With Medicare’s Annual Election Period (also know as Open Enrollment) ending in just a few days, I want to share with you some of the questions from our clients to understand the importance of taking action during this time to save you money and ensure you are getting the best healthcare coverage
Member: Why is there an open enrollment period offered to all Medicare members at this time every year?
Coach: All prescription plans change every year. The plan you had this year might not be the best for you in 2017. Your co-pays and deductibles may increase and your pharmacy may no longer be included in the plan’s network.
I’ve changed plans four times during the past seven years. Seniors are leaving millions of dollars on the table in over payments by not checking their plans. Always review your plan and don’t just let it renew automatically. That way you will save money and keep the insurance companies competitive.
Member: What are some tips you can share before the upcoming deadline?
Coach: Determine which pharmacy you prefer. Find out if your pharmacy is still in your plan’s network. Make sure the medications you take are covered under your current plan. Ask a trained Medicare expert for help. Once you select your plan, visit with your pharmacist about the plan before December 7th. Even if you enrolled in a plan, you can change plans before the deadline, and Medicare will accept the last plan you submit.
Member: What if I don’t take medications? Why should I enroll in a prescription plan?
Coach: If you don’t enroll when you first join Medicare A and B, you will be assessed a penalty of about $4.50 for every year you remain out of the program. Last year, a Medicare beneficiary joined after laying out seven years, and had to pay a penalty of $31.50 per month added to his premium. He chose a $25 per month plan, but had to pay $56.50 and the $31.50 penalty will be added to the initial premium every year the rest of his life. Ouch!
Member: Where can I go for help, and who can I trust?
Coach: We charge a modest fee and will save you hundreds of dollars if you remain in our program. We’ve saved clients more than $1 million dollars since our program began seven years ago.
If someone can’t pay the fee, we send them to Senior Health Insurance Counselors (SHIC) who are available throughout the country. But, recently Congress cut back on funding for these free counseling services leaving many Medicare beneficiaries on their own.
These cut backs by Congress only help the insurance companies because where there is confusion and no one to help you the companies make more profits. That’s why clients come to us. We do it all for them and make sure they get in the best program to save money.
