How
much do you know about the different coverage options?
Provided by Taylor McClish
Medicare’s
open enrollment period runs through December 7. If you are enrolling in Medicare for the
first time, you will discover that it is much more complex than an
employer-sponsored group health plan.1
When you are enrolled in Medicare, you pay multiple premiums for
multiple types of coverage (Parts A and B as well as the Part D prescription
drug plan), and unlike a group health plan, there are no caps on out-of-pocket
costs and a risk that you might have to pay a hospital insurance deductible
more than once per year. Original Medicare also does not cover some costs that
many seniors would like to cover, such as dental and vision care expenses.2,3
This is why so many retirees decide to buy Medigap policies or enroll
in comprehensive Medicare Advantage (Part C) plans – they recognize the
shortcomings of original Medicare. The downside of Part C plans is that you are
restricted to the doctors in their networks. Original Medicare allows you to
choose any doctor that accepts Medicare (though it is smart to have a Medigap
policy as well).1,3
You can freely switch from one Medicare Advantage plan to another in
the open enrollment period; you can also enroll in one without having to go
through underwriting. If you want to move from a Part C plan back into original
Medicare, you may not be able to supplement Parts A and B with a Medigap plan
right away because underwriting will be required.3,4
Whether you are enrolling in Medicare for the first
time or considering a change in coverage, it is vital to understand these
matters. If you have questions, visit Medicare.gov or ssa.gov/medicare
for more information.
Taylor McClish may be reached at (503) 239-3060 or Taylor.McClish@cunamutual.com
This material was prepared by MarketingPro, Inc., and does not
necessarily represent the views of the presenting party, nor their affiliates. This
information has been derived from sources believed to be accurate. Please note
- investing involves risk, and past performance is no guarantee of future
results. The publisher is not engaged in rendering legal, accounting or other
professional services. If assistance is needed, the reader is advised to engage
the services of a competent professional. This information should not be
construed as investment, tax or legal advice and may not be relied on for the
purpose of avoiding any Federal tax penalty. This is neither a solicitation nor
recommendation to purchase or sell any investment or insurance product or
service, and should not be relied upon as such. All indices are unmanaged and
are not illustrative of any particular investment.
Securities sold, advisory services offered through CUNA Brokerage Services, Inc. (CBSI), member FINRA/SIPC, a registered broker/dealer and investment advisor. CBSI is under contract with the financial institution to make securities available to members. Not NCUA/NCUSIF/FDIC insured, May Lose Value, No Financial Institution Guarantee. Not a deposit of any financial institution. CUNA Brokerage Services, Inc., is a registered broker/dealer in all fifty states of the United States of America.
Citations.
1 -
cbsnews.com/news/medicare-open-enrollment-2019-change-plans-or-stay-with-what-you-have/
[10/11/19]
2 -
medicare.gov/your-medicare-costs/medicare-costs-at-a-glance [11/4/19]
3 -
money.com/money/5659788/medicare-open-enrollment-date/ [10/15/19]
4 -
medicare.gov/Pubs/pdf/12026-Understanding-Medicare-Advantage-Plans.pdf [9/19]