Study Reveals Medicare Advantage Falls Short for Seniors

A recent study highlights that many seniors enrolled in Medicare Advantage plans remain unaware of the additional benefits available to them, such as dental and vision coverage. Despite these plans being marketed for their supplemental benefits, usage is low, with only about 54% of seniors recognizing their available dental or vision insurance. Researchers contend that, in terms of out-of-pocket costs, Medicare Advantage does not provide significant savings compared to traditional Medicare plans.

The research indicates that seniors are paying similar or slightly lower costs for services across both Medicare Advantage and traditional Medicare. Notably, Medicare Advantage beneficiaries spent about $206 on eyeglasses and $227 on dental visits, both lower than their traditional Medicare counterparts. However, overall expenses for supplemental services still led to significant out-of-pocket costs for seniors.

The study involved data from 2017 to 2021 and highlights a greater federal funding allocation towards Medicare Advantage plans compared to traditional Medicare, questioning the justification for this funding. Though these plans promise more services, researchers urge seniors to make informed decisions regarding their Medicare choices, pointing out the lack of clear advantages with Medicare Advantage plans.