Insurance Policy Comparison

The share of fee-for-service Medicare enrollees choosing a Medicare Supplement plan rose to 41.4% in 2022, increasing for the fifth consecutive year. These are among the findings of a recent AHIP report that examines trends in Medicare Supplement insurance and highlights the benefits these policies bring to 14 million seniors and people with disabilities. “Medicare Supplement coverage protects the health and financial security of over 14 million seniors,” said Mike Tuffin, AHIP President and CEO. “Medicare Supplemental policies are a proven and trusted coverage option that protect beneficiaries from high out-of-pocket costs.” The new report describes the various types of Medicare Supplement plans, demographics of who chooses to enroll in these plans, which are the fastest growing plans, and how enrollment breaks down state by state. Key takeaways from the report included: - The percentage of fee-for-service Medicare enrollees purchasing Medicare Supplement coverage grew from 35.4% to 41.4% between December 2017 and December 2022. - More than half (57%) of all fee-for-service Medicare enrollees without any additional coverage chose a Medicare Supplement plan in 2021. Fee-for-service Medicare enrollees without Medicare Supplement were 3 times more likely to have problems paying medical bills compared to enrollees with Medicare Supplement policies. - Two percent of enrollees with Medicare Supplement coverage reported having difficulty paying medical bills in the last 12 months, compared to 6% of fee-for-service Medicare enrollees without Medicare Supplement coverage. - A majority of Medicare Supplement (56%) policyholders are women, while 41% are 75 years old or older. - A significant percentage of Medicare Supplement enrollees are people with lower incomes. For example, 21% have incomes below $30,000.

Concerns about healthcare costs... As well as health, generally, and the uncertainty of it, is one of the top concerns we here from investors nearing or in retirement. Medicare is critical to this equation. Demystifying it and breaking Medicare into parts is step one. In this primer, Chris Kawashima CFP®, ChFC, CWS, EA, CEP on my team introduces Medicare options, including plan types and policies. One key piece of perspective, I think, is understanding the differences between #Medigap (Medicare Supplemental Insurance), which fills "gaps" in original Medicare with 10 standardized Medigap plans labeled Plan A through Plan N with varying degrees of coverage, and #MedicareAdvantage Plans (Medicare Part C), alternative private insurance options to original Medicare offered by medical networks and centralized care. Medicare Advantage is what we see in celebrity television commercials and advertisements, since it's private care. It can make sense for many individuals, if they're willing to use a narrower network of providers with limits on doctors or services out of network. But it's helpful to know the differences. And Original Medicare with a Medigap Plan and a Medicare Prescription Drug Plan (Part D) is still a powerful combination for retirees. Link to the article, Demystifying Medicare for Retirement https://lnkd.in/gpV56CSA

🇺🇸 CONFUSED about TRICARE, VA Health Care, and Medicare once you retire from the military? You are NOT alone. Here’s a simple breakdown many veterans and military retirees wish they had sooner 👇 🎖️ **TRICARE Retiree Coverage** Military retirees can keep TRICARE after retirement, but your coverage may change based on age and Medicare eligibility. 💡 Before age 65: Many retirees use: • TRICARE Prime • TRICARE Select • VA Health Care (if eligible) 📌 TRICARE can help cover civilian care, prescriptions, specialists, and family coverage depending on your plan. Reference: tricare.mil 🇺🇸 **VA Health Care Benefits** VA health care is separate from TRICARE. You may qualify for: ✔️ Service-connected care ✔️ Prescriptions ✔️ Specialty care ✔️ Mental health services ✔️ Hearing aids, prosthetics, and more ⚠️ Important: VA care usually works inside the VA system and is not traditional insurance. Many retirees use BOTH: • VA Health Care AND • TRICARE Reference: va.gov/health-care 🩺 **What Happens at Age 65?** Most military retirees become eligible for Medicare at 65. To keep TRICARE coverage, many retirees must: ✔️ Enroll in Medicare Part A ✔️ Enroll in Medicare Part B Once enrolled, you typically move to: 🇺🇸 TRICARE For Life (TFL) Reference: https://lnkd.in/eituh37v 💥 **How TRICARE For Life Works** For many retirees: 1️⃣ Medicare pays first 2️⃣ TRICARE For Life pays second This can lower out-of-pocket costs significantly for eligible retirees. 💰 📌 Many veterans ALSO continue using VA health care alongside Medicare and TRICARE For Life depending on their needs. Reference: medicare.gov va.gov tricare.mil ⚠️ Every veteran’s situation is different based on: • Retirement status • Disability ratings • Medicare enrollment • Family coverage • Location and providers Always verify your personal eligibility directly with TRICARE, VA, or Medicare representatives. 🇺🇸 Not paid for. Just sharing information to help veterans and military families better understand their earned benefits. #Veterans #MilitaryRetiree #TRICARE #TRICAREForLife #Medicare #VABenefits #VeteranBenefits #MilitaryFamilies #RetiredMilitary #VAHealthcare #VeteranSupport #MilitaryCommunity #DisabledVeteran #BenefitsMatter #MilitaryLife #VeteransHelpingVeterans #HealthcareBenefits #VeteranCare #USA #LinkedInTips

