Medicare.gov Has a New Feature
Too bad it may do more harm than good.
One huge behavioral bias is OVERCONFIDENCE BIAS. When it comes to money, the carriers and tools are intentionally attempting to give you comfort (quick! easy!) Again, I have explained that KISS (Keep It Simple, Stupid) is fine (Occam’s Razor) if and only if there the underlying, competing explanations are both correct. THAT RARELY HAPPENS WHEN IT COMES TO MONEY.
How do you like the thumbnail (no one thinks I am un-serious, but self-mocking is my gift).
What makes it worse? Good idea, incomplete and misleading execution. The frosting on top? The host is the federal government.
So what do you get?
You think it’s easy, when it is harder than you may have considered.
Website’s ‘features’ give you incomplete or incorrect answers.
Latest example? Medicare.gov now allows you to input the doctors you use. Take a look at the output? The results are totally unclear, that is the nice way of me describing it. We use it as a reference point, we confirm all the facts when we provide our guidance.
I posted this video last night: be sure to Subscribe to the Maximize Your Medicare Channel on YouTube.
Tomorrow, My Turn
You can press the link, my episode will be about Medicare Advantage, and what people will want to consider while selecting.
For the 9 trillionth time: the information is there so you know what to ask, that is not the same as actually executing. I do not recommend individuals pressing send without guidance on financial matters (that includes the easy term life insurance commercials on TV).
Medicare Advantage Controversies Answered
In some cases, the negative stories are being understated. That said, let’s be careful when vigorously attempting to hang carriers on a yard arm: have you ever heard of a boomerang??? This video is for paid subscribers, the link is below.
I Am Neutral and Even-Handed For Good Reasons
When it comes to my public comments, I am Switzerland for a very good reason. Medicare stabilizes, Medicare performs a vital function in a person’s retirement. The ripple effects touch the entire extended family. The stability provides confidence, a license to spend and enjoy whatever has been earned and saved.
The rules are complicated, this is 3-D chess, not tic-tac-toe. That people underestimate the prior paragraph is our collective fault. I cannot change the world. I can avoid throwing mud at those who are on unsure footing. There are those who are, whether you notice it or not, I do. I will tell you who they are. It’s gross, they are making you feel inadequate or inferior, because you may lack the proper information or background to ask the right questions in order to defend yourself.
"[Insert Topic] for Dummies” is a very good example. This presumes you are dumb. You are not.
That doesn’t mean that I am a wallflower without opinions.
Wanna Piss Me Off? You Got It
I am not Captain Sanctimonious atop Mount Righteousness. I refuse. Financial topics are too complicated to start, and deafening noise on top. We need philosophical and political neutrality (almost impossible but we must try) and fierce academic rigor, combined with common sense and commercial reality. The reason? All of those standards are required in order to understand the SELLERS of stuff. As part of that crowd, I am 100% certain that the sellers do not care one lick about your political affiliation. Not. One. Lick.
I’m the dreamer: that is not our world, and most days, I shake my head, full of a lot of different emotions. I have a very special place in my heart for those that spread misinformation or incomplete information, whilst clothed in robes of sanctimony.
There are many “experts” who attempt to mask being underqualified, or possess philosophical/political bias. There are plausible explanations: they may be keeping it simple because they don’t understand the actual finance (the academic topic) or how the largest financial institutions actually fight. That’s the nice version. An alternative one is that some DO understand, and are intentionally misleading, which is much worse (Fisher Investments, anyone?).
Lemme give you a couple of examples of who is out there.1