Finding Help with Medicare Insurance Decisions
The season for Medicare decisions is almost upon us again. It’s a complicated program with a number of options, and many of you need some guidance and information to make the right decision for you. Medical expenses will be one of the highest expenses in retirement, so you want to get this right.
Open enrollment for Medicare is from Nov. 15 and Dec. 31. You can change from traditional Medicare to Medicare Advantage or vice versa. You can change your Advantage plan or add, drop, or change Medigap insurance or prescription drug coverage under Part D. Detailed information about the choices available to you will be available before then on the Medicare web site and 800 number. You’ll also be exposed to a number of advertisements about the choices.
We’ll be helping you in our monthly visits. You’ll know what to look for, which questions to ask, and how to find the choice for you. Some of you, however, want more assistance, preferably personal assistance. There are a number of sources available to you, and some of them come at no additional cost.
Before you seek assistance from others, I highly recommend that you review the basics. Take a look at the articles in the Archive on our members’ web site at www.RetirementWatch.com. In addition, visit the Medicare web site at www.Medicare.gov. There, especially under the Resource Locator button, you’ll find the publication Medicare and You plus details of the plans available in your ZIP code.
When you want someone to consult with or talk to, first consider the free sources available from your state.
Each state has an Area Office on Aging, and populous states usually have several. You can talk with someone either in person or by telephone. Your city or county also might offer a service to seniors. There are several ways to find a counselor. While on the Medicare web site, you can click on “Help & Support” and then click on “Useful Phone Numbers and Web Sites.” There you can search for services provided by your state. You also can check the web sites for your state and local governments along with traditional telephone books and directory listings.
While on the web, stop by the Medicare Rights Center (www.medicarerights.org.). It has a lot of information about Medicare and also has a toll-free help line (800-333-4114). It also offers volunteer counselors in some areas.
When you still want assistance after exhausting these sources, there are a few other sources available.
You can contact insurance brokers and agents. They’re paid commissions by insurers, so they’re free to you. I don’t recommend going this route unless your intention is to buy or at least seriously consider a policy recommended by the broker. But a good broker will spend time getting to know your needs and preferences, explain things to you, and then find an appropriate policy or policies.
You can work with one or more local brokers, but you also might want to consider a national broker that can offer policies from a number of different insurers. The largest seem to be Extend Health (www.extendhealth.com) and Hewitt Senior Educators (www.senioreducators.com).
Some of you might want to go a step further and pay someone for helping you select and enroll in policies or plans. Generally these firms gather personal information about you, sort through the policies available in your area, and make recommendations. The firm works only for the fee you pay. You’ll buy the policy directly from the insurer, though some counselors will make it a conference call to ensure you purchase the policy and terms recommended.
There might be professionals in your area who specialize in Medicare planning. They might present themselves either as financial planners or as specialists in Medicare planning or senior health planning.
There also are some national firms offering this service. Consider Allsup (www.allsup.com), American Medicare Counselors (www.amcstl.com), and Healthcare Navigation (HealthCareNavigation.com). The services are pricey, but you might find it worth the cost.
RW August 2011
