Published February 4, 2013 | By Karl Steinlage
Are you turning 65 soon or wondering how to figure out the maze of Medicare? Congratulations! Now don’t throw away all those mailings you get from insurance companies everyday (recycle them) and don’t disconnect your phone to stop the unsolicited calls (sign up for the do not call list here )
Here are 10 tips for cutting through the clutter and making this process less painful than a trip to the dentist:
As you learn about your choices, you will find that all your options fall into 2 different categories: Original Medicare or Medicare Advantage. By starting here, you can narrow down your options to a manageable number and go from there.
4. If you choose a Medicare Supplement, ask about
rate adjustments and financial stability of the company.
Because Medicare Supplements are priced based off of the age you are when you buy the plan, you get a benefit to buying at 65 and being able to stay with that carrier. As you switch, your price is based off of your new age. Believe it or not, insurance companies know you are turning 65 (shocking I know) and have all kinds of sneaky ways to give you a low price initially. Rate adjustments in the Medicare Supplement industry vary wildly, from 3-5% per year up to 40% depending on the insurer. You should ask about and probe into previous rate adjustments as well as looking at financial ratings from companies like A.M. Best.
5. Review your Drug (Part D) coverage