Page 20 - Leisure Living Magazine August 2019

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Five Money Saving Tips For
2020 Medicare Open Enrollment
By Steve Gulas, Bolte Insurance, www.bolteinsurance.com
This year’s Medicare Open Enrollment will be held from October 15 to December 7, 2019. During this timeframe, you can enroll in or change Medicare Part D Drug plans or Medicare Part C (Medicare Advantage Plans) for 2020. Here are five tips to help you save money during the annual open enrollment.
1. Evaluating Plans Can Save You Money.
Did you know that in 2019 there were 26 Medi- care Part D plans to choose from in Ohio? There can be significant savings in drug costs and premi- ums between plans. Make certain to evaluate your options to see if a different plan may be a better value. Our agency can help you review your med- ications in all plans available for 2020 and provide you with plan comparisons from Medicare.gov.
2. Medicare Supplement Plans Are Not Part Of Medicare Open Enrollment.
You can apply to change, or enroll in, a Medicare Supplement plan at any time of the year. However, these plans typically require you to answer medical questions to enroll or make a change. The excep- tion to this is if a guaranteed issue situation applies to you. You will no longer be able to purchase Medicare Plan F and C beginning January 1, 2020. However, you may still apply for and keep those plans if you purchased them prior to this deadline.
3. A Medicare Advantage Plan May Be A Better Value For You.
Most counties in Ohio offer plans with little or no premium. There are many factors to consider when determining if these type of plans would be a better value for you. Generally speaking, Medi- care Advantage plans can offer premium savings
compared to a Supplement plan with a Part D drug plan. However, most Medicare Advantage plans are network-based plans such as HMO or PPO style. Evaluate the provider network to make certain the medical providers you want to use are contracted with the plan. Also be sure that you understand the out-of-pocket costs that you will pay for medical services and prescription drugs before enrolling.
4. You Could Get Extra Benefits.
Many Medicare Advantage plans offer extra ben- efits not covered by original Medicare that can help save you money. These include dental, vision, hear- ing aid and over-the-counter benefits. In order to get these benefits you need to enroll in a plan that offers these extra coverages. These benefits can vary widely from one plan to another. Carefully consider the pros and cons of enrolling in a Medicare Advan- tage plan. There is much more to consider than just the extra benefits you may receive by enrolling. Our agency is contracted with many companies offering Medicare Advantage plans and can help you evalu- ate which plan may be a better value for you.
5. Find a Knowledgeable Agent To Help You.
Find an agent who is knowledgeable and rep- resents multiple insurance companies offering Medicare plans in your area. I am obviously biased on this, as an Independent agent that represents many Medicare plans and want to be right up front on that. But, hear me out on this one. When picking a plan, don’t solely rely on the advice of an agent you called on an 800 number who just represents one insurance company. Find an agent who represents many Medicare Insurance companies. In most counties in Ohio, there are more than 250 ways to take your benefits, between Medicare Supplements combined with Part D drug plans and Medicare Ad- vantage plans. Look for an agent who has the broad- est knowledge of plans and options. An agent who represents multiple insurance companies can help you to find the Medicare plan that best matches your needs.
Contact your local agents Steve Gulas or Chuck De- Vore of Bolte Insurance at 419-732-3111 to schedule an appointment.
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20 |LeisureLiving August 2019
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