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Is Plan F a Viable Medicare Supplement Option?
Medicare Plans

Is Plan F a Viable Medicare Supplement Option?

by Garrett Ball
written by Garrett Ball

When you look over the Medigap coverage chart, which shows the standardized Medigap plans, you may notice an asterisk beside the Plan F. Most people never pay much attention to this or read the fine print below the chart to understand exactly what this signifies. Is Plan F a Viable Medicare Supplement Option?

Actually, this notation represents an entirely separate Medigap plan called the High Deductible Plan F (often referred to in shorthand as HDF).

High Deductible Plan F is a unique Medigap plan that has a large deductible of $2,200 (for 2017) that must be met before any plan benefits begin. After that deductible is satisfied, the HDF plan works like a “regular” Plan F, paying everything that Medicare does not cover at the doctor and hospital.

How Does High Deductible Plan F Work?

The HDF plan works like any standard Medigap plan in that you can go to any doctor or hospital. There are no networks on any Medigap plan, including HDF.
If you have this plan, Medicare is still your primary coverage. Medicare pays its portion of your medical bills, then you pay the remainder of the charges until you have paid out the $2,200 deductible amount. After that amount is satisfied, Medicare plus the HDF would cover your medical bills in their entirety.
Also, like with other Medigap plans, claims payments are handled automatically through the Medicare crossover system. You are not responsible for paying at the time of service. The doctor’s office or hospital would bill Medicare first and then bill you the remainder after Medicare has paid its portion.

Advantages of High Deductible Plan F

Obviously, High Deductible Plan F is best suited for someone who is in relatively good health with minimal known doctor visits or recurring or chronic medical conditions.
It does allow you to plan for your medical costs on a predictable basis because you can figure in the premium for HDF, plus the $2,200 deductible to come up with a maximum out of pocket cost that you would have in a calendar year.
The premiums for HDF are typically half the premiums of other common Medigap plans, such as Plan G or Plan N.

Downsides of High Deductible Plan F

While the premiums are lower on HDF, you are responsible for a significantly higher amount of out-of-pocket costs, so that is one downside of this plan. You are responsible for anything Medicare does not cover until you’ve met the annual deductible.
Also, you should keep in mind, if you are considering this plan, that you do have to qualify medically to change Medigap plans in most cases. So, although you may be in good health now, if that changes and you want to change plans, you may not be able to do so.
Lastly, the deductible amount, which is currently $2,200, does change annually. Whereas other Medigap plans expand to fill the Medicare “gaps” as they change, your out-of-pocket costs under the High Deductible Plan F do change over time as the deductible itself changes.
Overall, the HDF is a viable option if you are in good health and just looking to keep your premiums down. However, you should certainly take the time to understand the long-term implications of this plan or any other plan you are considering. Is Plan F a Viable Medicare Supplement Option?

Is Plan F a Viable Medicare Supplement Option?

Is Plan F a Viable Medicare Supplement Option? Is Plan F a Viable Medicare Supplement Option? Is Plan F a Viable Medicare Supplement Option? Is Plan F a Viable Medicare Supplement Option? Is Plan F a Viable Medicare Supplement Option? Is Plan F a Viable Medicare Supplement Option?

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Estate Planning

Don’t Expect Medicare to Pay for Long-Term Care

by Carol Marak
written by Carol Marak

A recent survey funded by The SCAN Foundation found close to four in 10 Americans, age 40+, believe Medicare and Social Security will pay for long-term care. The need for continuing care services and support to assist with activities of daily living will increase as the population ages. The group will require help with cooking, bathing, grooming, shopping, managing medicines, and toileting.

Thirty-eight percent of the people surveyed in the 2016 Long-term Care in America report said they will rely on Medicare to pay. Correspondingly, 35% will count on Social Security and personal savings while 32% expects to depend on investments for support. Don’t Expect Medicare to Pay for Long-Term Care

Surprisingly, only two out of 10 older adults will use Medicaid to pay for their aging needs although it ranks as the largest public payer fo LTC, according to the Kaiser Commission. The misperceptions of long-term care payment options persist among Americans, but their ability to pay increased even though many put off planning for it. How and where individuals want care remains consistent to prior years.

