By Marc Manor
With Medicare Annual Enrollment Period (AEP) and Healthcare
Open Enrollment right around the corner, I thought annual renewals would be a
timely and appropriate subject for this week’s blog. Many of our clients want to know what this
means to them. People looking for healthcare or a change in providers want to
know when and how they can make those choices when the time comes. Because AEP and Open Enrollment coincide with the holiday and shopping season, it’s important
to have a plan before the throws of shopping and family consume us. Here are
some questions to consider:
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Is my current
Medicare or healthcare plan the right fit?
If your Medicare or healthcare plan is providing you with
all the coverage you need, and it fits your budget, then you should likely stay
with where you are. Your provider
probably already has the information they need and you have become familiar
with the benefit schedule, co-payments etc.
If this is the case, you may want to just stay put and roll into next
year with the same plan.
I got a letter about
“renewal” what does this mean?
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Active renewal is nothing more than calling your
agent or plan to review next year’s benefit and premium schedule. This is a good idea if you want to know what
your premium will be next year (because rates generally go up each year) and
benefits do change slightly. Active
renewal with an agent also gives consumers using health plans subsidized under
the ACA (Affordable Care Act/Obamacare) an opportunity to review their income
and subsidy levels to be sure their Advance Premium Tax Credit (APTC) is
correct. Having the correct APTC is very
important come tax time. Most people
don’t like paying Uncle Sam back at the end of the year! Active renewal is also a good opportunity to
talk to your agent about how you used your plan through the year. Are you satisfied with your network of
providers and hospitals? Are you getting
adequate prescription drug coverage? Are
you taking new drugs? All these items
can be discussed, and it is possible a new plan may be a better fit and/or more
affordable.
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Passive renewal means you just keep chugging
along in the same plan. Many consumers
are perfectly happy with their current plan and would like to keep going. Plans will send notices informing subscribers
of rate increases and other changes. For some people, this notification will be
all they need or require. Medicare plans
will send their members new Evidence of Coverage (EOC) and/or a new summary of
benefits. Paperless delivery to an
online account is becoming more prevalent because it saves the company costs
associated with printing and mailing these documents.
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I am always glad to do a review and assist with active
enrollments or answer any other questions at no extra charge. I reach out to my clients via email or
telephone to ask them about their current coverage and if they have any
questions going into the new plan year.
If you are not my client, I would also be happy to assist you as well at
no charge!
Open Enrollment/AEP is the time to review, renew, and make
changes if necessary. I highly recommend
taking advantage of this critical time to be sure your Medicare/healthcare plan
is the right fit for you. Take an hour
or so to look at your plan and reach out for some help if necessary. It could greatly enhance your peace of mind
and reduce your expenses!
Marc Manor is a 30-year military
veteran who is now dedicated to teaching his fellow Americans how to make the
most of their Medicare and healthcare benefits. As an independent agent,
Marc has access to a wide variety of carriers with an abundance of resources to
find tailored solutions. There is no charge for a consultation so call
904-222-0698 or visit www.manormedisource.com today to stay on course with
Medicare and Healthcare education and insurance solutions.
FL
License: W104335 CA License: 0I77441
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