A few weeks ago I was meeting with a gentleman that would soon be turning 65. One of the first things he said to me was “I can’t believe I could run a business for years, but when it’s time to sign up for Medicare I’m so confused.” I chuckled, but in all honesty, that’s how most people feel. About 4 months before someone turns 65 they can get up to 100 pieces of mail from how many different insurance companies. It can be overwhelming.
Did you realize that getting a Medicare Supplement from one company has the exact same benefits as a Medicare Supplement from another company? For example, if you sign up for a plan G with one company it is the same benefit as signing up for a plan G with another company. The only thing that can be different is the premium you pay every month. This is one of the reasons it’s good to review your coverage yearly. It can be confusing…..there’s A,B,C,D,F,G,K,L,M,and N. Where does someone start?
Then there’s your Part D for your prescription drugs. Every year drug formularies can change. A formulary is a list of the drugs that a plan covers. And the formularies are grouped into tiers, which is how much you pay for your drugs. These can both change from year to year so this needs to be reviewed as well. Lastly is the other option, which is a Medicare Advantage. Many of these plans include an individual’s drug plan for a zero dollar premium per month. You can get some dental, vision, and hearing benefits with Medicare Advantage plans which are never offered with Supplement plans. Maybe signing up for Medicare isn’t as confusing as running a business, but there are many different options out there to choose from.
It can be confusing aging into Medicare and this is the main reason I love helping seniors find the proper Medicare plan to fit their needs and their plan that fits their budget. Every day I find joy in helping someone’s grandma, father or loved one find the right plan to make the golden years even better!