Key findings of misperceptions

  • Older Americans prefer to receive care at home, and they want that care provided by family. However, family members say it’s not their preference due to travel distance and prefer the loved one to live with them.
  • Other places for desired care are in a senior community (11 percent), home of a friend or family (4 percent), or a nursing home (4 percent).
  • Men prefer to receive help from a spouse, and women want help from adult children.
  • For Americans with an annual income of $50,000 or less, they will likely count on government programs like Social Security, Medicare, and Medicaid. The others who enjoy a higher income expect to rely on personal savings and investments. However, the survey indicates that three in 10 of the upper-income Americans still report reliance on Medicare to help pay for care.
  • The general public wants to see more policies to help family caregivers face the price of giving care, with 72 percent supporting state programs for paid family leave at work, 83 percent support tax breaks, and 73 percent support a Social Security earnings credit for family members time out from the workforce.
  • Four in 10 family members report having missed work to provide long-term care to a loved one.
  • Close to one-third report having done no planning for long-term care needs.

 

On the political front, Democrats and Republicans approve some proposals to help Americans prepare for the costs of long-term care. How it plays out: 80 percent of Democrats and 78 percent of Republicans favor tax breaks to boost aging care savings. Plus, over 70 percent of both parties would approve tax breaks for individuals who buy long-term care insurance.

Equally, both sides favor a portable long-term care insurance model through their employer, similar to COBRA. And Republicans (71 percent and 68 percent Democrats) would permit non-taxable funds like retirement plans and 401(k)s to pay for LTC insurance premiums.

Don’t Expect Medicare to Pay for Long-Term Care

Don’t Expect Medicare to Pay for Long-Term Care Don’t Expect Medicare to Pay for Long-Term Care Don’t Expect Medicare to Pay for Long-Term Care Don’t Expect Medicare to Pay for Long-Term Care

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Senior woman showing digital tablet to friend at table
Medicare Plans

Medicare OEP 2020: How to Make Changes to Your Medicare Advantage Plan

by My Senior Health Plan
written by My Senior Health Plan

Medicare Open Enrollment Period (OEP) 2020 will begin on January 1st. If you are enrolled in a Medicare Advantage Plan (maybe you signed up for a new plan during AEP 2020?) and wish to adjust your coverage, you may qualify to make a one-time change to your existing policy.

Medicare OEP 2020. What is it?

OEP is the Medicare election period that runs from January 1st to March 31st each year. It allows Medicare beneficiaries enrolled in Medicare Advantage Plans to:

  • Switch from one Medicare Advantage plan to another Medicare Advantage plan
  • Disenroll from a Medicare Advantage plan and return to Original Medicare, with or without a Part D drug plan

 

Note: According to Medicare.gov, the following are changes that you cannot make during OEP.

You will not be able to:

  • Switch from Original Medicare to a Medicare Advantage Plan.
  • Join a Medicare Prescription Drug Plan if you’re in Original Medicare.
  • Switch from one Medicare Prescription Drug Plan to another if you’re in Original Medicare.

 

Also, if you’re within the first three months of your Initial Enrollment Period, you have the option to

  1. Change to another Medicare Advantage Plan (with or without drug coverage) OR
  2. Go back to Original Medicare (again, with or without a drug plan)

Let’s look at an example.

During AEP, Sylvia enrolled in a Medicare Advantage Plan. The plan will activate January 1st. However, early in February, she decides she could benefit from Medicare Advantage Plan D.

Being in the OEP window and having had her existing plan since January, Sylvia can make the one-time change. Her new policy will go into effect on March 1st.

However, that’s not where Sylvia’s story ends. Her plan activates March 1st, but after a couple of weeks (and still within the OEP), she finds that the new plan isn’t a good fit for her needs.

Unfortunately, Sylvia will have to wait until October 15th when AEP begins again—unless, of course, she qualifies for Special Election Period (SEP).

What is SEP?

SEP allows seniors to make changes to their Medicare Advantage and Medicare prescription drug coverage under particular circumstances.

Examples of when you may qualify for SEP include the following.

You’re moving to a new address that affects your coverage (e.g., moving back to the States after living overseas or moving to a new address that isn’t in your existing plan’s service area).

You’re living in an area where a weather event has occurred—one that FEMA has determined as an emergency or major disaster. Due to the weather situation happening during another valid election period (e.g., AEP), you may qualify for SEP.

