By Trish Pearson
Insuring Your Future
Trish Pearson
This is the time of year when every insurance company wants your business and your answer. The question is: what is the right answer for you?
For those on employer sponsored plans, if you have a choice, assess the extra cost for a “buy up” plan. What are your actual out-of-pocket medical costs during a year versus the premium charged to you? For those on individual plans, compare COBRA costs and benefits with the plans available on the state exchange. Some premiums have risen over 10 percent. However, companies have also introduced new plans that are reasonably priced.
This is your “dating” period if you’re on Medicare. Just remember none of the companies wants to go steady – nor should you. The ads on TV and on the internet are unceasing, offering low copays, extra benefits, meals and a credit on your Medicare Part B premium. These sound great when taken out of context. Upon closer inspection, though, they come with “strings” attached: referrals for a specialist visit; a reduced network of providers; and deductibles for medical and prescription coverage.
It is important to read the fine print or speak with someone who does. Choosing an insurance plan is based on how you use the medical system today (doctors, labs, prescriptions) with the assumption it will remain the same for the next 12 months, but with an awareness of the financial responsibility if an unexpected event should occur. Need help? Find an agent who can guide you through the process. There is generally no cost to the client for their service.
The Medicare Part B premium will not go up in 2021; the standard premium will remain at $145.00 per month and the deductible will remain at $195 for Medicare Part B. Insulin products will be capped at $35 for those insurance carriers who are participating.
Seniors beware: mail solicitations are coming every day. They carry such messages as “Medicare changes coming in 2021. Don’t delay; act today so you are not left out!”
These are invitations to constant hounding by agents you will never meet. They will not be there to help during the year should you have a problem or question. Think before you check the box or click on the website. Basically, there are no changes to Medicare coverage and there are some new benefits from the insurance carriers for Medicare Advantage plans which are worth researching. Make sure you check out the added benefits at no additional cost.
It appears that the Affordable Care Act will remain intact even with the case before the Supreme Court. Though the court ruling will not come out until next year, everyone should breathe a sigh of relief. Healthier days are ahead. Please continue to be cautious, caring and wear a mask. Best wishes for a good Thanksgiving, in person or virtual.