Insurance shopping: The naked truth

Old (maybe even true) story about two Americans abroad.

In Florence, Italy, two vacationing government workers named Charles and Jim are admiring Michelangelo’s statue of David. Many people consider it the finest piece of sculpture ever created.

Like most people, Charles is impressed with the giant marble work. He sees it as a one-of-a-kind that only Michelangelo could have done. Jim begs to differ. Just about every office has it’s Jim. He says the statue is OK, but no big deal. Charles says, “What are you talking about, it’s a masterpiece.” Nah, Jim replies. Just about anybody could do it. “You just get a nice piece of marble and chip away all the parts that don’t look like David.”

Simple, right? Well, yes, and no. And that takes us to the last couple of days of the health insurance open season.

Is it so complicated you don’t want to try, or so easy you don’t have to do anything? It’s a daunting task for some people. But those who don’t compare plans and premiums could be out several thousand dollars next year in premiums and out-of-pocket costs. More if they are hit with a catastrophic illness. Or a bus.

Feds and retirees have until close of business Monday (Dec. 14) to pick their 2016 plan. Most will do nothing which, for many, could be a mistake. Especially if they are in the high priced option of a plan that also offers a basic option that costs a lot less but does essentially the same thing.

When shopping for a health plan, the so-called wisdom-of-the-crowd concept can help. People in the group ask questions you hadn’t thought of. That’s one reason Federal News Radio had two online chats (for free) earlier in the open season. Both attracted lots of visitors with some great questions. Better yet, some great answers too mostly from Walton Francis. He’s editor of Consumers’ Checkbook Guide To Health Plans for Federal Employees and Annuitants. The seminars were sponsored by Wright and Company.

If you missed it, or participated but want to review the answers, here’s your chance. Or share this with a friend or office mate. Click here.

He’s Alive: Meantime Walt Francis is my guest this morning (10 a.m.) on our Your Turn radio show. Listen if you can and tell a friend. The hunting season clock is ticking!!

Nearly Useless Factoid

By Michael O’Connell

In 1990, Hostess introduced a Teenage Mutant Ninja Turtle Pudding Pie. The green sugar crusted pastry was filled with vanilla pudding “fresh from the sewers to you.”

Source: Epicurious

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