Step 6: Review Plans Annually
Too many Medicare beneficiaries put their coverage on autopilot. Regardless of how their Medicare plans might change in the coming year, they simply “let it ride.” This practice easily costs your clients thousands of dollars throughout retirement. Now, because of the impact of the Inflation Reduction Act on Part D, the opportunity to review drug coverage during the Open Enrollment Period is more important than ever. Beneficiaries also need to know about Medicare Advantage Open Enrollment Period and opportunities for changing Medigap policies.
Living with Medicare
Medicare Advantage plans must cover the same services as Medicare Part A and Part B; however, each plan determines how to do that. As a result, there are differences between living with each path.
Medicare in 2024
There have been an incredible number of changes this year in the Medicare world. Many of these can have an impact on your clients’ costs, coverage, and decisions.
Long-term Care
In a recent survey, 72% believe that Medicare covers long-term care and less than 10% have any idea of the costs associated with it. By the time many need this care, they may not be able to handle the costs.
Important Concepts
I. The two Medicare Open Enrollment Periods (20 minutes)
II. The $2,000 out-of-pocket spending limit for Part D (20 minutes)
III. Reviewing and changing Medigap policies (10 minutes)
IV. Coverage criteria, rules, and the differences between the two Medicare paths (15 minutes)
V. Medicare Advantage in 2024: commercials, marketing, networks, and prior authorization rule (15 minutes)
VI. The Inflation Reduction Act and its impact on drug costs and coverage (15 minutes)
VII. Medicare representatives (5 minutes)
VIII. Long-term care: the basics, types of care, settings, caregivers, and payment sources (20 minutes)