When facing the many decisions about Medicare, you should feel confident that your needs are what matter most. From the question of whether to continue working and opting out of Part B, to the choice of a Supplement Plan along with a Drug Card or an Advantage Plan, you should have the assurance that this is about you and you only. For example, whether you should select Company X or Company Y should be more about which Plans your doctor accepts than about which Company pays the most commissions. Likewise, whether you should go with this drug card or that drug card should be more about the cost you will incur and about whether your pharmacy accepts that drug card.
All the choices you make should be made carefully and with much thought given as to what is right for you. When selecting a drug card, you should first look at the out-of-pocket expense for the year, and you should consider if the pharmacy is in network with the insurance company. Something that needs to be measured is the percentage you will pay in the higher tiers. If your medications are not all on the formulary, you will pay the full cost for those medications. Finally, you should consider the Company’s star rating. Each company is rated on a five-point scale based on its performance from the previous year – the lower the number, the poorer the overall service.
Advantage Plans have a lot of components to consider. The first, and most likely the greatest of importance, is if your doctors accept the plan. Notice that this is based on your doctors. It should be personal. Unfortunately, you have no control over whether your doctors stay in this plan for the entire year. Your cost of medications is also a big part in your selection. Each plan will include benefits and a maximum of out-of-pocket expenses for the year. This is very important and should be about your ability to pay these amounts.
At McKnight Advisory Group, we follow the Platinum Rule, meaning “Treat others the way they want to be treated.” Our passion is “Creating Winning Relationships for Life” ™
For more information or to ask questions, please call our office and ask to speak to Hillary Broome, McKnight Advisory Group’s Medicare Advisor.