Joan’s Boomer Blog

Medicare is a very important subject of concern to baby boomers. Today, I have another guest contribution by Ross Blair, President and CEO of Plan Prescriber, Inc., a leading provider of comparison tools and educational materials for Medicare-related insurance products.

The Medicare Advantage Disenrollment Period (MADP) runs from January 1 through February 14, 2012.

During that time, people enrolled in Medicare Advantage have the opportunity to cancel their Medicare Advantage plan if they find it’s not fitting their needs. Those who do elect to drop a Medicare Advantage plan will be placed back on “Original Medicare” and have the option to enroll in a stand-alone Medicare Part D Prescription Drug Plan (PDP), so that they don’t have a lapse in drug coverage. If you’re considering taking advantage of the ADP, take care to avoid gaps in coverage.

Here are few important pieces of advice I’d encourage people to consider:

1.      Know the gaps in Original Medicare (Parts A and B): Similar to Medicare Advantage, original Medicare (Parts A and B) has deductibles and coinsurance. But, unlike Medicare Advantage, Original Medicare doesn’t have a cap on how much you may have to spend out of your own pocket each year if you get sick or injured. Per the 2010 health care reform law, all Medicare Advantage plans must place a $6,700 limit on what you can be asked to spend out of your own pocket for covered medical services (some have lower caps). And, original Medicare does not cover the cost of prescription drugs.

2.      Look before you leap: I encourage people to make a checklist of benefits they want to keep before they drop a Medicare Advantage plan. For example, be sure your doctor will see you if you change from private Medicare Advantage insurance to basic Medicare. And, be sure affordable prescription drug coverage is available through a stand-alone Medicare Part D plan that will cover the specific drugs you take at a reasonably low price.

3.      Look into Medicare Supplements– If you’re going with Medicare Parts A and B, you may want to look into augmenting it with a Medicare Supplement plan. Most states have 10 Medicare Supplement plan types: A, B, C, D, F, G, K, L, M and N (some plans types are not available in all areas). Each plan type must have the exact same level of supplemental coverage, so an F plan from one company must legally provide the same level of coverage as an F plan from another insurer.

You can compare plans side-by-side at PlanPrescriber.com. If you’re canceling your Medicare Advantage plan, Medicare Supplement may be a good alternative.

NOTE: After your first three months on Medicare Part B, Medicare Supplement plans are medically underwritten, which means some people may not qualify.

4.      Don’t lose additional benefits: Some Medicare Advantage plans provide routine dental and vision coverage, which original Medicare does not. And, Medicare Supplement plans do not typically provide these services either. So, if you drop Medicare Advantage, during the ADP you may need to purchase stand-alone coverage for routine vision and dental care. Web sites like eHealthInsurance.com allow you to research and compare those types of policies side-by-side.If you follow my tips, you should be well prepared for the ADP.

Other recommendations: Don’t stop at Medicare.

There are an increasing number of insurance products not related to Medicare that people are starting to consider and take advantage of. Accident and critical illness policies are now available in many states.

When you have a claim, these plans give you money directly and you can use it your discretion. These aren’t comprehensive insurance products, but they can help you pay for deductibles, coinsurance, rent or groceries if you have a major claim.

Medicare has neither reviewed nor endorsed this information.

Enjoy life with senior discounts! Creative Commons License photo credit: Woody H1

Senior Discounts have proven to be one of the most popular subjects on this blog. Today I have a guest post, written by Ella Davidson of the charitable couponing site, Coupons.com. Coupons strives to provide consumers with money-saving options while helping to better the world.

Senior discounts usually start for those between the ages of 50 and 65 but the rules and age requirements are always changing. Some chain businesses offer discounts in one area but not others. If you’re not sure, ask because not all businesses will volunteer the information. Don’t be shy.

