Medicare enrollees are being urged to look past the loudest television ads and phone solicitors when choosing coverage, according to a licensed Medicare agent who says the wrong plan can cost people thousands of dollars a year.
Debbie Stroup, a licensed Medicare agent with M1 Insurance Group, said the program changes constantly, with doctors, prescriptions and pharmacies shifting in and out of coverage formularies every year. That volatility, she said, makes it easy for people to end up in a plan that no longer serves their needs.
“It could end up saving people hundreds, if not thousands of dollars, just by being in the right plan,” Stroup said.
Stroup said the barrage of marketing aimed at people approaching Medicare eligibility - commercials, radio spots and unsolicited phone calls - can overwhelm consumers into choosing a plan for the wrong reasons.
“The best plan for you is the one that fits you best,” Stroup said, adding that it is not necessarily “the big flashy names.”
She likened switching to the right plan to breaking in a new pair of shoes or jeans: uncomfortable at first thought, but ultimately a better fit. Stroup said she has seen clients on fixed incomes save thousands of dollars annually simply by moving to a plan that matched their existing prescriptions and pharmacy.
For those turning 65 within the next year, Stroup said the time to start researching options is now, before solicitors start calling.
“If we don’t talk soon, you’re going to get bombarded by solicitors calling you and trying to get your business,” Stroup said.
She said many people wrongly assume that working with a Medicare advisor costs extra, when in fact the guidance is free and continues throughout a client’s time on Medicare.
Stroup also cautioned that scams are common during Medicare enrollment periods, and said her firm helps clients identify which plans and solicitors to avoid.
“All day long we talk to people that are being scammed,” she said.
Medicare’s open enrollment period is approaching. Consumers seeking free guidance can contact M1 Insurance Group at 248-227-0347 or visit m1insurancegroup.com.