70% of Indians don’t have health insurance. And most of them are over 50, basically parents and grandparents. As age increases, health issues become more common and sadly, In India, private hospitals are usually the only option for fast, quality care. But it's expensive, medical inflation is 14% that means medical costs doubles every 5 years.   One big medical emergency can wipe out years of savings. That’s why parents need a minimum health cover of 30–40 lakhs. In fact, last year IRDAI removed the age cap, after which a lot of insurers started offering comprehensive covers to senior citizens.   (though it’s still up to each insurer to decide on a case-by-case basis) Now I know, premiums after 50 are very expensive.   But here's how you can make it affordable—  1. Buy base insurance + super top → Take an example for a 60-year-old parent:  → Base plan of 10 lakhs → costs around ₹30–40k per year  → Add a 30-lakh super top-up → costs about ₹30k → Total 40 lakh total cover for 70–80k per year. For senior citizens, that’s actually a pretty good deal. Here are some of the best policies to check: -Aditya Birla Activ One  -HDFC Ergo Optima secure  -ICICI Lombard elevate 2. For parents with any major health issue due to which they are not getting comprehensive health insurance then you can buy senior citizen specific health insurance.  Here are some of the best policies to check: -Manipal Cigna prime senior (elite) -Niva Bupa senior first (platinum)  -Aditya Birla activ care 3. For those above 70, get a Ayushman Senior Citizen Card as backup. It offers ₹5 lakh cover irrespective of income. Trust me, if you’re in your 20s or 30s, this is one of the best gifts you can give your parents. Have you checked their cover yet? #insurance #finance

Very interesting and important study by the Financial Conduct Authority on the association between the ethnicity makeup of local areas and motor insurance prices. Three reasons why the analysis should *not* be read as “move along folks, nothing to see here.” 👉 First, the study shows that prices are largely driven by expected claims costs (ECC). This is reassuring, in the sense that the opposite would be rather alarming. Still, the dominant effect of costs on prices does not tell us much about discrimination. We know that predictive models, used to evaluate expected costs, generally suffer from proxy discrimination, inherently (and unintentionally) inferring protected characteristics such as ethnicity from other covariates. We have shown empirically that such effects are real and material, especially when focusing on sub-populations (e.g. younger drivers - see plot below and link to the full study in the comments). So, the control the study uses is itself potentially contaminated with discriminatory effects. 👉 Second, after controlling for ECC, there is a statistically significant residual effect of ethnicity on prices. It is small but not trivial: a 20% increase in the percentage of the non-white population corresponds to a 3.6% increase in price. Where does this come from? Hard to say. But we do know that the deviation of prices charged to customers from expected costs are often driven by insurers’ modelling of policyholders’ demand elasticity. It is plausible that proxy effects enter this part of the premium calculation process. We have developed a measure of discrimination that specifically focuses on the deviation between prices and costs (link in comments). 👉 Third, when not controlling for ECC, the impact of ethnicity on prices is very high - this was also the point of the original Citizens Advice studies. We have argued in the past that demographic parity is not a realistic or desirable target in a private insurance market. But given the size of the ethnicity effect and its implications for financial inclusion, it’s hard not so see it as a problem in its own right. We will return with a technical note getting into more depth and propose some solutions. Relevant literature in the first comment. Ronald Richman Mathias Millberg Lindholm

