Seniors, can we talk?
Have you gotten tons of mail recently? Mail about Medicare prescription plans, Medicare Advantage plans and Medicare supplement plans. Ruth and her friend, David, came in the other day and brought a stack of mail about 12 inches tall that they had received just in the last week. “Why do I need a prescription plan, if I don’t take any prescriptions?” David asked. He said he felt like he was paying a premium every month and getting nothing for it. You may feel the same way. I do understand why David feels this way. Before he decides not to enroll in a plan or to cancel his prescription plan, we talked about a couple of things. The Annual Election Period is November 15 through December 7. I asked David what he would do if his doctor told him that he needed a prescription in March and that prescription cost $388 a month? He would have missed the enrollment period and would not be able to get a prescription plan until January 2018. He would have to pay $388 a month for 10 months – that’s $3880 in 2017 for 1 prescription! In addition, Medicare would charge him a penalty. There is a penalty charged if you don’t enroll in a prescription plan when you are first eligible and then enroll later. Once this penalty is charged it continues to be charged to you every month. How can you avoid the penalty, have prescription coverage “just in case” and not pay a high premium every month? Why not enroll in the lowest premium plan that’s available? You’ll then have a plan which would avoid paying a penalty. You’ll also have a plan that can help with that $388 a month prescription. You may be thinking “I have a prescription plan now but my premium is more than the cost of my prescriptions. Since my prescriptions are all on the $4 list, I may just cancel my plan and do without one.” Before you cancel your plan, you may want to review the prescription plans available in 2017. Some prescriptions have -0- copays. Some plans have a premium less than $18. If you can enroll in a plan with -0- copays and a $18 monthly premium, won’t that cost you less than paying $4 for each of your 5 prescriptions ($20) and taking the chance of having a penalty later? Yes, there’s a lot to think about. Which prescription plan suits me the best with the prescriptions I take? Which prescription plan has a low premium so I can avoid a penalty later? REVIEW your plan. If you don’t have a prescription plan, should you? You’ve got time – until December 7. As they say on TV “what’s in your wallet?” - a prescription card or “your own plan and your credit card to pay full price”. Don’t know where to start? Call me at 501-868-6650 and say “Caroline, can we talk? Can I have a free prescription card review?”
0 Comments
|
AuthorCaroline Beauchamp specializes in personalized life and health insurance solutions. Archives
September 2023
Categories
All
|