Additionally, the weather-related SEP is available to beneficiaries who depend on friends or family members living in the affected areas to manage their healthcare needs.

You will lose your other insurance coverage. For example, if you are no longer eligible for Medicaid, you may qualify for SEP and the opportunity to sign up for a Medicare Advantage Plan. Also, if you no longer have coverage from your employer (or union), SEP will allow you to apply for Medicare Advantage coverage.

Tapping into your Medicare resources

Medicare election periods from OEP to SEP can get complicated. However, you have access to resources—from your insurance specialist to online information (such as the Medicare.gov website). The key is to keep an eye on election period dates that apply to you, take action early and, if necessary, ask for help.

Need to adjust your Medicare Advantage coverage during OEP? The MySeniorHealthPlan.com team can answer all your questions and guide you through the process.

Call today toll free: 877.255.6273

 

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Medigap

Comparing Medicare Carriers for Supplement Plans

by Jagger Esch
written by Jagger Esch

There are many things for a Medicare Beneficiary to consider before choosing the right Medicare Supplement (Medigap) carrier for themselves. For most, they tend to look at carriers that they are familiar with to start.

While it is true that all companies that offer Medigap plans must offer the exact same 10 standardized plans, the differences from company to company can vary greatly.

Cost

Cost is the biggest factor that most Medicare Beneficiaries investigate first, and rightfully so. The reason goes back to the plans. They are regulated by law to cover the same benefits no matter the company. Therefore, cost plays such a large factor, however, it is far from the only thing to consider.

Rate Increases

Rate increases happen all the time in life, not just in insurance. Some companies such as AARP United Health Care give on average a rate increase every 6 months, while most other carriers see yearly increases.

Unlike the plans, the rate increases are not standardized, and some companies will have higher percentage increases than others. Deciding factors are the market strength of the given carrier and plan in the area, inflation, as well as other factors such as claims.

At times companies will have a rate reduction, such as United American’s reduction in Florida in 2018. This is not common but goes to show how prices can fluctuate, but on average the expectation is that the increase will happen yearly.

Customer Service

How well a company treats their customers is another important thing to consider. When calling some companies, you will end up speaking to representatives in other countries or have long wait times to get the assistance you need.

Today we are going to be discussing 3 of the larger household names that offer Medigap Plans: Aetna, Humana, and Cigna.

Aetna

Aetna is one of the largest Medigap carriers in the United States. They offer a 12-month rate lock. That means when someone elects to go with an Aetna Medigap Plan, they will not have a rate increase for at least the first 12 months of their new policy.

Since Aetna has one of the strongest market shares of Medigap offerings throughout the country, they also have on average some of the most conservative rate increases compared to many of their competitors. They are an AM Best A rated company. They also have very good customer service for their Medicare Supplement clients.

Aetna does offer other types of coverages for seniors as well such as Part D Prescription Plans, Dental Vision and Hearing Plans, Critical Illness Plans, Hospital Indemnity Plans, and even Medicare Advantage Plans.

For more information on how Aetna Medicare Supplement Plans work and to see if they are the right fit for you, click here.

Humana

Humana is another large health insurance company, and while they do offer Medigap plans, their larger focus is on the Medicare Advantage market. They are a great company but for most of the United States, their prices for Medigap Plans are not competitive.

Likewise, since their primary focus in not Medigap, they do not have a large market share of the Medigap market which generally means their rate increases will be more liberal, or higher.

Like Aetna, Humana offers other coverages that seniors can take advantage of, as mentioned earlier. One of their biggest offerings is their Medicare Advantage Plans. They do also have Dental, and Part D Prescription Plans

Click Here to find out more information on Humana Medicare Supplement offerings and how they work.

Cigna

Cigna has really established themselves as one of the most competitive Medigap carriers in the industry. Like Aetna, they offer a 12-month rate lock, as well as conservative rate increases.

Cigna is also one of the nation’s largest insurance companies, giving them some of the strongest abilities to handle the claims of their clients. This is one of the main reasons for their competitive pricing and conservative rate increases.

Cigna also offers coverages that seniors can take advantage of such as Final Expense Life Insurance, and Critical Illness Plans. Like both Aetna and Humana, they offer Part D Prescription Plans as well as Medicare Advantage, but they really shine in the Medicare Supplement field. They have great customer service as well as, an AM Best rating of A as well. Here is a great article about Cigna regarding fee-forgiving.

Medicare.gov is a great resource for seniors looking to transition into Medicare. On Medicare.gov you can find resources that will assist in figuring out which Part D Prescription Plans provides the most advantageous coverage for a Medicare Beneficiary. You can find out if your doctor accepts Medicare, as well as resources on preventive services, and much more.

Another great site to help seniors with the transition is CMS.gov. CMS or The Centers of Medicare and Medicaid Services, is the regulating body for Medicare, and Medicare plans. Here you can find the latest details about Medicare and any changes or updates to the Medicare system.

 

 

 

 

 

 

 

 

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Why Compare Part D Plans Annually?
MedicareMedicare Plans

Why Compare Part D Plans Annually?

by Garrett Ball
written by Garrett Ball

What is Medicare Prescription Drug Coverage (Part D)?

Prescription drug coverage is available to everyone who is enrolled in Part A and Part B of Medicare. You have two options for getting your Part D coverage: Why Compare Part D Plans Annually?

  • Buy a stand-alone prescription drug plan (PDP)
  • You can enroll in a Medicare Advantage Plan that already includes prescription drug coverage.

If you do not sign up for a PDP when you are first eligible, you will have to pay a penalty every year for the duration of Part D. It is also important that you be a resident in the service area of the drug plan you are planning to enroll in, as plan vary by geographic location. Why Compare Part D Plans Annually?

What is the cost for Part D coverage?

Cost is one of the most important factors in signing up for Part D. Finding the right plan can save you big bucks! Your actual costs may vary depending on:

  1. which prescription drugs you take and if they are found on your plan’s list of covered drugs (formulary);
  2. which “tier” your prescription drug is in. Prescription drugs are categorized into tiers, the lower the tier, the less expensive the drug;
  3. which plan you enroll in;
  4. how you get your drugs, i.e. in-network, out-of-network, mail order, retail pharmacy;
  5. whether you get “extra help” or not. This is a Medicare program that assists those persons with limited income and resources pay for their prescription drug costs.

Please note that plan costs may change each year, which is why it is crucial to compare your Part D plans annually.

How Do You Compare Part D Plans?

The simplest way to compare your prescription drug plan to other plans is to call Medicare
(1-800-633-4227), TTY users,1-877-486-2048. However, during busy times you may be on hold for quite a while. Another alternative is to compare the plans yourself by viewing the Medicare Plan Finder at Medicare.gov/find-a-plan TTY users, 1-877-486-2048. Here is a step-by-step guide to comparing Part D plans. And, below, there are quick and easy steps to run a comparison report:

  • Click on the Find Health and Drug Plans found halfway down the page;
  • Enter your zip code and click on Find Plans – more than one county may come up and in that case, select your county;
  • Choose one of the choices under the two questions that appear on the following page, then click Continue to Plan Results;
  • Enter your medications into the box and click on Find My Drug. A list of several drugs might appear with the various dosages. Choose the one that pertains to you;
  • When you are finished entering your medications, click on My Drug List is Complete;
  • Various pharmacies may appear – choose your preferred one. You may extend the zip code to search a greater distance;
  • Click “Continue to Plan Results”.
  • Check the box for “Prescription Drug Plans”, then click “Continue to Plan Results”.
  • On the next screen, you will see “Original Medicare” listed first. You can skip that.
  • Under “Prescription Drug Plans”, you will find a list of the plans that are available to you. They range in order from the lowest estimated annual cost, which comprises premiums, deductibles and co-pays based on the medications on your drug list at the pharmacy you selected.
  • You can select up to three plans and click “Compare Plans”. You can also just click on the plan you want more information on without comparing it to any others.
  • Once you view a comparison of the plans you have selected, you can print these plans by clicking on Print Comparison Report found under the drug coverage section halfway down the page.

 

By following the steps above and running your Part D comparison, you may be able to find a cost-effective plan that will result in substantial savings in your pocket. You will be able to see the difference between utilizing generic drugs instead of brand name drugs, as well as choosing your preferred way of buying your medications, i.e. retail pharmacy or mail order company. Why Compare Part D Plans Annually?