How Insurance Premiums Are Really Calculated One of the most common questions in insurance is, “Why am I paying more than someone else for similar coverage?” The answer lies in risk—not randomness. Insurance premiums are not determined by guesswork. They are calculated using actuarial science, statistical analysis, historical claims experience, and predictive models designed to estimate the likelihood and cost of future losses. The objective is simple: charge a premium that reflects the expected risk while ensuring the insurer remains financially capable of paying future claims. Here are some of the key factors that influence your premium: 🔹 Individual Risk Profile – Age, claims history, driving record, occupation, property characteristics, and other risk factors help insurers estimate the probability of a future claim. 🔹 Historical Claims Data – Actuaries analyze years of claims data to identify trends and calculate expected losses. These insights form the foundation of insurance pricing. 🔹 Coverage & Deductibles – Higher policy limits and lower deductibles generally result in higher premiums because the insurer assumes greater financial responsibility. 🔹 Location & Exposure – Crime rates, weather events, flood zones, wildfire exposure, traffic density, and local repair costs all influence the likelihood and severity of claims. 🔹 Economic Conditions – Inflation affects vehicle repairs, construction materials, medical costs, and labour expenses. As claim costs increase, insurers often need to adjust premiums to maintain pricing adequacy. OECD analysis has shown that elevated inflation contributed to higher claims costs and underwriting pressure across many non-life insurance markets. 🔹 Reinsurance Costs – Insurers also purchase insurance for themselves through reinsurance. When catastrophic losses increase globally, reinsurance becomes more expensive, which can ultimately influence policy pricing. Did You Know? According to OECD data, claims payments and operating expenses increased faster than premiums in many non-life insurance markets during recent years of high inflation, highlighting the growing challenge of maintaining sustainable pricing. Key Takeaway: Insurance premiums are a reflection of risk—not a fixed price for everyone. Behind every premium is a combination of actuarial expertise, statistical modelling, regulatory oversight, and market conditions, all working together to ensure policies remain both fair to customers and financially sustainable for insurers. The next time someone asks, “Why did my premium increase even though I didn’t make a claim?”, remember that insurance pricing reflects the overall cost of risk, not just an individual’s claims history. Sources: * OECD – Global Insurance Market Trends 2024 & 2025 * OECD – Global Insurance Market Trends 2023 * Insurance Information Institute – Insurance pricing and risk fundamentals: https://www.iii.org #Insurance #InsuranceIndustry #InsuranceProfessionals #InsuranceEducation #InsuranceLearning #RiskManagement #Underwriting #ClaimsManagement #ActuarialScience #InsurancePricing #InsurancePremium #RiskAssessment #PredictiveAnalytics #DataAnalytics #FinancialServices #InsurTech #InsuranceCareers #ProfessionalDevelopment #RiskAnalysis #Leadership

This is a letter that I sent out to thousands of my clients - in case they wish to pass it along. You may find it interesting if you're approaching Medicare age or already on Medicare. Dear Patient or parent to our patient, It is that time of the year, again, when Medicare patients or those 64 years or older are constantly barraged with phone calls, letters, and texts trying to convince you to sign up with a Medicare Replacement plan (also called Part C or Advantage plans). There is a REASON why the salespeople want you to switch. They get paid money when you do – so they have a reason to LIE to you. While we cannot legally tell you to get traditional Medicare or not to switch to the Medicare Advantage plans, we can tell you that as your doctor, I would not sign up and I would NOT encourage my own family members to sign up, for several reasons: 1. Salespeople will tell you that if you don’t like the large amounts you’re paying in copays on an Advantage plan that you can switch back to Traditional Part B and they are correct. What they don’t tell you is that if you did that, you will probably NOT be able to get back onto a secondary Medigap plan as they NO LONGER must accept you – and many will not. They must accept you when you turn 65 if you sign up with traditional. They don’t have to if you switch back from Part C to Traditional Part B. 2. The TV personalities like Kelsey Grammar and Bill Shatner and others are not telling you about the amount of copays you will have with Advantage plans when you need a surgery or cancer treatment or other therapies. That can easily get into the tens of thousands of dollars. 3. You’re probably also not being told that the Advantage plans make your doctors get a pre-approval before you are allowed to get certain tests, imaging, CT scans, MRIs, etc – and often… they are not allowing them. The Advantage plans have that while traditional Medicare patients have their doctor make the decision as to what is medically necessary. 4. Last, but not least is that many doctors no longer like having to deal with all of the pre-authorizations and delays with Medicare Advantage plans and many have opted out from them. 5. It is your call – but think about this. You trust us with your medical decisions and as your provider, we deal with all of the insurances daily. We know what we’re talking about.

