IS YOUR PLAN COSTING YOU TOO MUCH? IS YOUR PLAN STILL THE RIGHT PLAN FOR YOU? The wrong plan can cost you plenty of money even if the plan has a $0 premium.
The 2018 Annual Open Enrollment Period is from October 15th through December 7th. During this window, you have the opportunity to switch your plan if needed. Because Medicare has so many parts, and can often be confusing, expert advice is helpful to make sure you have the lowest overall cost.
You can choose from Medicare Part A, Part B, Part C and Part D. Original Medicare consists of: Part A – Hospital Insurance, and Part B – outpatient and physician services. Part C combines Parts A & B and usually offers more benefits. Most also have a Part D component which is prescription drug coverage.
Unfortunately, Original Medicare can leave you at considerable financial risk but there are ways to lessen your personal financial risk. One of these is through a Medicare supplement and standalone prescription drug plan (Part D). This can limit your out-of-pocket expenses, but there are substantial premiums associated with Medicare Supplements, sometimes called Medigap, and standalone prescription drug plans.
Another solution to help control costs is Medicare Advantage. It combines Part A and Part B and usually Part D and is administered through private health insurance companies. Some have low premiums and can sometimes even have $0 premiums. These plans are typically offered by Health Maintenance Organizations (HMO’s) or Preferred Provider Organizations (PPO’s). This means that they have a network of providers that accept their insurance. If you go outside the network, you will most likely pay more.
These plans are required by Centers for Medicare and Medicaid Services (CMS), to cover all the same benefits that Original Medicare covers. However, they may also cover additional benefits. These benefits can include dental, vision, transportation, and wellness benefits such as a gym membership, acupuncture and more. Medicare Advantage Plans also usually include prescription drug benefits.
As you can see, Medicare can be very confusing. Making a correct decision concerning your Medicare plan is critical. By choosing the correct plan you can save yourself hundreds or even thousands of dollars a year. On the other hand, choosing the wrong plan may cost you.
I will review your needs and figure out which plan will best serve your needs. My biggest goal is to help you find the plan that will result in the lowest out-of-pocket expense. The best part is my services cost you $0. I am paid by the insurance companies, so no charge to you.
My motto is “When it comes to Medicare, my name is Chuck and I care!” Call me for a free consultation.