It’s fall – can you believe it? Leaves are changing colors and falling, cooler temperatures and the Annual Enrollment (Election) Period starts October 15. This is the time of the year when you can review and change your Medicare Prescription Plan or Medicare Advantage plan (guaranteed – you cannot be turned down). Medicare Prescription and Medicare Advantage plans change every January 1. You may think this does not apply to you – which your plan won’t change. It will. What will change? The premium, the deductible, co-pays and drugs that are covered plus the doctors and hospitals who accept your plan.
When Ruth and I had lunch last week I reminded her to start watching for her annual notice of change. Every year your Medicare Prescription or Medicare Advantage plan is required to provide you information about the changes that will take place January 1. Do not put it in your “will open later” or shred stack. Open it. Read what the changes will be in 2018 and how those changes affect you. (Reading this after January 1 is too late.) What do the changes mean to you? It may cost you more. Your premium may increase. You may have a higher deductible or you may have a deductible even though you didn’t have one this year. Your co-pays may increase. Your drugs may not be covered or may require prior authorization, have quantity limits or require step therapy. Everyone is not the same. The benefits you need may differ from those that your spouse, your friends or family members need. Why not create a personalized plan that meets your specific needs? Customize a plan around your prescriptions and your doctors. I’ve talked with people who have had the same plan for years but don’t really know how it works. Do you understand your plan? Are you taking advantage of all the benefits it offers? Are you paying the lowest, most competitive premium and co-pays? Your Medicare Supplement plan may also be increasing the premium in 2018. You may want to review your plan and the 2018 premiums, even though the Annual Enrollment Period does not apply to Medicare Supplement plans. Has your premium gotten high over the years? Is it higher than what your friends are paying? Changes may be made to your Medicare Supplement plan at any time. Your answers to the medical questions will determine what plans are available to you. Look at your options. Do not hesitate to check into your options because you might find out that there’s something more suitable for you. If you can save money by changing plans, the enrollment process is easy. Contact a qualified, certified agent to help you. Annual Enrollment counseling is available beginning October 1. Explore and learn about the 2018 plans being offered starting October 15 through December 7. Let’s talk – call me at 501-868-6650 and say “Caroline, can we talk?” And please let me know if you’re one of Ruth’s friends.
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AuthorCaroline Beauchamp specializes in personalized life and health insurance solutions. Archives
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