Still Figuring Out Medicare Open Enrollment? Good Luck
The complexity isn’t only ludicrous. It’s costly.
Make Medicare simple again.
Photographer: Mark Makela/Getty Images North America
To the stalwart seniors reviewing their Medicare coverage this fall: Godspeed. The open-enrollment process has become so convoluted that almost 70% of beneficiaries don’t bother to compare their options. Many are opting to migrate to Medicare Advantage, a simpler, privately run alternative paid for by the government. By 2034, more than 60% of seniors will be enrolled, up from about half today.
The popularity of Medicare Advantage would be good news if not for its exorbitant cost. The government spends 22% more on MA beneficiaries than similar enrollees in the traditional program, amounting to $83 billion annually. MA beneficiaries, in return, enjoy more streamlined coverage and generous benefits while paying little or nothing in premiums.