Featuring Josh Kinzel from Seniority Benefits Group.
Josh Kinzel from Seniority Benefits Group is back in the studio to talk about the 2024 Medicare Open Enrollment.
Josh starts off by explaining that when it comes to Medicare choices, you have some flexibility. You can go with a supplement and drug plan or opt for a Medicare Advantage plan. The decision really depends on your own risk tolerance when it comes to health insurance events. If you have chronic conditions, you might lean towards a safer approach with a supplement and drug plan. On the other hand, if you’re not dealing with any health issues but like to play it safe, a Medicare Advantage plan might be more up your alley.
To help put things in perspective, Josh uses the analogy of car or home insurance. You can choose to pay more upfront for comprehensive coverage or take on more risk for potential savings. In the Medicare world, the fundamental choices are a supplement and drug plan for lower risk or a Medicare Advantage plan for more risk and savings.
You can’t be denied coverage based on your medical condition
One important thing to note is that when you initially choose Medicare, no one can deny you coverage based on your medical condition. Medicare is an insurance program offered by the government, with Medicare A covering hospitalization and Medicare B covering everything outside of the hospital. However, these plans only cover about 80% of your medical bills and don’t include prescription medications.
That’s where things like Medicare supplement plans (also known as Medigap) and Part D pharmacy plans come into play. You can purchase a supplement plan to cover the remaining 20% and also get Part D to cover your prescription meds.
Alternatively, there’s Medicare Advantage (Part C), which is like having an all-in-one card for your healthcare needs. These plans are administered by private insurance companies on behalf of Medicare.
Josh also talks about the cost of medications and how they can vary. However, the good news is that the Inflation Reduction Act plans to implement a maximum out-of-pocket cost of $2,000 for all medications by 2025. That’s a big relief for those who need expensive medications to stay healthy.
He also mentions that the premiums and deductibles for Medicare have been pretty stable over the years, which is reassuring.
Medicare Open Enrollment advertising will look different this year
We also dive into some interesting stuff about how Medicare plans are advertised. Advertisements must be specific about the plans they’re discussing, unlike those often misleading ads we’ve seen in the past. The goal is to remove the open-ended and misleading aspects of current ads and promote more focused advertising from specific healthcare companies.
He and Seniority Benefit Group specialize in helping small groups deliver affordable health insurance options. They even have a tool called Shop Our Plan that provides personalized recommendations on whether employees should stick with their employer plan or consider Medicare.
So, if you’re gearing up for the 2024 Medicare Open Enrollment, give this episode a listen to get all the info you need to make the best decision for your healthcare needs.
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Recorded in Studio C at 511 Studios. A production of Circle270Media Podcast Consultants.
Copyright 2023 Carol Ventresca and Brett Johnson
