Choosing medical coverage is one of the most significant decisions facing older Americans, directly impacting both personal finances and healthcare quality. Yet, new data reveals that a vast majority of seniors fail to properly research their options during open enrollment, potentially leaving substantial savings on the table.
According to a poll from the University of Michigan National Poll on Healthy Aging, 3 out of 5 seniors spend less than an hour researching their Medicare coverage options, while 80% simply roll over their previous year’s plan without checking for updates.
Why Seniors Stick With ‘Set It and Forget It’ Medicare
For many beneficiaries, it is easy to adopt a ‘set it and forget it’ mindset—especially when they are generally satisfied with their current healthcare coverage. However, experts warn that skipping annual reviews can be costly.
- 60% of seniors spend less than an hour choosing their Medicare coverage.
- 27% spend no time at all reviewing available options.
- 80% simply stick with their previous year’s plan.
Insurance options change constantly. Insurance companies regularly alter their business offerings, meaning that a plan available one year might change or disappear the next. Failing to review these changes can result in unexpected out-of-pocket expenses or missed savings opportunities.
Low Awareness of Major 2026 Medicare Changes
Compounding the issue, the poll highlights a widespread lack of awareness regarding major updates made to Medicare during 2026:
- Drug Price Negotiations: Only 38% of seniors were aware of lower prices for 10 high-cost drugs resulting from Medicare’s new authority to negotiate prices with pharmaceutical companies.
- Deductibles and Out-of-Pocket Caps: Just 29% knew about increases to deductibles and out-of-pocket maximums for Medicare prescription drug plans.
- Provider Network Finder: Only 15% had heard of the new Plan Finder tool designed to verify which doctors are ‘in network’ under a given Medicare Advantage plan.
This lack of awareness exists despite seniors prioritizing key factors like out-of-pocket costs (69%), medication coverage (63%), and network coverage of healthcare providers (62%).
Where Seniors Look for Information
When older adults do take the time to evaluate their healthcare coverage, they turn to several different resources:
- 26% rely on an insurance broker as their most important source.
- 25% consult Medicare directly through its website plan-finding tool or hotline.
- 21% use a health plan website.
- Only 5% consult a free local counselor, such as those provided by the federally funded State Health Insurance Assistance Program (SHIP).
Experts emphasize that utilizing free resources like SHIP counselors can be exceptionally helpful because these advisors do not have a financial stake in whichever plan a senior ultimately chooses.
Tips for Reviewing Your Medicare Coverage
To ensure your healthcare coverage matches your wallet and your medical needs, keep these actionable strategies in mind:
- Check Every Year: Never assume last year’s plan is still the best option, as benefits, premiums, and provider networks shift annually.
- Prioritize Your Needs: Focus heavily on your out-of-pocket costs, prescription drug formularies, and whether your preferred doctors remain in-network.
- Seek Free Guidance: Take advantage of unbiased, no-cost resources like your local State Health Insurance Assistance Program (SHIP) counselors to help guide your decisions.
