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By Anthony Arruda
Certified Senior Advisor
It’s not surprising to me that one of the most common statements I hear when speaking to Maine seniors is that they are confused about how to handle the ever more complex insurance programs being offered by the government, private industry and myriad other decisions they have to make as they approach retirement.
Every year as Fall arrives it becomes necessary to make some very confusing decisions. Medicare open enrollment starts Oct. 15 and goes through Dec. 7 for those 65 or older. For seniors not yet 65, there is the Affordable Care Act insurance, which can be terribly difficult to navigate, and that open enrollment period goes from Nov. 1 to Dec. 15.
Let’s take the Affordable Care Act insurance, for instance. This program is designed for people to enroll in right up until they turn 65, but it never fails, we get regular questions from people who are worried that they will get a penalty for not signing up in time, when in fact they are older than 65 and are ineligible for the program. The Senior Planning Center has made it a point to have trained staff to make sure we help people make good solid decisions when choosing the Affordable Care Act plan that is right for them.
Consistently the one thing that seems to drive the most confusion is Medicare. Who can keep track of all the changes?
The reality is that most seniors don’t keep track, it’s too confusing. What we see the most in this business is that fear of change, frustration about the complexities in the plans or simply lack of awareness,makes too many Maine seniors let their plan ride from year to year without evaluating their options.
In the state of Maine, the majority of seniors have Medicare supplements. These supplements pay after Medicare and cover the co-insurances and co-pays they would be responsible for under Medicare A and B. For a senior who is prone to illness, these plans work wonderfully and take some of the stress away from paying co-payments. These types of plans generally don’t change their benefits and usually have a cost increase every year. The average plan F is $220 or more, with additional increases planned for spring of 2018.
One of the most consistent questions we get at our offices is, “How can I save money on my Part D drug and health plan expenses?”
I’d like to say that the answer to that question is simple, but it is not. One of the most important things that you can do each year is evaluate your Part D drug plan with a licensed professional. Options change each year, prices change, and so do the drugs covered under each plan.
Additionally, it is important to pay attention to the mail around the end of September, when the annual notice of change letters are sent out by plans, identifying changes that are occurring in the new year.
Because making changes can be so confusing, it is important to find a professional to help navigate your choices. The same applies to Medicare Health Plans. Changes occur every year, and those changes can mean either gaining or losing coverage.
Seniors who are looking for expanded benefits, low premiums, and combined drug coverage, may find a Medicare Advantage Plan a welcome alternative to the high premiums of a Medicare Supplement Plan. Designed to cover items like preventive dental, hearing aids, eyeglasses, and more, the Medicare Advantage Plan can make saving money more of a reality.
Starting Oct. 1, Medicare Health Plans may start marketing the new plans for 2018, and after that date it is a perfect time to meet with a professional and make sure that you truly have the plan that is right for you.
The Senior Planning Center is fully prepared to assist you. With offices in Farmington, Rumford, Presque Isle, Skowhegan and a statewide team of licensed agents who can make home visits, the center can help take the confusion out of those difficult decisions. The Senior Planning Center represents all of the Medicare Insurance companies available in Maine, so there is no reason not to call us right away. We are here to help. See ad in this issue for Senior Planning Center.
