Its almost time for Medicare's annual enrollment period (AEP)! Every year Insurance companies that offer Medicare Advantage Plans or Medicare Supplement plans compete for your business. The AEP is from October 15 to December 7th is the time when companies unveil their new plans and when all Medicare recipients can make changes to their plans. This time of year is a good time to review your coverage and consider whether a change would be helpful to you. A licensed agent can help do this and save you quite a bit of time and energy while simplifying the Medicare review process. The agent will help you choose a plan that is right for you.
The insurance companies with Medicare Advantage plans make changes to their plans to be more competitive. They may reduce monthly premiums, or change copays for primary care physicians, specialists, and hospitals. They may reduce deductibles for drug coverage or add ancillary benefits such as dental, vision, and hearing. They may reduce the maximum medical out of pocket expenses you would pay in a year in case of catastrophic illness. They may add a gym membership, a Fitbit, a transportation benefit or even offer delivered meals after certain procedures. While all plans must meet the Center for Medicare's strict minimum standards, the relatively free market is creating the competition that leads to better benefits for their plan members.
While the competition is helping to make better plans for Medicare beneficiaries, sometimes these changes can be detrimental for an individual while being an improvement overall for most plan members. For example, your primary care physician or specialist may not stay in their network. Sometimes a company can offer several plans in your area, but your doctor may only be in one of them. While more doctors may be in the network, if your doctor left the plan, you would likely be disappointed. For another example, an important medication may be covered one year but may be either not covered or much more expensive the next year.
If you have a Medicare Advantage Plan, it certainly warrants a second look to see whether you are still getting the best plan for your situation. At Hill Financial Solutions, we are happy to set up a virtual or in-person consultation. Whether it is during a zoom call or in person, we are ready to help find the best plan for your situation. There is no fee for the consultation or any requirement to make any changes to your current plan.
If interested, please give us a call or send a message from this website today!