Blog: The Senior's Advocate

Annual Election Period Begins October 15: Keep These Medicare FACTS in Mind

The air is cooling, the leaves are falling and your Medicare plan may be changing. Yes, it’s that time of year again- the Annual Election Period (AEP) for Medicare begins October 15 and for anyone over 65, it brings more than just a change in the weather. Uncertainty and confusion can often lead to decisions made hastily and therefore, incorrectly.  It is estimated that 4 out of every 5 seniors are overpaying for their coverage, usually due to lack of knowledge. Reviewing your supplement plan could save you hundreds, even thousands, per year!

Keep these helpful and TRUE facts in mind:

1. Supplemental coverage is standardized by the government, which means that every plan offers the same benefits. A Plan F is a Plan F no matter where you buy it (same with every other supplemental plan)! The only difference between carriers is the COST. Why would you pay more for the same coverage if you don’t have to?

2. Often the best plan for the agent is the worst for the client. Make sure you work with a non-captive provider, one who has access to all carriers and is focused on education, not just selling. The only motive an advisor has to recommend one carrier over another should be because the cost and coverage fits you, not the agent.

3. It is very beneficial to review your drug plan EVERY year. Your medications may have changed, your existing plan may be changing and there could be new plans available that could save you hundreds, even thousands, of dollars per year. Always work with a company that offers a Prescription Plan Analysis annually to make sure you’re in the best plan for you.

Find a Medicare expert focused on advocacy and this AEP will be a breeze! 

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