A Financial Architect’s Guide to Medicare

As many of you or your loved ones become eligible for Medicare, the array of choices can often lead to confusion and uncertainty. Ultimately, what you want is simple: good healthcare and the ability to maintain it at an affordable price. We have become increasingly aware of the confusion and struggle surrounding Medicare for our clients, and are pleased to announce we have partnered with a Medicare specialist, Senior Health Medicare, to help you with this transition.

Obamacare, the new Trump administration, and funding cuts will result in multiple changes to Medicare. Here are some hot topics on the horizon that every Medicare recipient should know.

  • The Annual Election Period (AEP) is upon us! It begins October 15th and runs through December 7th and is the only time of year to change your Medicare Advantage and Part D Prescription Drug plans. Even if you are happy with your current plan, it is necessary to re-evaluate your coverage every year to ensure you are in the best and most cost-effective option. Whether the insurance company changes their plans or your prescribed medications have changes, it’s prudent to review your options.

 

  • Plan F and High Deductible Plan F are being eliminated in 2020. That plan will be closed to new people and the existing owners can keep it. However, those who remain in the plan will continue to age resulting in more claims and large premium rate increases every year. As premiums rise, those who are healthy enough will jump out of Plan F into more cost-effective plans, causing the premiums to rise even higher for the people who remain. You do not want to be in a closed book. If you own a Plan F Medicare supplement, it is critical you call before options are no longer available to you. 

 

  • Medicare has undergone modernizations which have resulted in cuts and structural changes. Due to these changes, there are certainly some things that you have not had to pay for in the past, that you may have to pay for now. This means, that you may be able to keep the same carrier and even plan, but save money.

 

  • Since the inception of the Affordable Care Act (ACA/Obamacare) changes in Medicare have taken place every January 1st. This has caused many insurance carriers to launch new Medigap (Medicare Supplement) plans, which results in closed plans and the outcome is the same as above. A simple call could save you hundreds.

Financial Architects embraces the changing landscape of our senior customers’ lives, which is why we are providing this essential service to our valued clients and their families.  You may be already enrolled, entering Medicare for the first time, or have a parent or loved one who needs help. Whatever the circumstance, Medicare is something that every aging person must address, which is why we have arranged to have dedicated Medicare specialists here for you. If you have a question about your current plan or want to compare rates of plans from all carriers, call our Financial Architects Medicare hotline at 888-909-2657 to talk to a real person, in real time.  

If you are already enrolled in a Medicare Part D Prescription plan and are ready for your annual review, we encourage you to use our “Needs Analysis” form on our Medicare website.  Visit the website www.finarchmedicare.com and select the “Needs Analysis” icon in the top right corner. Once you complete the form, a Medicare expert will contact you to go over your options in the order the request was received. If you do not have internet available, please call us and we can mail you a paper copy of the Needs Analysis form. Keep in mind, you are only given approximately 90 days to choose, so do not wait! You do not have to wait until October 15th to submit your request, the sooner you do, the sooner we can help!

*Please keep in mind that while we can discuss general Part D and Medicare Advantage information with you, we cannot speak about specific plans until October 15th, 2017.

 

The Financial Architects/Senior Health Medicare strategic partnership is here to advocate for you and to be your Medicare resource. This relationship serves as a tremendous benefit to you, and everyone in our client family. Insurance, especially Medicare, can be complicated. Please count on us to help!

Please visit our webpage at  www.FinArchMedicare.com  or call the Financial Architects Medicare line toll-free at 1-888-909-2657 to enroll today.