Overwhelming, confusing, and misleading. That’s how older adults often describe the deluge of advertising they’re subjected to each year beginning in October.
No, they’re not talking about political advertising.
These seniors are talking about Medicare open enrollment advertising from insurance companies and brokers that bombards them on television, radio, social media, email, telephone, billboards and in their home mailbox.
Why is there so much advertising? Medicare Supplement and Medicare Advantage plans are big business. More than 65 million Americans have Medicare. And another 2.6 million people turn 65 every day.
Celebrity Endorsements
The ads often show happy, healthy seniors who might be missing out by not enrolling in the “right” plan. Many feature aging celebrities such as Pat Boone, Joe Namath, William Shatner, and Jimmie “JJ” Walker. Others offer to help sort through the confusion of offerings and help seniors pick the “best” plan for them.
It’s a profitable business. About one-third of Medicare enrollees – that’s better than 20 million people – compare plans and re-evaluate their coverage during open enrollment, which runs from mid-October to early-December.
Commissions for Enrollments
According to Medicare rules, insurance brokers selling Medicare Supplement plans earn a 22% commission on each new plan they sell. That amounts to more than $300 a year based on average plan premiums. What’s more, the broker can earn a commission each year for six years of renewals.
What about Medicare Advantage plans? Depending on where you live, the broker will earn a commission of between $428 and $780.
Thinking about Medicare Part D to cover your prescriptions? That’s another $109 in commissions for the helpful insurance broker.
Is it any wonder so many of them want to help you make a choice?
Agents and Brokers Aren’t Required
It’s important to know that there is no requirement to use an insurance agent to select a secondary source of healthcare coverage when you are on Medicare.
Many people, with a bit of research and knowledge of their healthcare needs, can do it on their own.
Original Medicare contains two parts: Part A and Part B. Medicare Part A covers hospital care, skilled nursing facility and hospice fees, and is usually premium-free. Medicare Part B covers medical and preventive services, as well as some medical equipment, for which there is a monthly premium, typically deducted from your Social Security payments.
Because of co-pays, deductibles, and no maximum out-of-pocket limits, most people choose to supplement Medicare with a secondary funding source.
Most of the information you need to review can be found at www.medicare.gov, where you can compare health and drug plans, coverage options and even find insurance options based on your age and where you live. You can even compare healthcare providers and learn about prescription drug costs.
If you’re turning 65, you can learn more about your options by downloading Liberty HealthShare’s Free Medicare Checklist.
There is Another Option
Increasingly, many seniors are choosing to avoid insurance companies altogether and embracing healthsharing to complement their Medicare.
Liberty HealthShare’s Liberty Assist sharing program was designed for people 65 and older who are enrolled in Medicare Parts A and B. It helps fill the gaps in their Medicare coverage and aids in controlling medical expenses.
The program allows members to use any doctor or hospital that accepts Medicare without network limitations and has no pre-existing condition requirements, providing greater flexibility and peace of mind.
Liberty Assist offers several features that make it an even more attractive option. It includes access to dental, vision, prescription, and telehealth discounts, which are not typically covered by Original Medicare or Medigap plans.
Moreover, Liberty HealthShare is a healthcare sharing ministry, which means members are part of a community of like-minded Christians. This sense of community can provide emotional and spiritual support, which is lacking in insurance plans.
Learn More about Liberty Assist
To learn more about Liberty Assist and decide if it makes sense for you, call and speak with one of Liberty HealthShare’s helpful enrollment specialists at 855-585-4237.
