Posted by Jack Bradley, Newport Insurance Advisors
Do you have basic Medicare, or have you enrolled in a Medicare Supplement, Part D Pharmacy, or Medicare Advantage program?
You may be missing an opportunity to save money by enrolling in one or more of the available Medicare programs.
Did you purchase a Medicare Supplement plan before 2010?
If your plan was purchased prior to that date, it might be a “standardized” plan which has now been replaced by a “modernized” plan. The newer plans have better benefits, and potentially lower prices.
When was the last time you checked the monthly premiums on your Medicare Supplement plan?
Some carriers have had large rate increases and the difference between lowest and highest premiums can be as much as $100 per month.
￼￼￼￼￼￼￼ Is my Medicare Supplement plan the correct plan, or am I wasting money?
It is possible that you may be paying a lower monthly premium, but spending more money overall for higher out of pocket costs.
Have I purchased Part D Pharmacy coverage to go along with my Medicare Supplement plan?
Your prescription drug needs may have changed, and a different plan may be less expensive than your current plan.
￼￼￼￼ Has my personal health changed and required more frequent visits to a physician or hospital?
If so, you may want to consider joining a Medicare Advantage plan, or changing to a different Medicare supplement plan.
If I am on a Medicare Advantage plan, have I been nearing or exceeding my annual Out of Pocket maximum limits?
Growing out of pocket expenses may be a good reason to consider an alternative plan.
Did I lose access to some of my physicians or hospitals this past year because my Medicare Advantage plan had significant changes?
Changes in relationships between the insurance carrier and its hospitals and physicians
can cause network disruptions which may force you to change your medical providers.
Is my personal lifestyle changing (travel or
￼￼location of children)? Do I need flexibility in health plan coverage?
If so, a Medicare Supplement may now be a better plan for me than in the past.
If over 65 and still employed, is employer coverage still the best option for me financially?
If you are spending more than $300/month on employer coverage, deductibles, copays, and coinsurance, you may be better off with Medicare
￼￼￼￼￼￼coverage than with your employer plan.