More on Medicare Open Enrollment Periods, with We Speak Medicare
People on Medicare Advantage plans can make changes to it from January 1 to March 31. Dan Redler and Dan Leary from We Speak Medicare provide more information on these periods so you get the best benefits and being prepared for the year to come. Plans send a notice of changes, some of which can be at least a hundred pages long. We Speak Medicare can explain these changes succinctly.
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*The following is the output of transcribing from an audio recording. Although the transcription is largely accurate, in some cases it is incomplete or inaccurate due to inaudible passages or transcription errors.
The following podcast is provided by we speak Medicare and answers for elders radio, and welcome everyone to answers for elders radio and we are so excited. We’re into January. We’re talking about getting prepared for aging and obviously there’s a lot of things to take care of as we get older, and especially in the month of January. And we are so honored to be sponsored today by we speak Medicare, the Dan and Dan show. Dan Larry and Dan Reddler here from we speak Medicare and you guys are going to talk a little bit. I would love to learn about what’s called an open enrollment period, right, is that? And then there was annual enrollment before, and of course we’re all confused the world. So you guys are here to make us more educated on this subject. Well, thank you for having us. Yeah, it can be confusing out there in the field of Medicare. Acronyms are used all over the place, epoep, Sep IEP, and they all means something. Yeah, but what we just came off of was the annual enrollment period, which was October fifteen to December seventh, right. That’s when the Medicare community, the the folks that are beneficiaries of Medicare right, and either join a plan or switch their plan and and then have that set to become effective January first of the following year. Got It. But you asked me about what is oeep right, what is open enrollment? And so open enrollment is when someone who is on a Medicare advantage plan can have that plan, look at their plan and if they feel they have something else that they did can get in their plan they needed, they have the opportunity to change that plan to another Medicare advantage plan. That’s awesome, and that happens January first through March thirty one. Got It. Got It. So, as far as you know, obviously I’ve heard this in the wings of you should have this reviewed every year. Why is that so? Medicare plane plans change every year and that’s what the annual enrollment period is for. To have your current plan. So your you purchased a plan or you’ve got on a plan in two thousand and eighteen, right in two thousand and nineteen is when the plan takes effect. That plan lasts for a year. It ends on December thirty one and then the following year a new plan changes. So during that annual enrolling period is when you should be speaking with a broker to review all your healthcare options based on your personal health needs, because as we age, our health needs change, our prescriptions change change most of the time we need more prescriptions as right age, and so this is the time to make sure that you’re getting the best benefits and being prepared for the year to come. So what does it mean you guys? That’s a really good thing. You talked about being prepared for healthcare. Does the world understand what that means? I don’t know if I understand fully what that means. So No, to be prepared is to is to know what you have and you really need some some help. Every year the plans send out an annual notice of change letter right where they describe what change for the year right. One of them was two hundred and twenty eight pages. Holy Molin, my eyes glaze over like that. So they but we know the succinct way to explain right changes and they really need some help with that, right. And so a lot of people don’t read the notice in a notice of change and then the following year they find out that there’s they can’t see a certain doctor. Right, they find out that there’s drug differences on the formulary and then they they they went may want to do something about that if it’s if it’s not favorable to them. Well, and I’m sure you know, our health is different from one year to the next. Yeah, we’re going to is as conser uomers and is is patients. You know, we’re going to the doctor. I just actually two days ago, I went to my doctor to get a prescription renewed and she told me, do you realize you’ve been on this medication for twenty five years? And I go really, that long, she says, and now you sure you’re okay with it, and it’s like, you know, well, it’s great because I take it. You know, it’s a little trouser don’t to sleep at night. Right, it’s not a big deal. But I’m going like why do you need to see me? I don’t understand. I’ve been on this she goes because things change, you know, we want to make sure that your blood pressures okay, we want to make sure as you age, that those things are you know, there’s their blood tests and all the things that they had to do so that I could stay on it and I first thought it was kind of annoying a little bit, but you know, it’s I think it’s an important thing that we all take a look at. It’s just part of our annual physical things like that that we do that those are the things that obviously affect our whole healthcare coverage. Is that correct, guys? Yeah, and you know, it’s interesting because the only thing that that is predictable in the healthcare field is change. Yeah, that’s true. And so we know right now that annually the the Medicare advantage or medicare supplement plan, their contract is a year long, so they’re going to change on an annual basis. I didn’t realize that. And and so when you have that, you you know, the other constant that’s in this this world is as we age, our finances become fixed because we’re not generally earning more income, right, and so the consumer then is more sensitive to expenditures and health scare and the number one cause of bankruptcy in the senior market is healthcare care. So if you’re not