“Caroline, I want to talk about renewing my Medicare Supplement plan and look at the 2024 prescription plans.” When Ruth and I had lunch, I told her it’s always nice to do things early, but we need to talk.
Medicare Supplement plans, unlike Medicare Advantage plans, automatically renew every year and the benefits do not change. You don’t have to do anything to keep your policy except continue to pay the premiums. If you have a Medicare Advantage plan, it will change every January 1. You may, and should, review your plan beginning October 1. And you can make changes during the Annual Election Period October 15 through December 7. Then the question was “what is the difference in a Medicare Supplement plan and a Medicare Advantage plan. A Medicare Supplement plan fills in the “gaps” Medicare Part A and Part B do not pay. You can see any provider that accepts Medicare, the maximum out of pocket may be $226 this year, there are no referrals, you have little or no copays and it does not cover outpatient prescription. Medicare Advantage plan includes Part A and Part B, may have a network of providers you must see, the maximum out-of pocket could be over $8000, you may need a referral, you may have copays and it may cover outpatient prescriptions and other extra benefits. If a Medicare Supplement plan premium fits in your monthly budget, your potential medical expenses for the year are predictable. If the Medicare Supplement premium does not fit in your monthly budget, you may prefer a Medicare Advantage plan with low or no monthly premium. Be prepared to pay copays and the maximum out-of-pocket every year. Which plan is better? The plan that fits your medical needs and your budget. What about Medicare prescription plans? Just like Medicare Advantage plans they also change every January 1. You may, and should, review these plans as well beginning October 1. And you can make changes during the same Annual Election Period October 15 through December 15. Good news! Medicare is negotiating prescription rates for ten (10) expensive and frequently used prescriptions including Eliquis, Jardiance, Xarelto, entresto and novo log flex pen. “What about my dental insurance?” You may enroll or change your dental plan anytime during the year. I hope you’re getting two (2) annual checkups – a dental policy can help you with that cost. I had a root canal this year. I was thrilled I have a dental plan to help with the cost – they’re expensive! I’m glad you are thinking about your insurance – it’s just a little bit too early to look at 2024 plans. October 1 will be here soon. Ruth just put October 9 on her calendar to call me to review her prescription plan. She’s putting together her list of prescriptions, their dosage, how often she uses them and where she prefers to get them filled. When do you want to talk – just call 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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