SERVICES
TURNING 65 SOON?
what happens with the health insurance I have from work or group coverage?
If you have group coverage through your employer or a group plan, you may have a choice to keep it or replace it with a Medicare Plan.
Group insurance is not a Medicare supplement. In most cases, you have a choice to keep your group coverage or replace it with a Medicare Plan. In order to make an informed decision about which option is best for you and your family, we recommend speaking with a Senior Advisor at [company name] in addition to your HR benefits department.
Decisions regarding your group coverage involve adhering to specific Medicare timelines, deductibles and restrictions and may cause you to incur Late Enrollment Penalties and taxable events pertaining to your HSA.
How do I find a plan that includes my doctors and prescription medications?
Choosing the right plan can sometimes be overwhelming. Depending upon where you live in Ohio, there are nearly 40 insurance providers offering up to 10 Medicare supplement plans, up to 45 different Medicare Advantage plans and 25 prescription drug plans to choose from. When facing the enormity of the task, call us. We are right around the corner and just a phone call away.
When working with us, we will first gather all of your information so that we have the best idea possible about your current situation. Then we will work with you on selecting a plan that is going to work best for your needs. Once we have selected this plan, we will get it approved by Medicare as quickly as possible so that you do not have to wait any longer than necessary before receiving benefits from your new policy or prescription drug plan!
Important Dates to Remember
Avoid costly mistakes!
Decisions regarding your group coverage involve adhering to specific Medicare timelines to avoid Late Enrollment Penalties and unnecessary additional premiums.
- Turning 63: For those with a higher net worth, contact your accountant and financial planner.
- Turning 64: Start preparing for Medicare now to learn important timelines, coverage, costs & penalties.
- Sept. 30: Annual Notice of Changes to your current plan mailed to beneficiaries. Contact your Senior Specialist to review these important changes.
- Oct. 1 – 14: Pre Annual Election Period. This is your “First Look” opportunity to view next years plans
- Oct. 15 – Dec. 7: Annual Election Period for Medicare Advantage and Part D Prescription plans
- Quarterly: Medicaid and Extra Help Beneficiaries may have the option to make quarterly changes to their Medicare Advantage and Part D drug plans from Jan 1 – Sept 30th.
- Yearly – Oct. 1: For many beneficiaries, this is the Lock in period for Medicare Advantage plans and Part D drug plans unless your situation qualifies you for a Special Election Period or you use the Open Enrollment period
- 25th Month of Disability: Generally Eligible for Medicare Part A & Part B, Medicare Part C Advantage Plans and Medicare Part D Prescription Drug plans.
- Turning 65 – Generally Eligible for Medicare Part A & Part B, Medicare Part C Advantage Plans, Medicare Part D Prescription Drug Plans and Medicare Supplements (Medigap).
Already on Medicare?
Starting October 1st, you’ll be able to view the benefits of other plans offered in your area. You may make plan changes from October 15th – December 7th for an effective start date of January 1st of the following year.
You will generally have three options to select from:
Option 1: In most cases, your current plan will simply roll into the next year’s plan. If you wish to keep your current plan, simply do nothing. However, to avoid unwanted and costly surprises, we suggest you speak with an informed senior specialist to ensure your best interests are met in the upcoming year. Contact us! We can help!
Option 2: Once you have reviewed your current plan as well as other plans offered in your area, you can change your Part D Prescription Drug plan or your Medicare Advantage Plan. This process can seem overwhelming but we’re happy to walk you through it step by step!
Option 3: You also have the opportunity to go back to Original Medicare and a Stand Alone Part D Prescription Drug plan. Acceptance into a Medicare Supplement
