Ask the Medicare Specialist
Question from Antionette: The advertisements I see for debit cards or an allowance that promises
Answer: It is not. Nor, in my opinion, is most of the advertising for Medicare Advantage Plans that you see on TV, hear on the radio, or get solicitations for in the mail.
Many employ bait and switch tactics or attempt to get you to focus on what I call the "sizzle" so you ignore the risks that HMO and PPO plans can have.
Before I go further, I want to make a disclaimer: I'm not anti-Advantage Plan. Far from it. They're vital to millions of seniors, especially those on fixed incomes. A well-chosen Advantage Plan can save people who stay just relatively healthy tens of thousands of dollars in premiums over a five-to-ten-year period while providing valuable ancillary benefits, "extras," that neither Medicare nor a Supplement do.
What frustrates and angers me is all the deceptive advertising and the abhorrent behavior of so many Medicare agents and agencies who continue to mislead and flat out lie to seniors for the sake of a commission. It's a huge problem. There's almost zero effective oversight by Medicare or from those of us in the industry and I'm not confident that's going to change anytime soon.
Let's address Antoinette's question. The benefit she referred to is only available for those who are "Dual Eligible," meaning eligible for both Medicare and Medicaid (Medical Assistance aka MA), and a very small percentage of American's qualify. In
The goal of these advertisements is not to sell plans to people with Medical Assistance. It's to get seniors to call an 800 number and connect them to salespeople who have one job; Get the person on the other end of the phone to switch plans and generate a commission. They don't care if that's not in the best interest of the person on Medicare. We've met countless people who've been burned to the tune of thousands of dollars by getting talked into changing plans by some person at a "call center" as they're referred to. The salespeople are actually trained to get seniors to focus on the "sizzle," the free stuff or a refund of some or all their Part B premium. What they don't tell people is an outpatient surgery could cost
Another common advertising tactic is to get people to focus only on the zeros. Zero premium, zero co-pay at a primary care doctor, zero cost for select generic drugs. What those ads never mention is the possibility of meeting one's Maximum Out of Pocket (MOOP) if chemotherapy, other infusion or injection therapy, insulin for those with a pump are needed or if multiple seven day or longer hospitalizations occur. A MOOP can be as high as
Maybe what bothers me the most are agents and brokers who never provide people turning 65 or are going on Medicare Part B for the first time with the Supplement option. Every day we meet people who had that choice taken from them by agents who only pitch Advantage Plans because the commissions are so much higher than Supplements. It's not explained that Advantage Plans aren't secondary to Medicare or there's only a six-to-12-month window to get a one without being discriminated against for current and previous health issues. I spoke with a client about three weeks ago who has Macular Degeneration and gets expensive shots in his eyes every four to six weeks. The agent he went to when he turned 65 didn't provide a Supplement as an option or tell him that with an Advantage Plan he'd pay 20% of the billable amount, around
Not only do you need to protect yourself, but you also need to help ensure your older parents, neighbors, aunts, and uncles don't fall prey. They are very often the victims of untrained and unscrupulous agents. Be advised that it can still happen after
Man arrested with weapon ‘consistent with’ gun in killing of UnitedHealthcare CEO
Georgia economy expected to grow next year, but at a slower rate
Advisor News
Annuity News
Health/Employee Benefits News
Life Insurance News