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Make the Most of Medicare’s Annual Enrollment Period

by Posted in Medicare Tagged , , , ,

You’ve probably seen those TV ads urging Medicare recipients to call about Medicare Advantage plans or Medicare Part C, and talking about the Annual Enrollment Period (AEP). Some of their promises sound too good to be true. Should you consider a Medicare Advantage plan? Medicare Advantage plans can be a good option for many—in fact, according to AARP, in 2023 more than half of Medicare beneficiaries enrolled in a Medicare Advantage plan.

The AEP, which runs from Oct. 15 through Dec. 7, is the perfect time to examine your current Medicare coverage, note any changes taking place in the upcoming year, and see what other options are available to you. Changes you make now take effect Jan. 1, 2024.

But before you call that 800 number, why not call someone you know and trust—like local independent agency L & M Insurance Group? Read on for more information about Medicare Advantage plans and more!

Is a Medicare Advantage plan right for you?

There are two ways you can receive your Medicare benefits: through original Medicare or through Medicare Advantage. Original Medicare consists of Parts A (hospital coverage) and B (medical coverage). Many people also enroll in a standalone Part D prescription drug coverage policy.

Medicare Advantage plans consist of parts A and B and often Part D. These plans are offered by private insurance companies approved by Medicare. Medicare Advantage plans are similar to the managed care plans you may already be familiar with through your employer. They’re often HMOs or PPOs: you will need to see providers in the plan’s network or pay a much higher copay or risk not being covered at all. Most of these are regional networks, so if you’re a snowbird who lives up north during the summer, you probably won’t have in-network options for your non-emergency healthcare. You will likely need referrals for specialized care and preapproval before certain treatments are covered. Some say that denials of coverage are more frequent than with original Medicare. However, through the careful management of care, a Medicare Advantage plan can often cost you less out-of-pocket and sometimes include coverage for dental, vision, and hearing, which original Medicare does not.

The AEP is one of the only times you have to change the way you receive your Medicare benefits. During this period, you have several options:

Choosing between Medicare and Medicare Advantage

  • Change from original Medicare to a Medicare Advantage plan (also known as Medicare Part C)
  • Change Medicare Advantage plans
  • Switch from a Medicare Advantage plan to original Medicare

If you’re happy with your current choice, you can stay with it as long as it is still being offered—just be sure to check if there are any changes that affect your coverage to the plan you’re currently enrolled in. You should have received an Annual Notice of Change listing any upcoming changes. Medicare Advantage plans and Medicare drug plans may change what they cover, their costs, and their provider networks from year to year.

Health care costs can eat up your retirement savings, so carefully consider your health and financial situation. Someone with a health history of chronic disease that requires expensive prescriptions will likely need a different plan than someone who sees his or her doctor once a year for a physical.

Questions to consider when choosing a plan during Annual Open Enrollment

  • Have you received a new diagnosis or started taking a new medication?
  • Did you change doctors?
  • Can you afford the costs (copays, deductibles, etc.) that come with your current coverage?
  • Does your prospective plan include your doctor in network?

Find out more from L & M Insurance Group

There is a lot to sort through during the AEP, but it’s worth taking the time to review your health care coverage to see if it still meets your needs. If you’d like help understanding your Medicare options, why not have a trusted insurance professional help you? In addition to providing Medicare Advantage plans through companies like Aetna and UnitedHealthcare, if you’re staying with original Medicare, L & M Insurance Group can also help you with a supplemental (“Medigap”) policy or a Medicare prescription drug plan. Call us at (813) 672-4100, or click here to contact us online.  

For more information, see the 2024 Medicare & You Handbook.

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Prepare Now for the Medicare Annual Enrollment Period

by Posted in Health Insurance Tagged , ,

If you’re receiving healthcare benefits from Medicare, there are only a few chances each year to make changes to your coverage. One of those periods is quickly approaching: the Annual Enrollment Period, which runs from Oct. 15 to Dec. 7. During this time, you can:

  • Change from Original Medicare to a Medicare Advantage Plan (or vice versa)
  • Switch from one Medicare Advantage Plan to a different one
  • Join a Medicare drug plan
  • Drop your Medicare drug coverage
  • Change from one Medicare drug plan to a different one

Four Steps To Prepare you for Medicare Annual Open Enrollment Period

Step 1: Review your current plan

You should soon receive notices from Medicare detailing your current coverage and any changes that will be going into effect for the coming year. Look for an Annual Notice of Change (ANOC), and review your 2021 “Medicare & You” handbook.

Step 2: Consider your health insurance needs for the coming year

What health services do you expect to need? What medications do you take? Do you need dental, vision, or hearing coverage? Having an idea of what services you’ll need will help you decide which plan is best for you.

Step 3: Compare your current coverage with other available options

You should compare your current coverage with other available plans including deciding whether Original Medicare or a Medicare Advantage Plan will work better for you. If you’re happy with your current plan, you don’t need to do anything. But if you decide you’d like a change, now is the time to make that change. There are a few differences between Original Medicare and Medicare Advantage Plans, so you can read this medicare packet for more information.

Step 4: Contact us!

