Chris Prang, Medicare Insurance Broker
Chris Prang
The Medicare Analyst™
Medicare Broker Licensed in VA, AZ, CA, FL, GA, IL, MD, MI, NC, NY, OH, PA, SC, TN, TX and WA
15+ Years of Experience
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Charlottesville, VA
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About Me
14 Plus Years Of Experience
Worked With Thousands Of Medicare Beneficiaries
Licensed In 16 States
YouTube Channel: youtube.com/@themedicareanalyst
Helping you make a wise and confident decision about protecting your income, assets, savings and health with the right Medicare and Retirement insurance solutions.
"Thanks Chris for helping me sign up for my Medicare supplement and drug plan. Having the ability to watch and learn from your videos was definitely so important and helpful. Signing up over the phone and emails from Florida was very convenient. Like I said, I found that your videos and phone calls allowed me review my choices multiple times from my home." Mary T. | Dunnellon Fl.
Q&A with Chris Prang
If Medicare Supplement (Medigap) plans are better for long-term coverage, why don't more people choose them?
Answer: First, one has to define “better”. What is “better”?
• No networks.
• Less prior authorizations.
• More financial protection if something serious happens.
• Standardized...A Plan G is a Plan G no matter where you live. They don’t change from year-to-year.
After that, the main reasons why more people don’t choose them are as follows:
1. The 800# TV ads from the corrupt, publicly traded e-brokers. The ads and agents that represent these companies do not give full disclosure about ALL the options and pros and cons of each option that a Medicare beneficiary has. Unfortunately many people that have enrolled into Medicare Advantage over the last 5 years or so have little to no clue what they have and the pros and cons that go along with it.
2. Almost 20% of Medicare beneficiaries also receive Medicaid, therefore they have no need for a Medicare Supplement.
3. Many people can’t afford the escalating premiums. For those that can’t, they need to seriously consider a High-Deductible Plan G. It is “The Best Alternative To Medicare Advantage.” See here: https://youtu.be/J3g9a3-nHaQ
4. Then you have a large percentage of Medicare beneficiaries that have group retiree coverage in place of or in addition to their regular Medicare. These would include those who have retired from federal, state, and local government, as well as those in the military that have Tricare for Life.
5. Lastly, there are people that have truly weighed their options and prefer Medicare Advantage over a Medicare Supplement because of the $0 to low premiums and the extra benefits (dental, vision, etc.). And they are willing to deal with copays, networks, and annual changes. From my experience and research, the vast majority of people that have a Medicare Advantage plan are satisfied to very satisfied with their plans.
So, “better" depends on each Medicare beneficiary's specific needs, philosophy, and budget.
I hope that helps.
Regards,
Chris
If you could change one thing about the Medicare system, what would it be and why?
Answer: There are numerous things that I would change. But if I had to start with one, it would be replacing the existing Medicare Supplement options with Medicare Supplements that are based on unchanging annual deductible amounts that apply/go towards both Part A and Part B.
Presently, depending on age, there are 10-12 Medicare Supplements to choose from. But there are really only two that people pick from...the Plan G and the Plan N. And a very small percentage pick the High-Deductible G. So it's clear, Medicare doesn't need 10-12 options.
The deductible options would be something like $500, $1,000, $1,500, $2,000. These deductible amounts would never change each year like the Part A and Part B deductibles do and like the High-Deductible G does as well.
This would be much simpler and easier to understand.
What demographic challenges will Medicare face in the coming years?
Answer: Here are some demographic challenges that Medicare will face in the coming years.
1. Large influx of Baby Boomers still entering Medicare. Baby Boomers will live on average 4.2 years longer than previous generations after turning 65. This demographic shift will put pressure on not only Medicare to fund and cover their care, it will also put pressure on providers being able to meet the demand to care for a large, aging population.
2. Retirees moving from one state to another could also pose a demographic challenge for Medicare. An estimated 10-20% of retirees eventually move to another state…and most of them move to the Southeast (Florida, Georgia, South Carolina, North Carolina, and Tennessee). These states will have to deal with an influx of an aging population that will need healthcare and long-term care services. Therefore, Medicare may have to up the ante for these states and provide more funding to cover the care of Medicare beneficiaries.
3. More and more people have chronic conditions. The number of people with chronic conditions continues to increase with no stopping in sight. Get this…85% of those 65+ have at least one chronic condition, and around 60% have two or more. If the government and the citizens of the US were more proactive in taking care of their health, then this country could save not just billions of dollars, but trillions of dollars. Realize, almost all chronic conditions are avoidable and most of them are curable. And despite the flack some people give about RFK Jr. and Dr. Oz…at least they might try to do something about the epidemic of poor health in this country. There really is no excuse for it. Certainly no other administration, regardless of political party has done much to truly improve the overall healthcare of the citizens and the overall healthcare system.
Those I would say might be the top three demographic challenges Medicare will face in the coming years.
I picked the plan with the lowest premium, but now every doctor visit feels like a surprise bill. Should I have gone with a higher premium instead?
Answer: What kind of plan did you pick? A Medicare Supplement or Medicare Advantage?
I'm guessing a Medicare Advantage plan. But you've provided too little information about the plan type and your needs for anyone to truly advise you well.
Regards,
Chris
I'm turning 65 in three months but still working with employer coverage. Do I need to sign up for Medicare right now or can I wait?
Answer: If the company you works for has 20 or more employees, you generally do not need to sign up for Medicare Part B. Odds are, your Medicare Part A will start by default the month you turn 65 (unless your birthdate is the first of the month, then it starts the previous month).
If the company you work for has less than 20 employees, and they require you take Medicare Part B, then generally you should drop the employer coverage and go with full Medicare plus either a Medicare Supplement and Part D drug plan or a Medicare Advantage plan.
What you should do is compare the costs and benefits from your employer coverage to what you can get with full Medicare plus a Medicare Supplement and Part D drug plan, or a Medicare Advantage Plan. Many times full Medicare coverage is less expensive than employer coverage and offers better coverage. But sometimes it's not.
I hope that helps.
I'm on Medicare but recently declared bankruptcy due to medical bills. How will this affect my coverage and options going forward?
Answer: I've never known a bankruptcy to affect the possibility of getting coverage. Certainly it doesn't affect Original Medicare. And I've never seen on an application for a Medicare Supplement, Medicare Advantage, or Part D drug plan, any question related to bankruptcy, owing money, collections, and/or party to a lawsuit.
The only possible way I see is if you defrauded Medicare or an insurance company.
I hope that helps.
I signed up for a Medicare Advantage HMO, and I'm wondering if I can see a cardiologist out of network without paying everything myself.
Answer: Not likely.
You would need your HMO to be a true POS (Point Of Service) HMO that allows you to see out-of-network providers and still have some coverage.
Or, if your HMO doesn't happen to have a cardiologist in the network, then you might be able to get an exception to see an out-of-network one and be covered. This would take a prior approval/authorization from the HMO company.
Or, if your PCP recommends/refers a cardiologist that is out-of-network, and they are willing to go to bat for you and get the insurance company to get that cardiologist approved.
I hope that helps.
Regards,
Chris (The Medicare Analyst)