Are you getting the most out of your Medicare plan? We recommend reviewing your Medicare policies every year during the Annual Enrollment Period (October 15 to December 7) to ensure that your plan is providing you with the coverage and benefits you deserve.

There are many different plans available, most commonly broken out into two categories: Medicare Advantage plans and Medicare Supplement Insurance Plans. This article will focus on Medicare Advantage plans. Here are some of the common reasons why people choose to switch their Medicare Advantage plan:

Low monthly premiums
Many Medicare Advantage plans offer low monthly premiums. This allows you to save money up front and only pay copays for medical services and prescriptions as you receive them. While plan premiums differ depending on where you live, many offer zero-dollar premium plans that still offer rich medical benefits.

Maximum out-of-pocket costs
You may be thinking it would be great to save money up-front in premium with a Medicare Advantage plan, but what happens if you need to use your plan? Will your out-of-pocket costs be capped? The answer to this is… yes! Each Medicare Advantage plan has a “maximum out-of-pocket.” If your copays would ever add up to this amount, your plan would cover 100% of your medical costs for the remainder of the calendar year. As each plan varies, it is important to find a plan whose maximum out-of-pocket costs are realistic and reasonable based on your financial and medical situation.

Extra benefits
If dental, vision, and hearing benefits are important to you, you’re in luck! Medicare Advantage plans may offer additional benefits that assist you in paying for your dental, vision, and hearing needs. Some plans include gym memberships and offer over-the-counter benefits to help pay for vitamins and other needs. Dental care is important for your overall health and well-being, but it is not covered by Original Medicare. If your current plan does not offer dental coverage, or if you are unhappy with the dental services you receive, you may want to switch to a plan that does. 

Drug coverage
Most Medicare Advantage plans include prescription drug coverage, which helps lower the cost of your medication. Not all plans cover the same drugs at the same cost, so it’s important to review your plan yearly to ensure that you are receiving your medications for the most cost-effective amount. If your plan does not cover the drugs you need, you have the choice to switch to a plan that offers better drug coverage. 

Shopping your coverage
Shopping or re-shopping your Medicare Advantage plan can seem overwhelming. All the choices available to you in your area make choosing the right plan for you a daunting task. Luckily, you do not have to do it alone. The team at URL Insurance Group is dedicated to finding the right plan for you. They look at your current network of doctors, your medications, and the benefits that are most important to you and find plans that match your needs. Please don’t hesitate to attend an upcoming Medicare 101 Seminar or call 717-323-2000 and speak to Olivia Adkins or Eric Colello from the URL Insurance Medicare team to help you find the benefits you deserve. 

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As you near retirement or navigate the complexities of Medicare, a 101 seminar can be an invaluable resource. Here's how attending one can empower you:

1. Understanding Medicare Basics: Medicare can be complex, with different parts and coverage options. A Medicare 101 seminar provides an overview of the program, explaining the different parts (A, B, C, and D), what each part covers, and how they work together.
    
2. Enrollment Guidance: The seminar can help individuals understand when and how to enroll in Medicare, including deadlines and penalties for late enrollment. This is crucial information to ensure uninterrupted coverage and avoid financial penalties.
    
3. Coverage Options: Medicare offers various coverage options beyond Original Medicare, such as Medicare Advantage plans (Part C), Medicare Prescription Drug plans (Part D), and Medicare Supplement plans. During the seminar attendees will learn about these options, their pros and cons, and get help making informed decisions based on their healthcare needs.
    
4. Costs and Financial Planning: Understanding Medicare costs, including premiums, deductibles, copayments, and coinsurance, is essential for financial planning in retirement. The seminar can provide insights into expected costs and strategies for managing healthcare expenses effectively.
    
5. Special Situations and Eligibility: Certain situations, such as having employer-sponsored coverage or qualifying for Medicaid, can impact Medicare eligibility and coverage options. A Medicare 101 seminar can address these special circumstances and provide guidance tailored to individual needs.
    
6. Preventive Services and Wellness Programs: Medicare covers various preventive services and wellness programs designed to keep beneficiaries healthy and detect health issues early. Learning about these services can empower individuals to take advantage of available resources for better health outcomes.
    
7. Navigating the System: Medicare rules and procedures can be confusing, especially for newcomers. Attending a seminar can help individuals navigate the Medicare system more confidently, understand how to use their benefits effectively, and access resources for assistance when needed.
   Q&A and Personalized Guidance: Medicare 101 seminars include opportunities for attendees to ask questions and receive personalized guidance. This interaction can clarify specific concerns or uncertainties and ensure attendees leave with a better understanding of their Medicare options.
    
8. Free and Valuable: These seminars are offered at no cost, providing valuable education and peace of mind as you approach or navigate Medicare. Remember, individual consultations are also available free of charge to discuss plan options tailored to your specific needs.

By attending a Medicare 101 seminar, you gain the knowledge and confidence to make informed decisions about your healthcare coverage and prioritize your well-being.
 

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The Medicare Annual Enrollment Period (AEP) is when Medicare beneficiaries can add, change, or drop their Medicare Advantage Plan or Part D Prescription Drug Plan for the next year. If you already enrolled into a plan, typically around the last week of September you will receive an annual notice of change (ANOC) letter explaining how your current plan will change starting in January. This gives you enough information to start shopping and comparing plans.

The Medicare Annual Enrollment Period (AEP) is when Medicare beneficiaries can add, change, or drop their Medicare Advantage Plan or Part D Prescription Drug Plan for the next year. If you already enrolled into a plan, typically around the last week of September you will receive an annual notice of change (ANOC) letter explaining how your current plan will change starting in January. This gives you enough information to start shopping and comparing plans.

Top 5 items to review:

1. Cost
2. Drug costs/coverage
3. Providers/networks
4. Out-of-pocket estimate
5. Star ratings for quality and customer service

Tip: Part D Prescription Drug coverage costs can be high on some medications. Remember that each state has extra help that you can apply for depending on your financial situation. Some manufacturers also have pharmacy assistance programs or cards that you can apply for. You could also use GoodRx. You should always carry this card with you, even if you only use it during the coverage gap.

If you are enrolled into a Medicare Supplement Insurance Plan, the AEP does not affect you. The private insurance carriers can adjust their rates at any time of the year, and you will be notified by letter. This may not occur every year. You can get a new quote for a less expensive rate at any time of the year, but it will require you to answer health underwriting questions for approval. Tip: If you consider yourself healthy and you’ve been on the same plan for over 7 years, it’s probably time to shop prices.

Most importantly, keep yourself organized by creating a mysocialsecurity.gov and mymedicare.gov account, or by using a paper folder. Having everything in one place makes it easier for an expert to assist you to the best of their ability. 

If you’d like help evaluating your options, the team at URL Insurance Group is here to help. We look at your current network of doctors, your medications, and the benefits that are most important to you and find plans that match your needs. Please don’t hesitate to call us at 717-323-2000 and speak to Olivia Adkins or Eric Colello on our Medicare team to help you find the benefits you deserve.
 

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