Review your Medicare plans annually! It is so important. We run across people all the time who picked out their plans years and years ago and have never looked at them again. They figured it’s all good to go for the rest of their lives. The truth though is that Medicare plans change a lot from year to year.
First off, with Medicare Supplement plans the monthly premiums go up a little each year. For example, in the state of Washington, not that many years ago a married couple could get a Medicare supplement plan G, with a married discount, for $135 each a month. Those same plans are currently running in the $200’s each a month. Often those who haven’t reviewed their plans recently don’t know about the increase in cost. It is the old story of the frog in the pot. Heat the water up slowly and the frog doesn’t realize.
For clients where the rate has been raised beyond where they are comfortable, especially with a Medicare plan G, we look at the Medicare Plan N option. The N has a lower monthly premium. The difference that clients will see with a Plan N compared to the Plan G, is that the N has an up to $20 copay when seeing a Dr., $50 ER copay and possible excess charges from doctors (we have never seen this is our area). If our clients don’t visit the doctor very much, we suggest looking at the Medicare Plan N. We also will check different carriers to see if we can save our clients money.
Secondly, your Medicare Rx – Part D or Medicare Advantage plan can also change drastically from year to year. A plan you had this year could; 1. Go up in monthly premium for the following year. 2. Stop covering medication they used to cover in the new year. 3. Go away completely.
Review your Medicare plans annually. This could really save you some heartache down the road. Check out our video on this.
This is one of the main things we do here at Senior Solutions Group; helping clients review their plans each year. Let us know if we can help you with this! Reminder; the window to review and make changes for the following year (for your Medicare Advantage plans and Medicare Prescription plans) is Oct. 15 – Dec. 7th.
Check out our great Medicare Resources here.