Forbes Magazine Gives Seniors Advice to Save Hundreds of Dollars during Open Enrollment Period

Forbes Magazine has long been recognized as an important resource to the savvy investor. This week, the leading finance magazine weighed in on the importance of shopping carefully during the Open Enrollment Period, the time of year when individuals with Medicare are able to make important changes to their healthcare coverage. Open Enrollment runs from October 15th to December 7th, and provides seniors with the opportunity to adjust their coverage, add dental and prescription drug coverage, and lower their monthly premiums. According to Forbes Magazine, hundreds or thousands of dollars of savings are available during this important period.
SeniorQuote is all about saving money. That is why we founded the company – to provide you with a trusted resource to comparison shop a wide-range of insurance carriers and health insurance coverage plans to find the monthly premium that best fits your budget. Our licensed agents are available to answer all of your questions and help you make the right decision for your family.
We recommend reading the full article, linked above. Forbes provide the following facts and tips for protecting yourself and realizing significant savings during Open Enrollment:

Forbes Facts:

  • 86% of seniors are confused about Open Enrollment and their Medicare Options
  • The government shut-down caused issues with the Medicare.gov website, adding to the confusion
  • There are a number of fraudulent companies and individuals preying on seniors during the Open Enrollment Period
  • Forbes reviews the premium increases planned for Medicare in 2014 and the impact of Obama Care

Forbes Tips:
Tip #1: Don’t take a call from someone you don’t know or trust offering to help you navigate Medicare plans.

Tip #2: Don’t give out any personal information, such as your Medicare number, to unsolicited callers.

Tip #3: Don’t toss the mail you received from your health insurer and competing firms about your 2014 Medicare plan.

Tip #4: Don’t assume that you (or your spouse) have the most appropriate Medicare plan.

Tip #5: Do review your current carrier’s Medicare plan for 2014 to ensure you understand the pending changes. 


Tip #6:
Do understand that you may not necessarily be able to switch from your Medicare Advantage plan to a traditional Medicare plan plus a Medigap plan.


Tip #7:
Do study any changes in your plan’s drug coverage and cost (Part D, if you have traditional Medicare).


Tip #8
  Do seek expert help if you need it. We agree. And our experts at SeniorQuote are here to help.


Tip # 9:
Do take your time, but be sure to make your choices before open enrollment ends.
We couldn’t agree more. Enjoy the article. And enjoy the Open Enrollment Period. This is your best opportunity to save money and improve your health coverage.

Medicare Competitive Bidding

If this is your first time learning about Medicare competitive bidding, you are not alone.  Part of the reason why you may have never heard of the term is because it was part of an old piece of legislation called the Medicare Modernization Act, signed into law by President Bush in 2003.  It was finally implemented in 2011, and is aimed at “weeding out multiple companies selling the same products at higher prices, even though such products were not necessarily better.

There is little impact for seniors receiving Medicare.  The bill’s biggest effect has been on ironing out wasteful spending in government, saving more than $400 million in the first two years, across nine regions, alone.  Further savings are expected as the bill is implemented in 90 additional areas this year.

While the aim has been to make companies offering medical equipment to the government for Medicare more competitive, some have worried that the quality of equipment would decline in tandem with the prices.  So far, the opposite has happened, and the quality of medical equipment being provided to the government has actually remained the same.

Keep up-to-date with news on your Medicare and what it means for your individual plan.  SeniorQuote is always available to assist you.

Call us for a quote or for more information at (888) 278-5126

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Medicare Advantage: Is there truly an advantage?

Confused about Medicare Advantage?  You are not alone.   To understand Medicare Advantage it is important to get a sense for the bigger picture, rather than becoming overwhelmed by the complicated specifics and details.   Let’s reduce Medicare Advantage to the basics, so you can be better informed and make better decisions when planning your Medicare.

 

To start, original Medicare is a government program that is part of Social Security, created to help seniors with their healthcare needs.     If you are a senior over the age of 65, assistance is available to provide for your healthcare necessities with what is called Medicare Part A and Part B.  Think of these two parts as the building blocks of a complete personal healthcare program.  While the foundation of Original Medicare is most important to your healthcare, you may want to add additional layers of coverage.  These additional layers of coverage are not provided through Medicare and need to be supplemented by you personally.

 

According to Medicare.com, Medicare Advantage offers additional individual coverage that Medicare does not provide.   It is essentially a package of additional healthcare benefits provided by private companies or insurers, such as vision, hearing, dental, and/or health and wellness programs. Most include Medicare prescription drug coverage (Part D). Medicare Advantage Plans still provides you with the important foundation of Medicare Part A and Part B provided by the government, while offering you additional coverage that fills in some of the gaps that exist within Original Medicare. Medicare Advantage offers a variety of different coverage programs, rates, rules, and physician networks.  These many options can be great for people who want more choices and better coverage for their individual needs, however the program details can often be confusing, with additional rules and restrictions.

 

A common analogy that is used to describe Original Medicare is the foundation of a house.  The foundation includes a basic floor, walls, and a roof.  It is a great and important start and provides the framework for your home.  But what if you want a more comfortable home? Like additional rooms? Or a custom kitchen? Or bigger bathrooms?  Well, Medicare Advantage programs allow you to add some important custom features to your healthcare home, like the vision, hearing, dental, wellness programs and prescription drug coverage previously listed. ,

 

It is up to each personal to decide what is right for their individual healthcare needs and Medicare Advantage offers many important options.
If you have questions about your personal healthcare, insurance coverage, or Medicare, you can contact the Medicare experts directly at SeniorQuote by calling 888-278-5126.