Health Insurancee

From top carriers

Open Enrollment Period for Medicare and What to Consider

Did you know there was a special enrollment period for senior citizens from January 1 until the end of March? It is supposed to be the same for next year, so mark it on your calendars.

The most important thing to remember about this special three-month period is that it offers beneficiaries a window during which they can switch some of their Medicare arrangements. During this time, it is not a bad idea for seniors to consider their options regarding their Medicare plans. This is even more crucial if you are soon to be turning 65.

Around enrollment time, solicitations for Medicare Advantage come flying into mailboxes with light speed, each offering something special, unique. All the information is intended to inform readers that if they have a Medicare Advantage plan, they can switch to another Medicare Advantage plan or drop a plan, return to the Original Medicare and buy a Part D stand-alone drug benefit. There seems to be quite a bit of flexibility for seniors looking to make changes in their Medicare plans.

A word of caution, along with all the things that seniors can do, beware there is one thing you cannot do, and that is if you happen to have traditional Medicare partnered with a stand-alone drug plan, you cannot switch to a new drug benefit that may save you money on prescriptions. That may only be accomplished during open enrollment in the fall. So, the special enrollment period is actually a second chance for seniors to save on drug costs – one of the most sought after benefits in this age of expensive pharmaceuticals.

Remember though, if you choose to divest yourself of a Medicare Advantage policy and cut over to traditional Medicare, you might find it difficult to buy a Medigap policy to plug the holes. In fact, there are only four states that offer guaranteed issue Medigap insurance, even if beneficiaries have pre-existing conditions – Maine, New York, Massachusetts and Connecticut. This may not be possible in other locations.

The little known trick to getting good drug benefits that actually saves money is to shop ahead of needing a drug plan benefit and find out which one can save the most. If you research that information before you hit the next special enrollment period, you could end up saving upon switching plans. Research and asking a lot of questions are two of the most important things seniors need to do when it is time for special enrollment.

Posted on Friday, May 17th, 2019. Filed under Medicare.

Missing Part D enrollment does not always mean your customer loses out

In many instances, those who miss out on signing up for Part D must look elsewhere to find lower cost drugs. There are exceptions to this general rule of thumb. For instance, your customer may qualify for a Special Enrollment Period. The senior may have moved out of the service area, had other circumstances beyond their control that precluded them signing up for Part D or they were involuntarily dropped from their Medicare Advantage Plan.

When dealing with upset and distraught customers who have missed out on signing up for Part D, always ask for the backstory to see if they may fall under one of the “exceptions.” Taking care of your existing and potential customers and being a respected insurance agent is something earned by going the extra mile for your customers.

Posted on Friday, December 30th, 2016. Filed under Medicare.

What are your options if you miss out on Part D enrollment? Part 2

Prescription assistance programs are another option if you have missed Part D enrollment. It is important to note that these types of programs are not “insurance,” however they can help you with the cost of prescription drugs.

When you apply for an assistance program, you have to be deemed eligible. Once that has been cleared, you usually get a membership discount card that may be used at drug stores. Be aware that you might not qualify for Part D after you enroll in an assistance program.

Always make sure you understand the parameters of the program you are applying for. By applying and being accepted, there is a chance you may not be able to enroll in Part D. There are numerous programs designed specifically for seniors and those under 65, so it is important to do your homework on what option(s) would best suit you.

Posted on Friday, December 23rd, 2016. Filed under Health Insurance.

What are your options if you miss out on Part D enrollment?

One of the easiest options available to those who missed out on Part D enrollment is to search online for “prescription coupons.” You may be surprised to learn that there are hundreds of pages offering coupons on just about any drug that is available on the market today. If you do not have the time to scroll through all the content, simply do a search for the name of the drug and add the word “coupons” after it.

It might seem like a no-brainer to search for drug coupons, but it beats paying full price or going without because you missed enrolling in Part D. It happens more often than you might think. If you are proactive, you will find some creative solutions to keep your drug costs down until you can enroll in Part D.

Posted on Friday, December 16th, 2016. Filed under Health Insurance.
  • Find Health Insurance. Fast. Easy. Start Now: