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Seniors Miss Out on Billions in Medicare Benefits
29 Nov
Summary
- Millions of seniors overlook billions in unused Medicare Advantage OTC benefits.
- Annual benefits average $400 per eligible enrollee for health items.
- Nearly $5 billion in benefits goes unused annually by Medicare recipients.
Millions of Americans enrolled in Medicare Advantage programs are overlooking substantial unused benefits that could alleviate financial strain. These "over the counter" (OTC) benefits, available through approximately 87 percent of MA plans, offer an average annual sum of $400 for eligible recipients to spend on health and wellness items.
Despite this financial support, an estimated 70 percent of eligible beneficiaries do not utilize these funds, resulting in nearly $5 billion in unused benefits annually. Common reasons for non-utilization include a lack of awareness, benefits expiring without being used, and perceived inconvenience, even though many plans offer debit cards for easy access.
These benefits can cover a wide range of non-prescription items, from vitamins and pain relievers to dental and eye care supplies. Resources like online catalogs, mobile apps, and community pharmacists are available to help seniors navigate eligible items and safe usage, ensuring they can maximize their healthcare benefits.