Saving money just makes cents! There are plenty of web sites that offer information about discounts for senior citizens but many of them charge a small fee so be sure to check for that. Some are associated with large organizations, are well known, and have many other perks for their members. Others offer access to information about discounts, but you won’t discover what they are until you pay for the privilege. Remember to do your homework.

The yearly expense is usually not that much, but it’s still a good idea to research before handing over your money. If you are at least 62, the federal government has a fantastic deal for you. For $10.00, you can get a lifetime pass to federal recreation sites. There is an additional $10.00 required for postage if the request is made by mail.

The entry fee is covered for vehicle charges or for up to four people when the charge is for each individual. This is a great way to show the grandchildren how beautiful America is. Grocery stores offer discounts that are age dependent as well as day dependent. Some offer a discount only the first specific day of the week during each month. Others offer an on-going discount on store brands only. The rules vary between states and areas within states.

Some of the stores that turn up on search engines consistently are: Albertsons, Bi-Lo, Food Lion, Harris Teeter, Hy-Vee, Kroger, Meijer, Piggly Wiggly, and Publix. Check with a manager before taking “No” for an answer because some desk clerks and cashiers are not always aware of these discounts. If you’re looking for discounts at major retailers, you’ll have to look harder. There are a few

bright spots. Bealls, Belk’s, Bon-Ton Department Stores, Kohl’s, and Rite Aid have some limited programs. Some of the smaller stores with senior discounts include the Banana Republic, Dress Barn, and Stein Mart. The Salvation Army Thrift Stores and Goodwill offer discounts, which is nice considering they are supposed to be in the business of helping people.

For the hungry senior citizen, there are plenty of places to choose from. From fast-food restaurants like Arby’s, Boston Market, Burger King, Captain D’s, Chick-Fil-A, CiCi’s Pizza, Hardee’s, Jack in the Box, KFC, Long John Silver’s, McDonald’s, Sonic, Subway, Taco Bell, Wendy’s and White Castle to dessert places like Ben & Jerry’s, Dunkin’ Donuts, Krispy Kreme, Mrs. Fields, and TCBY, there are lots of delicious reasons to grab a bite. If you prefer a sit-down restaurant, try Applebee’s, Bennigan’s, Chili’s, Denny’s, Einstein’s Bagels, Fuddrucker’s, Golden Corral, IHOP, Shoney’s, Steak ‘n Shake, Sweet Tomatoes, Tea Room Café, Village Inn, or the Waffle House.

For the adventuresome, many airlines, hotels, car and motor home rentals, bus and train companies, cruise lines, and airlines offer some pretty generous discounts. They know you don’t “need” to take that vacation, so they’re willing to go the extra mile to get your business. Just remember that the discounts are often off the full listed price. There may be package deals that often even greater discounts. In fact, considering the price of assisted living, you might discover that living on a cruise ship offers the same support, at a similar cost, with much better food and scenery.

Some insurance companies offer senior discounts. Insurance companies believe older people drive more safely. Banks offer some reduced fees and things like free checks for their older customers. And don’t forget about the inexpensive, generic prescriptions offered by many pharmacies although those are not usually restricted to seniors.

Cell phone companies have special programs for seniors. The presumption is that you don’t mind limiting your talk time to 300 minutes a month and using a very limited phone. Such plans don’t realize that seniors are getting more technology savvy all the time. Hopefully, the future will allow senior discounts for the more comprehensive plans.

Local companies offer senior citizen discounts. Companies that specialize in home improvements are very common. You might try checking with your local Chamber of Commerce. In the end, it comes down to being willing to ask if a discount is available. Check with the manager, so you’re sure you get the right answer. You’ll never know until you ask. And if you’re afraid you’ll forget, paper clip a note reminding you to your money or credit card. That way, you can’t forget.

Resources for more Senior Discount Information:

http://www.aarp.org/

http://www.nps.gov/findapark/passes.htm

http://www.bradsdeals.com/blog/2011/06/28/stores-with-senior-discounts/

http://www.seniordiscounts.com/business-faq.aspx