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The National Automobile Dealers Association has created a new leadership position, with many executives changing positions.
When you reach 65 and become eligible for Medicare, you will be faced with an important decision. Should you enroll in traditional Medicare with a Medigap supplement, or should you choose Medicare Advantage?
A new report prepared by the Employee Benefit Research Institute can help.
Don’t base your decision on television ads. For example, you will see many ads for Medicare Advantage and almost none for traditional Medicare. Insurance agents receive higher commissions for Medicare Advantage options; that is a bias you should be aware of.
The EBRI report estimates that a couple enrolled in traditional Medicare with a Medigap supplement will need $351,000 to have a 90% chance of covering their medical expenses in retirement. The report also indicates that a couple enrolled in a Medicare Advantage plan, run by private insurers, will need $189,000.
These cost estimates do not cover long-term care costs, assisted living costs or home health aides — none of which are covered by Medicare.
Based on these cost estimates, it appears that the Medicare Advantage option seems more cost-effective than the traditional Medicare plus Medigap option. However, you should not make a decision based only on averages.
Andrew Cornelia, CEO of Mercedes-Benz High-Power Charging North America, says more EV chargers are needed to support the vehicles on the road.