers consider how best to honor their commitments to retirees for health benefits."
The questions and detailed results from the survey are as follows:
How satisfied are you with your Medicare health care insurance coverage?
|Not too satisfied||10.8%|
|Not at all satisfied||1.6%|
Comparing your current Medicare coverage with employer-sponsored group health plans you've had in the past, how satisfied are you with Medicare?
|Much more satisfied with Medicare||14.5%|
|Somewhat more satisfied with Medicare||18.7%|
|About the same level of satisfaction with Medicare||33.9%|
|Less satisfied with Medicare||30.5%|
If you answered question 2 that you are "much more satisfied with Medicare" or "somewhat more satisfied with Medicare" than with the employer-sponsored group health plans you've had in the past, why are you more satisfied with Medicare?
(Please select all that apply)
|Fewer billing and payment problems||37%|
|More choice in plans and benefits||16.7%|
|More choice in health care providers||16.7%|
|(hospitals, doctors and other providers)|
|Better access to medical care||11%|
About Extend Health:
Extend Health, Inc. was founded in 2004 to serve Medicare-eligible retirees and their corporate sponsors. The company operates the country’s largest private Medicare exchange and has helped more than 250,000 retirees compare and choose the private Medicare plan that best meets their needs and budgets. With Extend Health employer solutions, Fortune 500 companies, unions, and municipalities can save up to 35% on retiree health care compared to legacy employer group plans. For more information, visit Extend Health on the web at http://www.extendhealth.com.
KEYWORDS: United States North America California District of Columbia
INDUSTRY KEYWORDS: Seniors Other Consumer Public Policy/Government Healthcare Reform Professional Services Insurance Other Professional Services Consumer