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SENIORS and HEALTH INSURANCE |
Until three years ago people turning 65 simply signed up for standard Medicare and a Medicare supplement policy.
Three years ago, “Medicare Advantage” plans arrived on the market. They arrived at the same time as Medicare Rx, but received little attention. That has since changed. It changed because they are cheaper than Medicare supplement policies. Equally as important, it changed because many “circuit rider” agents failed to explain the weaknesses of Medicare Advantage plans. This has resulted in consumers fighting back and making their voices known in Washington. Many have told the same story about how they were misguided into purchasing a plan that was not in their best interest.
Recently, the insurance companies are backing off some of these plans because they are loosing money. Physicians told me last year that they thought they would be short lived. Time will tell.
These plans fall into three general categories: Preferred Provider Plans, Private Fee for Service Plans (PFFS), and High Deductible PFFS Plans that are coupled with a Medical Savings Account. In addition, we still have Standard Medicare and Medicare Supplements.
Candidly, it is a minefield of confusion for the average person. The task of selecting the best plan for you is so daunting that many brokers have simply walked away and only offer people a Medicare Supplement Plan to go along with standard Medicare.
With answers to a few questions we can isolate the best plans for you to consider. Each plan fits a different type of person. When you have the information in a simple spreadsheet format, the decision is usually is easy.
What about Medicare Part D (Rx)?
When they first came on the market, we conducted community seminars in order to make the program easy for seniors to understand. After two years of government failings and the insurance companies constantly changing benefits, we have decided to sit on the sideline. However, we are happy to run your medications through the Medicare web site in order to find the best plans for your situation.