The US government was hoping to save taxpayers money by approving a plan known as Medicare Advantage plans.
By moving Medicare Beneficiaries over to these plans and away from Original Medicare, the government was hoping to see their cost reduced.
However, the complete opposite has occurred.
NPR is reporting, this is largely the result of private healthcare companies overbilling Medicare. Medicare has over paid more than $106 billion from 2010 through 2019.
Medicare Advantage plans are being sold to Medicare Beneficiaries in large part due to their zero monthly premium plans. In addition, seniors are being enticed by their “added benefits”.
These added benefits include things like basic dental coverage (teeth cleaning), gym membership, vision, and hearing aids just to name a few.
Many Medicare Beneficiaries do not release when signing up for an Advantage plan what they are giving up.
When a Medicare Beneficiary signs up for a Medicare Advantage plan there are a few things that happen in the background. While they may gain a few extra benefits, what they potentially can lose far exceeds the gains.
When a Medicare Beneficiary is healthy, these items they are losing does not seem like a big deal. It is not until the need these benefits that their decision they made when they turned 65 truly impacts them.
While Medicare Advantage plans are costing taxpayers billions of extra dollars, these plans could cost you your life.
When we turn 65 years old, it can be difficult to make the right decision. This is the result of billions of dollars spent on advertising, pushing the consumers towards a Medicare Advantage plan.
When you think about this for a moment, why are Medicare Insurance Companies pushing you this direction. Many of these companies offer both products (Medicare Advantage Plans and Medicare Supplement Plans).
I always say follow the money.
While one may believe that because a Medicare Advantage plan may cost you no additional monthly premium, that the insurance companies make less money on these plans.
This seems reasonable, as Medigap plan do cost you the consumer an additional monthly premium.
However, the monthly premium only helps offset the cost related to your medical that fall outside of Original Medicare.
With a Medigap plan the insurance companies are not billing Medicare, but Medicare is billing the insurance company for their responsibility based on the Medigap plan you purchased.
Integrity Now Insurance Brokers understands that you may not have realized what you were signing up for. Nor did you realize the implications of your decision.
As your Medicare Insurance Agent we are here to guide you through the decision making process and help you obtain the best Medicare plan for you.
The good news is if you are healthy you may be able to disenroll from your Medicare Advantage plan and return back to Original Medicare. We will help you navigate the different Medicare enrollment periods related to leaving a Medicare Advantage plan.
Before you return back to Original Medicare, we will want to ensure you qualify for a Medicare Supplement plan. Unlike Medicare Advantage plans, Medicare supplement plans are not required to be guaranteed issue plans.
Once you have passed your 6 month guaranteed issue period, you will need to qualify based on your current health.
Medigap plans are standardized by congress which means, once you purchase a plan they will never change. The coverage remains the same from year to year.
Once of the most popular Medigap plans is the Plan G. This is due to the fact that this plan covers everything except the Part B annual deductible.
Another popular plan is the Plan N. This plan is not as broad as the Plan G, but many Medicare Beneficiaries are willing to accept less coverage for a lower monthly premium.
Once you are enrolled back on Original Medicare with a Medigap plan, you can once again receive all of the great benefits afforded to you.
No matter where you are in the process of your Medicare decisions we are here to help. Everyday we are either helping Medicare Beneficiaries who are new to Medicare or folks who have been on Medicare for years.
We are not here to push you in a single direction but rather to educate you on all of your Medicare options.
We have clients we have helped enroll into Medicare Advantage plans and Medigap plans. The difference is, our clients knew what the differences are prior to making their decision.
Please feel free to look over our site and when you are ready, give one of our Medicare Insurance Agents a call.
We are here to answer any questions you may have and we are here to help you get enrolled into your Medicare plan.