Navigating your Medicare options can be challenging. This prompts many people to procrastinate and wait until the last minute to select their Medicare options. The sooner you know your options, the sooner you can make an informed decision and take this task off of your plate. We have advised clients 6 months, nine months and even a year or more before going on Medicare so they know what to expect.
In Wisconsin, you can enroll in your chosen Medicare supplement plan 3 months before the effective date. The same holds true for Medicare Part D prescription drug plans and Medicare Advantage Part C plans as long as you already have your Medicare number and know your Part A and B will be effective when the plan goes effective.
We all have someone that is excited to share what mechanic they use, what dentist they visit, and yes, what Medicare plan they have chosen. This person loves their plan and you think “What the heck? They seem happy…why not? What could it hurt?”
The answer is maybe it will be fine, but it could also lead to issues if the coverage is not right for you. Medicare supplements and Medicare Advantage plans are distinctly different. Within each type of coverage comes different options. With Advantage plans, you need to be certain your doctors and providers are in network. Whether you have a Medicare supplement with a stand-alone Part D prescription drug plan or a Medicare Advantage plan that provides drug coverage, you need to know how your drugs are covered and at what cost.
Medicare options are not cookie-cutter, one size fits all type of plans. Knowing this ahead of time can better prepare to look at your options so you can make an informed decision that fits your needs, lifestyle and budget.
Not knowing what Medicare covers can be costly. It is important to know Medicare does not cover as well as what Medicare does cover. Medicare does not cover:
Knowing that these expenses are not covered by Medicare can help you understand if you have a need to purchase coverage to help offset these costs. There are many affordable options for each of the above items.
As mentioned earlier, it is important to note that cancer coverage should be seriously considered for your health insurance portfolio to ease the potential financial burden of a cancer diagnosis. We strongly advocate for cancer coverage and feel EVERYONE should have this type of policy, no matter their age.
This is a really important item that often gets overlooked!! It is very important to make sure you do an annual review to make sure the plan you have still serves your needs. Part D prescription drug plans and Medicare Advantage plans can change on an annual basis. It is important to review formularies, co-pays and such for Part D plans. With Medicare Advantage, it is important to review the same items, but also look at networks to make sure your providers are still accepting your plan. You will also want to look at benefits to make sure you are getting the most out of your plan for the upcoming year.
We can begin looking at plan options and benefits for the upcoming plan year(2023 at this writing) from 10/01/2022 until 10/14/2022. 10/15/2022 through 12/07/2022 we can submit applications for 2022 plans. If you make a plan change, you new plan will go into effect 01/01/2023.