Medicare Supplemental Insurance

Posts Tagged ‘Part D’

Just posed a link to some Medicare Part D Prescription assistance from the State of Missouri on our resources page which you can get to by clicking on General Information above and then clicking the resources link.

I have to start by saying the reason for this post has made me said, not because we were able to review an move a new client to a better program, but because she was paying over $6000 a year for just her prescriptions.

For every person there is a program that fits their needs, however when you are not placed into the proper program, you spend much more than you need to.  In an earlier post I noted that depending on the Part D prescription program that you were enrolled in, the difference in cost from the lowest cost to the highest cost averaged $3000 for the year.

Now to get to the point of my post.  A new client walked into my office this past week with her current plan details and a list of her prescriptions.  She was currently on a Medicare Advantage HMO plan which included prescription coverage.  Over the course of 2009 she spend $5980 some dollars on just her prescriptions, not to mention her co-pays and deductibles she was responsible for through her medical side of the plan.

When it was all said and done, to make a long story short, we moved her to an individual Part D prescription plan and saved her $900 dollars this coming year just on her prescription program.  (The $900 savings for the year already factors in the monthly cost of the Part D prescription program and all out of pocket cost including copays)

That $900 savings for the year broke down to $75 savings per month.

Her Medicare Supplement Plan J was going to run her $147 per month.  So $147 – the $75 savings means the net cost of her Medicare Supplement is now $72 per month

Her prior Medicare Advantage plan was charging her $20 per month just to be on the plan, plus the co pays and deductibles.

So now you take the $72 additional dollars she is spending and subtract the $20 that she was going to pay for her Medicare Advantage plan and she  is only spending $52 more per month.

THATS NOT ALL!  I must also point out that her Medicare Supplement Plan J does not have any of the hidden expenses such as co-pays or deductibles like her Medicare Advantage had.  So when we factor in the co-pays that she spent with her Medicare Advantage, she saved WAY more by moving to the individual Medicare Supplement and Part D prescription program.

The point I am trying to make here along with everyone of my post is: Just because an agent says they can get you a Medicare plan, does not mean they have access to the proper products for your needs.  Make sure you get with someone who will educate you on all your options so you can make a good decision.

Best Luck,

Travis

November 15th through December 31st 2009 is the Annual Open Enrollment for Medicare Advantage and Medicare Part D plans.

What does this mean?  You can elect to make a change to your Medicare Advantage or Medicare Part D plan if you need to.  If you make a change, the last change you make will be the one that goes into effect on January 1st 2010.

If you have a Medicare Supplement, this does not apply to that plan.  With a Medicare Supplement, if you are healthy and can answer the qualification questions, you can make a change at any time.  If you have had some health challenges, there might be some opportunity on changing your Medicare supplement options, just give us a call so we can help determine the best options for you.  Call 816-254-6100 or toll free 1-888-535-0999

With the Annual Enrollment Period starting on November 15th I thought I would share some findings with you my friends.  By request I have been reviewing plans for my clients preparing for the Annual Enrollment Period coming up here in a few days and I wanted to share that it completely depends on your actual prescriptions, whith what your total cost will be for the year.

To give you an example, the last comparrison I ran on medicare.gov for one of my clients, she is currently on five (5) different prescriptions.  And this is the reason I STRESS that you look past the montly premium for your plan, her total costs including premiums for the year ranged from $2587 to $5490!  That is a difference of $2903 for the year, from the most cost effective plan to the least! And the funnything is, neither of the plans were the cheapest monthly or most expensive monthly premium.

The average monthly premium ranged from $34 to $50 per month. So again, make sure you look past what the montly premium is for your Part D prescription program is and look at the total cost for the year.  You will save more than just a headach later in the year, you could also save a ton of cash by makeing sure you get in the plan that gives you the best all around deal!

Happy Hunting!

Travis

With the state of our economy, and all the MASSIVE layoffs, there are many people who for the first time find themselves searching for their own health insurance for the first time.  There’s not a day that goes by, that I don’t hear “I’ve never had to deal with this stuff, and there is no good way to find information to make a good decision.” 

Being without a job makes it hard to pay for your health insurance, especially since group health coverage extended to you is typically a lot more expensive, because you have to pay the full group rate and the administration fee, you might be surprised to find that individual insurance can be more cost effective.

 Whether you are needing some health insurance until you qualify for your Medicare rights, or you already have Original Medicare, and you want a free resource to help answer your most burning questions in Missouri, Kansas or Iowa call 1-888-535-0999 and ask for Travis.

TRAVIS: THANK YOU FOR HELPING US CHOSE OUR HEALTH INSURANCE AND PRESCPTIONS COVERAGE. WE KNOW WE CAN COUNT ON YOU FOR ANY OTHER NEEDS WHEN WE NEED THEM. BEFORE I RETIRED I TOLD SEVERAL OF MY FRIENDS ABOUT YOU. THANKS! JERRY AND GARNETT RINEHART, BLUE SPRINGS, MO’