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Core Insurance Advisors

We Simplify Your Medicare Options

Winds of Change May Be Blowing

Medicare

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As your agent, it’s my job to keep you informed when the wind of change is blowing, so please take a moment to read this newsletter.

You may not have seen the recent news, but a few significant announcements related to Medicare will likely impact your health and prescription drug coverage in the coming year.

Here are a few key announcements you may have missed.

Reduced Reimbursements*—For the second year in a row, the government has announced that it will reduce reimbursements to Medicare Advantage plans. As we have seen in the past, when reimbursements are reduced, we can expect to see member premiums and co-payments increase and/or benefits reduced to make up for the lower reimbursements.

Prescription Drug Plan Changes*—As part of the Inflation Reduction Act, drug plans will be required to have a $2,000 out-of-pocket maximum on prescription drugs. While this is good news for consumers, it will likely increase the cost of health plans. As we know, these additional costs are often passed along to customers through higher deductibles and co-payments.

Medicare Supplement Increases*—Many industry professionals predict a rise in Medicare Supplement premiums. During COVID, many people could not see a doctor to get Medicare care for their illnesses. As those illnesses were not treated early, many plans are seeing an increase in visits to the doctor now, which is increasing their overall cost. As stated above, these increases will likely be passed along to customers.

It’s Imperative To Compare Your Options For Next Year

Conclusion

What does all this mean? While the impact of these changes will be made public on October 1, this is shaping up to be a year for careful review of your plan benefits. If there were ever a year to do a deep dive into your plan benefits, this would be the year.

Please be on the lookout for your Annual Notice of Change letter from your current Medicare Advantage or PDP plan carrier. This document will outline the changes to your plan beginning January 1, 2025. You must read and understand any changes to your plan in the coming year.

May I remind you that one of the many services we provide to our clients free of charge is an annual plan review? We’re happy to review your plan benefits to ensure they still meet your cost and coverage expectations.

With Core Insurance Advisors, a trusted local health insurance agent is working to give you personalized service, extensive coverage options, advocacy, and expertise that online insurance companies cannot match. When it comes to your health insurance, choose the personalized approach from a Core Insurance Advisor.

Please call us as soon as possible to schedule a review of your plan. If you have a friend or family member who’d like to experience the benefits of a local, independent health insurance agent, we’d love to speak with them at 877-404-8060.

*April 2, 2024, Axios Article – Medicare Advantage Plans to see 2025 base pay fall

*August 1, 2024 – KFF Article – What to know about Medicare Part D premiums

*June 20, 2024 – BGES Group Article – Big Changes Coming to Medicare in 2025

Elderly couple hiking in a forest.

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In today’s digital age, where everything is just a click away, you might wonder why you should bother with a local independent health insurance agent. After all, you can easily purchase health insurance online directly from insurance companies with just a few taps on your phone or clicks on your computer. However, when it comes to your health insurance, there are many advantages to working with an independent insurance agent. In this article, we cover just a few…………. 

Understanding the Role of an Insurance Agent 

A health insurance company provides policies and coverage, while an insurance agent is the intermediary who works on your behalf to secure the appropriate insurance based on your individual needs. While health insurance companies may bombard you with advertisements and promises of the best rates and benefits, they often lack the personalized attention and expertise that a local independent health insurance agent can provide. 

Advantages of Using a Local Independent Insurance Agent

  1. Personalized Service and Expert Advice

Unlike Health insurance companies that prioritize their bottom line, local insurance agents prioritize your best interests. They take the time to get to know you personally, understand your unique needs and help you find health insurance policies accordingly. A local independent insurance agent can provide expert advice and guidance, ensuring you have the right coverage to protect what matters most.

  1. Extensive Coverage Options

One significant advantage of working with an independent insurance agent is access to a wide range of health insurance companies and coverage options. While health insurance companies are limited to offering their policies, independent insurance agents work with multiple insurance carriers, allowing you to compare plans and find the coverage that best suits your needs. 

  1. Local Knowledge and Community Involvement

Local independent insurance agents have invaluable knowledge about your local area. They understand your unique challenges and are familiar with the many health plans and providers in your local area. Additionally, local insurance agents are often active members of their communities, participating in local events and supporting local charities. By working with a local independent insurance agent, you benefit from their expertise and contribute to your community’s growth and well-being.

  1. Time and Money Savings

Contrary to popular belief, working with a local insurance agent can save you time and money. While shopping for health insurance online may seem quick and convenient, navigating various policies and coverage options can take time and effort. Local insurance agents streamline the process by doing the research and comparison shopping for you, presenting you with the best choices based on your needs. 

  1. Long-Term Relationship and Customer Support

Building a long-term relationship with a local independent health insurance agent can provide peace of mind. Unlike dealing with a faceless insurance company or a telemarketer, you have a dedicated professional who knows you and your needs. Local insurance agents can assist you with policy changes and updates and answer any questions or concerns. Whether you’re renewing your policy or require assistance with a claim, having a trusted local health insurance agent by your side ensures you receive personalized attention and prompt service.

  1. Trust and Reliability

Establishing trust and reliability in the health insurance industry is crucial; local independent insurance agents excel in this area. They prioritize building solid client relationships and providing honest and transparent information. Unlike online insurance providers or telemarketers, local insurance agents are accountable and accessible because they live and work in your local area. They understand that health insurance is a long-term commitment, best served by someone willing to take the time to get to know you and meet with you in person. 

Conclusion

While purchasing health insurance online may seem quick and convenient, the advantages of working with an independent health insurance agent far outweigh the perceived benefits of online transactions. 

With Core Insurance Advisors, a trusted local health insurance agent is working to give you personalized service, extensive coverage options, advocacy, and expertise that online insurance companies cannot match. When it comes to your health insurance, choose the personalized approach from a Core Insurance Advisor.

If you have a friend or family member who’d like to experience the benefits of a local, independent health insurance agent, we’d love to speak with them at 877-404-8060.

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Each year from October 15 to December 7, Medicare beneficiaries can make changes to how they receive their Medicare Advantage and Prescription Drug  coverage for the coming year. 

Insurance companies review and refine their Medicare plan benefits once a year. Sometimes the changes are minimal, but sometimes they can be quite significant.

Since plans will automatically renew if you don’t make changes, it’s a good idea to make sure your plan still meet your needs for the coming year.  

Here are some things you should consider that will help you make informed decisions about your Medicare coverage during AEP.

How’s Your Health?

Has your health changed in the last year? Is there anything new about your health that you need to take note of? It’s important to consider any new health conditions when reviewing plan options for the coming year. 

Annual Notice of Change (ANOC)

It’s important to review your ANOC or annual notice of change when you receive it in the mail. Some things to look for are benefits being added or removed from your plan, changes to providers in your network, changes to in and out of network coverage, and changes to prescription drug coverage. 

Your Needs and Your Coverage

Does your current Medicare plan cover your healthcare needs? It’s important to consider if any of the plans changes for the upcoming year will affect your healthcare needs. 

Along with evaluating plan changes you need to check and make sure all your preferred doctors and providers are included in your plan coverage. Prescription drug coverage is another important factor to consider. Are the prescriptions you need on your plan’s formulary, and can you receive them online or via mail?

Costs

Considering your out-of-pocket costs is something you need to be aware of during AEP. Are your out-of-pocket costs what you expect? Will you need help paying for Medicare?

At Core Insurance Advisors we help make Medicare Annual Enrollment easy and stress free! Get in touch with one of our experienced advisors for a no-cost plan review: 877-404-8060.