6 Things To Do If You’re Over Age 66 and Enrolled in Medicare
Once you initially enroll in Medicare, it can feel like all the hard work is over. However, there’s still some yearly maintenance we recommend doing to
keep your costs low and coverage high.
1) Dodge Medicare Supplement rate increases
You’re all too familiar with rate increases, and after a full year or two of getting them, it’s often time to re-evaluate your Medicare Supplement plan.
On your policy anniversary date, have your agent run some new quote comparisons. Are there any other insurance carriers who offer the same plan for a cheaper price?
2) Tell your agent about any health concerns
You can only switch Medigap plans if you’re healthy enough to pass medical underwriting. Let your agent know if you have any health concerns or have been hospitalized recently for any reason.
Don’t get discouraged – some carriers accept conditions that others don’t, and sometimes, we can find a carrier that will accept you.
3) Choose a plan that will save you money
Sometimes, people purchase a Medicare Supplement based on the brand name or what seems to be the best coverage.
Popular brand names can often have the highest rates, and Plan F, which boasts first-dollar coverage, is the most expensive plan out there.
Medigap Plan G is often the best deal for your money, as it has full coverage except for the Medicare Part B deductible, and the premium is often much lower, which offsets this additional cost.
4) Price shop your Medicare Part D prescription drug plan
Each year, during the Annual Enrollment Period (AEP), you should price shop the other drug plans out there.
Carriers can raise prices during the year, you might be on new prescriptions, or there may be a carrier that has a cheaper plan this year.
It’s always a good plan to double check that you’re still getting the best deal for your money.
5) Ask about coverage gaps
Medicare doesn’t cover everything – in fact, there are quite a few gaps in your insurance coverage. A few examples are long-term care, dental care, and non-medical cancer costs.
Your agent can go over every potential area of risk to help you determine if you want additional insurance coverage.
6) Protect your investments
Once you reach Medicare-age, you shouldn’t have more than 25% of your investments in a volatile state. That means that it’s time to pull money out of the stock market and start putting it in zero-risk opportunities.
This chart gives a high-level concept of the different investment options:
|Money Markets||Bank CDs||5-year MYGA||MYGA w/ Indexing Option||Stock Market|
|Risk||Zero risk||Zero risk||Zero risk||Zero risk||Moderate to high risk|
*The range is based on the lowest and highest stock market returns in the past 20 years. Based on calendar year.
Ask your agent about investment opportunities to make sure your nest egg is safe through retirement.
Our team of dedicated, licensed agents can help you as little or as much as you need. Whether it’s answering a few questions about Medicare or creating a comprehensive Medicare Planner with you, we are your Medicare Allies.