Area cuts to Medicare Advantage plans leave seniors with few options
Across
The effects are being felt in
"I didn't think I was in any kind of situation, so when I received a letter on
While not as severe as
Clark advised seniors on plans that are ending to discuss their current options with a trusted local agent. She said that if their plan is ending, they would be able to sign up for Medicare supplements with no backpay that could help seniors cover the costs of their care.
Clark said anytime insurance companies want to make significant changes to their Medicare Advantage plans, they must cancel the current plans.
"I don't think that there is a cause for concern," Clark said. "
Yet for seniors, finding an insurance representative that can walk them through the process of finding a new plan has been challenging. In
"I go online and I look at medicare.gov and they get all these charts. It's a bit confusing because I want to know a little more detail and it's not there," Ollie said. "Having an insurance broker who could explain to me the fine points of a policy is very important. So here we are, we have no live person who wants to do that."
Spears said only one insurance company,
"I don't know how long we can stay open while being paid nothing," Spears said.
Clark said that any seniors whose Medicare Advantage plan is ending will have the option to switch to a Medicare supplement plan. However, Ollie said that she hopes to remain on Medicare Advantage because she prefers its simplicity and price to the other options.
On a base Medicare plan, Ollie said she would absorb 20% of the costs, which leaves her unable to properly budget for healthcare costs.
"If I could predict the future and realize it's a low-cost year, 20% of maybe
Ollie described the overall process of searching for a new plan as "frustrating" and said that it brought her more awareness of how difficult the healthcare system can be to navigate.
"We need to work together to fix things because I don't think this is about me or any other folks in my age group, I think it's about all of us," Ollie said. "The lesson was brought home to me in kind of a hard form when I got the letter."
Clark said that there could be further changes coming to plans in 2027 and that those with questions can reach out to the


US Inflation Report Drops on Friday – What It Could Mean for Crypto?
Commentary: Geography complicates already-muddy Oregon insurance system
Advisor News
- When new investment trends emerge, Gen Z is most likely generation to be first in
- Could ‘plain English’ become an advisor’s secret weapon?
- IRI urges Senate action on 403(b) parity legislation
- Three estate planning ideas to protect your clients and their wealth
- What advisors must know about accessible client documents
More Advisor NewsAnnuity News
- NUNN INTRODUCES BILL TO CUT RED TAPE, GIVE IOWANS CLEARER INSURANCE INFORMATION
- NAIC working group pressed to accelerate annuity illustration overhaul
- State Auditor James Brown Kicks Off Life Insurance Awareness Month With Policy Locator Tool
- Wink: Annuity sales post strong Q2, led by MYGAs and structured products
- Legacy Marketing Group partners with Malibu Life USA for annuity launch
More Annuity NewsHealth/Employee Benefits News
Life Insurance News