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When it’s Time to Drop Your Medicare Advantage Plan Trudy Lieberman

November 21st, 2012 | 2

CFAHA few weeks ago, I reported that most seniors on Medicare tend to stick to the plan they initially chose even though as the years go by they might be able to get a cheaper model by junking the old one. Medicare beneficiaries are more like bank customers than car buyers, it seems. Once they choose a plan—whether it’s a traditional Medigap policy or one of the new Medicare Advantage (MA) plans—they keep it.

A study from the National Bureau of Economic Research, a private, nonprofit research organization, checked out this phenomenon and concluded that if seniors stayed in a plan they could end up paying ten percent more in premiums than if they switched to a newer plan. New plans often have cheaper premiums because health insurance sellers—engaging in a kind of bait and switch—entice shoppers with low price tags and then as they get older and sicker and have medical claims, the premiums go up. Still, people hang on to what they have.

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Understanding Social Security & Medicare (Major Changes in 2012) Justin Usher

September 14th, 2012 | 0

Medicare&SS;Social Security marked its 76th anniversary on August 14, 2011. The Social Security program was established to provide the base of financial protection for working people and their families when earnings are lost due to retirement, disability, or death. In addition to the worker’s benefit, Social Security benefits may be paid to the spouses and children of workers. Benefits are an earned right, and they maintain their value with automatic annual cost-of-living increases.

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