Don’t ask Friends and Family for Advice
Earlier this week a new Medicare client and long-time friend came to see me. I helped her enroll in a Medicare Advantage plan. She is in excellent health and has no reason to believe poor health is anywhere in sight.
So why was she back in my office? Someone talked to her about her decision to enroll in a Medicare Advantage plan, telling her Medicare Advantage plans are horrible. This scared her, so we talked through the pros and cons again and she left my office feeling good about her original decision. FYI, one of the things I encourage of people, “DON’T ASK FRIENDS AND FAMILY FOR ADVICE.”
Almost All Medicare Advantage Enrollees Satisfied with Coverage
Daily, I read articles about Medicare from a several different sources. I know it doesn’t sound very exciting, but I enjoy it. And I like to know what’s going on in the Medicare world. Ironically, the day after my friend came into the office, I found an article called Almost all Medicare Advantage Enrollees Satisfied with Coverage. It was in a publication called MANAGED HEALTHCARE EXECUTIVE and was written by Logan Lutton on March 13, 2024 (a link to the article is below). He did a fabulous job of documenting the results of a survey. I’m not going to try and repeat everything in his story because it is far too long for this blog. But I do want to hit some highlights.
ALMOST! So far in my life I’ve not found anything on which 100% of people agree on. This article reports that 93% of those enrolled in a Medicare Advantage plan are “satisfied” or “very satisfied” with their plan. Nearly three-quarters of them being very satisfied. Can you imagine a US President that 93% of Americans are satisfied with? HA!
Most Choose Medicare Advantage to Help with Costs
The article states that “most (96%) of participants also reported that they chose Medicare Advantage because it helped them to afford their coverage gaps and 97% believe that the government should continue to work to preserve access to coverage.”
Ah! Now we are getting down to the brass tacks… cost. That’s why I chose to enroll in a Medicare Advantage plan, it saves me money.
What if I Have a Serious Illness
So, my friend asked, “What if I have some serious illness?”. Great question! I told her this would likely happen someday, that she would have some serious health issue at some point in the future. Then I asked what she would spend in Supplement premiums until that day. That day might not come for another twenty-five years (her very sweet mother lived to be about 90), in which case she could spend around $50,000 more in Supplement premiums than she would with Medicare Advantage premiums.
To give even a little more peace of mind, I reminded her of my health issues in 2023. I had a biopsy for potential prostate cancer. Fortunately, I was clear. Then I underwent multiple tests for kidney disease. Again, they found no underlying problem, but I do drink a lot more water. I also had a mammogram (I can now empathize with you ladies) for potential breast problems. Nothing significant was found. The medical bills for the year exceeded $10,000; my portion was under $500. I am more than happy with all the results from 2023.
My biggest takeaway from this article, and the key thing you need to know is the value of working with a local agent. The survey showed that 70% of respondents who worked with a local agent were “very satisfied” with their plan. This compares to 60% who did not work with an agent.
There is a lot to know when it comes to Medicare. Whether you are new to the subject or want to brush up on your knowledge, consider taking our Medicare 101 course. Rules and regulations are changing and there is always more to learn. I am Medicare Certified through the National Association of Health Underwriters, so I can offer you best in class Medicare knowledge. I hope to see you soon!
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