Baby Boomers Less Satisfied than Seniors in Their Medicare Coverage: Survey

Baby boomers’ questioning attitudes to extend to their Medicare coverage, according to a recent national survey that found them to be more critical about their coverage than older seniors.

Age is a primary driver of attitudes toward current Medicare coverage, finds the Allsup Medicare Advisor Seniors Survey, which looked at opinions of 900 Medicare beneficiaries in three age groups:  ages 65-69, 70-79 and 80 and older.

The youngest seniors are the least satisfied with their current coverage and the least likely to believe their benefits are worth the cost, the survey found. They are also the least confident their coverage will prove adequate should their health worsen.

Nearly one in five said they have already changed their Medicare coverage at least, and they are more open than older respondents to changing it over the course of the next year. Forty percent reviewed their plan in the last 12 months compared to 29 percent of all seniors.

Nearly three-quarters (72 percent) of the eldest respondents are very satisfied with their coverage, by far the highest percentage of the age groups surveyed. At 43 percent, they are the most confident that Medicare will provide the needed coverage should their health worsen. But, the survey found, less than a quarter (22 percent) have reviewed their plan in the last year and nearly two-thirds (62 percent) will keep their current plan. Just over a third (34 percent) have used any preventive Medicare services such as wellness exams, cardiovascular screenings or flu shots compared to 43 percent of 70-79 year-olds and 40 percent of 65-69 year-olds.

In-between are the 70-79 year-olds. Two-thirds are very satisfied with their current coverage. They share the skeptical attitude of baby boomers that their coverage will be enough if their health worsens, but unlike the youngest seniors, they are less likely to have reviewed their plan (26 percent) recently.

Health ranks atop the personal concerns of Millionaires, according to a 2011 Millionaire Corner wealth level study. Six out of ten boomers ages 55-64 and seniors 65 and up are concerned about the health of their spouse, while more than half (59 percent and 52 percent, respectively) are concerned about a family health catastrophe.