Medicare Advantage Enrollment Doubled in Past Decade | HME Business
Twenty-six million people are enrolled in a Medicare Advantage plan. That’s about twice the number of enrollees compared to a decade ago, and experts expect that number to go up by 50% in the next ten years. Medicare Advantage plans work by consolidating or bundling together the points of contact you might have for administrative issues, like billing, with a single provider. The alternative is to communicate separately with Medicare, a third-party health insurance provider, and a third-party prescription drug coverage provider. PERACare health care plans for enrollees 65 and older are Medicare Advantage plans.
Leaving a job gives you options with your retirement accounts. You can leave the money where it is or roll it over to an individual retirement account (IRA) or to another employer’s retirement savings plan. You can also take money out of the account, though if you aren’t at retirement age yet, there’s a penalty if you do so. This study examined what people do when they leave a job, whether for retirement or for another job. Some findings include:
- Those with lower household incomes were more likely to withdraw all of their savings compared to those with higher household incomes.
- Those with high level of credit card debt were more likely to withdraw their retirement savings.
Before COVID-19, half of Medicare beneficiaries said their health care provider did not offer telehealth services. Today, only about one in ten say they don’t have access. This increased opportunity coupled with the increased incentive to use it has led to a boom in telehealth consultations. The number of people seeing their doctor on their phone or computer nearly tripled last year. Six in ten people who regularly saw their doctor had a telehealth visit.
Retirees often receive this budget-minded advice: review your health care options every year. Why? Health needs change from year to year. The plan you’re on can change from year to year. And there might be new plans available. For all these reasons, it’s a good idea to review the options available in light of your current health care needs. Doing so can not only save you money, but also help ensure you have the type of coverage that works best for your needs. While this is not new advice, more than half of people don’t review their coverage during the open enrollment period.
News You Should Know is a digest of news from publications around the nation about finance, investing, and retirement.