Top 5 Things your Medicare Advantage salesman won't tell you

[Raygun99]

I am sooooooo tired of the "ITS FREEEEEEEE" commercial. The endless phone calls. I tried to let them go to VM. But one year I decided to answer and told them I was on Tricare. I asked them to remove my PH and after several calls they quit. Now its just having to endure those scummy commercials. My Dad always told me if it was free... Run!

[SecondAttempt]

I was pretty ignorant of medicare details, but I am 8 years out so had not really begun serious research. I had budgeted for the higher cost of either medigap or MA. This thread caused me to do a LOT more research.

But since then almost every ad I see online no matter where I browse is pushing one MA plan or another. It could be that I am now just more aware of them but I think my searches made google identify me as a potential mark customer and now i am being bombarded with ads while browsing, by email, and even by text. Anything sold that hard is suspicious to me.

I can't say I know enough to judge actually. But at this point the bombardment by ads is steering me away from MA!

[winyaz]

I recently retired from a major health insurance company. Before I left, an executive mentioned to me that he was a little uncomfortable with his new position, as his team's compensation was based in part on the savings from denied claims. Like the original article said, the insurance company's interest is not aligned with the customers.

[RetMD21]

Not everyone with a MA plan had done a thorough analysis of their options

Quote:

The investigation found similar forms from several states that looked like tax documents, using the font and layouts of an I.R.S. form. One Utah mailing declared: “IMPORTANT-COMPLETE & RETURN POSTAGE-PAID CARD WITHIN 5 DAYS.”

Private Medicare Plans Misled Customers Into Signing Up, Senate Report Says

https://www.nytimes.com/2022/11/03/u...marketing.html

[RetMD21]

Here is the direct link (w/o NYT)https://www.finance.senate.gov/imo/m...0Advantage.pdf

[ivinsfan]

Quote:

Originally Posted by winyaz I recently retired from a major health insurance company. Before I left, an executive mentioned to me that he was a little uncomfortable with his new position, as his team's compensation was based in part on the savings from denied claims. Like the original article said, the insurance company's interest is not aligned with the customers.

Excuse me if I don't believe this. It's unethical and against the law.

[chris2008]

Quote:

Originally Posted by ivinsfan Excuse me if I don't believe this. It's unethical and against the law.

It is a plot of Grisham's novel The Rainmaker.
But could happen in real life.


Sent from my SM-G950F using Early Retirement Forum mobile app

[prudent_one]

Just to add a data point about Boomer Benefits. When she was eligible for Medicare, she used them to pick a Supplement plan and a Plan D. She is quite healthy but takes one expensive medication. The Plan D they recommended would have meant paying $120/month for the medication. I went on the Medicare site to look at options and found one that meant paying $40/month for the same medication, but was $20/month more for the plan. Still a $60/month savings.

She called BB to talk about it and the BB rep said yes, that seems like a better plan for your specific circumstances. They didn't recommend that plan initially because they don't "represent" that company. However, they still made all the arrangements for coverage even though they got nothing out of it. They could have just told us to take care of it ourselves but they did it anyway, and that impressed me.

And they went the "extra mile" by asking her when she would need a refill. She had enough to last through mid-January, so the rep suggested doing nothing now, then call them back in mid-December to switch to the other plan to be effective in January since she would still be in the initial sign-up window. Saved two months of premiums. We would not have thought of that.

[Gotadimple]

Quote:

Originally Posted by prudent_one And they went the "extra mile" by asking her when she would need a refill. She had enough to last through mid-January, so the rep suggested doing nothing now, then call them back in mid-December to switch to the other plan to be effective in January since she would still be in the initial sign-up window. Saved two months of premiums. We would not have thought of that.

Boomer Benefits are licensed insurance agents. Who would have thought to advise a customer to wait to take advantage of benefit language and rules: a good insurance agent. You and she will remember this agency for future needs.

- Rita

[RetMD21]

Quote:

Originally Posted by Gotadimple Boomer Benefits are licensed insurance agents. Who would have thought to advise a customer to wait to take advantage of benefit language and rules: a good insurance agent. You and she will remember this agency for future needs. - Rita

Many folks benefit from using insurance agents

[frank]

how do you find the insurance agents that are working for your benefit and not the insurance company?

