East Tennessee's Mountain Views

East Tennessee's Mountain Views

Contact Us

P.O. Box 209

Vonore, TN 37885


3 Things to Do During Medicare Open Enrollment

Wednesday, October 6th, 2021 | Uncategorized | No Comments

By Yvonne Marsh, CFP®, CPA

It’s that time of year again – football, Fall and Medicare Open Enrollment! October 15th is your opportunity to take a fresh look at your Medicare coverage to make sure you’re getting the most bang for your buck. Here are 3 things to do:

1. Review Your Part D Prescription Plan: Did you know your Plan can change which drugs they cover and how much they reimburse every year? It’s called a formulary change. What might have been a great plan a few years ago might not be so great anymore. Do yourself a favor and check out the Medicare Plan Finder tool that lets you input your medications and see which plan provides the best coverage. One client saved her mom over $700/month on Alzheimer’s medications simply by changing plans.

2. Take a fresh look at Medicare Advantage: Advantage plans come with a lot of…advantages! They have very low or $0 premiums, and most cover dental, vision and hearing, which most Medicare Supplement plans do not. They also include prescription coverage. In an Advantage plan, rather than high monthly premiums, you’re willing to pay a co-pay for doctor and hospital visits. But the co-pays are capped with annual out-of-pocket maximums to protect you from large expenses. And if you don’t like Advantage, you can switch back to traditional Medicare within the first 12 months.

3. Price shop your Medicare Supplement Plan: While it is true you can do this step year-round, Open Enrollment is still a great time to take a fresh look. And remember that by law, every insurance company has to offer the same benefits for a specific plan – so a Plan G benefit is the same wherever you go; you’re simply price shopping for the lowest premium with the company that has the strongest renewal rates.

If this all sounds great, but a little overwhelming, Rick Austin, in our office can help. He is an independent Medicare insurance specialist and has a premium quoting tool that looks across all companies to find the right answer for you. His expertise comes at no cost or obligation – the various insurance companies pay him for his help when you place business through him. So you can take the monthly savings he may find you and use it for something fun instead! Call him directly at 865.599.1323.

Marsh Wealth Management, LLC
Fiduciary Registered Investment Advisor
504 Ebenezer Road
Knoxville, TN 37923

Financial Planning & Investment Advisory Services are offered through Marsh Wealth Management, LLC (“MWM”), an independent investment advisor registered with the state of Tennessee. Yvonne Marsh is an Investment Advisor Representative of MWM in the state of Tennessee. Marsh Professional Group, LLC, is a TN registered public accounting firm and a separate legal entity from MWM. For a detailed discussion of MWM and their investment advisory fees, see the firm’s Form ADV on file with the SEC at www.adviserinfo.sec.gov.

Comments are closed.

East Tennessee's Mountain Views

P.O. Box 209

Vonore, TN 37885

Email: inquiry@etmv.com

865-657-3077 Local

© 2024 East Tennessee's Mountain Views. All Rights Reserved.

Website design by Slamdot.