Personal auto insurance premiums fading? …for the past few days, a summary of a Goldman report about autonomous vehicle has been reshared by different media I was almost ready with my usual rant calling it bu****it as many of the previous analysts’s predictions about the death of auto insurance 🤯 But something did’t sound in this summary (exactly the same words reproposed in each article 🧐)…”Goldman analysts see insurance costs declining over 50% in the next 15 years, from about $0.50 in 2025, to around $0.23 per mile in 2040”. This figures doesn’t sound with personal auto insurance 🤔 Well, I went to find the original Goldman report and the story is a bit different: - the above figure is a projection for the insurance cost of a robotaxi (who summarized the paper has used ChatGPT? 😂) - no significant reduction in personal vehicle ownership “There is a view from some investors that the proliferation of AVs will materially lower the size of the personal vehicle market […] our base case view is that this is too negative” - US light vehicle fleet (ex. commercial AVs) by autonomy level -> “Despite material advances in autonomy, we project only 0.2% of the overall US fleet will be L4 by 2030” - “despite increasing autonomy, we expect a continuation of modest real growth in auto insurance premiums for at least the next 10-15 years” - “we don’t expect the auto insurance market to shrink any time soon” 🔹”declines in accident frequency and/or car ownership at some point […] leading to a decreasing premium” ➡️”we do not expect this to happen for at least 10-15 years, and perhaps much longer” 🔸”We believe that insurance represents a long-term opportunity for auto OEMs to increase their profits from recurring services, if they can underwrite profitably” ➡️ “which we believe can be challenging for new insurance market entrant” Well, my summary: insurance is here to stay “at least 10-15 years, and perhaps much longer”…better you manage it well [mastering telematics capabilities] 👉🏻 https://lnkd.in/d4XY4cWh #iotinsobs

✅ Understanding Medicare Made Simple Are you confused about Medicare and all its "parts"? You’re not alone! Let me break it down in simple language with real-life examples. 👇 🔹 Part A (Hospital Insurance) ➡️ Covers hospital stays, nursing care, hospice, and some home health care. 🧑⚕️ Example: If you're admitted to the hospital for surgery, Part A pays for your stay. ✔️ Usually free if you’ve worked 10+ years and paid Medicare taxes. 🔹 Part B (Medical Insurance) ➡️ Covers doctor visits, outpatient care, medical supplies, preventive services. 🩺 Example: If you visit your doctor for a check-up or need X-rays, Part B helps with the costs. 💵 You pay a monthly premium (about $174.70/month in 2024). 🔹 Part C (Medicare Advantage) ➡️ An all-in-one alternative to Parts A & B, offered by private insurance companies. 🌐 Often includes vision, dental, hearing, and even gym memberships! 📌 Example: UnitedHealthcare or Humana might offer a Part C plan with extra perks. 🔹 Part D (Prescription Drug Coverage) ➡️ Helps cover the cost of prescription medications. 💊 Example: If you take insulin or blood pressure medicine, Part D helps you afford it. 📝 You choose a private drug plan based on the medications you need. 📌 Quick Recap: Part A = Hospital Part B = Doctor visits Part C = All-in-one (A + B + extras) Part D = Drugs 💡 Whether you're nearing retirement or helping a loved one, understanding Medicare is key to making smart healthcare choices. Let’s make insurance less confusing, one post at a time. 👨⚕️📘 #MedicareExplained #HealthcareSimplified #Medicare2025 #InsuranceEducation #LinkedInLearning #FinancialLiteracy #SeniorCare #MedicareMadeEasy #HealthInsuranceTips #BoomerHealth #RetirementReady

What’s going on! My wife 👰🏻 has had, and we have heard other people say that they have been given, cheaper car insurance quotes upon renewal? Just to be clear……this is not receiving a high renewal and then challenging it to get a lower quote…..this is the first renewal quote! This is unheard of I thought…? So, did a bitta’Goggling’, as one does….and established that: Comprehensive car insurance premiums in the UK fell by 16% over the past year, translating to an average decrease of £161! As of Q4/2024, the average premium stood at £834 - the most significant annual reduction in over a decade. The drop follows two years of steady increases in premiums from 2021 to 2023. The index, which is the UK’s longest-running analysis of car insurance prices, revealed that premiums have now fallen for four consecutive quarters, with price reductions of 5% in Q1 (£54), 6% in Q2 (£59), and 2% in Q3 (£27). Younger drivers saw the largest reductions in premiums over the past year. Premiums for 18-year-olds dropped by 18% (£557), bringing their average cost to £2,605. Similarly, drivers aged 20 experienced an 18% decrease (£467), with average premiums now at £2,061. Older drivers also saw reductions, but the changes were smaller. For example, drivers aged 51 recorded a 12% decrease (£97), with premiums now averaging £699. So why the decline….? Lower levels of inflation and sustained reduced motor claims frequency in 2024, allowed insurers to continue to drop rates for consumers, who have endured dramatic rises since the pandemic. Well, this is some great news….for a change! I’ll put my source in the comments but, would love to know if you’re feeling the reduction in insurance costs at your end….? ⬇️🙏