Informative Masterclass
How to Protect your Family’s Assets and Leave a Lasting Legacy
Save Your Spot Now!

White Plains & New City, New York Estate Planning & Elder Law Firm

Does Your Senior Know what a Deductible Is?

October 7, 2020
David Parker, Esq.
Open enrollment mistakes
David Parker, White Plains and New City NY Estate Planning Attorney
David Parker, Esq.
David Parker is an attorney who specializes in Estate Planning and Elder Law and has been practicing law for 30 years. Be it Wills, Trusts, Powers of Attorney, Health Care Proxies, or Medicaid Planning, David provides comprehensive and caring counsel for seniors and their families. A large portion of David’s practice is asset protection strategies so that families do not lose their hard earned savings to nursing home care costs. He also handles probate administration for the settlement of estates.
At a life stage where having a clear understanding of healthcare is critical, nearly seven in 10 Medicare beneficiaries agree that Medicare insurance is confusing and difficult to understand. That’s according to a new Medicare literacy survey poll of 1,000 Medicare beneficiaries by

Many of the respondents to a new Medicare literacy survey poll of 1,000 Medicare beneficiaries by didn’t seem to understand basic insurance-related terms like deductible.

More than half (56%) of respondents incorrectly answered the question “what is a deductible?” and 69% failed to correctly define the term “coinsurance.”

McKnight’s Business Daily’s recent article entitled “Nearly 6 in 10 seniors don’t understand what a deductible is” says that other responses indicated that many older adults don’t fully understand basic Medicare coverage and potential out-of-pocket expenses.

Medicare is the federal health insurance program for:

  • People who are 65 or older
  • Some younger people with disabilities; and
  • People with End-Stage Renal Disease (permanent kidney failure requiring dialysis or a transplant, sometimes called ESRD).

Medicare gives you options in how you get your coverage. Once you enroll, you’ll need to determine the way in which you’ll get your Medicare coverage. There are two main ways: Original Medicare and Medicare Advantage.

More than 70% of respondents incorrectly believed that Medicare would tell them, if they’re not automatically enrolled.

The survey found that some seniors may approach Medicare age or even be already enrolled in Medicare, before they understand just how limited Medicare’s long-term care coverage can be.

It’s extremely important that Medicare beneficiaries – and all insurance beneficiaries– clearly understand their coverage and how it fits with their expected healthcare needs and budget.

Reference: McKnight’s Business Daily (Sep. 14, 2020) “Nearly 6 in 10 seniors don’t understand what a deductible is”


Share This Post
Stay Informed
Subscribe To Our FREE Estate Planning, Probate and Elder Law Newsletter

Book Your Free Initial Consultation With Parker Law Firm Today
Get Started Now

The 15 minute initial phone call is designed as a simple way for you to get to know us, and for our team to learn more about your unique estate planning needs.

Book an Initial Call
Book A Call With Parker Law Firm
Parker Law Firm
White Plains Location

222 Bloomingdale Rd #301,
White Plains, NY 10605

New City Location

120 North Main Street, Suite 203,
New City, NY 10956

IMS - Estate Planning and Elder Law Practice Growth Advisors
Powered by