3 steps to getting the most out of your Medicare

3 steps to getting the most out of your Medicare


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It's Oct. 3, and that means it's time to review your Medicare enrollment choice.

The annual enrollment period for Medicare insurance is from Oct. 15 to Dec. 7, and chances are Medicare decisions affect your life or the lives of your loved ones. Medicare decisions can cost thousands of dollars. Sterling Jack, Ph.D., has developed a three-step program to ensure that you make the best choices possible for your Medicare.

Step 1: Review the details … some of them are hard to find.

Each year Medicare plans can and do change. Whether you have a supplement or an advantage plan, changes are made each year. Some of these details are easy to find, such as premiums and co-pays, co-insurances, deductibles and maximums. However, some changes are more difficult to interpret. Awareness of the details of each plan will provide you with a better idea of "the big picture," which will assist you in making an educated decision.

"The big picture" consists of premiums, maximum cash out-of-pocket, doctor co-pays, hospital co-pays, skilled nursing co-pays, drug coverage and co-pays, and additional benefits like preventive care, dental, vision, exercise and hearing aids, as well as network doctor and facility contracts. All of these items are pieces of the puzzle that should be taken into consideration.

Step 2: Individualize the plans to your specific needs.

No one can predict what will happen with their health in the next 12 months. A simple best-case/worst-case analysis is not enough. The last 12 months can be used as a gauge for the next 12 months, applying the benefits of each plan across your projected use of that plan. The result is a much more accurate predictor of usage and costs. Every person is different, including health needs and preferences. You need to know how your personal usage would look across each plan before making a selection. You now have an idea of how you fit into "the big picture."

Step 3: Use "the big picture" to make your decision.

Most insurance companies' advertising and sales pitches try to get you to focus on one particular part of the plan or one specific benefit or perk. This narrow view can be costly. You must focus on "the big picture," year over year, to see which plan would save you the most and give you the greatest benefit.

These three steps are the basics, but for a more detailed explanation of each step, click here to download a free booklet that will assist you in making the best possible Medicare decisions.

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