During Fall Open Enrollment, you will likely experience more marketing from private Medicare plans, like Medicare Advantage Plans and Part D plans. Companies try to reach consumers in various ways, such as television commercials, radio ads, events, mailings, phone calls and texts. There are rules, though, to protect you from forceful or misleading marketing. Knowing red flags and strategies to protect yourself can help you make the best choices for your coverage during Fall Open Enrollment.
Most importantly, protect your private information. This includes information like your Medicare number, Social Security number and billing information. People can use this information to enroll you in a plan you don’t want. You should only give this information to people you really trust, like a trusted local insurance Medicare plan agent who you will work with you to enroll in a new plan that meets your needs.
As a local independent Medicare plan licensed agent, Jeremiah will:
- not make you feel pressured or rushed to enroll in a plan.
- not make you feel that you could lose your Medicare benefits if you do not roll into a plan.
- always make sure your prescription drugs are in the plan’s formulary and your doctors are in the plan’s network of providers. not make cold calls.
- will require you to contact me by email, text or phone to initiate an appointment. “I request a digitally signed Scope of Appointment (SOA) to confirm the date of your appointment and what will be discussed,” Jeremiah says. “Our appointment will be recorded to ensure what I present is appropriate and accurate.”
PART D PLANS
Separate Part D, prescription drug plans are required plans for Medicare beneficiaries that either have a Medigap (Supplement) plan or those who have original Medicare only.
“If you have a separate Part D plan, you could lower your costs by shopping among plans this year,” says Jeremiah. “There could be another Part D plan in your area that covers the drugs you take with fewer restrictions or with lower costs. So, it’s important to work with an independent local agent to research the options,” he says. “I have a software program that allows me to input your specific Rx drugs: name or generic equivalent, dosage (e.g., mg), and frequency (e.g., once per day). I can compare your present Medicare Part D plan and to other plans for 2024. Comparisons not only calculate the lowest total annual cost (monthly premium and Rx cost). The program shows if the plan’s formulary (list of drugs) has all your drugs available. Your pharmacy (or mail order) is included in the evaluation. A detailed monthly cost for 2024 is provided to know exactly what you will be spending.”
NOTE! PART D PENALTY
“I have worked with people who did not sign up for a Part D plan when they became eligible. The penalty is 1% of the national average monthly premium,” says Jeremiah. “This penalty is applied for each month the person did not have coverage. The penalty is paid when they do enroll in a Part D plan. The penalty is added to the Part D plan premium. For example, I have a client who did not have a Part D plan for 10 years (120 months). The penalty was $0.31 per month. Therefore, he pays a total penalty of $37.20 every month (which never goes away) plus his premium of $42. He pays a total of $79.20 each month! Make sure you have a Part D plan.
For an evaluation, contact Jeremiah Brewer at jeremiah@wenrickinsurance.com or call or text 850-699-0774.
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