Russell Scott, Medicare Insurance Agent

Answer: I love taking seemingly complex subject matter and breaking it down into bite-size pieces for my clients. I have nearly 2 decades of experience in the Medicare space and put my expertise above nearly everyone else in the industry.

Answer: The "disadvantage" of MA plans is similar to comparing the experience of purchasing a lemon from a bad car dealer. The plans themselves generally aren't leading to a particular disadvantage in and of themselves. It's often the person who sold the plan who didn't do their job properly regarding drug formulary considerations, network limitations and setting out-of-pocket expectations for the Medicare beneficiary. MA plans are appropriate for some people and for other they're not. Just like selling someone a sedan when they really needed an SUV. It drives down the road. It has a gas pedal but it might just not do all the things that the consumer needs it to do for them.

Answer: I wish every senior would ask their broker the following questions before signing up for any insurance plan:

1. Are all of my doctors covered?

2. Are all of my medications covered and if so, is there a deductible and what tier is each drug on?

3. What happens if I have a problem? Can I call you? Tell me exactly how you will help.

Answer: Any specific disparities among seniors on Medicare should be studied and addressed. Incentivizing MA plans in certain areas to engage with and promote healthier outcomes amongst certain populations would help,

Answer: Use discernment like you would choosing a doctor, plumber or contractor. Medicare is the last health insurance you'll ever have. Choosing WHO you are working with to help guide you now and as time goes on should be of high importance. A good agent is knowledgeable and will display a passion to educate you. If you feel like you're being pressured to do something that isn't in your best interest, chances are you're right. The amount of insurance companies and plans is finite. All brokers are generally able to sell all the same thing. Pick the one that proves themself beyond just the transactional side of simply selling you a plan.

Answer: One decision that too many people make and regret later is not enrolling in a Part D benefit before they "need" it. Typically, this leads to unnecessary late enrollment penalties and possibly even a serous gap of time where you are purchasing an expensive prescription without any coverage before you can enroll in a plan. It's possible to take care of your Part D coverage for little to no premium. Consider enrolling in Part D as soon as you're eligible for Medicare. There's two times in life when you'll think about it:

1. When you're enrolling in Medicare

2. When it's too late

Answer: That's correct. The out of pocket total for covered drugs is capped at $2,000. No more donut hole!!! :)

Answer: What is the most efficient way to cover the larger out-of-pocket expenses that can come up in retirement? Examples include cancer diagnosis, extended hospital stays, short-term and long-term care.

Answer: Not necessarily. In the world of Medicare insurance options you should think of the financial side of things like this- It's "pay me now" or "pay me later" insurance. Medigap policies are generally more expensive premium-wise each month but offer less out-of-pocket exposure for the insured in terms of utilization. These are more "pay me now". MAPD plans often have low or no premiums to pay each month but might have larger out-of-pocket costs on utilization. There's no free lunch. It's pay me now or pay me later.

Answer: For people new to Medicare, I would say that they're surprised by how strong the overall coverage can be in comparison to other insurance they've had (ACA, Group Health). Many times they're able to lower their monthly costs while having stronger benefits. Pay less get more doesn't happen often but this might be one of those rare moments that life gives you.

Answer: The length of time having Medicare doesn't impact your costs on utilization. Specialist visits are billed under Part B of Medicare. There is an annual deductible as well as 20% coinsurance on Part B charges that Medicare beneficiaries are subject to pay. There are other insurance policies such as medigap plans that can help with these costs.