Medicare Open Enrollment

Dave's picture

Do you want to possibly save money on your Medicare insurance costs? Do you have a phone? Do you have fifteen minutes to call your insurance guy or gal? If you answered “yes” to those questions, you are strongly recommended to do so before December 7, 2015. If you don’t call, you’ll have to wait another year for the next Medicare Open Enrollment period to make changes.

Let me tell you my story. Before I do, allow me to preface my story with a few facts and definitions.

• Medicare Part A – Primarily hospital care
• Medicare Part B – Primarily doctor’s care and tests. Generally pays 80% of the costs. You are responsible for the remaining 20%.
• Medicare Part D – Prescription Drug Plan
• Medicare Part C (Advantage Plan) – Like an HMO or PPO. Your health care options (Parts A, B and D) are managed by your Advantage Plan insurer.
• Medigap Plan – Supplemental Insurance that generally covers the 20% not paid by Medicare Part B – The Medicare website that can answer most of your questions.
• Medicare Open Enrollment – The one time of year when ALL people with Medicare can make changes to their health and prescription drug plans. The Open Enrollment period is October 15, 2015 through December 7, 2015. Changes made during the 2015 Open Enrollment timeframe will go into effect no later than January 1, 2016.

Now on with my story. Nanook (my wife) and I each have a Medigap plan. In fact we have had them since we first went onto Medicare. This year I called my intrepid insurance broker Ed to see if he could find policies that maintained the same level of coverage at a cheaper cost. He did. He found us plans offered by our insurance company that reduced our combined monthly premiums by $60. Needless to say I told Ed to go for it. He did. And now we are saving money.

While I was on the phone with Ed, I asked him if he could do the same for our Part D Prescription Plan. Guess what. Ed came through again. He found two new policies that will save us about $40 a month combined. Let me tell you we jumped on that horse too.

So to wrap-up this communique, one fifteen minute call (no, Ed is not Geico) saved us about $100 a month. Not bad eh? Just to be clear, rChance is not an agent. rChance does recommend using an insurance broker, one that can shop the insurance market for you. Prices do vary between insurance companies, even policies that offer the same benefits.
rChance does recommend you check-out the Medicare website for everything Medicare and call your insurance broker, agent, or company to see if they can save you some money. Just remember to do it before December 7, 2015. That is the deadline for changes to 2016 charges.

If you have any thoughts about your Medicare please share. I’m sure other rChance readers would appreciate reading them.

Remember, it’s rChance to Thrive, Every Day and in Every Way.

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