Medicare a Mystery to Millions Ahead of 2012 Social Security COLA Announcement
Every year, those who receive Medicare benefits receive quite enormous and complex statements from their chose insurers, which set forth the terms for their next year of coverage including premiums, coverage and changes from the previous terms. The statements are supposed to help those concerned make wise and informed decisions about their upcoming care and entitlement.
However, given that there are about 48 million people on Medicare in the US, there are some rather worrying statistics regarding how well informed those concerned really are.
According to recent research, Medicare is only understood fully by 46% of people, 36% find the whole subject confusing and as many as 16% have absolutely no understanding of it at all.
Just 33% were able to identify the purpose of Medicare Part A, while less than 23% did not know the coverage offered by Medicare Part B. A staggering 68% were not even able to guess what Part C entails, with 64% unaware whether or not Medicare Part C and Medicare Advantage are exactly the same service.
Furthermore, almost 50% of all seniors have never attempted to shop around for a good deal on their Medicare coverage.
With the size of the Social Security COLA for 2012 is due to be announced imminently, there is growing concern that much of the increase may be augmented by further Medicare premium hikes. As such, it is essential for more information to be credited to those in question in the clearest and most concise way possible, so as to highlight their freedom of choice and exactly what their coverage must include.
Related posts: