The annual Medicare pen enrollment period begins Oct. 15 and ends Dec. 7 with an effective coverage date of January 1st, 2016. If you miss this window, you’ll need to wait another year to get a better plan or at least know that you have the best plan you’re your health).
Whether you (or a loved one) have been covered by Medicare, it is a great time to reevaluate features of your policy to see if you are getting the best coverage at the best price for your Medicare Part C (advantage) and D (prescription) plans.
Although I do not personally deal with Medicare plans, it has been said that 95% of people overspend. Most people tend to buy based on getting the lowest premium and overlook the benefits they actually use (which tends to change over time as their health and prescription changes). The full cost of the plan needs to be evaluated. The full cost is comprised of premiums, deductibles, co-payments and co-insurance.
Your Medicare insurance check-up should absolutely not be missed is major health conditions have been diagnosed, new prescriptions, your out-of-pocket costs have been rising, you’ve moved, changed health care providers or their customer service has been underwhelming.
You can start to learn what plans are available to you (based on where you live) on Medicare.gov. prescription coverage specifications and what health providers are in the network. You can also call 800-MEDICARE 24/7 – and have your list of medications, doctors, hospitals and other current health care providers ready to discuss. Eldercare.gov is another good resource for Medicare consultations and education. I also suggest using an independent Medicare broker who works with a number of plans in your area vs. an agent that works for just one insurer. The more independent they are, the better.
I suggest doing all of this sooner rather than later as they will get busier the closer the deadline gets as procrastinators finally wake up.
If nothing else, reevaluating your Medicare cover will tell you if the choice you’ve already made is the right choice for your current circumstances.
all the best… Mark
PS – If you live near Alpharetta, I am doing a seminar about Social Security income planning (filing strategies, taxation of benefits, etc.) tomorrow Saturday Sept 26.
It will be held at the new downtown Alpharetta Library at 10:30 am. It’s free to the public and will last about an hour.