Medicare: Why Working with a Specialist is Your Best Option
Are you on Medicare? If you are on Medicare, it is a mistake to re-enroll without researching your plan. This article will discuss your options and help you get started in making sure you are on the plan that is best for your healthcare needs.
Are you planning to be on Medicare in 2021? If you are planning to move forward with Medicare or if you are even considering it, you want to start the process or begin asking your questions NOW!
Open Enrollment for Medicare and Part D prescription coverage is right around the corner: October 15 through December 7, 2020. Changes made during this period take effect on January 1, 2021.
Seniors, this is your opportunity to see if there is a plan that will better meet your healthcare needs.
There are A LOT of options!
Spending time researching different plans could have a meaningful impact. Following are examples of changes you may choose to make:
Move from Original Medicare to a Private Medicare Advantage Plan.
Switch from one Advantage Plan to a different Advantage Plan.
Join a Prescription Plan.
Buy a Medigap Policy to help pay Original Medicare costs.
Medicare is very complicated and the research process can be daunting and time-consuming as there are over 700 combinations of benefits from which to choose.
If you want to begin the process on your own, we suggest following these three steps:
1. Understand your current plan
In September:
If you are currently on Original Medicare, review the Medicare & You handbook for the costs and benefits in 2021.
If you have a Medicare Advantage or Part D Plan, you will receive an “annual notice of change” from Medicare. This will contain information about changes to coverage and costs for premiums, deductibles and copays. Compare this information with your medical expenses, list of doctors, and prescriptions.
You may need to make a change if your benefits, networks, and/or health conditions have changed.
2. Research other options
We recommend that you begin your research by using the Medicare Plan Finder, which is an online tool that is helpful in selecting a plan. You will need your zip code, details about your medications, and whether or not you receive medications by mail.
Another great resource is the State Health Insurance Assistance Program, which offers free counseling services for those on Medicare.
For more information about Medicare Advantage Plans, you can call 1-800-MEDICARE to find out which plans are in your area. Then, look at each plan’s website and call them to see if the plan meets your needs.
Before selecting any plan, call the plan directly. Confirm that your doctors and hospitals are in network. Make sure that the plan covers your medications and that your pharmacy is in the preferred network. Take detailed notes, including the date and the name of the representative you spoke with so that you are protected if the representative gave you incorrect information.
3. Start planning
Medicare is an essential part of your retirement planning and an advisor can help manage your premium costs. Premiums are typically based on your adjusted gross income (AGI) from two years prior, so your 2021 premiums will be based on your 2019 income tax return.
Since you can’t do anything about your 2019 tax return, you should focus on your 2020 tax return for management of your 2022 premiums. An advisor can help you manage your income so that Medicare costs are not too high in the future.
We highly recommend getting assistance with Medicare by speaking with a licensed sales agent. Working with an expert will not only save you time and money, but will result in the plan that is best for your individual healthcare situation!