I received a text message from an old work colleague, Annie, with a simple "Please call me. I need help". I couldn't fathom what could have made her contact me with such urgency out of the blue after so many years.
I returned her call and found her somewhat panicky because her Mom and Dad were losing her Dad's retirement health plan. They were both in their mid-80s, and she couldn't believe that the company her father had worked at for over 40 years would terminate their retiree health coverage plan. I told her that it was not unusual as many companies were looking at cost-cutting measures, and unfortunately, ending retiree health coverage was a strategy for managing costs.
Getting the Right Information
I first confirmed that Annie had Power of Attorney to be involved in the discussion. Then I gathered her parents' personal information, age, prescription drug list, names of their doctors, and what hospitals were in their area. Annie was curious as to why all this was important. After explaining the difference between Medicare Advantage plans vs. keeping Medicare and supplementing it with a Medigap plan and Part D drug plan, she was amazed at the options.
"I had no idea there were so many choices," she remarked. I told her not to feel like the Lone Ranger, as many folks have no idea about the wide variety of plan choices.
Making the Decision Together
After researching what options were available in her parent's zip code, we scheduled a meeting along with her parents, so they were involved in the plan selecting process. Both parents were extremely pleased with the research and preparations for the meeting, making their final decisions 123 Easy.
Annie was secretly pleased that the process made her look like a competent daughter to her elderly parents, and they both were proud of their daughter for knowing how to get them expert guidance. As we concluded the meeting, we laughed as Annie stated, "Well, in five more years, it's my turn!"
Avoid the stress of not knowing where to start with a problem. Call the experts! We can help!
By David Edge
David Edge is a retirement lifestyle writer and contributor to the ARA monthly newsletter. His articles blend personal stories with practical insights on living well in retirement.
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Easy Eddie's Take
David's story about Annie is something I hear all the time. More companies are dropping retiree health benefits, leaving folks scrambling during Medicare Open Enrollment, which runs from October 15 to December 7 each year. Here's the good news: you have real options, and they're not as complicated as they seem.
When people ask me "What's the difference between Medicare Advantage and Medicare Supplement plans?", I explain it this way: Medicare Advantage (Part C) is like getting all your Medicare benefits bundled together through one private insurance company, often with extras like dental and vision. Medicare Supplement (Medigap) works alongside Original Medicare Parts A and B, helping cover costs like deductibles and copayments, plus you'll need a separate Part D prescription drug plan. The Centers for Medicare & Medicaid Services has standardized these options, so Plan G works the same whether you buy it in Phoenix or Tucson.
Most people are surprised when they learn this: you can change Medicare Advantage plans every year during Open Enrollment, but Medigap plans have medical underwriting after your initial enrollment period. A little research ahead of time can save you thousands of dollars and a lot of stress down the road.