Information you need to live a happy, worry-free retirement!
Mar 31, 2014
A survey of married couples age 60 to 66 shows that many feel uneducated about their Medicare choices and are actively searching for more information*. The survey, by Social Security Timing®, revealed that a majority of respondents rated their knowledge of Medicare and its various parts as low.
|Original Medicare (Parts A&B)||40%|
|Medicare Advantage (Part C)||59%|
|Medicare drug plans (Part D)||48%|
|Medicare Supplement (Medigap)||55%|
This is troubling, but not necessarily surprising. They are troubling because health care costs are the No. 1 concern in retirement for most Baby Boomers, yet they lack fundamental knowledge of the programs and insurance solutions that are available to pay for these costs. The findings are not surprising, though, because Medicare can be tremendously confusing, especially to those are have yet to age into the program and have not yet enrolled.
There are four parts to Medicare, plus Medicare Supplement insurance, and they all cover different things. It can be tremendously difficult for consumers to understand and navigate all these different programs and make the right choices when it comes to their coverage. The main reason for the confusion is that there is no single best option. Everyone’s situation is different and what works for you may not work for someone else. So going to your friends and family for advice is not necessarily recommended. Their plan may work well for them, but it may not work for you. It all depends on your health care needs, your personal health, the medications you’re on, what doctors you go to, etc.
The survey also revealed that Baby Boomers are hungry for information about Medicare, and they’re increasingly turning to the Web for that information. The survey showed that 79 percent of respondents either plan to, or already have gone online to research their Medicare insurance options. The web can be a great resource for learning about Medicare and getting quotes for various plans in your area. We have some great resources to help you with this at www.MedicareMarketPlace.com.
But when it comes time to make a decision and choose your plan, you may want to speak to an expert. Our licensed Benefit Advisors are trained to look at your specific situation and find the right Medicare solution for you. Call us at 1-800-554-2559.
*Social Security Timing and Qualtrics surveyed 500 married individuals aged 60-66 in September, 2013.