Recently in Wall Street Journal (October 18, 2021) there was an article titled "8 Things To Know When Picking A Medicare Plan".

Let's look at their recommendations and provide some of our own insight.

1. Supplemental insurance is usually the best option for people who can afford it or who have health issues.

Yes, we agree. But it's also great for those who don't need it ... right now.  As we age, it's more likely that we will need additional medical care, and after-the-fact, it may be impossible to switch from an "Advantage" plan back to a "traditional" Medicare plan, which may limit your access to care... when you need it most.

2. Having Medicare alone is risky.

Yes. We agree.  It's essential to have a supplement plan to cover the excesses you may be charged with your A and B plans.  It's also essential to have a part D plan, and NEVER have a gap in coverage.

3. Medicare Advantage plans are cheaper for seniors in good health.

Yes.  But how do you guarantee that...

Medicare Open Enrollment is almost here.  (Depending on when you read this...)

Each year, there is a special period of time in the Medicare System, October 15-December 7, when you can make a change to your Medicare Advantage or Drug plan.

This is one of those periods, and it's called Medicare Open Enrollment.

During this time you can:

• Join, Switch or drop a Medicare Advantage PLAN ("MA" - "Part C"), which can be with, or without a Medicare drug plan element.
  • Your Coverage would start on Jan. 1, provided your request is in by Dec. 7.
  • If you join a Medicare Advantage plan during this time, and change your mind,  you can go back to a Traditional Medicare Plan ("TM") or a different Medicare Advantage plan during the Medicare Advantage Open Enrollment Period, Jan.1-March 31. 
  • If you are IN a MA plan, you can change back to a traditional Medicare plan.
  • If you are IN an MA plan and you want to move to a different MA plan, you can do it during this time period. That...

The proposed Medicare Fee Schedule is published and there is an 11% overall cut in the conversion factor.

Yes, ANOTHER cut to the fee schedule for next year.

To read the AMA summary of the fee schedule change visit:

www.ismanet.org/pdf/amaproposedrule.pdf

or the text of the proposed rule at:

www.ismanet.org/proposedruletext

Cuts to the Medicare program and other insurance payments are sure to continue into the future.  For that reason, it is more important than ever to be sure that your practice costs are minimized, including business insurance coverage and medical malpractice.  Contact WhiteCoat Risk Management for complimentary review of your existing policies to determine if there are hidden savings that you are not taking advantage of.

I have been in the healthcare business for over 40 years.  Now I am helping others in risk management as I myself approach the "Medicare Age".

Given that, there are a ton of unanswered questions about Medicare and it's related programs that should be answered before you make your decisions about which plan options you should take ... or pass on.

But who can help with this?  Who can help you understand and navigate the various Medicare options?  Who can you trust?

While working with a knowledgable insurance broker is always a great idea, many people don't have a regular insurance broker to help them understand their options.  Many do, after having worked with them for many years previously on their personal, business and professional risk management portfolios.  

Regardless, it's often a great idea to have an independent resource that can help you become better informed to make your Medicare-related required decisions more...

Medicare.

Simply the sound of the word creates confusion for most people who are facing or preparing for retirement.  There are many different choices that you need to make that can have significant financial ramifications to the amount and type of coverage you receive.  

One type of Medicare coverage you need to become familiar with, to determine if it's right for you, is the Medicare Advantage plan.  This is also known as a "Medicare Private Health plan" or sometimes called "Medicare Part C".

An advantage plan is a Medicare plan which is offered thought a private insurer.   Such plans have different benefits, sometimes more than a standard plan, but can also have elements of coverage or flexibility that are more restrictive than a traditional Medicare plan.  

Confused yet?  

There are two resources that can help you better understand your options so you may make the best choice for yourself. 

The Kaiser...