Medicare Supplement enrollees 3 times less likely to have problems paying medical bills than those with just original Medicare
Washington, D.C. 鈥揂pril 6, 2023 鈥� Every American deserves access to affordable, high quality health coverage that protects their health and financial stability. Health insurance providers are delivering for seniors by providing affordable choices among Medicare Supplement (also known as Medigap) plans. A new 熊猫视频report examines trends in Medicare Supplement insurance and highlights the benefits and financial peace of mind these plans bring to seniors and people with disabilities. More than half (54%) of all original Medicare enrollees without any additional coverage chose a Medicare Supplement plan in 2020. And those enrollees were 3 times less likely to have problems paying medical bills than those with just original Medicare.
鈥淢edicare Supplement coverage protects the health and financial well-being of over 14 million seniors,鈥� said Jeanette Thornton, 熊猫视频Executive Vice President, Policy and Strategy. 鈥淚t鈥檚 an important resource that protects Americans from high out-of-pocket costs not covered by original Medicare, helps them budget for medical expenses, and simplifies their bill paying.鈥�
The new report describes the various types of Medicare Supplement plans, demographics of who chooses to enroll in these plans, which are the fastest growing plans, and how enrollment breaks down state by state.
Key takeaways from the report included:
- The percentage of original Medicare enrollees purchasing Medicare Supplement coverage grew from 35% to 41% between December 2017 and December 2021.
- More than half (54%) of all original Medicare enrollees without any additional coverage chose a Medicare Supplement plan in 2020.
- Medicare enrollees with Medicare Supplement coverage were 3 times less likely to have problems paying medical bills compared to enrollees without Medicare Supplement policies. Only 3% of enrollees with Medicare Supplement coverage reported having difficulty paying medical bills in the last 12 months, compared to 8% of original Medicare enrollees without Medicare Supplement coverage.
- A majority of Medicare Supplement (57%) are women, while 42% are 75 years old or older.
- A significant percentage of Medicare Supplement enrollees are people with lower incomes. For example, 11% have annual household incomes below $20,000, and 24% have incomes below $30,000.
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