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Was your open enrollment review good, bad or ugly?

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Happy Holidays! I hope everyone’s preparations for family and friends this holiday season is going well. There’s a lot of things going on this time of year to keep us all busy.  As I mentioned in my last blog, one of the most important year end tasks is reviewing your Medicare insurance coverage, including your Part D prescription drug plan.  Because I moved to a different state it was especially important that I reviewed my coverage and in doing so I had some interesting experiences and some money saving discoveries.  I think by going through some of the decisions and tradeoffs I had to make, they might help us all better understand the policies and regulations that are in place now or how the changes that are being considered by our leaders in Washington might affect each one of us.

As I mentioned I moved to a different state and that move gave me some broader choices.  Previously, I had a supplemental insurance plan and a stand-alone Part D plan.  The availability of Medicare Advantage plans in my old state were limited so a supplemental plan was the best choice for my wife and myself.  In my new state I had the choice of various Medicare supplemental plans, but I also had the choice of five different Medicare Advantage plans.  Since the premiums are often less or zero with Medicare Advantage, I was very interested in what these five plans had to offer.  Here are just a few things that I had to consider when looking at the Medicare Advantage plans offered in my state:

  • Were my new doctors in the PPOs?
  • What doctors were part of the HMOs?
  • What would my new premiums be?
  • What were the copays for an office visit to my primary care doctor?
  • What were the copays for an office visit to specialists?
  • What was the copay for a visit to the emergency room?
  • Did the plan include Part D, if so, did it cover the prescription drugs that we currently use?
  • What were the copays on the medication?
  • Was any medication on specialty tiers?
  • Was coinsurance part of the plan, if so, what was the percentage? 
  • What was the yearly out-of-pocket maximum for health services?
  • Did the plan include dental, hearing, eyesight or other benefits (like silver sneakers)?

There was a lot to consider and a lot of acronyms and terms that I had to understand.  It was no small task and took considerable time.  It was a little easier given I’ve been involved in health care policy for over 20 years, but it was still time consuming and arduous at times.  After I had made my preliminary decision, I used another resource that was available to me as a military veteran.  When I first joined the Air Force, I had the opportunity to use USAA for my car insurance.  I’ve gone on to use them for other insurance and financial needs and they offer a phone number and assistance for choosing insurance plans.  I’m not selling USAA products, I don’t sell anything on this blog, but I want to remind you that you should research all the resources available to you and take advantage of any help available.  I did and was very pleased with the help and advice I got from the USAA person.

In the end I chose a Medicare Advantage PPO plan and found that I saved a large amount of money on premiums.  I had to balance that with an increase in my yearly out-of-pocket maximum and some higher copays.  I’ll have to see what kind of care I receive, but on balance I think I will be better off.

I hope you are satisfied with your insurance or made a change during this open enrollment period that will give you better benefits or cost less.  As I’ve said before this blog will focus on you, the consumer and the impact that regulations and legislation will have on your access and cost.  Health care is complicated, you probably had that driven home as you reviewed your coverage.  I will work to try to simplify the Washington rhetoric and boil things down to show how their proposals and solutions will affect you. As part of this endeavor my next blog will define some of the terms that are used in health care insurance, regulations and legislation.  My definitions will focus on how these different items affect you and your level of care or pocketbook.  Ever wonder what the difference is between copay and coinsurance?  Watch for my next blog, that will strive to demystify this complicated thing we call health care.

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Open Enrollment is Here!

Published by SSO

I know that you have been getting bombarded with emails, television ads, and mail telling you to change your enrollment to a new money saving Medicare plan. While I’m not here to sell you insurance I am here to encourage you to review your Medicare or Medicare Advantage plans and your Medicare Part D plans. It quite possibly could save you money and give you easier access to critical medicines and procedures.

This is the time where you can review and make changes to existing plans. Medicare and Part D Open Enrollment started on October 15th and lasts until December 7th. There is also a separate Medicare Advantage Open Enrollment Period which lasts from January 1st through March 31st every year. You can alter Medicare Advantage plans during both periods.

As a quick refresher – Medicare Advantage plans are offered by a private company that contracts with Medicare to provide all your Part A and Part B benefits. Medicare Part D plans provide coverage for prescription drugs but unlike Parts A and B you are not automatically enrolled and must opt into a Part D plan.

For those turning 65, now is a great time to take a close look at your options and select a Medicare plan that matches your needs based on the medications you take and the coverage offered. If you’re already a Medicare beneficiary and have a Medicare Advantage or Part D plan, this time of year is still important to take a look at how your care needs have changed and make sure your plans still work best for you.

It’s especially important to review your plans if you have had some changes, like some new health issues, retirement, added some prescription medicines or were able to go off some medicines you had been taking. Another change that could impact the type and cost of your insurance is if you moved.

I just moved to a different state and I’ve started the process of reviewing all aspects of my health insurance to make sure myself and my wife have the right coverage at the right price.

There are a number of tools and resources available. We have some of those resources under are Medicare tab at the top of the page. We also have information on our sister website Medicare Today to help you find information on Medicare, your eligibility and how to enroll. There is also a very helpful and newly upgraded plan finder tool that can help you find plans based on where you live. To access this easy-to-use plan finder click here. You can also use this graphic that contains helpful tips for reviewing plans during the open enrollment period.

For seniors, taking these little steps to review and renew plans will make all the difference to your health. We all know time flies when you are having fun, so take a quick look at your coverage during the next few days and ensure your plans are fitting your future health needs.

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Have You Checked Your Plan Recently?

Published by SSO

We have recently discussed a number of different proposals that could alter seniors’ access to the medicines through the Medicare programs we rely on to stay healthy. It is critical that we, as seniors, are our own best advocates and that includes making sure we are up-to-speed on the provisions of our personal Medicare plans.

