Many of the over-65 retirees have maintained greater economic flexibility than those affected by redundancies while still trying to make savings. This makes seniors a very popular market for many industries. In fact, today’s senior marketing is the fastest growing segment of marketing.
In sharp contrast, Medicare is one of the biggest marketing failures that can have seriously harmful complications for those over 65. With multiple parts, two deductibles, partial coverage (just 80 percent) for doctors’ services, no coverage at times (such as when traveling outside the US), and no compensation when doctors levy over what Medicare to pay, Medicare is a maze of contradictions. How do seniors calculate and plan their health care costs?
In fact, both people under 65 and 65 years of age often find Medicare unclear, and some just give in to confusion. It is a sad comment on the “information age” that we have not explained the coverage of Medicare in such a way that many seniors can anticipate their estimated health costs and plan accordingly.
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Private insurers who market Medigap insurance must at least partially explain to Medicare that they must prove their plans to protect the elderly from all healthcare costs that Medicare will not cover. For many, private insurance companies are discussing Medicare in a more direct and understandable way to give seniors a better and general understanding of where the holes in Medicare’s coverage put them at risk. The risk is real, because too many medical and hospital bills consume retirement plans and force seniors to lower their standard of living. Healthcare costs may be of primary concern to many seniors as their need for health care increases with age and health care prices are increasingly out of control.
A Medicare supplement can reduce seniors’ medical bills.
With existing Medicare benefits in jeopardy (Medicare has been extended beyond its predicted bust in just eight years), baby boomers and senior citizens are exploring alternatives, such as Medicare Advantage plans and Medicare Supplement plans.
In view of the new health laws, Advantage plans are beginning to lose their subsidies. These plans are expected to become more expensive as government subsidies decline. Medigap insurance, often called Medicare Supplement insurance, is a viable alternative. With 10 different plans, each one fills in the gaps in Medicare in a slightly different way, leaving seniors free to choose only the benefits they need without paying for extras. Medigap plans cover Medicare deductibles for Part A and Part B to make more affordable to see the doctor and go to the hospital if need be. These plans may also cover Medicare’s co-pay and co-insurance costs, and certain plans extend Medicare’s coverage to services that go beyond Original Medicare, for instance, emergency medical care if you are not in the country.
Confusion over Medicare has not made seniors ready for health care cost. Although millions are now enrolled in Medicare to pay for their healthcare, many remain vulnerable because they lack the understanding of the intricacies of the Medicare system.