Medicare Annual Enrollment Period Highlights

By: Mark Mabaquiao

 

The Medicare Annual Enrollment Period (AEP) ended on December 8, 2016. I hope you reviewed your coverage and made sure you have the best plan for your situation for 2017. After performing annual reviews with my own clients, only 10% made the decision to change plans.

The majority switched because their drug costs were going to be more expensive had they stayed and we found a less expensive alternative with the same or better benefits. Here are some other notable things that happened during AEP:

1. Saving $6,000.00 On Drug Costs: I helped a new client find a drug plan that covered all her medications. She is a 77-yearold retired Physician living in Lincolnwood and she was paying around $12,000 a year on prescription drugs. I found her a stand-alone drug plan from a highly-rated company that cut her cost by 50%.

2. Saving Money & Better Coverage: One of my Mount Prospect clients switched Medicare Advantage plans because I found out they would save about $3,000 on drug costs and the new plan would cover his Ophthalmologist.

3. Retirees Were Helped: I met with a bunch of retirees who were being dropped by their employer retiree health plans. They were offered an alternative, but after we compared what was available in the individual Medicare market, they realized that they could get better or the same coverage for less with us.

4. Free Gym Membership: Some of my clients have taken advantage of the free gym membership included in many Medicare Advantage plans. They absolutely love it. Aside from the obvious advantage of staying physically healthy, there is also a social component that is just as impactful on overall health.

5. The New Administration & A Republican Congress: I must mention this because there are signs indicating that changes may be coming soon to Medicare. There are potential scenarios being thrown around by the media and the politicians themselves. At this point we can only speculate, but just know that I will stay informed and I will be ready to communicate the new information to you…HAPPY NEWYEAR!!