First of all, let’s back it up! Do you even need to sign up for Medicare? Many folks turning 65 have reached out to me in somewhat of panic, saying they were told they HAD to sign up for Medicare within 3 months of their 65th birthday. They are worried and aren’t sure how to sign up, where to go, and do they need just Part A or will they need Part B and pay a premium. Never fear, CDI is here to clear this up from the beginning of your Medicare benefit window!

When meeting with clients, many questions come up about using Good Rx and how it works with their Medicare Part D prescription drug coverage. While it can be tricky to navigate and understand the difference, using a pharmaceutical assistance program like Good Rx can be very helpful in saving money especially for Seniors on a fixed income! Let’s clarify some of the details to help you make the best use of these products and programs.

When we look at Medicare Creditable Coverage, we are really looking at how to avoid more penalties as it relates to Medicare. Unfortunately, the system allows for so many minor missteps and pitfalls that most folks are not aware of, nor does Medicare adequately inform or educate people on. The consequence of not having Creditable Coverage for a period of time is a lifetime of financial penalties for Medicare. This again is where your good local Independent Agent comes in. Our job is to constantly research and understand all the potential hazards related to creditable coverage and educate you on how to avoid them. Insert here your local rockstar agent……

Recently I was tagged in a comment on a Facebook post related to an unhappy customer (not mine) of an Advantage Plan. He had simply stated that Advantage Plans are bad and advised the world of Medicare Beneficiaries NOT to elect one. This person, like so many that post negative things on social media, likely had a bad personal experience and is in no way an expert on Medicare Advantage Plans or any other area of Medicare. So, rather than respond on social media, I decided to respond here – with a blog for my clients and followers to help them understand this unfortunate myth surrounding what could be excellent coverage. Here is a short breakdown of why someone may have had a bad experience.

Many people do not know about a program called ‘Extra Help’. Or they may have heard of it and think it is the same as Medicaid. So, what is it and could you qualify? Extra Help is federal assistance for Medicare Beneficiaries aimed at prescription drugs only. If you qualify, it helps with drug plan premiums, drug deductibles, and copays. Surprising to many, the cost of prescription drugs is in most cases, the biggest expense to a Medicare Beneficiary. We recently had a client come to the office so excited and ready to sign up for Medicare thinking it was going to be such cost savings over his employer plan. He was right in that the out-of-pocket costs for medical visits and procedures were much lower. However, when he found out how much his prescription drugs were going to cost on Medicare versus the Employer Plan, it was a different story. We advised him to stay on the Employer Plan for now if he planned to continue working. So do not underestimate the importance of the drug plan costs in considering your Medicare options.

It comes every year in the fall! As soon as the Pumpkin Spice Latte comes out, you should be thinking about it! What most people think of as ‘Open Enrollment’ is actually referred to as Annual Enrollment by all industry professionals. The terms are used interchangeably. It occurs every year from October 15th through December 7th. This is a time where any Medicare Beneficiary can make a change with their Part D drug plan or Advantage Plan. The new plans are then effective January of the next year. Annual Enrollment is not specifically for changes in supplement or Medigap plans. Those can be changed anytime throughout the year. So what does it all mean? What are your options? Do you need to meet with your agent or do anything? What if you like your current plan? What is your part? Here is your guide to what to do with your upcoming Annual Enrollment Period!

The most confusing and complicated part of Medicare benefits is the prescription drug coverage. The majority of questions and troubleshooting we agents encounter has to do with understanding prescription drug formularies, copays and preferred pharmacies. Dental coverage is a close second. We will save that one for another blog! Unfortunately, some people think they can just sign up for a Part D plan and go to any pharmacy and pay some minimal copay for their prescriptions. But oh, there is so much more to it. So again, I say here ‘Call an Independent LOCAL agent to assist you.’ But in the meantime, here are some clues to help you decode the Part D Plan features.

Here you are approaching your 65th birthday. Congratulations – you have become very popular suddenly! You are getting cold calls from ‘friends’ you’ve never met six states away, emails and piles of mail related to signing up for your Medicare benefits. However, if you are still working, should you? Do you even need to sign up for Medicare? And if you do sign up, what happens to your employer plan? What happens if you have a Health Savings Account at work? Here are some points to consider in making your decision. And by the way, the person on the phone cold calling you from six states away will not ask you all these questions and take the time to ensure you and your family are protected! #callyourlocalagent