If you are a Senior on Medicare, you will soon be blasted with mail and TV ads trying to persuade you to change your current Medicare plan selection. Get ready to hear:
“If you like $0 monthly premiums then you need to call XYZ company now for our new Medicare Advantage insurance plan” or “get more coverage and an affordable monthly premium from XYZ company’s new Medicare Supplement insurance plan”
This upcoming time period is called the Medicare Annual Election Period (AEP).
AEP runs from October 15, 2019 – December 7th, 2019, but Medicare insurance companies have ALREADY started marketing through mail and TV.
It is safe to say there is a lot of confusion around the Medicare plan options. Many times, as you are listening to the advertisement, it’s hard to understand which Medicare plan option they are advertising!
The 3 Medicare plan options you’ll hear advertised are:
- Medicare Advantage Plans with Prescription Drug Coverage
- Medicare Supplement Plans, also called “Medigap”
- Medicare Prescription Drug Plans
The specific type of Medicare product must be disclosed in the ad. Many of these companies put unique names to their product, but at the end of the day it will be one of the three options listed above.
In comparison of two of the options above, Medicare Advantage Plans (typically prescription drug coverage is included) offer lower monthly premiums (many times $0 monthly premiums), and has co-pays as you use medical services (ex. Doctor’s office-$10 copay per visit, Hospital-$300 per day, days 1-5, Outpatient Surgery-$300 ). On the flip side Medicare Supplements typically cost $150-$200 per month in exchange for low out-of-pocket costs as you use medical services. Medicare Supplements do not include prescription coverage, so you would need to also purchase a Medicare Prescription Drug Plan.
These Medicare plan choices are very unique and specific to your situation. As an Insurance Agent/Broker licensed in Georgia, Florida, and North Carolina, and Connecticut I believe there is a certain Medicare plan option that is right for each individual.
There is NO one size fits all plan.
Before the Annual Election Period begins on October 15th, you should ask yourself a few questions:
Do I like my current Medicare plan option?
Is there something I would like to change about my plan to make it more beneficial to me?
We recommend talking to a Medicare Insurance Broker who is someone who represents multiple Medicare Insurance companies to get more detail on options available in your county and state before making a final decision this fall, 2019.
Attention must be given to your unique situation. An independent Medicare Insurance Broker can sit down with you and provide you an unbiased analysis of your situation.
If you have Medicare questions or need an analysis of your current Medicare plan, please call us to set up an appointment for the Annual Election Period beginning October 15, 2019.
We are Medicare Insurance Brokers also known as an independent insurance agency with a specialty in Medicare Insurance. I am Jay Looft, co-owner of SeniorSource. We have a team of 6 Medicare Insurance Agents in and around the Atlanta, GA area ready to serve you.
There is no cost to meet with us for an analysis of your Medicare Plan. With agents in Alpharetta, Atlanta, Cumming, Fayetteville and Madison, we are happy to meet you wherever you are in the North Georgia area. We are also available to work with you on your Medicare plan needs over the phone. Give us a call today!