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Medicare Annual Enrollment Time – Questions?
Several ways to tell how the seasons transition from summer to fall are: the weather changing, foliage, and the major sport going from baseball to football.
Another way to tell there’s a difference coming is the Medicare Annual Enrollment Period (AEP). Happening this year from October 15th through December 7th, anyone who has health coverage through Medicare can either review, enroll or change their Medicare plans, including stand-alone prescription drug plans.
“Medicare is designed for individuals who are aged 65 or older, or under age 65 with certain disabilities” said Nicholas Pacheco, owner of Independent Benefit Solutions, LLC, based in North Providence, who has devoted nearly two decades in the insurance and financial services industries. “Most people know that Medicare Parts A and Part B provides hospital and doctor services, respectively. But Original Medicare does not cover prescriptions, vision, dental, co-pays or Medicare’s deductibles and only pays 80% of the bill,” Pacheco added.
Medicare is run by the Federal government, but plans are administered by private insurers. Maintaining a healthy lifestyle while not being concerned about how to pay for potentially devastating health care costs is a difficult task for some. For most people, they often find themselves confused as to which type of plan or carrier to go with or haven’t reviewed their plans in a while to see which benefits they may be eligible for.
Fortunately, there is help in ensuring you make the right decision. Pacheco said he and his team of experienced licensed agency members are appointed with many carriers with a goal of saving their clients’ money on premiums and prescriptions and making sure they are aware of and getting all the benefits they deserve. “Our desire is to help people select the best insurance coverage based on their needs, health and most importantly their budget. We work with each client to select the right plan while ensuring the access and affordability to care while giving clients complete piece of mind.”
Part C for example, also known as Medicare Advantage, combines the benefits of Medicare Part A and Part B but add other benefits. This year, there are various Medicare plans that offer differentiating services such as $0 co-pays for physicians, $0 co-pays for most generic medications, expanded dental and vision coverage, hearing aids, and gym memberships to name a few!
The annual 8½ week window not only enables people to review their plan and see what options are available, it also allows them to go from one plan to another with an effective date of January 1st, 2021. However, please keep in mind about the government deadline of December 7th. That means anyone who misses the cutoff point will not be able to change plans unless they have a limited number of extenuating circumstances or qualify for a “special enrollment period” after the 1st of the year, Pacheco said.
“Having initial contact with people and determining their best outcomes can be done seamlessly,” he said. “It’s better to plan early and understand the plans and benefits and risks associated with each. This is not something people should wait until ‘the last minute’ to deal with.”
Independent Benefit Solutions hosts numerous informational events both in person and virtually during this time. For people who have questions, they can make an appointment with him or one of his licensed team members to go over their options so they can make informed decisions that ultimately impacts their lives.
About Independent Benefit Solutions
Independent Benefit Solutions provides a myriad of other services in addition to Medicare plans. The agency also works to provide retirement income benefits and legacy or business planning for their clients. They ensure that clients have the right safeguards in place, so their loved ones are not burdened with making difficult decisions or having unnecessary tax consequences. Using a comprehensive approach and open architecture, they work closely with each client and their strategic referral partners to develop a tailored plan to fit their client’s lifestyle, goals, and budget. The staff specializes in asset protection strategies and creative insurance solutions that protect against unnecessary risks and inefficient wealth transfers.
For more information about the Medicare Annual Enrollment Period, Independent Benefit Solutions, or their menu of services, contact Nicholas Pacheco at 401-314-4100 or at [email protected]. Further details may be found by visiting their website at www.independentbenefitsolutions.com.