So we need a company to help people understand their health benefit choices? That should not be surprising.
FORT LAUDERDALE, FL, May 22, 2012 (MARKETWIRE via COMTEX) — Slightly over 7,000 people turn 65 every day. Upon turning 65, most of us receive part A and opt for Part B. Next, the daunting task of choosing between a Medicare Supplemental Insurance plan and a Medicare Advantage plan arrives. Medicare Medics conducted a survey on how individuals turning 65 years of age obtain Medicare benefits in Broward, Miami Dade, and Palm Beach, Florida counties (a senior hot spot).
An astounding 82% of seniors claimed they had no idea how or where to purchase Medical Insurance on their own or that there are too many plan letters and Health Insurance Quotes to choose from. The survey also suggested that the majority of seniors believed Medicare Advantage plans would not be good for them since they are free of cost. Advantage plans are at no cost because the government is passing on the risk to a private carrier and in return is paying the carrier a certain amount for doing so. Many advantage plans include a prescription benefit and extra benefits such as dental, vision, and hearing. The survey also suggested that the shoppers are always puzzled when it comes to Medicare Part D, a prescription plan offered by Medicare or a private carrier.
“Purchasing Medicare Supplemental Insurance is like looking at a bowl of alphabet soup. There is Medicare Plan A, Medicare Plan B, Medicare Plan C and so on. With all these letters floating about, seniors just do not know what plan option is best for them,” said Izzy Dayem, e-Marketing Director for Medicare Medics. There are numerous options available to choose from. It is recommended to speak to a broker to find which options are best for you or shop on your own at an informational site such as http://www.MedicareMedics.com . Medicare Medics is an online company designed to help seniors and their families understand Medicare, and find Medicare Supplemental Insurance plans at the best price.
This is not just a Medicare issue.
If you think chosing your health care plan from a wide array of choices is a good thing, think again. If you don’t believe me, just visit Healthcare.gov enter your data and decide which plan offered is the deal for you (that is if you can understand all the nuances and details). I designed and managed health care plans for over 45 years, back in the 1980s I was on the board of directors of four difference HMOs and I still find it challenging to evaluate the best plan. You see, to do that you first have to have a reasonable idea of your future use of health care services and perhaps those of your family members. You have to know your tolerance for out-of-pocket costs compared with monthly premiums. If you think that is easy, you are wrong. Most people overestimate their potential expenses and over insure. There is a natural tendency to fear health care expenses more than the risk of your roof leaking when a $5,000 out-of-pocket limit and a roof replacement may mean the same expense.
When I search Medicare.gov for Part D plans in my area I am asked first to enter all the drugs I take and then you see what plans are available. Here is what I am told:
Summary of Your Search Results
The idea that choice is good should not be taken as a given. Some choice may be good but too much is not, it leads to indecision, wrong decisions and wasted money. This begs the question of how individuals will fare navigating the Obamacare health insurance exchanges. If you look at the results of the poll on our poll page, you will see about 50% of those voting would like to get their health care coverage outside of their employers and many would like the cash so they can go shopping on their own. These folks are going to be in for a shock.
If you need a special service to help you decide among your health coverage options, something is too complicated. Stand by, it is only going to get worse. Whether you have choices within your employer plan, you will be using an exchange in the future or you are eligible for Medicare, you will face some very complicated and difficult decisions from too many choices.
Related articles
- Turning 65 and Understanding Medicare Plan Choices (momentumtoday.com)
- Don’t Let Health Care Debate Slow Down Your Medicare Plan Shopping (answers.iquote.com)
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