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Is Medicare Good Health Insurance?

If you are nearing the age where you can sign up for Medicare, you might be wondering if this is the right choice for you. Will Medicare give you the coverage you need? Recent polls have found most Medicare beneficiaries are satisfied with their Medicare options.

Is Medicare Good? Most Members Say Yes

When asked if Medicare was satisfactory by Gallup in 2015, more than three-fourths of all responders said it was. Seventy-seven percent of Medicare members voiced satisfaction with the health care system.

The only coverage that ranked higher in the poll was military and veterans’ benefits. Satisfaction was seventy-eight percent with these plans. On the other hand, only sixty-nine percent were satisfied with their insurance coverage from their employer. The lowest satisfaction rating was in people without insurance. Only forty-one percent were satisfied in this group.

Primary Insurance Type % Satisfied with the way the health system is working
Military or Veterans 78
Medicare 77
Medicaid 75
Union 71
Current or former employer 69
Plan fully paid for by you or family member 65
Uninsured 41

 

One factor that affects how people like their plans is the amount they pay into them. This could explain in part why Medicare options and veterans’ benefits, which are plans subsized by the government, rank higher according to Gallup.

Age also seemed to play a role according to Gallup. Older Americans are more likely to have Medicare or veterans’ benefits. This age group was more satisfied with the healthcare system.

Other Medicare Options also Rank High

Medicare Advantage plans are one option for Medicare members. The 2019 Medicare Advantage Study looked at satisfaction with Medicare Advantage plans. J.D. Powers looked at different factors like coverage, choice of doctor, and cost.

On a 1000-point scale, satisfaction with Medicare Advantage plans was 795.

Members who were in their plans longer were more satisfied. The happiest members had been in their plan between nine and eleven years. Members who switched plans often did so because of cost.


An Overview of Medicare Options

When you become eligible for Medicare, you have Medicare options for your coverage. Original Medicare includes Part A, which covers some costs when you are in the hospital. Part B covers other medical services, like visits to your doctor. Most people don’t have a premium with Part A, but they do pay a premium for Part B.

Medicare Advantage plans are an alternative way to get your Original Medicare benefits. These plans include Part A and Part B benefits usually as well as extra benefits, like prescription drug coveragae. Medicare Advantage plans may offer coverage for services like vision or dental care. All Medicare Advantage plans have out-of-pocket maximums. Medicare-approved private insurance companies offer these plans.

Medicare Part D covers medications. You can add a stand-alone Part D Prescrption Drug Plan if you have Original Medicare. You can also have Part D if you have a Medicare Advantage plan that does not include prescription drug benefits. Prescription drug plans are also offered by Medicare-approved insurance companies.

You also can get a Medicare Supplement plan to cover Original Medicare out-of-pocket costs, such as copayments, coinsurance, and deductibles. Some Medicare Supplement plans have out-of-pocket maximums.

Find the Right Medicare Options for You

It is important to find the Medicare options that meet your needs and budget best. When you have appropriate coverage, you will be happier with your health care. Our tool can help you find the best Medicare options for you. Enter your zip code to see plans in your area.

 

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