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Research Outline
Prepared for Jeffrey N. | Delivered August 6, 2020
Medigap Consumer Profile
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Goals
To understand the difference between the demographic profiles of Medigap coverage (Medicare Supplement) consumers and Medicare Advantage consumers.
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Early Findings
Medigap Consumer Profile
Based on a Deft Research study which "included
1,359 Medicare 'age-ins,'
or people ages 64 to 65.25," around "41% of the age-ins said they were likely to sign up for Medigap coverage." Of those participants who are leaning towards Medigap coverage,
47%
said that "they were very or extremely certain that they would buy
Medigap coverage.
"
It appears that "Medigap coverage is substantially more common for Medicare beneficiaries
ages 65 and older
than it is for younger Medicare beneficiaries, many of whom qualify for Medicare because of a long-term disability." It is believed that "the low enrollment in Medigap by beneficiaries under age 65 is likely due to the
absence of federal guarantee issue
requirements for younger Medicare beneficiaries with disabilities and higher rates of Medicaid coverage for people on Medicare with disabilities who tend to have relatively low incomes."
In terms of geographical location, "the share of beneficiaries with Medigap varies widely by state—from 3 percent in Hawaii to
51 percent in Kansas
."
Based on the record in 20 states, "
at least one-quarter
of all Medicare beneficiaries have a Medigap policy." The "states with higher Medigap enrollment tend to be in the
Midwest and plains states
, where relatively fewer beneficiaries are enrolled in Medicare Advantage plans."
Around
14.1 million
Americans were enrolled in a Medicare Supplement insurance (Medigap) policy in 2018. This is a sharp increase from the
9.7 million
Medigap consumers in 2010.
Data revealed that "most Americans who buy Medicare Supplement insurance are married and
over half (58%) are women."
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