Follow the money related to Medicare Cost

Medicare Advantage Plans Cost to Taxpayers Skyrocketed in Recent Years!

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 hoped to reduce their cost.  

However, the complete opposite has occurred.  

NPR reports that this is largely the result of private healthcare companies overbilling Medicare.  Medicare has overpaid more than $106 billion from 2010 through 2019. 

Medicare Advantage plans are being sold to Medicare Beneficiaries largely 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 to name a few.  

Many Medicare Beneficiaries do not release what they are giving up when signing up for an Advantage plan.

Medicare Health Cost Skyrocketing



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What do Medicare Beneficiaries give up when signing up for a Medicare Advantage plan

A few things happen in the background when a Medicare Beneficiary signs up for a Medicare Advantage plan.  While they may gain a few extra benefits, what they potentially can lose far exceeds the gains.

What Medicare Beneficiaries Lose when signing up for a Medicare Advantage Plan
  1. Medicare Beneficiaries give up their rights under Original Medicare
  2. You can no longer see any doctor or medical facility that accepts Medicare
  3. Your Medicare group will now make medical decisions versus your doctor.
  4. Referrals are now required to see a specialist
  5. Prior authorization is required for medical procedures
  6. Responsible for Copayments
  7. Only Allowed a single Part D plan to choose from
  8. Responsible for Max Out of Pocket cost that can equal thousands of dollars
  9. Denial of coverage that Original Medicare would have covered
  10. Plan can be changed or canceled each year

When a Medicare Beneficiary is healthy, these items they lose do not seem like a big deal.  It is not until they need these benefits that their decision when they turn 65 truly impacts them.

While Medicare Advantage plans are costing taxpayers billions of extra dollars, these plans could cost you your life.  

Follow the Money related to Medicare Insurance Companies

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 consumers toward a Medicare Advantage plan.  

When you think about this for a moment, why are Medicare Insurance Companies pushing you in 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, the insurance companies make less money on these plans.  

This seems reasonable, as the Medigap plan does cost you, the consumer, an additional monthly premium.  

However, the monthly premium only helps offset the cost related to your medical that falls 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.

Follow the
Money

Follow the money related to Medicare Cost



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Don’t give up on Original Medicare – Consider a Medigap Plan

Integrity Now Insurance Brokers understands you may not have realized what you signed up for.  Nor did you recognize 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.

The good news is if you are healthy, you may be able to disenroll from your Medicare Advantage plan and return to Original Medicare.  We will help you navigate the different Medicare enrollment periods for leaving a Medicare Advantage plan.

Before you return to Original Medicare, we 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 must qualify based on your current health.  

Medigap plans are standardized by Congress, which means that once you purchase a plan, it will never change.  The coverage remains the same from year to year.  

One of the most popular Medigap plans is Plan G.  This is because 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 Medicare supplement insurance 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.  


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We are here to Help you with your Medicare Needs

No matter where you make your Medicare decisions, we are here to help.  Every day, we are either helping Medicare Beneficiaries new to Medicare or folks who have been on Medicare for years.

We are not here to push you in a single direction but to educate you on your Medicare options.  

Our clients have helped enroll in Medicare Advantage and Medigap plans.  The difference is that our clients knew the differences before making their decision.

Please feel free to review our site, and when you are ready, call one of our Medicare Insurance Agents. 

We are here to answer any questions and help you enroll into your Medicare plan.

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