SPONSORED: Haws Ricker Offers Tips for Getting the Best Medicare Coverage

| October 26, 2020

CLARION, Pa – Open enrollment is here and Haws/Ricker Insurance is here to help you pick the plan that best fits you.

‘Tis the season… No, it is not quite time to decide whether you’ll say Happy Holidays, Merry Christmas, Bah Humbug, or none of the above. It does, however, involve shopping! The 2020 Medicare Open Enrollment season is upon us and will last from October 15 to December 7.

Now is the time to assess your current coverage and shop around for perhaps a better deal or a plan more suitable to your current health needs.

Medicare Concept. Chart with keywords and icons on white background

Here are some tips for getting the best coverage and care in the 2021 Medicare Open Enrollment Period:

  1. Know the Open Enrollment Rules- Medicare’s open enrollment is a time period every year when you can:
    • Switch from original Medicare to Medicare Advantage (or vice versa)
    • Change your Medicare Advantage plan
    • Join (or switch to a different) Medicare prescription drug plan
  2. Find Out How Your Existing Plan Has Changed

    Not everyone knows this, but Medicare plans can — and do — change. So, the first step is to find out what is new with your existing coverage.

    If there are changes, your plan should have sent you a “Plan Annual Notice of Change” (ANOC) last September. If you think you missed it, call your insurer and ask for the “annual notice of change.”

    Pay particular attention to:

    • The list of drugs that the plan will cover in the next year
    • How much those drugs will cost
    • What the premium will be in 2021
    • What percentage that the plan will pay for different types of medical expenses
  3. Be Aware of Some of the Global Changes to Medicare Advantage

    For cost cutting and other reasons, here are some of the bigger changes to plans:

    • Medicare will now allow patients to see nurse practitioners as their primary caregivers instead of doctors.
    • Telehealth services are on the rise, especially for dermatology, psychiatry, cardiology, primary care, gynecology and endocrinology.
  4. Know that Medicare Advantage Has Expanded Coverage

    In 2017 there were 147 different counties — mostly rural areas — that completely lacked any Medicare Advantage insurers. According to the Kaiser Family Foundation, the situation has since improved.

    Furthermore, for 2021 there are now a total of 4,800 Medicare Advantage plans available nationwide for individual enrollment in 2021 – another big increase — the largest number of plans ever available

    If there are not any Medicare Advantage plans, you could switch to a Medigap plan.

  5. Find Out What Plans Your Preferred Doctors Will Be Accepting in 2020

    You may want to call your doctors’ offices and ask to speak with the billing department. They should be able to tell you which plans they will be accepting in 2021. If they are dropping your existing plan, then you will want to see if any of the other plans are affordable for you.

  6. Assess If Your Existing Plan Still a Good Match for Your Health Needs

    Once you know what your existing Medicare Supplemental plan will cover in 2021, you should compare how well that matches your current and anticipated needs.

    Will your existing plan still cover the medications you take? Has your health changed and do you now have different needs?

  7. Compare Your Existing Plan to Alternatives

    Even if your existing plan works well for you, you should still shop around to see if there is a more cost-effective option.

    You can instantly compare Medicare Supplemental Plans here.

    Or, you can contact your State Health Insurance Assistance Program (SHIP). SHIP (sometimes called by another name) provides free counseling to any Medicare recipient to help people choose a Medicare plan.

    Medicare also has a handbook, Medicare and You 2021, that will help you see what plans are available in your area.

    The NewRetirement Retirement Planner also enables you to estimate your lifetime medical costs for different coverage types, health conditions and premium levels.

  8. Check Out Ratings on Plans

    Once you have identified a plan or plans that may be a good fit for your particular health needs, you can look up how well those plans rate.

    Medicare.gov lets you research plan quality and performance ratings. (Note: The star rating system will change for future years.)

    U.S. News and World Report is also a reliable source. They evaluate all insurance companies and the plans they offer in each state. See the Best Medicare Advantage Plans and the Best Medicare Part D Plans.

  9. Cut Your Prescription Costs

    Even with supplemental coverage, prescription copays can add up. To save money, discuss your concerns with your doctor. Ask if they will prescribe a less expensive alternative or a generic.

    Whatever your doctor prescribes, shop around to fill your prescription. Filling the same prescription at Costco versus CVS could save a lot. Ordering a 90-day supply online may save you even more.

  10. Use a Health Savings Account (HSA)

    If you’re still working and are eligible to contribute to an HSA, take advantage of it. Your contributions are made pre-tax, the money in your account grows tax-free, and you can withdraw funds from the account at any time tax-free, as long as the money is used for qualified medical expenses.

    Learn more about HSAs: What they are and why they are a compelling savings option.

  11. Be Proactive to Stay Healthy

    If you are in good health, you’ll spend less on retirement health care costs.

    Medicare offers a wide range of immunizations, preventive screenings and well-being programs for free.

  12. Make Sure Out of Pocket Medical Costs Are Factored into Your Overall Retirement Financial Plan

    Out of pocket medical costs are one of the three biggest expenditures for most retirees. Studies have shown that the total out of pocket Medicare costs are higher than the total Social Security income for the average retiree. In other words, Social Security income does not even cover what most retirees will have to spend on their health.

    So, it is important to make sure that your retirement finances are prepared for this major expense.

The NewRetirement Planner is an award-winning calculator that can help you prepare. This easy to use tool offers very detailed and sophisticated calculations and includes retirement health care costs.

Haws Ricker Insurance is located at 21823 Route 68 in Clarion. They can be reached via phone at 814-226-8422. Find them online at www.hawsrickerinsurance.net or on Facebook.

Their office is open Monday through Friday from 9:00 a.m. to 5:00 p.m.

haws-ricker-medicare