Once upon a time there were two doctors, husband and wife. Both were very accomplished
doctors in their own specialty. His specialty is oncology diagnosis and treatment of all types of cancer. Her specialty is general cardiology, adult congenital heart disease and heart failure. Get the picture? They are both very intelligent and familiar with health insurance plans. The husband is getting off a group health insurance plan and wants to enroll in a Medicare Supplement plan and Medicare Prescription plan. When he called I guided him through the initial process of enrolling in Medicare Part A and Part B. Both of these are required to enroll in a Medicare Supplement plan. After he received his red, white and blue Medicare card, he called to set up an appointment. During the call he asked if he would still have to pay the cost of Part B, after he enrolled in a Medicare Supplement plan. Yes, and then he asked about that cost of Part B. I told him the base cost for those enrolling in Part B during 2019 is $135.50. Knowing a little about their “household income”, I mentioned the “income related monthly adjustment amount (IRMAA)” which he might have to pay. I told him he didn’t need to do anything because his tax return would automatically be reviewed and he would be notified if there was an additional amount due. The letter arrived. He owns an additional amount above the $135.50 base due to his household income. When we were discussing this, he was absolutely positive this additional amount was all he owed and not the additional amount + the $135.50. I suggested that he bring his letter to our appointment and we would read it together. He did bring his letter, we did read it together and he finally understood that he owns the $135.50 base + the additional IRMAA based on his household income. Then he said “I’m a doctor, a pretty smart guy and familiar with health insurance. BUT this Medicare is really difficult to maneuver through. How do people do this on their own?” You don’t have to. Are you prepared to walk step by step through this process to find the best plan that fits you and your budget? Do you know your options? What can you afford (premium and out of pocket expenses)? What plan is right for you? Are you prepared to review your current prescription drug plan and/or Medicare Advantage plan during Open/Annual Enrollment Period? Get ready because you’ll be wading through a large amount (tons) of mail and phone solicitation starting October 1. Be prepared for the Medicare Open/Annual Enrollment Period starting October 15 through December 7. Need some guidance or step by step help as you transition from 2019 plans to 2020 plans? Call 501-868-6650 and say “Caroline, can we talk?” There is no fee or obligation, if you call. You are not the only one with your questions or concerns.
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AuthorCaroline Beauchamp specializes in personalized life and health insurance solutions. Archives
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