Class Summary
We know the news about changes in the Medicare Advantage market sounds unsettling. Take a deep breath, this is not the end of your coverage. In fact, it could be the start of better options for many people.
Key Takeaways
You have Guaranteed Issue Rights. You can enroll in either a Medicare Advantage Plan or move to a Medigap/Supplement plan without underwriting.
In certain settings, if you want a Medigap plan you will have to ask.
You need to know how you utilize your insurance. Do you go to the doctor a lot? Specialists? Do you go to rehab? Do you travel? Do you know how much you spend out of pocket annually? The more you know, with real facts/data, the easier it will be to choose the best plan for you in the year ahead.
Look at your utilization against the pros and cons of each broad plan type:
Original Medicare – Lots of gaps in coverage. High out of pocket expenses
Medicare Advantage – Lower monthly premiums, higher out of pocket costs
Medigap – Higher monthly premiums with fewer out of pocket costs
Get help! But realize that depending on market conditions, insurance agent or broker may not get paid to help you re-enroll. Endear yourself to them by being prepared for your meeting. That preparation includes understanding how you use your insurance (bullet 3 above), name and clinic of your doctors and specialists, and a complete drug list. If possible, also know if you want a Medicare Advantage or Medigap plan.
Knowledge is absolutely peace of mind and confidence in this situation.
