Seniors, Can We Talk?
Ruth and several of her friends have called about the Medicare Annual Enrollment (Election) Period that started October 15 and ends December 7. Here are some of their questions and/or concerns - you may be thinking the same thing. Susie said several of her prescriptions have changed and wondered if there is a cheaper plan for her in 2019. She gave me her list of prescriptions, the dosage she takes, the quantity she gets and the pharmacy she uses. Based on her prescription information, we reviewed the 26 different Medicare prescription plans available to her. Susie can change prescription plans and save $457 in 2019 compared to what she would have spent, if she kept her current plan. She’s thrilled. Jamie wanted to talk about her prescription plan and wanted to look at a dental plan. Based on the prescription information that she gave me, her current plan will be the lowest cost (premium + deductible + copays) for her in 2019. We then talked about dental plans. Currently Jamie does not have dental insurance; she writes a check for all dental bills. It really got her attention when she wrote checks for over $4000 to her dentist this year– paying not only for checkups 2 times a year, x-rays 1 time a year plus the expensive stuff like root canals and crowns. There are some new dental plans available in 2019 and Jamie decided to enroll in one with more benefits (wishing all along that she’d enrolled last year). My cousin Mike called kinda complaining about the cost of his Medicare Supplement plan. He liked the coverage and didn’t want to change plans but did not like the premium increase. I reminded him that this enrollment period does not include Medicare Supplements and that he can look at and change Medicare Supplement plans anytime. He must answer medical questions and he may be accepted or denied coverage. We talked about his medical history, I checked with a few companies then he decided to apply and try to reduce his monthly premium (nothing to lose). Boy, was he happy when he found out that he was accepted and will be saving about $50 a month for the same plan! Now Jo is another story. Jo has never had a Medicare prescription plan and she’s 81. She’s never taken any prescriptions so she never enrolled; she didn’t think she needed one. Jo just went to the doctor and now has 3 prescriptions – ouch! We found a plan that will help her with her 3 prescriptions and she’s happy with that. But, she will have to pay a late enrollment penalty for every month she could have had a prescription plan and did not. There is no way for her to avoid this penalty and Medicare will determine the amount of the penalty. What’s your story? Review your prescription plan? Medicare Advantage plan? Update or get a dental plan? Call me at 501-868-6650 and say “Caroline, can we talk?
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AuthorCaroline Beauchamp specializes in personalized life and health insurance solutions. Archives
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