Managers of a new, automated retirement advice site have found an opportunity in their user data: hunger for Medicare plans that suit the needs of people over 65 who move around.
Retirety Inc. is a New York-based startup that has been posting automated retirement advice tools here.
One tool can help a user choose a place to live in retirement.
Another tool can help a user decide what kind of Medicare coverage.
Geoffrey Bourne, Retirety’s founder and chief executive officer, crunched the user data for the Medicare tool’s first few months of operation, and confirmed a widely held belief about older U.S. consumers: They typically want to limit spending on any new insurance product.
Only 23% said they could spend $125 or more per month for more comprehensive health coverage.
They were also resistant to any of the strategies health plans typically use to hold down claim costs: 64% said they prefer the broadest possible choice of providers, and 56% want to be able t osee specialists without getting approval from a primary care physician.