Medicare Insurance Advisor

[groundloop]

I have to finalize my choices for Medicare before too long and am considering talking to an Insurance Advisor to help me choose.

BUT...... how do I find an Insurance Advisor? I'm leery of finding one who's going to steer me toward products where the main benefit is to line his pockets.

Any have some suggestions for Advisors who they've dealt with?

[SheltieLover]

1. Call your local Council on Aging & senior center

The Council on Aging can even give you monthly premiums for gap ins (they vary in premium by a LOT!).

[Auggie]

2. Google search followed by phone interview

I chose someone local so I could do a face-to-face interview. He sold other insurance so I knew he was serious about his vocation. He was also about 20 younger than me so I know he'll be around for a while.

I began Medicare in August -- just went through the drill.

Do your homework about options before your meeting. Take a good look at you own health and family's medical history. Consider what your retirement income will be too. This can help you decide whether you should concentrate on Medigap or Medicare Advantage.

By law Medigap plans are the same no matter who offers them. A Plan G is a Plan G at Anthem, Blue Shield, Humana, etc. I went with the insurance company with the history of least price increases in my zip code. Remember, you can change insurers during open enrollment. One thing that's difficult to do, especially (and potentially) years from now is upgrade from Medicare Advantage to Medigap.

[SheltieLover]

3. Do be aware of 1% per month premium penalty if you do not take part D for drugs when eligible.

Also "Advantage" plans are PPOs. You cannot use a doctor not in their network, at least for maximum coverage.

I've also read that if a person chooses Advantage, then wants to go to regular Medicare, the person must pass an underwriting physical.

This time of year, we are all innundated with "Medicare has free groceries for you" type ads. Those are the Advantage plans. No thanks. Lol

There are a few people here on DU who love their Advantage plan but, for the most part, when people have a hospitalization or require a pricey procedure, they generally find out there is far from an advantage to the private insurance company (Advantage) plans. 😉

Do be aware that any commercial consultant you might opt to meet with is likely not unbiased.

Council on Aging is completely unbiased.

Good luck!

[SlimJimmy]

5. Just a note for those that have FEHB.

There is no penalty for waiting on any aspect of medicare, medicare itself, part B, Part c, or Part D. Your FEHB plan, if you keep it into retirement, is considered a qualified plan and is like having the other coverages.

[SheltieLover]

4. I posted this in our Seniors group about Advantage plans (from STAT News)

https://www.democraticunderground.com/11838344

[dlk]

6. You may want to check out the Medicare Interactive site

It's like a Wikipedia for Medicare and is very user friendly. If you are aging into Medicare, will need to make sure to enroll in a Part D plan in order to avoid a lifetime penalty of 1%/month based on the average national premium.

Also, you will need to decide how you want to receive your medical coverage, either through a supplement or Medigap plan, which supplements original Medicare Parts A & B, along with a stand alone prescription drug plan or Medicare Advantage, which is privatized Medicare offered through an insurance company.

http://www.medicareinteractive.org

There is also Medicare.gov, which has star ratings of all of the plans.

Good luck!

[LetMyPeopleVote]

7. I found an advisor from one of my law partners

I have several law partners who are over 65 and one of my law partners recommended a member of our Temple. I have Medicare Parts A & B and a schedule G supplement and prescription drug policy both from Blue Cross. My sister is going on the AARP plan for Schedule G and drug plan. She is turning 65 next month. My advisor told me that there is little difference between the Blue Cross plan and AARP for schedule G plans. That gave me comfort that he was not pushing any one company

I get dozens of calls each week from "medicare advisors" and similar groups who want to push advantage plans. My advisor told me to keep away from these plans. Somebody is earning a great deal of commissions on these plans for me to get these calls.

I have been on Medicare since the first of the year and like it. I am paying one-third what I was paying on the firm plan (partner pay their own insurance costs at most firms).

Good luck in your search for an advisor.

[groundloop]

8. I've scheduled a phone appointment with MedicareSchool.com

Hopefully I don't regret it, but they seem to have excellent reviews online. They claim to be an independent broker and have no bias towards any company or type of plan.