You probably aren’t surprised at this point, but signing up for Medicare can be very, very complicated. That’s why we’ve put together a short list of important things to be on the lookout for during this year’s open enrollment season. It’s no substitute for reading our other entries on the subject, or contacting us for a consultation, but if you remember these recommendations, it will go a long way toward making sure you don’t end up with thousands of dollars in unnecessary fees and bills!
We recently spoke to TheStreet.com about what to avoid, what to watch and how to best navigate the Medicare open enrollment process. Here’s what they had to say about our biggest recommendation, to pay attention as closely as you can:
The single biggest mistake when it comes to Open Enrollment: Not paying attention, said Diane Omdahl, CEO of 65 Incorporated, a Medicare enrollment assistance organization. Her point is this: many of us, in the crush of day-to-day life, never get around to closely eyeballing our coverage and how it meshes with our health needs. That's a mistake nowadays because insurers are especially jiggling drug formularies - what drugs they cover and at what rate - and drugs that had cost $5 per month may jump to over $100… Always look at exactly how your prescriptions are treated and change plans to get a better deal. A recent Medicare Choice and Impact study from eHealth claims that, had Part D enrollees optimized their plan choice for their personal drug needs, they would have saved an average of $898 in 2016. And that same study claimed only a tiny fraction of Part D enrollees are in fact in their optimal plan.
The Street goes on to list several more recommendations, including the mistake of assuming your doctors are still in network, buying your plan based on the name of the insurer and more. You can read the entire article by visiting The Street online.
Though navigating the world of Medicare can be very confusing, i65 and 65 Incorporated are here to help. For more information about open enrollment and other topics, head to the 65 Incorporated blog page, where Medicare expert Diane J. Omdahl, RN, MS shares her wisdom on the twists and turns of the service.