Seniors, can we talk?
Sometimes too much is just too much! That’s what Ruth and I said after eating a large piece of pie ala mode! Overly stuffed we sat back and started talking about how nice it is to have health care options instead of “cookie cutter” and being put in a health plan that may or may not fit our personal health or financial needs. Then the elephant in the room - the fine line between having choices and confusion because you have too many choices, right? Medicare beneficiaries have an overwhelming number of choices. This year Medicare beneficiaries in Jackson and Independence counties have access to over 15 Medicare Advantage plans. If you want a drug plan, you have an average of 27 drug plans to choose from – WOW! If a Medicare beneficiary wants to enroll in a Medicare Supplement plan which “supplements” or fills in the “gaps” Medicare does not cover, there may be up to 10 plans and over 30 companies to choose from. To further confuse the issue, the plans available to you are based on the effective date of your Medicare Part A - before or after January 1, 2020. As a new customer of mine said, “Choosing among all these options is challenging and a daunting task.” When you are confused, overwhelmed and frustrated with a large number of choices and the process to get enrolled, you may take shortcuts. These “shortcuts” can cause you to select a plan that may not be as beneficial to you as other options you could have. If you’re still working, should you stay on your group health insurance plan or transition into Medicare? What does your group health insurance cost you every month? What benefits does it provide? Sometimes it may be better to stay on your group plan while other times you’ll pay less and have more coverage with Medicare plans. Ruth told me about an article she read. The article said that most Medicare beneficiaries spend more than they really need to on their drug plan. Without any assistance, generally people don’t understand their health insurance choices and the features or terms used. Common terms can be confusing. Do you really understand what a deductible is? A copay? Maximum out-of-pocket? This may be why some just keep their current plan, even if it costs them more. Choosing among all the options available to you is no small task particularly when information about them may be confusing. Ruth did make a good point. Freedom to choose may be freedom to make mistakes. Do you review your drug plan or Medicare Advantage plan during the Annual Enrollment Period October 15 – December 7? Too many choices without guidance can be overwhelming. Need some guidance with your 2021 choices? We can start talking about 2021 plans after October 1. If you’ve got questions or concerns, call me at 501-868-6650 and say “Caroline, can we talk?” Don’t take shortcuts.
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AuthorCaroline Beauchamp specializes in personalized life and health insurance solutions. Archives
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