prepared, your financial planners not working with you to make sure that you have stopped losses, whether it’s a cap on how much you would spend. or You have a formulary where your prescriptions have predictable cost, then you could, in a single health event, wipe out your entire health care savings for your retire well, and here’s another thing I never thought about. But obviously Medicare advantaged programs. What if you have referred your referred to a specialist? You made that you may need your plan reviewed at this time to make sure that you’re getting the maximum benefit if you’re dealing with a certain type of healthcare coverage. Isn’t that correct? Absolutely, absolutely so. Those are all areas that, you know, if I’m a consumer and I’m sitting back thinking to myself, you know I don’t know necessarily what what I have. A lot of people, I don’t think they realize what they have specifically. Is that correct? I mean I’m just curious. Yeah, the in the last year this couple came to be and they had an option to take chemo with intervenious injections in the office or at home. Well, if they take it at home it’s covered by part D’s and David, if they do clinics, covered by part B with much better coverage. So what you and the doctor didn’t explain the difference because they don’t necessarily know. No, I’m sure the doctors don’t know. So that’s where we come in. Got It. We can give them advice about the coverages. And the husband said you’re an angel for helping us, because it was thousands and thousands of dollars at stake. So calling you guys, we are talking again to Dan at, Dan leary and Dan Reddler, both from we speak Medicare. I call you guys that, Dan and Dan Show, because you guys are so helpful. Medicare is such a huge issue and obviously you guys serve all of the state to Washington, isn’t that correct? Tell us a little bit about what you guys do. So what we do is we help anyone that’s in the field of Medicare, meaning those that are aging into Medicare, those already on Medicare, those that might need assistance, with a program called low income subsidy, which, got it, offers through social security, lower costs for your prescription drugs. I flat rate, Uh Huh, from zero dollars to about eight dollars and fifty cents for the more expensive perspecsions. And so what our job is is to be an advocate for the consumer and to educate them on the plans that are out there that would be beneficial to not only their health but to their financial outcomes. Right, right, and obviously every year to do that. That’s important. So what happens? I’m just curious if people don’t change, do they just roll into the next the same plan that they had before? What happens if you’re not prepared? I mean, I guess that’s my question. That that is what happens to plan automatically renews unless they’re leaving the state or they’re not a viable company any longer. And if you don’t pay attention to the changes, you can get it surprised, right, and that’s why reviews is very important. Do Policies Change? They change the coverages, they change the premiums, they change their networks. My word, I had no idea. So you you know, cheapest isn’t always best, but our most popular plans or zero premium and amazing many people that’s a really solid plan. Uh Huh. So there’s a huge range of premium prices in changes in the job of a good agent is to make it simply too right and help you make an informed decision. HMM, that’s that’s really important and obviously having that time. So just in a nutshell, we have about two minutes. If somebody calls, we speak Medicare what happens, and obviously you’re going to have a conversation with them. Is that correct? Well, one of the first things that we’ll do after welcoming that call is going to perform a needs analysis for that client. Okay, we’re going to ask them some questions about their health, we’re gonna ask them questions about their their prescriptions that they’re taking and many times we may ask them about their financial situation. Right, because as we age, sometimes our financial situation changes, right, and there are financial thresholds that could get them into additional programs that reduce the expenditures they would have and sometimes have no expenditures and yet have great full coverage for themselves. Well, and and there’s some things like what I’ve I’ve been learning now with Obama, are the new laws that change with Medicare one of the things. This is like physical therapy isn’t always covered unless there’s a certain type of policy. So this is something that was new to me. I always just figured always physical therapy is covered, not necessarily. That’s the thing that was interesting to me and and the other thing to know is is that as we have progressed in this health care community, in the insurance community, more and more things are being added to lands. Right, some of the plans have with through the federal government has approved meal delivery to folks after they’ve come to a hospital. Right there, physician deems it necessary for them, there is some home healthcare available. Right. So not only should you review be what you’ve had, but what you’ve got coming up right and what some of the new nuances are that abound by Medicare. Right. So obviously open enrollment happens between January one and March thirty one. So that’s the time, the window that we have. So how do we reach you? So they can call us at eight seven seven, three, four six two thousand and sixty. That’s eight seven, seven, three four six two thousand and sixty. That’s awesome. Or you can go to your website. Correct yes, and go to the website. It’s we speak Medicare dot org, and there is a little button you can hit and it says requested consultation and we will reach out to you awesome. Thank you very much and Dan and Dan will be right back right after this. Thank you. The preceding podcast was provided by. We speak Medicare and answers for elders, radio to contact. We speak Medicare go to. We speak Medicare dot who rg or call one hundred and eighty seven, seven, three four six zero, six zero
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Originally published January 12, 2020