Review your Medicare Coverage

I get asked by clients a lot, “How often should I review my coverage?” and “What should I look at when I review my Medicare coverage?”

In this blog post I’ll go into what I usually tell clients to think about when looking at their options!

1. Evaluate your budget:

   1. If you are a client on a Medigap/Medicare Supplement policy you should see a premium increase on an average of once a year. Take a look at the increase amount and see how it fits into your monthly budget, if it is feeling a little bit snug give our office a call/text! We can shop your Medigap/Medicare Supplement rates and see if we can get you into a plan that might save you some monthly premiums. We can also look at Medicare Advantage as an option during specific times of the year, or after a qualifying event.

   2. If you are on a Medicare Advantage plan, were your copays and coinsurances comfortable for you to pay?

2. Review Your Health Changes:

   1. An important factor in reviewing your Medicare health insurance is you! In the past year have you: had any new medications prescribed? Are there any you no longer take? Do you know of any upcoming surgeries you will need to have? Taking these factors into account are important when deciding what to do for your coverage and may have an impact on your costs as well.

3. Weigh a “Pro/Con” list:

   1. What frustrations did you have with your coverage this year? What went well that you were happy with? Your Medicare insurance is not a one size fits all box, we can help work with you to find you something that fits your needs and your situation. Traveled to see the grandkids last year and plan to do more this year? We can factor that into your coverage for the year!

To the “How often” question I get asked a lot: here at Pierce Insurance every fall we take a look at how your plans have changed, and update your information based upon what you provide to us and will make recommendations at that time! This is why we ask clients for an updated medication list during the summer so that we can evaluate your situation and make adjustments.

When are other times you may. need to look at an update: A big one is if you’ve moved! Different states have other Medicare Advantage options available, and Medicare Supplement/Medigap premiums may look different too.