Medicare: Why it Pays to Consult With a Professional Before You Buy

​It’s easy to tell when Medicare open enrollment season has arrived. If you’re near age 65 or older, you may receive telemarketing calls from Medicare sales agents. Or perhaps you start seeing Medicare sales booths pop up in retail stores or shopping malls. In fact, it’s common these days to see Medicare sales professionals in grocery stores.
 
There are no shortage of individuals who want to sell you Medicare coverage, especially during open enrollment season. However, just because there are plenty of opportunities to purchase coverage doesn’t mean you should use just anyone for your coverage.
 
Medicare is one of the most important financial decisions you’ll make in your retirement. Fidelity estimates that a 65-year-old retiring in 2019 will pay $285,000 out-of-pocket in retirement. That figure includes costs for premiums, deductibles, copays, and services not covered by Medicare.1
 
Clearly, your Medicare policy will influence the amount you spend on premiums, deductibles, and more. In 2020, there are more than 3,000 Medicare Advantage plans available.2 Choosing the right plan for your needs and budget can not only help you get the care you need in retirement but protect your assets.
 
How do you find the policy that’s right for you? One good step is to talk with an experienced professional before you make any decisions. Below are a few specific ways a qualified financial professional can help you find the right policy and make wise decisions.

Avoid penalties.

​Did you know you can face penalties if you don’t sign up for certain parts of Medicare by the deadline? For example, if you don’t enroll by Medicare Part B by the deadline, you could face a 10% penalty on your premium for each 12-month period you go without coverage.3
 
There are similar penalties for the other parts of Medicare. A financial professional can help you determine when you need to file for certain parts and avoid any potential penalties for a late filing.

Find the best option.

​As mentioned, there are more than 3,000 policies available under Medicare Advantage, which is a program that allows private insurers to offer bundled policies. Not all Medicare Advantage policies are right for all individuals. They have a variety of premiums, deductibles, and covered services.
 
Often, when you’re talking to a sales rep over the phone or at a booth in a retail store, they are incentivized to sell one specific policy. That one may not be right for your budget or your healthcare needs. A financial professional who isn’t aligned with a specific carrier can shop the universe of policies to find the right one for you. 

Steer clear of scams.

Unfortunately, there are some who use Medicare as an opportunity to prey on older individuals. Medicare scams are common, especially over the phone. Some scammers use tricks to get sensitive information, like your Social Security number. Others may falsely claim that you will lose coverage if you don’t purchase additional coverage or give them payment information.
 
Talk to a trusted professional before you buy coverage over-the-phone. They can help guide you on all your options and help you avoid a potentially costly mistake.
 
Ready to discuss your Medicare strategy? Let’s connect. Contact us today at Marshall Life and Financial Solutions, Inc. We can help you analyze your needs and find the right coverage. Let’s connect soon and start the conversation.
 
1https://s2.q4cdn.com/997146844/files/doc_news/archive/b6f07a26-3aa9-4a98-af00-b1b783cfd552.pdf
2https://www.kff.org/report-section/medicare-advantage-2020-spotlight-first-look-data-note/
3https://www.medicare.gov/your-medicare-costs/part-b-costs/part-b-late-enrollment-penalty
 
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