1st Quarter 2013 Newsletter

Thanks for visiting the Medicare Insurance Finders - 1st Quarter Newsletter. We try to find the top stories that pertain to our client base and sum them up into short stores. If you have suggestions for future articles please let us know.

Medicare Insurance Finders - 1st Quarter Newsletter

Personal Financial Health

A recent study by Bankrate.com found that less than 55% of Americans have more of an emergency fund savings than credit card debt. The actual percentages are 54% in 2012 and 52% in 2011. If you want to find a positive in this at least we are going up in our statistics.

In 2012, the only positive increase on personal finances was the average individual's net worth increased. This can largely be attributed to the increasing stock market and the comeback of Real Estate prices.

Young Americans scared of Health Insurance Jumps

A statement by Aetna Chief Executive shows that rates could go up by as much as 50% on average for individuals and possibly double for for particular groups such as the young and healthy.

Insurers are saying rates will increase for several reasons. Carriers are required to offer more extensive coverage, they will be unable to reject the sick and they can no longer charge higher premiums for older customers versus younger ones - these are the reasons the young individuals across the country could get a "Rate Shock" come 2014.

Medicare Supplements and Affordable Care Act

Most of the laws throughout the Affordable care act will not affect the Medicare Supplement Plans and Medigap plans in existence. We will see some major cuts (roughly 7%) on Medicare Advantage Plans. Some senators like John Kerry were very upset to learn that Medicare Supplements where still requiring health questions with their policies. The difference here is:

  1. Medicare Supplements are supplemental coverage or additional coverage to get close to 100% not base coverage that is needed for care.
  2. Also if you look at Connecticut where it is community rated, the rates are more than double just about every attained age state. Yes, everyone can qualify but most people can't afford the Medicare Supplement Insurance.

Older Age Doesn't' Equal Less Work

According to the US Census Bureau we are seeing 16% of individuals over the age of 65 staying in the workforce. There were 6.5 million over the age of 65 working in 2010, while in 1990 there where less than 3.8 million. The 65-69 age group saw the largest growth which is credited to the stock market crash which left a lot of seniors without the nest egg they once had. Many seniors say that working is a way to help them feel young and energized. Please feel free to reply to this post and leave your comments.

2013 Medicare Insurance Finders - 1st Quarter Newsletter

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 Providing advice on Medicare Supplements for individuals with health issues.