For those who have Medicare the time to look at their drug coverage normally a PDP or Prescription Drug Plan, if they have a MAPD or Medicare Advantage Plus Drug or they are considering one. Your time table is now till December 7th. This year you have a new time table or option for changing coverage on MA plans only for the first three months of 2019 to change your MA plan one time only. This new this year.
Some quick thoughts there: the web site Medicare.gov look on the left side for Medicare or Drug coverage. It takes a few minutes but well worth it. If you work with an agent they should do this for you. You will need list of all your prescriptions, dosage and frequency. Also the pharmacy you use.
If you have a MAPD plan you need to do same but also check the providers you are using are still in the plan or new ones you may wish to use are in their network. Also verify changes in your plan.
The web site will compare different plans in reasonable detail. Please know plans can change each year and many are caught off guard.
For those who are on an ACA, Obamacare or Affordable Care Act plan November 1st till December 15th is your window to apply for the coverage or change your coverage. If you think you may be eligible for a subsidy to help pay for it the time to complete the Federal Market Place Application to see if you do and if so the amount. Again if you work with an agent they ought to help you with this. If you think you make too much to do me a favor and yourself, go to the web site KFF.org and search for subsidy calculator. No info is given to any one by you unless your zip code and income together identifies you. Some of you will find you are eligible for subsidy and did not realize it. Have couples who make $70,000 and still get a subsidy. Now they are in their sixties. For a younger couples they would not for their insurance will cost less.
Now if you have self employed income and your income is just a few thousand above the limit do yourself two favors: lower your income and this is your NET income, by a few thousand till your income is low enough to qualify. If that is say no more than less say $10,000 the look at a HSA (health savings account) and a High Deductible Plan (you must has a HDP as defined by the IRS) and also a Tax Deductible IRA. Helped a client with this and his subsidy is large enough to fund both for him. He now is building retirement and Health Savings Account. All is legal under tax code. Just know how to place it. If you have a good accountant they should be able to help you with this and again your agent should know all this and help with the numbers.
I truly recommend working with an Independent agent who is licensed with and sells with several companies. It is amazing how much the drug coverage for those on Medicare can vary between plans especially if you take expensive medications. Also for those on Medicare if your individual income is less than about $19,000 annually and for married couple think the figure is about $24,000 you need to do a simple search for "Low Income Subsidy" for drug coverage. You can do it on line again with option to do an inquiry without providing personal info but also do formal app or call for help. There are boxes on the very bottom of that page to make your selection.
A couple of hours can make a huge difference for some of you and your family. If you have a simple question I will be glad to help. Hope you well in your insurance needs.
2019 Health Insurance Annual Election Period
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