Medicare Maze
The Wall Street Journal, November14th, 2009
When Doug Foth, a retired accountant in Grandview, Wash., got ready to
sign up for Medicare last summer, he recruited his daughter, a human-
resources manager, to help him.
"We went through the Medicare Web site pretty thoroughly, and when
we got done, I'm not sure I knew any more than when I started," says
Mr. Foth, 68 years old. "It's very complex."
He turned to one of a handful of services that have started up, or
expanded, in the past three years to help older adults choose from a
growing number of Medicare options. He paid $150 to a new service
called Allsup Medicare Advisor to sort out the possibilities—and got
help fending off a penalty for signing up after age 65.
Tomorrow marks the start of the six-week "open enrollment" season
for Medicare, during which people who use the health-insurance program
can make changes to almost every part of their coverage (with the
exception of Part A, which is basically hospital insurance).
The addition of Medicare's prescription-drug benefit in 2006 and the
widespread loss of corporate retiree health benefits have made those
choices more complicated—and potentially more expensive—both for
current and would-be beneficiaries.
That's why more services are stepping in to offer advice. Some
charge a fee; others are free to consumers but get commissions from
insurers. Still more services, mainly supported by the government and
nonprofit groups, provide more-limited online tools or telephone
counseling at no charge.
Where to start? Read through "Medicare & You 2010," the
government's overview of the program and your primary options. (Go to medicare.gov and look under "Learn More.")
At that point, if you need help, you might want to combine free
tools with advice from a paid service. Here are some possibilities.
Read more of this article.Supplemental Medicare Insurance: work with a pre-screened insurer
to find the right Medicare Advantage program for you and your medical
needs.About Reverse Mortgages: Learn all about reverse mortgages at NewRetirement.com
Professional Financial Advisers: Find out what a financial adviser can do for you at NewRetirement.com.