2014 Medicare Review
At the beginning of each year it is always encouraged to get a handle on your financial awareness and make sure all your insurance policies and investments are in line with your expectations. We agree with this an recommend our clients to consider a 2014 Medicare Review which would entail sitting down to make sure your coverage is providing the benefits that you want it to provide. This includes evaluating what you currently have and the gaps in coverage that you may or may not realize you have.
Statistics show that over 50% of people do not realize the exposure they have with their current insurance plan. Example people who have not purchased Medicare Supplement Insurance do not realize that a diagnosis with cancer does not have a limit with Original Medicare. This means that if you were to have a six figure chemotherapy treatment there is not a cap to your out of pocket. However, if you have supplemental insurance this can help you limit your exposure. Another reason for having a 2014 Medicare Review.
2014 Medicare Review - What Should it Entail
Please know that we are just going over a Medicare review in this article we will not be covering the other insurance reviews that you should do on an annual basis; however, you can craft a plan around the following information:
- Find out what you have. In Proverbs it explains that we should know the state of our flocks. This means that we should know what we have and what it covers from a Medicare standpoint. Do you have supplemental insurance? Do you have a Medicare Advantage Plan? Do you have Prescription Drug Coverage?
- Do you need supplemental insurance? I am a strong proponent of having supplemental insurance. The main reason being that an unlimited maximum out of pocket is not something that 97% of the population could handle. Basically I am saying that unless you can write a check for whatever amount without it messing up your financial planning you need a supplemental plan.
- Take Inventory. Figure out the prescriptions you are taking and do an online comparison with Medicare. If you do not know how to do this you need to get with one of our certified specialists that can help you compare this. The average person usually spends over $400 more than they need to on the prescription drug plans each year. It is very important to compare these plans each year during the Annual Election Period.
These are our three basic steps for your 2014 Medicare Review. If you have any questions please do not hesitate to call us at 1-877-936-2991. Thanks.