By Greg Durette, Florida Health Connector
There are many life events that happen…not the ones that make families happen, but rather, the ones that happen long after you put that train in motion!
I’m talking Medicare issues. If you moved, retired, your current employer plan dropped you or so many other reasons your coverage has left you at this most vulnerable age, now is the time to take action and know your options.
Typically, you only have 30-60 days to make a choice so you are not left without coverage. Knowing your options is critical. Action must be taken.
It can be an overwhelming time, and information is the key to helping understand what choices you have and making the best decisions for you…not what your friends or water cooler talk has led you to believe is best. Everyone is different and personal situations are personal.
So, let’s start with the basics. You have likely heard the terms Supplement and Advantage plans. Many people confuse the terms and/or have strong opinions about both. Ignore them until you know the facts about each.
Let’s start with Supplements. People that have a Supplement typically say they love it, because it has no network requirements and is simple to operate. Any provider that accepts Medicare in the U.S. has to accept your Supplement. That’s nice.
What people don’t like is the cost. It is the highest premium per month option and does not cover prescriptions. So, you have to add a Part D plan to avoid future penalties. That plus the Part B you pay to the government can get expensive, particularly if you are on a fixed income.
Then come Advantage plans. What people love first is the premium. Typically, they start at $0 per month. Hard to beat that! However, they are a co-pay model meaning many services have a small payment as services as needed. The kicker is, though, there is a cap on your annual out of pocket that can limit your expenses annually. That could potentially make the personal math on these make a lot of sense.
These plans often INCLUDE prescription, dental, vision and hearing. Another big plus.
So, how do you decide which is right for you? The first step is contacting a professional proficient in both types of plans. Try to resist the urge to figure it out on your own! These people have the training and the resources to make this search and selection process so much less stressful than you can imagine. Plus, the data provided will be accurate and specific to you, not some national marketing advertising which has no relevance to you. Let them know which doctors/hospitals you use, whether in or out of Florida and, which medications you are currently using.
A good broker will be able to guide you to the plan options based on those factors that match your situation, so you can make a well-informed decision.
Try not to be overwhelmed and relax in knowing a professional is there to guide you through the matrix of options. And, remember, this is not a 30-year mortgage—you can change every year from October 15th through December 7th.
Greg Durette is a qualified, licensed agent with Florida Health Connector providing Medicare throughout the State of Florida and is based in Niceville. He has been in the insurance industry for over 42 years and can be reached at his office at 850-842-2400 or his mobile at 978-509-2941.
