By Brad Dyer
Senior Planning Center
It’s not surprising to me one of the most common statements I hear when speaking to Maine seniors is they are so 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 become necessary to make some very confusing decisions. Medicare Open Enrollment started Oct. 15 and goes through Dec. 7 for those 65 or older. For seniors not quite 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 look at the Affordable Care Act insurance. This program is designed for people to enroll in right up until they turn 65. We regularly receive questions from people who are worried they will be penalized 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 most seniors don’t keep track; it’s too confusing. What we see the most in this business is that out of fear of change, frustration about the complexities in the plans or simply lack of awareness, 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 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 in their benefits and usually have a cost increase every year, as the average plan F is $220 or more, with additional increases planned for Spring of 2019.
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 the answer to that question is simple, but it is not. One of the most important things 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, as the “Annual Notice of Change” letters are sent out by your plan identifying changes that are occurring for the new year. Because making changes can be so confusing, it is important to find a professional to help you navigate your choices. The same applies to your Medicare Health Plan. Changes occur every year and with those changes you can either gain or lose coverage. For those seniors who are looking for expanded benefits, low premiums and combined drug coverage, they 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 were allowed to market the new plans for 2019, making now a perfect time to meet with a professional and make sure you truly have the plan that is right for you.
The Senior Planning Center and it’s statewide team of agents are fully prepared to assist you. With offices in Farmington, Rumford, and Presque Isle, Skowhegan, and a statewide team of licensed agents who can make home visits; we can help you take the confusion out of those difficult decisions, add to that the fact that the Senior Planning Center represents all the Medicare insurance companies available in Maine.
