A majority of retirees who have Medicare supplemental plans purchased on the Extend Health private Medicare exchange said they reevaluated their current plan during the open enrollment period for 2014.
The major reason they took a second look is that they wanted to make sure they had the best coverage. The other reason was premium increases.
Extend Health fielded the survey in December, and even though more than two-thirds of plan holders reevaluated their coverage, only 29 percent said they replaced or dropped one or more of their plans. The remaining 71 percent took no action and allowed their existing plans to renew automatically, according to The Extend Health Blog.
The percentage of retirees reevaluating their plans increased this year from previous years. In December 2011, Extend Health found that 63 percent of survey respondents had reevaluated their plans and 31 percent made changes after their review.
Other reasons people were inspired to reevaluate their Medicare supplemental coverage was increased out-of-pocket expenses, their current plan was no longer being offered or their benefits had changed.
Just like retirement plans where many people set it and forget it, more than 71 percent of survey respondents let their plans automatically renew. Only 28.1 percent said they replaced one or more existing plans and 0.7 percent dropped one or more of their plans without replacing them.