PHOENIX-A number of credit unions are stepping up efforts to help seniors with questions about Medicare coverage and other healthcare options.
It's needed, say CUs and CUNA Mutual, because older members have lost work and many are now without medical coverage. More senior members are seeking information about Medicare, or healthcare options to bridge the gap until they are old enough to qualify for the government-backed healthcare.
In Phoenix, the $3-billion Desert Schools FCU is seeing a great deal of interest in its Medicare seminars, reported Jason Meyers, director of public relations. "We do a series of the seminars every quarter and we are looking to expand them in 2010 due to the interest, which is definitely rising."
The seminars give members a "broad-based view" of Medicare , explain how to qualify and receive coverage, and share what other medical options are available, Meyers said. "A lot of times seniors have no idea where they stand in terms of the bigger healthcare picture."
Jeff Hunt, consumer programs manager for CUNA Mutual Group's 55+ strategic market, said due to a financial squeeze, some older members are dropping all types of insurance policies. "When you do those kinds of things you can go from having relatively little money to really being in the hole."
Solutions to address healthcare coverage issues are gap insurance, and for those who are unemployed, Hunt said more are looking at a high-deductible medical policy combined with an HSA. "This protects members from that surprise medical bill that wipes them out."
Baby Boomers are expressing greater interest in receiving healthcare products through their credit union, added Hunt. "There is a shift in the credit union mindset and they are paying more attention to some of their more senior products. This fall we signed up with 500 credit unions to bring Humana's Medicare products to the credit union space. We saw a huge interest last year when we did our Boomer member research that showed they wanted to receive these type of healthcare products through their credit union."
Humana's Medicare products include Medicare Advantage, a health insurance plan that combines a number of plans.