[REWahoo]

Quote:

Originally Posted by ivinsfan Excuse me if I don't believe this. It's unethical and against the law.

Countless actions that are unethical and against the law occur every day, generating hundreds of thousands of jobs for police, prosecutors, lawyers, judges, prison guards and parole officers worldwide. It's a booming business.

[Brat]

I am a Fed retiree with Medicare A and B. One of my options through OPM is Kaiser NW. The Kaiser standard plan offers a refund of Medicare B premium for the equivalent of their Medicare Advantage program. The only exception is that you can't purchase Kaiser NW's Medicare Advantage dental insurance (which includes vision and hearing aids) so must buy that separately. Since I don't need hearing aids and can purchase their glasses separately that isn't a big deal.

Kaiser insurance using the Medicare B reimbursement costs me a net of $3/mo.

[CRLLS]

Quote:

Originally Posted by prudent_one Just to add a data point about Boomer Benefits. When she was eligible for Medicare, she used them to pick a Supplement plan and a Plan D. She is quite healthy but takes one expensive medication. The Plan D they recommended would have meant paying $120/month for the medication. I went on the Medicare site to look at options and found one that meant paying $40/month for the same medication, but was $20/month more for the plan. Still a $60/month savings. She called BB to talk about it and the BB rep said yes, that seems like a better plan for your specific circumstances. They didn't recommend that plan initially because they don't "represent" that company. However, they still made all the arrangements for coverage even though they got nothing out of it. They could have just told us to take care of it ourselves but they did it anyway, and that impressed me. And they went the "extra mile" by asking her when she would need a refill. She had enough to last through mid-January, so the rep suggested doing nothing now, then call them back in mid-December to switch to the other plan to be effective in January since she would still be in the initial sign-up window. Saved two months of premiums. We would not have thought of that.

To look at it a different way, BB was self-serving at the start. While they are regularly considered very good, they still act as an insurance agent and do get commissions for selling their product not the competition's. By doing what the rep did, BB did manage to get 2 more months of commissions out of her. The agent may also get a "referral fee" from the new insurer even if he didn't "sell" the new policy. Yes, a win/win for both her and BB but may not necessarily be an act of total benevolence.

[homestead]

Quote:

Originally Posted by Brat I am a Fed retiree with Medicare A and B. One of my options through OPM is Kaiser NW. The Kaiser standard plan offers a refund of Medicare B premium for the equivalent of their Medicare Advantage program. The only exception is that you can't purchase Kaiser NW's Medicare Advantage dental insurance (which includes vision and hearing aids) so must buy that separately. Since I don't need hearing aids and can purchase their glasses separately that isn't a big deal. Kaiser insurance using the Medicare B reimbursement costs me a net of $3/mo.

We are on BCBS PPO MA in Washington county OR for several year now. The benefits get a little better each year. The premiums went to zero a couple years ago. They include vision,dental,hearing & gym memberships. No payback for part B.
I think the competition between companies is driving them to reduce costs.

[VanWinkle]

Quote:

Originally Posted by ivinsfan Excuse me if I don't believe this. It's unethical and against the law.

And Auto damage adjusters get paid extra to deny your claim.....NOT.
I don't believe it either. You can't believe everything you read on the internet it seems......

VW

[RetMD21]

States have SHIP websites and phone numbers where volunteers help folks with Medicare questions. A lot of folks get their information from insurance agents but there is an alternative. https://www.shiphelp.org/

NYT had a balanced article on MA vs traditional Medicare with many of the same points mentioned in this thread. I know not everyone can read it but for those who can: https://www.nytimes.com/2022/11/05/h...rs-health.html

[Lancelot]

Medicare vs. Medicare Advantage discussions are almost as interesting as Social Security 62 vs 70













;0

[prudent_one]

Quote:

Originally Posted by CRLLS By doing what the rep did, BB did manage to get 2 more months of commissions out of her.

It was two fewer months.

[RetMD21]

Quote:

Originally Posted by Lancelot Medicare vs. Medicare Advantage discussions are almost as interesting as Social Security 62 vs 70

and yet here you are