Most people need help picking an insurance plan.

People picked the least costly plan only 42 percent of the time according to a recent study.

I just finished reading a very interesting paper distributed by the University of Pennsylvania law school.  A marketing student from Columbia Business School gave ordinary people a basic health insurance literacy course;  told them they were buying health insurance for a family that would need a certain amount of health care per year; then offered a list of plans.

When these “average consumers” chose from a four-plan menu, only 42 percent picked the plan with the lowest rate.  When they were shown eight plans the results dropped to 21 percent.  Only two people out of ten were able to choose the plan with the lowest rate when shown eight different plans.

I was shocked by the results of this study but I also was somewhat encouraged.

I made a decision a few years ago to start this businesses helping people with the process of finding and enrolling in Medicare plans and it has been one of the best life decisions I’ve made.  It has brought me so much satisfaction and joy.  I love helping people and from what I read today people definitely need my help!

I made another decision a few months ago that I was going to take the courses for the new Health Insurance Marketplaces so that I could get certified to help people, who are not yet old enough to get Medicare insurance, with the new health plans that were created as a result of the Affordable Care Act.  I completed the courses and passed both my exams a few weeks ago.  And after reading this study I am very glad I did.  People need someone like me to help them pick the right plan.  Health insurance plans are complex and everyone has unique health concerns and priorities.  There are 21 plans being offered in October so just imagine what percentage of people will be choosing the right plan without some help.

Don’t worry.  Help is here!

If you are feeling overwhelmed with the choices of plans available this October, you are not alone.  I am here to work as your guide through this process and afterwards.   As my client, you can call me anytime with questions and each year these plans change so I will review your plan changes with you and if your needs have changed and there is a better plan available for you I will help you through the process of changing to the new plan.

If you live in Maine or New Hampshire and need help with your health insurance decision then give me a call and we’ll talk.  My phone number is (207) 370-0143 or you can contact me via email through my Contact page.  I specialize in Medicare Supplements but I also help people under 65 find and compare plans on the new Federal Health Insurance Marketplace.

Source: http://papers.ssrn.com/sol3/papers.cfm?abstract_id=2291598