Why does it seem that Medicare coverage and its supporting products are so difficult to understand? Because it just is…There are a lot of options out there – different types of policies and which one will work best for you? There are Medicare Supplement polices, Part D for prescription drugs and Medicare Advantage policies, also known as Part C. So what would best fit your needs?
First off, to obtain a Medicare Supplement policy (which generally pays the 20% that Medicare does not pay for services) or a Medicare Advantage (which may require that you use a certain network of providers and combines the medical and prescription drug coverage into one plan), you must have Medicare Part A and B. You may purchase a prescription drug (Part D) with just Medicare Part A. There are many options with Medicare Supplement and Medicare Advantage policies. So how do you figure out what plan would benefit you most.
I would encourage all retirees to meet with a licensed insurance professional each Open Enrollment Period, which falls on October 15th – December 7th each year. Some insurance agencies hold informational meetings to help outline the differences in each plan. Your health needs could change from year to year. One year, you may find that you need only basic coverage. Throughout the next year, your healthcare requirements increase and you see that adding additional coverage is necessary. An insurance professional can work with you, looking up the tiers your medication falls in on the drug formularies published by insurance carriers or help you find participating providers in a Medicare Advantage HMO or PPO.
With the Medicare Annual Open Enrollment Period being half over, it is time to reassess your Medicare Supplement, Advantage or Part D coverage. We will be having meetings through the end of the Open Enrollment Period at our office. The dates are listed below. If you can’t make one of the meetings, please do not hesitate to give us a call. We will be more than happy to arrange an appointment at our office or in your home, at your convenience.
You deserve the chance to weigh all options and make the best decision for you…let us help you do that!