If you’ve decided that a Medicare Advantage Plan is the way to go, or you need to purchase Medicare Supplement coverage (“Medigap”) to complement your Original Medicare, L & M Insurance Group can help. We know sorting through Medicare information can be confusing, but our agents can help you make sense of it all.

Medicare Benefit Package Options

Healthcare can be a significant expense during retirement. Choosing the right Medicare benefits package for you can help ease that financial burden. We represent companies that offer Medicare Advantage, Medicare Supplement, and Medicare Prescription Drug plans. For more information, give us a call at 813-672-4100 or contact us online. For additional information on Medicare benefits and plans, please see https://www.medicare.gov/.

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Medicare Annual Enrollment: It’s Time to Review Your Coverage Options

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If you’re enrolled in Medicare, the annual fall Medicare annual enrollment period (Oct. 15- Dec. 7) is the perfect time to review your Medicare coverage options to see if they are still right for you. If you currently have original Medicare and would like to try a Medicare Advantage plan, or if you’d like to change Medicare Advantage plans, this is also the time to do it. Any change you make will take effect beginning Jan. 1, 2021.

A quick reminder: Medicare Advantage plans combine Part A (hospital coverage), Part B (medical coverage), and usually Part D (prescription drug coverage) of original Medicare. The plans, offered by private insurance companies approved by Medicare, may also contain additional coverage, such as vision or dental.

To help you decide which option is best for you, think about what medical services and treatments you need—do you take prescription medication, or need vision or dental care, for example? What about specialized care or physical therapy? Once you know what types of benefits you need, you can compare plans to see which one is right for you.

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If you need help deciding which Medicare Advantage plan or Medicare Supplement is right for you, please call us at 813-672-4100

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Due to COVID-19, another increasingly popular Medicare Advantage plan benefit you might want to consider is “telehealth”—the ability to consult with medical professionals virtually without leaving your home. More and more plans are offering this now.

Whether you are signing up for Medicare Advantage for the first time, or are considering renewing your current plan, here are some things to consider:

  • Are your doctors and preferred hospital part of your plan’s network of providers?
  • What will your out-of-pocket costs be? Can you afford the co-pays and deductible?
  • Do you need vision and dental benefits?
  • Does the plan cover you when you’re away from your primary residence? This is an important consideration for “snowbirds,” because some plans only offer emergency coverage if you’re away from home.

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Staying with original Medicare but concerned about out-of-pocket costs? Ask us about a Medicare Supplement (“Medigap”) plan.

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Medicare coverage can be confusing, so if you’d like to talk to a local agent, L & M Insurance Group is here to help. Let us work with you to find the Medicare option that best fits your situation. We offer plans from Aetna, UnitedHealthcare and others.  Please call us at 813-672-4100, or click here to contact us online.

For more information on Medicare benefits and plans, please see https://www.medicare.gov/

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How We Can Help With Medicare Coverage

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Be Ready For Medicare Annual Election Period

Once you become eligible for Medicare at age 65, you have some decisions to make. Will original Medicare Part A and Part B be sufficient for your health insurance needs? What about Medicare Advantage (also known as “Medicare Part C”), prescription drug coverage (“Part D”), or Medicare Supplement (Medigap) insurance?

Now is the time to evaluation your Medicare coverage to see if it meets your needs, since we’re about to enter an annual election period (AEP). Between Oct. 15 and Dec. 7, eligible people may sign up for Medicare Advantage or make other changes to their Medicare coverage.  Once this period is past, you’re more limited in the changes you can make in your health insurance plans. 

Medicare Advantage and Medicare Supplement Plans

L & M Insurance Group offers both Medicare Advantage and Medicare Supplement plans. We represent Aetna, UnitedHealthcare, and other companies.

Medicare Advantage, or Medicare Part C, is a different way to receive your Medicare benefits. Under original Medicare, the government pays for your benefits when you get them. Medicare Advantage plans are offered by private insurance companies approved by Medicare. The government pays these companies to cover your Medicare benefits. There are different types of Medicare Advantage plans, including those operating as Health Maintenance Organizations (HMOs) or Preferred Provider Organizations (PPOs). Some Medicare Advantage plans offer benefits original Medicare doesn’t, such as vision or dental. Plan benefits can change from year to year.

As with any type of insurance, there are advantages and disadvantages to choosing a Medicare Advantage plan over original Medicare. Please call our office at 813-672-4100 to speak to an agent who will help you decide if a Medicare Advantage plan is right for you, and which plan offers the best coverage for the best price.

Medicare Supplement, or Medigap, insurance helps pay certain out-of-pocket costs not covered by your original Medicare benefits, such as co-payments, coinsurance, or deductibles. Medigap policies are standardized and must offer the same basic benefits, but some policies offer more benefits than others. These policies can only be purchased by people who have original Medicare.

Helping You find the Right Medicare Coverage

When deciding on health insurance for your retirement, you’ll want to think about what your healthcare needs will likely be, and compare premiums, deductibles, and co-payment requirements in order to decide which plan offers the best coverage at the lowest price.  L & M Insurance Group can help you find the best Medicare Advantage or Medicare Supplement plan to suit your needs. Just give us a call at 813-672-4100. For more information on Medicare benefits and plans, please see https://www.medicare.gov/