Where does D come in?
You are not alone. I get these questions all the time.
Many of you attempt to read the giant piles of information that has or will be mailed to you about 4 months before you turn age 65. Also, many of you attend Medicare 101 meetings only to walk away sometimes a bit more overwhelmed. In today’s age, insurance companies need to stay compliant for government regulations and therefore must go over every little detail of benefits so as not to mislead a senior. But, there is an alternative.
Did you know you could meet with an Independent Medicare Broker that represents many different plans in the convenience of your own home? They can simplify and help you to understand what Medicare A & B are and what that means to you.
The quick answer is that Medicare A covers hospitalization, and Medicare Part B covers Doctors and services outside the hospital. But the more detailed explanation will show you there are deductibles and copays and financial exposures if you relied only on A & B.
There are a variety of solutions that can help fill in the holes of Medicare A & B. Supplemental PPO “Like” plans, or HMO plans. Some include drug coverage, and some do not. Some with a monthly cost and some without a monthly cost. Thankfully here in Orange County, we have many plans available. Competition is a great thing!
Then, what about D? Well the short answer is that Medicare Part D = Drugs. This is one of the most important and the hardest areas to do your own research. Everyone’s medications are unique and must be reviewed to verify what might be the best solution each year.
Certain medications can vary greatly in costs from one plan to the next, as an example a diabetes type medication like Januvia or Glumetza on some plans could be $0 copay, and on another not covered at all or at a higher copay of $45.00.
Medications are the biggest hidden moving part - make sure you have a Medicare Broker that represents multiple plans to compare and verify your costs each year.
If you are already in the Medicare system, Oct 15 through Dec 7 is the time of year that you can start reviewing and make changes to your current solution that would become effective the beginning of each new year on January 1st.
What to do now early September
Prep for your Medicare Review. If you are new to Medicare, call us now to help guide you.
A Medicare Insurance Broker does not work directly for any one company/carrier and therefore can offer a number of different plans, a completely unbiased approach.
Brokers must get certified with all of the plans they represent every year to be able to confidently and legally show more than one option. This is a true dedication and commitment to the industry.
If you have worked with an Agent that didn’t offer to review your medications to verify the plan you are on is still the best fit for you, they are probably not a Medicare Insurance Broker and you may want to consider reviewing with one this next year.
Oh, and one last thing: Medicare Insurance Brokers will not cost you anything to review and does not in any way increase cost to you by enrolling. Clients love that we still make House Calls and are local.