Not being informed of your options and entitlements under Medicare is financially foolish and could potentially jeopardize your health and your wallet.
Medicare can be overwhelming and, consequently, many people simply choose whatever plan their friends or neighbors have. However, this follow-the-leader technique of making such a critical decision is a big mistake. Would you take the same prescriptions your neighbors are taking without seeing your doctor? Of course not! You would want a doctor to assess your specific needs and write prescriptions designed to treat your symptoms. Choosing a Medicare plan for yourself is no different than that.
Annual Election Period (AEP) is from October 15 to December 7, and during this time most Medicare recipients can change plans. This is a great time to make an appointment with an insurance representative to learn about your options. A knowledgeable insurance agent can break down the basics of Medicare for you and explain in simple terms the difference between the variety of choices and, most importantly, help you find the best option to suit your particular set of needs and desires.
In the same way that each person's needs are different, each county offers different plans as well. Just because your friend has a plan that sounds perfect for you doesn't mean that plan is available to you in your area. A licensed agent with a working knowledge of Medicare can take all the confusion out of the process and make the otherwise overwhelming task of choosing the right plan simple and painless.
Should I get an advantage plan or a supplement? What's the difference between a PPO, PFFS, or HMO? What's a SNP? Why doesn't my sister pay anything for her plan but they take money out of my check every month? Are supplements and medigap plans the same thing? Should I get an F-plan or a G-plan? What's the "doughnut hole" anyway? I'm healthy so why shouldn't I just stick with original Medicare and get something else later if things change? I'm on a fixed income and I can't afford any of this, what can I do? What if I travel a lot and need coverage while I'm away?
These are just a few of the questions I hear that demonstrate the confusion and panic surrounding this subject. So, what can you do? Well, you can talk to an honest agent who can, simply by asking a few questions about your health, finances, and preferences, give you a list of plans or options suited for you and explain the features and benefits of each. This will make it easy for you to narrow your options and make a decision you can feel good about.
Life is busy and setting aside time to meet with someone during this AEP window might be challenging, especially with holidays on the horizon. But having an annual review of your health care coverage can pay off in many ways for the rest of the year. Medicare, advantage plans, supplements, costs, coverage, participating physicians, network pharmacies, plan ratings, etc. change every year so be sure to schedule an appointment with your agent and make an informed decision for yourself this AEP.
If you have any questions feel free to leave a comment or send me a message. I'm happy to help in any way I can.