There is a great deal of misunderstanding and confusion costing medicare beneficiaries a lot of money. These people are generally living on fixed incomes and tight budgets. Each time I meet with someone I have three main objectives:
- To save my clients as much money as possible.
- To get my clients as many benefits as possible.
- To ensure my clients are taking advantage of any savings programs for which they are eligible.
Every person's needs and preferences are unique and many factors must be taken into account before making a recommendation. However, nearly everyone I meet with is either spending more than they need to, getting less benefits than they could (at no added cost), and/or missing out on assistance available to them.
For example: Many people have Medicare supplements (also known as Medi-gap plans), for which they pay a monthly premium. These plans cover the beneficiaries' share of cost (the 20% portion Medicare doesn't pay for hospital and medical services). The most popular supplements are Plans G and F. All supplements of the same letter are the same no matter which company they are purchased from. A G-Plan is a G-Plan whether you get it from AARP, Humana, Aetna, Mutual of Omaha, BCBS, etc. The only difference is the premium you pay. It seldom happens that I cannot find the same supplement plan for a client at a significantly reduced premium than what they are currently paying.
Just last week I met with a lady whose G-Plan was costing her $186/month. Being an independent agent appointed with a number of carriers, I ran some quotes and found that she could get the same plan for $116/month (if she could withstand some qualifying health questions). She also had a stand alone Part D prescription drug plan costing $78.50/month. With that plan her specific drugs were going to cost an estimated $1,195.00 for 2019. I ran quotes for drug plans and found another that would cost only $14.50/month with an estimated annual total of $198 for drugs -- a savings of $1,765.00. These two simple changes would save this individual a whopping $2,605.00 in 2019 alone.
Another common scenario is people who are happy with a Medicare Advantage plan and think that because they are either paying a low premium, even as low as $0, that they wouldn't benefit from looking into anything else. But even in cases like this it is common, almost routine, to find out there are many more benefits or savings available in a different plan. These plans are continually changing and new enhancements are being added every year. When it comes to Medicare Advantage plans, it pays to explore your options each and every year to ensure you are getting the most benefits keeping as much money in your pocket as possible.
Lastly, I can't stress enough the importance of making sure you are receiving any assistance for which you are eligible. The assistance programs available can go a long way toward minimizing (or, in some cases, eliminating), out-of-pocket costs to those who quality, and applying is quick and easy. I routinely ask a few painless questions to determine whether or not individuals might be eligible and if they have a shot I help them apply. Many people have been relieved of the financial burden of paying their Part B premiums, doctor copays, Part D premiums/deductibles after meeting with me. Not everyone who applies will be approved, but I guarantee you those who DON'T apply won't.
To sum it up, do yourself a favor and talk to an agent before December 7. The savings and peace of mind you receive could be well worth your time.