What does Annual Enrollment entail? This is the time of year when Medicare eligible people can make changes to their Prescription Drug Plan and/or Medicare Advantage Plan for the upcoming year. You may change as many times as you’d like. Your final choice will go into effect January 1, 2023.
Choose wisely! Consult a professional about what your options are. Medicare is a confusing bird. Rules are continually changing from year to year. New plans come and old plans go. New companies come and others go. People are bombarded with phone calls and mail. Find an agent you can trust.
Here are a few tips to help you prepare for the new year…
1-Review your prescription drug plan. All companies have their specific formularies. This is a list of drugs they will pay for. These change from year to year. Companies change their plans and premiums yearly. You may be on the right plan, but you very well may not. Pharmacies go in and out of network with Insurance companies. Verify that the pharmacy you’re using is a preferred pharmacy for your plan. You may need to change pharmacies to get better pricing. Check program eligibility to see if you qualify for prescription drug help. Educate yourself on the donut hole. Compare what you’re paying with insurance to the actual retail value and pharmacy coupons. In some circumstances, you may pay less using a coupon. Check out your plans mail order pharmacy. Often plans give better pricing if you use their mail order pharmacy. Review! Review! Review!
2-Learn the difference between Medicare Supplements and Medicare Advantage Plans. Are you on the right Insurance Plan? Do you need extra benefits, or do you have what you need? Don’t always listen to what friends and family tells you. Each person is different and has different medical experiences and needs. Ask an agent to explain the differences and guide you on the correct path. Medicare is individualized Medical Insurance.
3-Retirement Insurance- Compare what your company group plan has to offer with Medicare. Often people believe they’re getting a better deal with their retirement insurance. This is not always the case. Have an agent review the pros and cons of each option.
I know it is difficult to trust someone with all the information and scams going on, especially this time of year. Just know I am here to help. #ASKALI