Let’s face it, few of us really like change! However, there are changes that can provide a marked improvement in your family’s financial situation. A review of your insurance policies (Auto, Homeowners and, yes, especially your Health plans) on a regular basis can bring about substantial savings. One example can be found in a close look at your prescription drug plan. In the past several years, PDPs have had increases in deductibles, changes in formularies and monthly premiums. If you could save $50 per month on a drug plan, would it be something you might consider?
Many of you might be comfortably retired with excellent senior health coverage, but have you actually sat down with a certified Medicare specialist lately and gone over what coverage you have and how much it is costing as compared to either a MAPD or Supplement package? You may be in for a shock. This can be especially true with retirement programs, so why not take a closer look at just what you own?
With the upcoming Annual Election Period (AEP) just around the corner and Company Plans for 2020 renewal notices coming out in September, now is a great time to seek out the advice of an insurance specialist. Take advantage of this lull before the storm begins October 15 to ask questions about your current coverage and pricing.
With all this said, let me first say that there are many retirement plans that are exceptional and there may be no reasons to make changes. One of the finest plans is the military’s Tri-Care for Life. This is literally complete coverage that is paid through having retired from any branch of the service. If you are fortunate to have such coverage, do not let anyone tell you they have a better deal! Just is not so.
There are other excellent plans available that provide superior coverage, many with excellent pricing. Unfortunately, there are more that fall short in either/or both coverage and price. There are plans that may cost as much as $300 per month more than private companies charge for the same or even better coverage. Wouldn’t we all want to know how our current plan stacks up against the Competition? Now is a good time to find out.
In almost all retirement plans there are choices that can reduce the monthly premium, but be certain you understand the impact of high deductibles, required networks of doctors and hospitals and the entire coverage package before committing to another year at your company’s open enrollment. You usually have 30 days or more to make a decision, so make the one that is best for you. There appears to be a trend developing that converts company sponsored supplement programs from Supplemental format to HMO or PPO Medicare Advantage Plans. This redirection can alter the dynamics of coverage provided to the point that a change may be desired. Why wait to see one of our Medicare Specialists until the last minute?
As always, your questions and concerns or disagreements are encouraged. The Medicare program is an excellent health plan for all and needs our attention to assuring its longevity. If this article has created an interest in learning and doing more to retain this coverage for generations to come, perhaps I have done my job! I truly hope you readers feel free to email/call in specific questions and/or concerns that have bothered you either recently or in the past that you would like clarified. Remember that we agents are resources available to you, so take advantage of us! It’s our job to be knowledgeable of your insurance benefits and prices and will cost you only your time. Discuss questions and concerns with us and/or your doctor. We should all seek out the very best coverage for the most affordable cost. To this end, feel free to contact your local agent or myself.
Carl Dye is an independent insurance broker. Send your questions and concerns about Medicare products, plans and regulations to firstname.lastname@example.org or contact him at 928-245-1388.