Why Compare Part D Plans Annually?

Why Compare Part D Plans Annually?

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Deadline for Medicare Open Enrollment Nears
Medicare Plans

Deadline for Medicare Open Enrollment Nears

by Kimberly Johnson
written by Kimberly Johnson

WITH DECEMBER 7TH DEADLINE FAST APPROACHING, easyMedicare.com OFFERS FOUR QUICK TIPS TO HELP FIND OUT IF YOUR CURRENT MEDICARE PLAN IS RIGHT FOR YOU Deadline for Medicare Open Enrollment Nears

With the deadline of December 7, 2017 just a few weeks away, there is still time for those who are eligible for Medicare to make an important decision about their healthcare during the annual open enrollment period. Deadline for Medicare Open Enrollment Nears

With more Medicare health plan options than ever, it is important for people to understand their options. Medicare consumers want to feel confident that the plan they choose will fit their needs and budget. So, what is the best way to determine whether your current Medicare plan is right for you?
Drawing on many years of Medicare enrollment experience, Anthony P. Solazzo, CEO of e-TeleQuote, explains how asking the right questions is of the utmost importance in determining which plan may be the best fit for you. Here are the four questions he says are important to ask:

  1. Has your health changed since last year? Are you taking different medications since last year? Some plans change their coverage, so it’s best to know which medications are covered for 2018.
  2. Do you have a chronic illness, such as hypertension, diabetes or heart disease? There are special health plans that offer specific benefits for these conditions that may improve your quality of care and reduce out-of-pocket costs.
  3. Are you concerned about out-of-pocket expenses or extra benefits? Some Medicare Advantage plans may cover much of your overall healthcare costs and also offer prescription drug coverage.
  4. Are your doctors and hospital part of the network? Some Medicare health plans may change provider networks, which can affect which doctors (especially specialist physicians) you may see under your benefits.

“Education based on your specific healthcare needs is the key to selecting a good Medicare health plan,” said Solazzo. “It is important to ask the right questions and to remember that each year your needs may change.”
For more information, and to download the complimentary easyMedicare.com guide, Making Sense of Medicare: The Medicare Basics, visit www.easyMedicare.com (https://www.easyMedicare.com).

About e-TeleQuote and easyMedicare

e-TeleQuote Insurance, Inc. is an independent digital insurance agency providing consumers the ability to purchase Medicare insurance from the comfort of their homes. The company diligently researches available plan options from multiple insurance carriers to help consumers choose a plan that best suits their needs. e-TeleQuote provides consumers personal consultation through experienced licensed insurance agents, who suggest plan coverage options based on a customer’s particular needs. The company proudly serves tens of thousands of consumers annually across the United States.

e-TeleQuote Insurance, Inc., earned the 446th spot on the 2017 Inc. Magazine 5000 Ranking. The company also ranked #6 in growth among all insurance sector companies nationwide. For more information about e-TeleQuote, visit https://www.etelequote.com.

Deadline for Medicare Open Enrollment Nears

Deadline for Medicare Open Enrollment Nears Deadline for Medicare Open Enrollment Nears Deadline for Medicare Open Enrollment Nears Deadline for Medicare Open Enrollment Nears Deadline for Medicare Open Enrollment Nears Deadline for Medicare Open Enrollment Nears Deadline for Medicare Open Enrollment Nears Deadline for Medicare Open Enrollment Nears

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5 Tips to Maximize Your Elderly Parent’s At Home Care
Caregiving

5 Tips to Maximize Your Elderly Parent’s At-Home-Care

by Kendall VanBlarcom
written by Kendall VanBlarcom

Anytime a child must care for their elderly parents it can be stressful for both parties.

Many people are turning to home healthcare to combat this reality. An estimated 12 million people use these services as an alternative to nursing homes. If you are using at home care or are interested in learning more, here are five things you can do to maximize your parent’s experience.

1.) Know Your Limitations

If you are going to provide at-home care for a parent, being honest with yourself about what you can and cannot do is important. Providing for another person in your home is an investment of both time and money. Your utility and grocery bills will increase. Adding things to a house to make it more comfortable for your parent can also get expensive.If your parents need help bathing and getting dressed, determine if you are comfortable helping them. Don’t forget to plan ahead, understanding that needs will change over time.

