To the editor:
It’s not surprising to me that one of the most common statements I hear when speaking to Maine seniors is that 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 becomes necessary to make some very confusing decisions. Medicare Open Enrollment starts October 15th and goes through December 7th 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 November 1st to January 31st.
After seeing all this frustration, I decided it was time to address this ever growing confusion and open the Senior Planning Center. Nearly five years ago I opened the first location in Farmington, Maine, with a goal of helping struggling seniors save money, take the confusion out of difficult insurance decisions, and help in any way we can.
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. I have 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 I 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 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 that 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 in their benefits and usually have a cost increase every year, as the average plan F is $200 or more, with additional increases planned for Spring of 2017.
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 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 as well. 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 October 1st Medicare Health Plans are allowed to start marketing the new plans for 2017, 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.
