(Offered only from private insurance companies)
For example, if you have United Healthcare’s Medicare Prescription Drug Plan or
Humana’s Wal-Mart Preferred Prescription Drug Plan and you feel that another plan may better suit your needs, you can switch during the Annual Election Period. Annual Election Period is October 15th to December 7th. There are several methods to determine which plan will offer the best value for your needs:
- Visit www.Medicare.Gov after October 1st and use their plan comparison tool. This is the only 100% objective method and how we make suggestions for our clients. Medicare will compare EVERY plan side by side and reveal how much you will pay for each drug, if the drug is on or off the formulary, the plan cost, the deductibles, if any, and the monthly, quarterly, and annual costs you will need to pay. They eliminate brand bias and any guesswork. It is a fantastic system!
- Call Medicare (1-800-Medicare) after October 15th, they are open 24 hours a day. Have your bottles out, not the list you carry in your purse or wallet. Share with them:
- The exact drug name on the bottle.
- The dosage from the bottle.
- How many pills, puffs, squirts, or drops you need a month.
- Call your agent. Please note, it is against Federal Law for your agent to ask you what drugs you are taking. You must bring up the subject or you must give permission.Without knowing which drugs you are taking it is impossible to offer professional advice. The commissions are less than $20 per case and your agent will most likely not want to be involved in the process. Due to Medicare’s rules and the insurance companies need to be compliant with said rules, your agent can rarely assist with complaints, concerns, or changes after the (AEP) Annual Election Period.
(Previous published in the September 2015 Edition of the American Retirement Advisor Newsletter)