Seniors, can we talk?
Ruth and her friend, Betty, both got new glasses and just in time to read about their Medicare plan changes. Yes, it’s here! The annual enrollment period from October 15 to December 7 when you can change your Medicare prescription plan and/or Medicare Advantage plan. Ruth received her annual notice of change letter about her prescription plan and her friend, Betty, received her annual notice of change letter about her Medicare advantage plan. All Medicare Prescription and Medicare Advantage plans will change January 1. The day Betty received her letter she called her agent. Her Medicare Advantage plan is terminating December 31 and she’s got to get another plan. Betty’s agent represents several companies and talked with her about options. Betty was relieved that any option she chooses is guaranteed – no medical questions will be asked and she cannot be turned down. She can enroll in another Medicare Advantage plan that includes or does not include prescription coverage or a Medicare Supplement plan and a Prescription plan. She is guaranteed to get a Medicare Supplement plan since her Medicare Advantage plan ends December 31. Years ago Betty had a Medicare Supplement plan then enrolled in a Medicare Advantage plan because the premium was lower. She has more medical issues now and more doctor visits. Since she has a copay every time she goes to the doctor, medical expenses are adding up. Betty’s doctor has recommended a procedure which may result in surgery. Since her costs could reach $6700, she has not had it done. Betty just cannot pay that. Even though her premium would be more, she considered a Medicare Supplement policy last year because it would reduce her medical costs. Due to her medical history, she was turned down. Since her Medicare Advantage plan is terminating, she can enroll in a Medicare Supplement plan - guaranteed. Before jumping into anything, Betty checked to find out what Medicare Advantage plans her doctors accept. Betty found one plan that all her doctors and her hospital accept and the premium fits in her budget. If Betty enrolls in a Medicare Supplement plan, any provider (doctor or hospital) that accepts Medicare has to accept her plan. Her premium will be more but her out of pocket expenses will be less or even -0-. Betty could have her testing and even surgery at -0- cost to her. No more unexpected medical bills in exchange for a higher premium. Does the premium fit in her budget? Betty has to decide if she wants to take advantage of this guaranteed issue opportunity. Whether Betty enrolls in another Medicare Advantage plan with or without drug coverage or a Medicare Supplement plan and a prescription plan, she is reviewing prescription benefits. Betty is making a list of medication she takes on a regular basis to give her agent to review. If I can help you, too, call me at 870-523-6771 and say “Caroline, can we talk?”or call and ask for “the insurance lady”. Originally Published October 2014
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AuthorCaroline Beauchamp specializes in personalized life and health insurance solutions. Archives
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