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Medicare Advantage Insurance plans can be confusing. How can families choose the proper plan - Essay Example
With the provisions of the 1997 Balanced Budget Act concerning Medicare, Health Care Financing Administration was directed to offer options involving provider-sponsored organizations, preferred-provider organizations and private fee-for-service plans. This sought the creation of the section of Medicare called Medicare+Choice, commonly known as Medicare Part C…
330), and it introduced the concept of geography as an important factor in determining the correct health care plan. Much research has been done in the area of choice of the appropriate plans, as they illustrate the difficulty of choosing and the tendency to focus on easily available, invariant components of prices (Kling et al.). There are several examples, such as the research made by Choi et al, when fund fees weren't minimized in an experiment using mutual funds prospectuses. A research performed by Kling et al. showed that the majority of seniors are not particularly well informed about drug plans or particularly diligent users of information sources but was content with their costly choices. In their comparison group, more than 70 percent underestimated their potential savings. This clearly shows the necessity of clearly presenting information and rationally choosing the appropriate program to fit the needs of the customer.
It is difficult to decide the most appropriate program that will balance the Medicare copayments with the person's own financial state. However, there are certain principles that can be followed to assure that an appropriate aspect of Medicare to be chosen. ...