The Importance of Getting Reliable, Unbiased Information for Medicare Decisions

The Medicare system is complicated. That’s why it is so important to get the best information when you make your health insurance decisions.

This was underscored the other day when we reviewed some recent advice given by Dave Ramsey, a bona fide rock star in the personal finance arena. We have great respect for him, but after reading what he had to say, it reminded us that oftentimes even the so-called experts don’t understand the nuances of the Medicare system.

Medicare Advantage and Medicare Supplement

Ramsey made a false equivalency in his advice about what people should pay attention to when enrolling in Medicare.

First, let’s discuss what Medicare Advantage is before we dive in. People who have Part A (hospital) and Part B (medical) plans can join a Medicare Advantage Plan. They are provided by private companies approved by Medicare, and they must follow regulations set up by the government.

Now, let’s talk about Medicare Supplement. To quote the Medicare website, it is “extra insurance you can buy from a private health insurance company to help pay your share of out-of-pocket costs in Original Medicare.” It is not the same thing.

Ramsey implied that these two are the same, as quoted by TheStreet.com. He referred to a Medicare Advantage plan as a Medicare Supplement.

This misunderstanding shows even the experts don't always truly understand or can’t always explain the nuances between Medicare-related terms.

Getting the Most Reliable Information

We’re relaying this story not to shame Ramsey, who, as we mentioned, is a great personal finance guru. Everyone is entitled to make a mistake.

What we want to convey is that it is important to fact-check the information you see, and a great way to do that is to work with an independent insurance broker who will give you clear, unbiased information.

We have no stake in this game except helping our clients find the plan that will suit them best. Because of that, we will give you what you need to help make the most comprehensive and informed decision regarding your health insurance when you are over 65.

We’re here to answer your questions, and there are no bad questions. Get in touch with Jay today to discuss the real Medicare Advantage plan and whether it—or something else—is the best choice for you.