MEDICARE OPEN ENROLLMENT (OCTOBER 15 TO DECEMEBER 7) IS THE PRIMARY TIME WHERE YOU CAN MAKE CHANGES TO YOUR MEDICARE PLAN.
BEWARE: THIS IS ALSO A TIME WHEN INSURANCE COMPANIES CAN MAKE CHANGES TO YOUR PLANS THAT CAN COST YOU THOUSANDS OF DOLLARS IF YOU DON’T PAY ATTENTION.
DURING OPEN ENROLLMENT YOU CAN:
☑Change between Original Medicare and Medicare Advantage
This is the time you are allowed to switch back and forth between the two different Medicare programs or switch between different Medicare Advantage plans.
☑Change Medicare Prescription Drug Plans This is the time you can switch Part D plans, but more importantly this is a time where insurance companies change the prescriptions drug plans that can greatly increase what you pay for your prescriptions.
In this blog I will show you the 3 common mistakes people make during open enrollment costing you thousands of dollars and I will show you how to easily avoid making the same costly mistake.
MISTAKE #1: Not Reviewing Your Part D Prescription Plan
Insurance companies make big changes to prescription plans each Open Enrollment period, with the hopes you don’t notice. The changes account for millions of dollars of extra profit because, like you, most people never bother to review the updated plan.
To put this into perspective, I have changed my prescription plan 4 of the 7 years I’ve been in medicare. And changing my last prescription saved me $723 in a single year.
During open enrollment you MUST check these 3 things to determine if you have the right prescription plan or if you are better off to find a new plan
☑Change in Price
Has your plan’s monthly payment changed? If so do you think the price increase is justified? Or is there another plan that has a lower price that will save you money?
☑Change in Coverage
Double check that your current prescriptions are still covered. Additionally, sometimes insurance companies will change the tiering of your medications which will change the price. This is the section that most people overlook and results in wasting significant amounts of money. DOUBLE CHECK!
☑Change in Deductible
Has your deductible changed? If so do you know what? The insurance companies can change nearly everything in the plan so don’t make assumptions that your plan will be the same as it was last year…because history tells me there is more than a 50% it’s changed and that change will cost you money
MISTAKE #2: Not Reviewing If You Are In Original Medicare Or Medicare Advantage
This Is one of the only times you can switch between original medicare and medicare advantage. If you don’t know which plan you are in or if you aren’t 100% confident you are in the right medicare program I highly recommend you review this now. The reason you should do it now is because if you are to become uninsurable in the future, you likely won’t be able to change plans.
Being in the wrong medicare program can mean your insurance won’t cover you if you want to go to world class medical facility, such as MD Anderson or Mayo Clinic, if you were to come down with a serious health issue such as cancer.
This year make sure you are confident in the Medicare program you are in. Below is a quick summary of the main points of each program
☑Original Medicare
- Administered through the federal government
- Accepted by most doctors and hospitals across the country
- No referrals required to see a specialist
- Medicare drug prescription plans can be purchased separately from a private insurance company
- Medigap policies are available for supplement coverage
- This is currently the most widely used Medicare program
☑Medicare Advantage
- Sold by private insurance companies
- The most common plans are PPOs, HMOs, and PFFS
- Medicare Advantage is not currently accepted at many top tier medical facilities such as Mayo Clinic
- You may have to choose a Primary Care Physician, get referrals to see specialists, and/or get prior authorization for certain services
- Medicare Advantage can work for people living in large cities or people who are older, having no intention to go to a top tier medical facility for health treatment
MISTAKE #3: Not Reviewing Your Supplement Plan
If you haven’t ever received expert help to ensure you have the right supplement plan, now is the time to do it. The reason is that there has been new legislations passed on 2 of the supplement plans, which means if you are currently in this plan your cost could significantly increase in the coming years. So if you are still insurable, you still have time to change your plan. Please take a look at this because this can cost you tens of thousands of dollars if you are in the wrong plan.
Want me to walk you through the open enrollment process step-by-step? If so join ME for A free medicare open enrollment training.
SIMPLY CLICK HERE TO REGISTER:
In this session you will:
- Have clarity on what you need to ensure you have right Medicare plan for 2017. I will show you the step by step process to eliminate your Open Enrollment confusion so you aren’t tricked by the insurance companies
- Know the major plan changes to look out for and the companies that have been sanctioned by Medicare for violating Medicare rules such as overcharging customers
- Get answers from me, the Medicare Coach, on your specific Open Enrollment questions. You can have your questions answered in just minutes without stepping foot in the Social Security office.
- Learn how you can complete your Medicare Open Enrollment in as little as 30-minutes to get the right plan at the best cost…and without leaving your home.
