October 1 is fast approaching and throughout the nation, seniors are bracing their mailboxes for the added weight of all the Medicare plan advertisements that will fill their mailbox. Open enrollment, the time to evaluate and shop for Medicare plans, runs from October 15 – December 7. In preparation, insurance companies will be screaming at you to buy their plans through glossy brochures full of beautiful, happy seniors doing things you wish you were doing. Have you ever wanted a tool to evaluate and select from the plans available to you without suffering through the insurance companies’ siren songs? If so, Medicare.gov is for you.
I know what you are thinking; “any website that ends in ‘.gov’ has got to be confusing and archaic.” And while that may be true elsewhere, Medicare.gov is user-friendly and helpful. Beyond easy access to any topic through the search tool, it has an intuitive plan finder and login access to make shopping plans each year much easier. So, empty the mailbox, grab some hot cider, pull on your most comfortable pajamas, and let’s do some shopping!
Search Tool – The search tool in the top right corner of your screen is where you’ll find answers to any Medicare question. Don’t believe me? Type “Do I have to apply for Medicare if I work past 65?” and click “search”. The top result will be titled “Working Past 65” and detail the rules related to delaying Medicare while you work. Even easier, click “Find Out When to Sign Up” and the website will walk you through a series of short, simple questions that will lead to instructions related to when you must sign up. Try searching for “What is Medicare Advantage?”, “What does Medicare Cost?”, and “What does Medicare Cover?”. You’ll be an expert in no time.
Plan Finder – Interested in choosing a plan for you? You will have to decide between Original Medicare or Medicare Advantage. Don’t know the difference? Talk to your Francis financial planner. But once you decide, click “Find Plans Now”. Enter your ZIP code, follow the prompts, and you will find all the plans available to you based on where you live. The website will ask you about any financial assistance you receive, allow you to enter your prescription drugs, and even select your local pharmacy.
The plan finder will evaluate the plans available to you and report them in a sortable format: lowest drug & premium cost, lowest health plan deductible, lowest drug & premium cost, or lowest monthly premium. You can filter based on health plan type, plan benefits, insurance carriers, drug coverage, and star ratings. The report will provide you with the total drug cost for the rest of the year, premium and deductible information, in and out-of-network costs, and what the plan covers. Select the plan that looks best to you and click “Plan Details” to find more details, including whether your doctor is covered.
Login Account Option – Because premiums and drug costs can change year to year, it is important to shop plans each year. To make this easier, create an account with a login ID and password. The system will remember your prescription drugs, pharmacy, and current health plan. Then each year, login, update your prescriptions with any changes from the previous year, and you are almost finished.
Don’t let the mass marketing of Medicare plans overwhelm you. Simply log in to Medicare.gov each fall, click through your retiree health care options, and save money on Band-Aids by avoiding all those paper cuts. Still nervous about the Medicare decision, talk to your Francis financial planner. They will be able to walk you through the Original Medicare vs. Advantage decision and help you use the plan finder.
Did You Know?
Your employer sponsors this financial wellness benefit from Francis. The benefit connects you with down-to-earth financial planners who educate and advise on any money matters…without the sales pitch. We are exclusively engaged by employers like yours and have no investment products to sell, so you can feel confident that you will always receive objective advice.
Your financial planner will help you set priorities and achieve your money goals, without judgment or financial jargon. Know that all discussions are kept strictly confidential. This service is offered as an employee benefit with no per-session co-pays, so you can meet with a financial planner as often as you wish. Services are paid by your retirement plan or your employer.
Connecting with a financial planner is easy! Here’s how:
- Visit FrancisWay.com > Services > Participant Portal
- Call (866) 232-6457
Download the free mobile app (Search for Francis LLC)
