Summary
Many Americans with Medicare Advantage plans are not using all their available benefits. These benefits, which can help seniors pay for non-prescription health items, often go unused because people aren't aware of them or how to use them. This results in billions of dollars of unused potential each year.
Key Facts
- Medicare Advantage users have access to "over the counter" (OTC) benefits for non-prescription health items.
- About 18 million people can use these benefits, receiving on average $400 annually.
- Only about 30% of users fully use their benefits, leaving nearly $5 billion unused each year.
- OTC benefits can cover items like vitamins, pain relievers, and first aid supplies.
- Some plans provide a prepaid card for these benefits, but not all products are eligible.
- People often don't know about the benefits or how to use them; expiration can also be an issue.
- An app named Chapter OTC has been created to help seniors understand and use their benefits more easily.
