This time of year, there’s no way to escape the never-ending onslaught of Medicare advertisements! Many of these advertisements play on the fear that you are missing out on a great deal or that your current plan is outdated. If you’ve been left feeling that way, those advertisements have worked! Let’s run through some of the most common moves that seniors make this time of year and ease some of your potential concerns.
Medicare Advantage Policyholders: Your current plan has already sent you an ANOC (Annual Notice of Change) detailing any changes your plan will make from this year to next. Review it carefully to ensure your doctors and prescriptions are still covered (remember, drugs are usually included in this plan). If you are not happy with your plan, you may look for a different Advantage plan, or you can return to Original Medicare and pursue a Medicare Supplement (you must be able to qualify). Advantage Plans have lots of rules, so make sure you are okay with all the changes being made.
Medicare Supplement Policyholders: These are the Medigap plans that work with your Original Medicare (Plan F, Plan G, etc.). Your coverage will not change from one year to the next, but your premium might. You typically don’t need to adjust your plan this time of year unless you are simply looking to lower your premium. To do that, you’ll need to qualify medically for a new insurance company. If you have health concerns, you may need to stay with your current plan. If you have a Medicare Supplement, then you probably have a PDP (RX Plan). This is your opportunity to make changes if your plan is not adequate. Review your ANOC for this policy as well. You have until December 7th to make changes to your RX plan.
Original Medicare Only: I still speak with quite a few seniors who have Medicare (Part A and Part B) only, which can be risky. Remember, you’re responsible for 20% of your bills, no matter high those bills get. If you have “Medicare Only,” you can either enroll in an Advantage plan or apply for a Medicare Supplement (must be able to qualify). Either one of these will “cap” your spending and protect you in the event of something major. Don’t forget about drug coverage. You’ll need that so you don’t get penalized.
This is an important time, but it doesn’t need to be stressful. Focus on what is important to you in your coverage. Is it monthly premium? Is it access to large networks? Is it minimal expenses? Do your homework and don’t rush into anything. Even if you’ve already made a change for next year, it’s not too late to make another adjustment. As always, our team is here to help. We’d love to assist you with anything Medicare related. You can stop by 2604 Long Prairie Road (Suite 100) or call 800-750-2407. God Bless you!
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