It’s that time of year again…people are trying to end the year on a high note in their professional lives, preparing for the holidays in their personal lives, and starting to look forward to what possibilities the new year will bring to themselves and their loved ones. It is a wonderful time for individuals and families alike. Unfortunately, this is a perfect recipe for something important to slip through the cracks. Now is a great time to speak with your Crown Wealth Personal CFO regarding any changes or opportunities in your life.
One topic we hear about a lot during this time of year is Medicare open enrollment. If you or your parents need help making sense of it all, please contact us. We have the knowledge and independent experts available to ensure the correct decisions are made.
It is also important to note that seniors are targeted during open enrollment with dishonest sales practices and even fraud. Because of the complexities of Medicare and the lack of public knowledge, solicitors are often relied upon for knowledge and education. This can be a dangerous combination.
As Personal CFOs, we only offer objective advice that is free of conflicts-of-interest; and Medicare is no different. So if you or someone you know needs help navigating this difficult system, please don’t hesitate to reach out.
At the time of this writing, we are right in the middle of the Medicare open enrollment period which runs from October 15th to December 7th each year. During this period current Medicare users can choose to switch, drop or add a “Part C” or “Part D” plan (Part C is also known as Medicare Advantage). Those on a Medicare Advantage plan can opt to go back to the “Original Medicare” (Parts A & B). There are also Medicare Supplement plans available - heads up, Plan F is going away in 2020. Sounds confusing right? Even as experts, things are constantly changing and new training needs to be completed.
Due to the complexity of the entire situation, it is a good idea to reevaluate your Medicare program each year, as consumers must deal with the underlying changes to the healthcare system on an annual basis. It is always a matter of changing costs and changing benefits. Ensuring that your current list of doctors, hospitals and clinics remain “in network” is also paramount. Better plans also become available each year as competition for consumer dollars is constant.
One question we are asked a lot is “Should I be using the Original Medicare with supplemental coverage or Medicare Advantage?” In our experience the answer is usually Original Medicare with a supplemental plan (like Plan G in 2020) and prescription drug coverage (Part D). But there are also situations where Medicare Advantage is the best option based on where a client lives, health issues, etc.In the end, there is far more information regarding Medicare and open enrollment than what we can fit in this article. Please always use us as a resource if you or a loved one has questions!