Health insurance can be complicated, which is why we are here to provide guidance for seniors so we can make the best decisions for our personalized needs. As we have discussed, Medicare Parts A and B, the parts that cover hospital and medical insurance, are included in your Medicare coverage as soon as you turn 65 years old. However, Medicare Part D, which is an optional add-on service, covers many of the prescription medications that we rely on every day.

Although Medicare Part D is optional, an overwhelming majority of seniors choose to add this important part of health coverage to their plans. In fact, out of the 60 million American Medicare beneficiaries, 43 million were also enrolled in Part D coverage as of May 2018—showing just how important this part of the program is to seniors’ overall quality of life.

It is critical that we keep on top of our Medicare plans to make sure they are working for us and our needs. The fall open enrollment season may seem far away now, but it is right around the corner! Make sure you are checking your coverage options, and stay informed, empowered, and independent!

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It’s Time for a Springtime Medicare Refresher!

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The lingering cold weather is slowly warming up, which can only mean one thing: Spring has sprung! Spring is a great time to reset physically and mentally, so we have prepared some easy explanatory Medicare materials for you to review to make sure you are informed throughout the rest of the year. Staying informed about your health is a year-round responsibility, and as we age it is important for us to educate ourselves on the programs and care options we can utilize.

As you may know, Medicare is a federal health insurance program that provides coverage for seniors aged 65 and older, as well as for certain individuals with disabilities. Medicare, through the years, has incorporated certain updates and changes to ensure that it is consistently working to promote the health of seniors as impactfully as possible, including the addition of different aspects, or “parts” to the program. Making sure you are knowledgeable about the Medicare program is important, as it can help you make decisions about which plan is right for you. Many people have heard about Medicare Parts A, B, C, and D, but don’t know what they necessarily mean. Medicare Today’s helpful infographic, provided below, highlights each fundamental aspect of the Medicare program and what each part of the program does.

Another helpful resource we want to highlight for seniors is a Medicare 101 informative video, which you can watch here, and see below. Take a minute to watch this short video, which gives a helpful snapshot of the Medicare program, what it does, and how it works. Warmer weather usually means busier schedules, and helpful explainer videos can be a great resource for getting the information you need quickly and efficiently. For more Medicare related video content click here.

Before we know it, the fall open enrollment period will be here, and it will be time to make changes or adjustments to our Medicare plans. Planning early and choosing the right plan for you based on your needs is very important, and brushing up on Medicare resources is a helpful way to prepare. You can enter the Spring season with an extra pep in your step knowing you are informed about the Medicare program!

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Last Call for Open Enrollment!

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As we enter the most wonderful time of the year, we may be focused primarily on spending time with family and friends, exchanging gifts, and indulging in decadent holiday treats. However, we cannot overlook the fact that it is another wonderful time of year, as well—Medicare open enrollment!

The open enrollment period for new and existing Medicare beneficiaries to select or alter their plans runs from October 15th to December 7th. We have previously discussed the importance of taking a good look at your plan and making any necessary changes, and it’s not too late!

For those of you turning 65, now is a great time to take a close look at your options and select a Medicare plan that matches your needs based on the medications you take and treatments you use. For those of you already enrolled, you may not know that you are able to alter your plan every year during open enrollment. So, whether your needs have changed, you have switched medications, or have been diagnosed with a new illness, open enrollment season is an important time for you to take a close look at your plan and make any necessary changes.

Remember, you know your health best—so make sure you are taking charge of your treatment options by enrolling in a Medicare plan that best fits your goals, budget, and lifestyle. There are numerous tools that you can use to find information about different options, including information about plans based on where you live. Click here for an easy-to-use tool that can help you identify potential matches, and here to learn even more about just how important it is to utilize the open enrollment period.

Time is ticking on your chance to make changes to your health care plans! We all know time flies when you are having fun, so make sure to take a quick look at your options during these last few days of Medicare open enrollment. The holidays will be here before we know it!

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Happy Birthday Medicare!

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On July 30, 1965, President Lyndon B. Johnson signed the Social Security Amendments of 1965, officially creating what we now call Medicare. Now celebrating its 53rd birthday, Medicare has helped seniors across the nation to better afford the care and medications they need.

In honor of Medicare’s birthday, Seniors Speak Out wanted to provide a brief overview of Medicare’s four parts for those who may be unfamiliar with the program or may be preparing to sign up for Medicare for the first time this year. Below you’ll find a brief explanation of each part, as well as a handy graphic that you can keep on hand for reference. You can also learn more by clicking the links to Medicare.gov’s web pages on each of the four parts.

Medicare Part A: Part A was created as part of the original Medicare law and helps provide a variety of services, including hospital stays, hospice care, and nursing home care.

Medicare Part B: Part B was also created as part of the original Medicare law and covers outpatient services like doctor visits, ambulance services, and mental health services as well as preventative services like vaccines.

Medicare Part C: Also called “Medicare Advantage Plans,” Part C is coverage offered by Medicare-approved private companies. Advantage Plans cover all your original Medicare services, but can also extend to prescriptions, dental, vision, and other types of coverage.

Medicare Part D: Part D is the newest part of Medicare and covers prescription drug medications. To receive Part D coverage, you must opt in for a plan when you turn 65 by using one of these two options.

With each part covering such important aspects of care, it’s clear that Medicare is instrumental in helping seniors acquire the medical services they need without being overburdened by costs. As we celebrate another year of this important program, we’d love to hear how Medicare has helped you! Feel free to reach out to us over Facebook and Twitter to share your Medicare story!