Seniors personalize health insurance to suit their lifestyle
The range of Medicare plans can tailor health care coverage to the budget and needs of a given senior much more effectively than any one-size-fits-all solution.
CLEARWATER, Florida (PRWEB)
May 25, 2021
Last year, more than 24 million Americans were enrolled in Medicare Advantage plans, or about 36% of all Medicare beneficiaries. Along with this growth in acceptance, the number of Medicare Advantage options has grown; The average registrant can choose from 33 different plans in 2021. (1) Additionally, if you have the original Medicare (Part A and Part B), you can add a Medicare supplement to help cover costs. However, each shot is mutually exclusive of the other. (2) Dave Rich, CEO of Ensurem, a Florida-based insurance and product distribution technology company, says, âMore and more, older people are looking for expert advice to help them adapt. personalized Medicare solutions. to their own needs and lifestyles. “
Seniors today tend to seek information digitally whenever possible. Rich notes, this reflects the strong presence of digitally active baby boomers among Medicare beneficiaries. During the 1980s and 1990s, when computerization took hold in the American workplace, these people were in their 30s and 40s, helping to set the stage for today’s world. However, according to Rich, when it comes to making Medicare coverage decisions, older people increasingly find themselves faced with more detailed information than they can easily sift through and make decisions.
For example, Rich notes that insurance companies offer six different approaches to Medicare Advantage plans: as HMO (Health Maintenance Organization), PPO (Preferred Provider Organization), HMOPOS (HMO Point of Service), a PFFS (-service), MSA (Medicare Savings Account) or SNP (Special needs plan). Throughout the selection process, there are trade-offs to be made. If you want prescription drug coverage and choose an HMO or PPO, it is important to choose one that includes prescription drug coverage, because if you have an HMO or PPO Advantage plan, you cannot. purchase Medicare Part D drug coverage (1)
To further complement the problem, the elderly also have to deal with Medicare supplement plans, also known as Medigap plans. Medicare supplement plans are lettered A through N to denote a specific level of coverage intended to help make up for the original Medicare shortcomings. These include plans that pay off some or all of your deductibles, copay, and coinsurance. According to the Centers for Medicare and Medicaid Services (CMS), the F and G plans are the most popular. However, as of January 1, 2020, Plan F is no longer available to new Medicare registrants. Plan G covers all of the same gaps as Plan F with the exception of the Medicare Part B deductible. (3)
Enrollment limitations are an important consideration for older people. Medicare beneficiaries are subject to certain enrollment periods during which they can join or change plans. In most cases, Medicare beneficiaries can enroll in any plan during their Initial Enrollment Period (IEP) when they turn 65. the annual registration period from October 15 to December 7. Health insurance supplement plans, on the other hand, are available year round; however, beneficiaries may be subject to medical underwriting when enrolling outside of their IEP.
Looked at from one angle, Rich says, health coverage for the elderly is in the best of all possible worlds: widely available, government-backed health care augmented by a host of carefully targeted private options. From another perspective, it looks like a confusing federal bureaucracy made even more confusing by the competing offers and demands of a multitude of for-profit companies. âIt’s both,â says Rich, âand that’s a good thing: the range of Medicare plans can tailor health care coverage to a senior’s budget and needs much more effectively than n any universal solution. “
However, he adds, there is still a long way to go. The complexity of the Medicare Advantage and Supplement landscape, and the need for seniors to make the most of it, is, says Rich, changing the role of the insurance broker. Customers, he notes, still have plenty of questions, but more and more the relationship has shifted from question-and-answer to a dialogue, in which older people looking for exactly the right coverage for their particular needs both interact. with Ensurem staff. house brokers and its AI-powered digital resource, Agent E.
âWe have become Medicare consultants,â says Rich. âWe don’t charge for the consultation, but it’s an increasingly important part of what we offer. We believe this is what the industry needs and we know from conversations we have with our insurance clients that this is what seniors need. It has become an integral part of our business. “
Ensurem, headquartered in Clearwater, Florida, is a leading technology and product distribution company serving carriers and consumers in the vast US senior market. The company provides end-to-end solutions to operators, including product development, digital marketing, and consumer-centric front and back ends. For more information, please visit Ensurem.com.
1. âMedicare Advantage Health Plans (Part C)â. Medicareresources.org, December 9, 2020, medicareresources.org/medicare-benefits/medicare-advantage/#
2. Medicare; âMedigap and Medicare Advantage Plansâ; Accessed May 21, 2021; medicare.gov/supplements-other-insurance/whats-medicare-supplement-insurance-medigap/medigap-medicare-advantage-plans
3. Centers for Medicare and Medicaid services; “Medigap”; Accessed May 17, 2021; cms.gov/Medicare/Health-Plans/Medigap
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