It can feel like there is a lot of pressure to make important Medicare decisions during Medicare’s Open Enrollment period—and that’s because it’s true! During AEP, you must select a Medicare plan that you believe will fit your needs for the coming year. When this year’s open enrollment closes on December 7, the plan that you have in place at that time will be what you keep for 2018. You can read more about what to do if you select the wrong plan here.
Tips to Finding the Right Plan for You
At Vince Homan Insurance, it’s our top priority to ensure that you feel confident about the plan you select for the coming year. We work hard to consider your life situations and anticipated changes, but we also know the right questions to ask to cover a lot of your unanticipated changes, too. Our clients can rest assured knowing that we’ve considered a variety of plans from several insurance companies before making a personalized recommendation.
Here are our top five tips to help you select the right plan for you:
- Consider Your Medical Care Preference. Do you visit the doctor often? The answer to this question is a great place to start considering what type of plan is right for you. If you tend to visit the doctor for preventive care as well as when you are ill, you may want to consider plans that offer small co-payments after you meet your deductible. If you don’t visit the doctor often, a plan that offers a percentage of costs may be a better fit for you in the long run.
- Review Your Budget. One of the most frequent misconceptions about Medicare is that your care is completely covered. The truth is that is not true. There are some plans available with $0 premiums, but even $0 plans have associated costs. Understanding your budget is a helpful way to eliminate plans and focus only on those plans that will work right for you.
- Make a List of Your Medications. Prescription medications are covered under Medicare Part D, also known as Prescription Drug Plans (PDPs). The list of prescription drugs covered by each plan varies, and then your plan can change its formulary (or the list of covered medications) each year. If you have a particular medication that is critical to your health, it’s important to find a plan that includes your medication on its formulary.
- Rate Your Doctors. Do you love your primary care physician? If so, retaining access to your doctor is an important element of selecting the plan that will work right for you. Not all plans keep the same doctors in their network year after year, so be sure to check that your doctor is still going to be considered in-network in the coming year.
- Consider your Lifestyle. You’ve worked hard to get where you are today! Retirement can mean a lot of different things to a lot of different people. Do you travel across the country in a camper? Do you live near your grandchildren? Your lifestyle can make a difference in the plan that you choose, especially if there are certain benefits, like travel coverage for example, on some plans but not others.
With hundreds of plans available to you, assessing every plan to ensure you’re selecting the right plan for you can feel like an overwhelming task. But don’t worry—that’s what Vince Homan Insurance is here to do! We will do the hard work for you by comparing plans and finding a selection of plans that would be a good fit for you. From there, we work together to make the best choice for your unique situation.
If you’re overwhelmed by your options or simply want to review your plan options with a Medicare professional, call us today!