September 7, 2017

Why is Open Enrollment important?

I have a health insurance plan.  Nothing has changed.  I like my doctors, take a few prescription medications and don’t anticipate any changes for next year.

Open Enrollment is your opportunity to change your mind.  If you have a plan that fits your needs, the doctor is in-network and prescriptions are generic, then no changes are necessary.  But you need to make a conscious analysis of your plan during Open Enrollment.  Formularies change, doctors change networks.  Important to know your network hasn't changed. 

My plan is to expensive, I never go to the doctor….

During Open Enrollment is the time to make changes to your coverage if you need to.  Carriers increase premiums, change plan designs and even drop plans on an annual basis.  

If your plan is to expensive, there may be less expensive options.  Lower premiums typically mean higher deductibles.  A Bronze plan for instance may have a lower monthly premium but you pay for all services until you meet your max-out of pocket.  Are you prepared for the unexpected?  Lower premiums aren't always your best choice.

Let me know if you have a specific question.  The are jus examples of what I hear from my clients.  If you are wondering about something, most likely there are others wondering the same thing.

WHY SHOULD I USE AN AGENT FOR MY HEALTH OR MEDICARE INSURANCE?

We all have questions in our heads that we want to have answers to but just don't ask the question. Few ask these questions but everyone is curious.

Here is a sample of questions I get asked on occasion but seems to be an underlying curiosity in many Clients.

What can an Agent or Broker do for me?
Agents and Brokers are individuals that assist clients, in this instance, with their health and Medicare
insurance needs. An Agent can be a Broker. Or, an Agent can be a Captive Agent meaning they only promote one Carrier. The Broker is certified with multiple Carriers allowing them to shop the best plan for the consumer.
Brokers must re-certify annually with every Carrier they are contracted with. We are educated and tested on:
1. HIPPA compliance - Protecting the privacy of our clients.
2. Ethics - Knowing the right thing to do.
3. Plans offered by each Carrier - These change every year.

Do I have to pay to use an Agent?
NO. Agents / Brokers are paid commission by the Carrier. We have no incentive to promote one Carrier over another, the commissions are very similar. Our job is to find a plan that works for you.
Don't call an Agent / Broker for free advice. Like everyone else, we are here to make money. We are
happy to help but don't waste our time. Commissions are earned by enrolling consumers not spending unlimited time answering questions for free.

I don't like my Agent, can I change? I have insurance but I don't have an agent.

You can change your health insurance Agent any time. There are several ways to do this.
1. If you have a tax credit and your plan is through Your Health Idaho, call the consumer help desk and add the Agent. Your account profile will populate in our Broker portal. This allows access to your information and the Agent will be able to help with your specific plan choices.

2. OR, if you have a tax credit and are enrolled through Your Health Idaho, login to your account and add the Agent. Follow the prompts for getting assistance on your home page. Again, your choice will populate to the Broker portal.

3. If your plan is directly with a Carrier, you can complete a form called Agent of Record to designate the Agent of your choosing.

Medicare recipients do not have the opportunity to change Agents as easily as with health insurance.
Choose your Agent wisely. Depending on the type of plan you have, circumstances and the Carrier, you may be tied to that Agent for a very long time.

If you have a specific question you would like answered, get in touch with me. I will be happy to get you an answer.

3 Most Common Mistakes Made on Medicare

3 most common mistakes people make when enrolling in the Medicare Advantage or Medigap plan.

     Don’t plan early.

Many of us procrastinate, it’s a human nature. We postpone things that make us feel uncomfortable, things that scare us or we feel intimidated by. So we wait and wait till we can’t postpone anymore and we need to make the decision fast. Decisions made under pressure aren’t always in our best interests. Medicare is a complex topic. Start planning early, remember you have 7 months of Initial Enrollment Period to sign up for Medicare (3 months before you turn 65, the month of your 65^th birthday and 3 months after you turn 65). During initial enrollment, you will be solicited by a lot of ads in the mail and cold calls. You will hear hundreds of opinions on what you should do, what product you should pick.  You will be told by many you are running out of time and you need to make the decision fast. Instead of getting yourself all wound up, frustrated and ultimately finding yourself picking the plan that is currently in front of you, take a deep breath and rethink the situation. Contact your trusted agent in your area before your Initial enrollment period starts, have an honest discussion with the agent on what your needs and income constraints are. Remember nobody knows your needs as well as you do! Review different plans, one plan doesn’t fit all and definitely the plan your neighbor has not necessary can be the best option for you. Quiet down the noise of solicitor around you, put yourself in control and focus on the best Medicare plan for you by choosing the right person who can guide you through the confusing world of Medicare.

          Pick a Medicare plan because a neighbor or a family member has it. 

We all are different. That’s what makes us unique. We have different priorities in life, different goals, different tastes and different likes. That is true for all areas of our lives. Choosing Medicare plan is not any different. One plan doesn’t fit all. Analyze the Medicare plan options based on your goals and needs. Make sure the plan of your choice includes the doctors you are seeing, the medication you are taking and aligns with your income. Keep in mind the plan your neighbor or a family member have may be the perfect plan for them based on their needs and constraints but it maybe not necessarily the best option for you. Quiet down the opinions of other people and talk to a specialist. Preferably someone who can discuss different Medicare plan options with you and decide on a plan that resonates with you the most.



 Enroll in the cheapest plan available.

Have you heard the sayings “you get what you pay for” or “the devil is in the detail”? We as human-like to get free stuff, there are many pages on internet designated to “super couponing” or free stuff finders. Looking for deals can be challenging, fun and satisfying. But when it comes to choosing the right Medicare plan, it is more than just a price. This is a big decision you are making that will impact your future. Spend the time on reviewing the options to assure the impact will be positive. Analyze not only the price and the network providers but the whole financial structure of the plan. Make sure you can absorb the deductible (if there is any), that you are ok paying the co-pays if you end up in the hospital and more importantly are you financially prepared to deal with Maximum out of pocket amount if the worst-case scenario took place. The decision you make during open enrollment with respect to signing up for the right plan will impact you and your family for the whole year. Don’t take the subject lightly, make sure you have all the pieces to make a knowledgeable decision. 

Welcome to our new Health Coverage Idaho blog

 Stay tuned for more information on the state of healthcare in the US today.