Many of our clients participate in Medicare which provides health insurance primarily for Americans aged 65 and older. Participants who enroll in traditional Medicare typically have Parts A, B and D as well as a Medicare Supplement policy. Prior to beginning Medicare, there are some important decisions regarding the type of benefits that will be received from the program. As part of our process, we try to help our clients make the most appropriate decisions for their situation.
But, did you know that once enrolled, there are also some ongoing decisions that Medicare participants should make? For example, participants enrolled in traditional Medicare have Part D that covers self-administered prescription drugs. Each year, there is an open enrollment period where participants can change Part D plans for the coming year. But most do not. They simply set it and forget it, possibly leaving hundreds and even thousands of dollars on the table during their lifetime. Money that could be used for other goals.
Here’s why Medicare participants should evaluate their Part D plans every year. Effective January 1 of each year, your plan can
- Change your premium
- Change which drugs the plan will cover in their formulary
- Change the price you pay for your drugs
- Change pharmacies that they consider preferred pharmacies
Also, a new plan may have been introduced that is more favorable to your situation.
Here’s the problem: by the time you find out that these changes have been made, it will be too late for you to do anything about it!
The Blind Spots are these. First, most people don’t know that they can evaluate their plans each year, and second, most people incorrectly assume that if a plan is right for them when they first sign up, that it will always be right for them.
We believe that everyone who has a Medicare Part D policy should evaluate that policy every year during open enrollment, which is October 15 – December 7 this year. Let’s uncover this Blind Spot that can impact not only your finances but your health too!
At Second Half Strategies, we try to identify and help you uncover your various Blind Spots. Our Wealth Management process includes Planning, Guidance and Advice. By following our process, you should have the confidence to know that you are taking proactive steps to diminish your Medicare Part D Blind Spots!
What process are you using to find your Blind Spots?