Every year during open enrollment (that runs between Oct 15 – Dec 7th this year) Medicare recipients can choose to change their current plan to another plan, add Part C (all-inclusive Medicare Advantage plan) or D (prescription drug plan). Last year I wrote about the importance of comparing your Medicare supplement plans each and every year (in order to try and save money or get benefits that are more aligned with any changes in your health).
You can read my previous BLOG post here: https://www.smartfinancialplanning.com/take-advantage-medicare-open-enrollment-season/
This is not an area where I have any expertise at all! However, if you live in Georgia, I have a client who specializes in Medicare supplement and/or Advantage Plans and you should contact him or your own INDEPENDENT agent who specializes in this area (few do) to help you shop for the best deal based on your location and health. (His website and phone number are on that BLOG post).
His personal company has about 5,000 Medicare insureds. There is no cost for their advice so you have nothing to lose. During Open Enrollment there are no medical questions! Please note that I do NOT get nor want any referral fee from Keith or his firm. It’s just a resource that I know and trust.
But in this week’s post, I’ll add some info to give you more education on Part D. Part D (Prescription drug plans) premiums vary widely due to where you live and the plans available. They range in cost from $20.21 per month to $83.68 per month.
Higher income people pay even more (extra surcharges of $13/month to as much as $74.80/month depending upon your income in 2016). About 3.3 million retirees will pay some income-based surcharges (about 7% of all Medicare recipients). Just like Medicare supplement plans and Part C Advantage plans – you should shop for new Part D coverage every year – especially if you’ve added or changed prescriptions since last year.
Even without the surcharge for higher income Americans (which higher income is defined as $85,000 for single filers and $170,000 for joint filers and there are 3 income levels above those), you can see how wide the range of Part D premiums are.
If you want do this without professional help or at least get a better understanding of your options, you can go to the official Medicare government site:
https://www.medicare.gov/find-a-plan/questions/home
You can even get some FREE help from your State Insurance Dept. There are also companies which charge a fee to help you choose the right plan each year based on your changing health and changing insurance premiums, such as Goodcare and Allsup Medicare Advisor.
happy shopping… Mark