2.) At Home Care Requires Safety Precautions

Six out of every ten falls happen in the home. Falling can be a serious health concern for seniors, but there are steps which will lessen this risk. Tape down rugs and other floor coverings that pose trip hazards. For an elderly parent with mobility issues, make sure they have a cane or walker handy. Using walls to stay stable when walking is never safe. Install grab bars and rubber mats in showers and by the toilet, and make sure a panic button is accessible. Rooms should be well lit, with switches placed close to the entrance and within reach.

3.) Secure The Home

Seniors are at a higher risk for crime and financial scams than other age groups. Security has to be a top priority for the elderly.
To protect against potential scams, put your parent’s phone on the federal do not call registry. This list blocks their number from telemarketers. Sliding glass doors are a frequent target for burglars. Make sure they are secure by adding a bar that prevents them from sliding open when they are not in use. Use a hidden safe to protect important documents and cash.

4.) Know Who Comes Into the Home

If you are hiring someone to help your elderly parent, make sure you do some homework.
Get information about the company that is sending someone out. If you are hiring an individual, do a full background check and make sure they are first aid certified. Many states have agencies that regulate home care providers. Anyone you hire should be willing to show you their certifications and licenses.

5.) Maintain Their Quality of Life

Find local support groups that cater to the elderly. These groups are a great place to make friends and discuss issues that are important to elders. Many groups encourage physical activity and will go on mini-trips to local places. Mental stimulation becomes essential as the mind ages. Crossword puzzles and other hobbies will help combat boredom and keep the brain focused, especially in the cold winter months.

Get The Support You Need

For over 25 years, I have worked with thousands of clients around the world, consulting with them on ways to improve their quality of life.

Deciding in favor of at-home care can be a life-changing decision. As a licensed Marriage and Family Therapist in California, I have helped families from various backgrounds confront life’s challenges.
Right now, I am offering a special 30-minute introductory session for only $49, with a $10 discount for seniors. This session will help us learn about each other and discuss ways that my services can help you.

5 Tips to Maximize Your Elderly Parent’s At Home Care

5 Tips to Maximize Your Elderly Parent’s At Home Care 5 Tips to Maximize Your Elderly Parent’s At Home Care 5 Tips to Maximize Your Elderly Parent’s At Home Care 5 Tips to Maximize Your Elderly Parent’s At Home Care 5 Tips to Maximize Your Elderly Parent’s At Home Care

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Worried senior couple discussing over medical bills at home
Medicare Plans

Are You Ready for Medicare Open Enrollment?

by Carol Marak
written by Carol Marak

It’s Medicare open enrollment period starting October 15 and through December 7, 2019. Your chance to change coverage (Medicare plans) if you want.

Medicare Part C plans, known as Medicare Advantage plans are private health insurance plans, mainly HMOs and PPOs, for people enrolled in Medicare. If you enroll in a Medicare Advantage plan, you still have Medicare, but you get all of your Medicare-covered benefits through a private plan.

Most Medicare Advantage plans also cover prescription drugs and may cover other services, like vision, dental, and hearing. If you have Part A and Part B and are covered under the Original Medicare program, then you do not need to sign up for a Medicare Advantage plan during Open Enrollment unless you want to get your Medicare benefits through a private plan.

Medicare Advantage plans restrict the health care providers that enrollees see (provider networks) whereas beneficiaries in the Original Medicare may see any doctor that accepts Medicare, without needing prior authorization or a referral from their primary care doctor.

Start Your Research

Now is the time to research and make preliminary calls to get an idea of what changes (if any) need to be made to your Medicare coverage. Gathering information now will prevent you from making knee-jerk decisions at the end of enrollment. Here are six steps to take:

  • Become familiar with each part of Medicare, Part A, Part B, Part C, and Part D. This glossary explains terms in the Medicare program, https://www.medicare.gov/glossary/.
  • If you have a Medicare Advantage Plan (Part C), are you happy with it? Be sure to read all mail from the carrier which arrives in September and October. Look for any changes to monthly premiums, deductibles, copays and provider groups.
  • If you have a Medicare Supplemental Insurance policy (Medigap), check for any changes or monthly premium increases. Some beneficiaries switch from Medigap to a Part C (Medicare Advantage Plan) at this time of year.
  • If you’ve spent a lot of money out-of-pocket on hospital visits and doctor’s appointments because you don’t have a Supplemental insurance plan or Medicare Advantage Plan, add up expenses to know if a more coverage would help save money. Or check with Medicaid, a state Medicare Savings Program, the “Extra Help” program, or the local State Health Insurance Assistance Program (SHIP).
  • Get up-to-date information on your health status. Is your annual visit with the primary care physician coming up? Will you need to see a specialist? Make a list of all your prescription medications. If any are brand name, ask the pharmacist if there are generic equivalent. If not, ask your insurance plan Part C or Part D for an exception if the expensive brand-name medication isn’t part of the drug formulary.
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Making Changes to your Medicare During Open Enrollment
Medicare Plans

Making Changes to your Medicare During Open Enrollment

by Garrett Ball
written by Garrett Ball

The Medicare Annual Enrollment Period: How to Make Changes to Your Plans
Now that we are in October, the attention of many seniors has turned to the Medicare annual enrollment period. How could you not be thinking about it, right? The television commercials have begun, and the mailings have started piling up. Making Changes to your Medicare During Open Enrollment
During this time of year, it is important to understand exactly what changes you can make to your Medicare plans and how to go about making those changes.
Medicare Advantage Plan Changes
If you are in a Medicare Advantage plan currently, you should have received a “notice of plan changes” in late September/early October detailing exactly how your Medicare Advantage plan would be changing for 2018. This type of plan changes each year – premiums, deductibles, co-pays, networks, etc.
While it can be tempting to just toss that mail out with the rest of the “junk” you receive this time of year, it is not wise to do so. This document contains vital information about how much your plan will cost and how it will work for the following year.
It is prudent to compare your Medicare Advantage plan against other Medicare plans during the annual election period each year, which runs from October 15 to December 7. Unless you fall into a special circumstance, this is the only time that you can make changes to your existing Medicare Advantage plan. Making Changes to your Medicare During Open Enrollment
There are several ways to go about doing this. One, you can compare the plans yourself on Medicare.gov. Medicare’s website will give you at least some idea of the differences in the plan costs; however, for more detailed information, including exclusions, networks, and more, you would need to acquire plan-specific information.
The other way that you can compare Medicare Advantage plans is by using an independent broker that works for many companies, not just one specific insurance company. They can provide all the details and make recommendations based on your specific situation.
Medicare Part D Changes
The other type of plan that you should compare during the annual election period is Medicare Part D prescription drug plans. If you have traditional Medicare, you probably also have a prescription drug plan through Medicare Part D. Part D plans are sold by private insurance companies, and they can vary tremendously.
Just like with Medicare Advantage, these plans can change each year, in terms of premium, deductible and co-pays. Also, your medications may change over time. The plan that was good for you this year may not work for you as well next year.
It is absolutely critical that you don’t let the annual election period slide by without at least taking a look at your “notice of plan changes” for Part D. And, if you really want to be proactive, which is advisable, you should compare the Part D plan options online.
There is a tool on Medicare’s website (www.medicare.gov), on which you can plug in your zip code, medications and pharmacy. Then, the Medicare Plan Finder will rank all the plans in order of which ones would give you the lowest overall annual cost, based your specific situation and medications. The tool can be a little tricky to use, but here are step-by-step instructions for using it.
A Word about Medigap and the Annual Enrollment Period
Contrary to popular misconception, the annual enrollment period does not affect Medigap plans at all. These plans have an open enrollment that coincides with your 65th birthday or Medicare Part B effective date, but there is not a recurring, annual period for Medigap plans.
That said, the annual period provides a great opportunity to compare your Medigap plan to other plan options and see how your rates stack up against the rest of the marketplace.
Any time you change Medigap plans or companies you do have to answer medical questions and be “approved” medically, unless you are in one of a few states that prohibits medical questions on the application. Making Changes to your Medicare During Open Enrollment

Making Changes to your Medicare During Open Enrollment

Making Changes to your Medicare During Open Enrollment Making Changes to your Medicare During Open Enrollment Making Changes to your Medicare During Open Enrollment Making Changes to your Medicare During Open Enrollment Making Changes to your Medicare During Open Enrollment Making Changes to your Medicare During Open Enrollment

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