Alert: Are You Due for a Medicare Checkup?

It has been estimated that nearly 90 percent of Medicare beneficiaries overspend on premiums for their benefits.1

Is this happening to you? Given the high percentage, there is a strong possibility.

There are a few common reasons why people overpay on their benefits: perhaps they purchase Medicare Part C (Advantage) and Part D (Prescription Drug) plans that do not meet their individual healthcare needs, or they tend to buy based on premium only and overlook the benefits they use. Further, married couples often overpay on their benefits because they purchase the same plan, when in most cases, they would be better off with different, individualized plans.

What you may not know is that all plans announce new pricing and benefits every fall — and you also have the chance to re-evaluate and change plans every year.

The annual open enrollment period for Medicare starts on Saturday, October 15, 2016, and ends on Wednesday, December 7, 2016. Coverage goes into effect on January 1, 2017. If you’re on Medicare, this is your chance to determine whether you are getting the best coverage at the best price for your Part C and D plans.

It’s particularly important for you to perform an annual Medicare checkup if any of the following have happened within the past year:

— Your prescription medications have changed

— You have been diagnosed with a major health condition(s)

— Your Medicare premiums and out-of-pocket costs have increased over time

— You’ve experienced poor customer service

— Your carrier has discontinued the Medicare Part C or D plans

— Your legal residence has changed

There are many reputable Medicare plan brokers and consultants who can help you determine whether you’re overpaying for your benefits. The first step is to realize you have the ability to re-evaluate and change plans every year.

To make sure you keep it top of mind, you may consider contacting your financial advisor and asking to add “Medicare check-up” to your annual, year-end planning checklist; just remember that the window closes on December 7, 2016.

Ready to meet about your Medicare benefits?

CONTACT AN ADVISOR

Hewins Financial Advisors, LLC d/b/a Wipfli Hewins Investment Advisors, LLC (“Hewins”) is an investment advisor registered with the U.S. Securities and Exchange Commission (SEC) under the Investment Advisers Act of 1940. Hewins is a proud affiliate of Wipfli LLP. Information pertaining to Hewins’ advisory operations, services and fees is set forth in Hewins’ current Form ADV Part 2A brochure, copies of which are available upon request at no cost or at www.adviserinfo.sec.gov. The views expressed by the author are the author’s alone and do not necessarily represent the views of Hewins or its affiliates. The information contained in any third-party resource cited herein is not owned or controlled by Hewins, and Hewins does not guarantee the accuracy or reliability of any information that may be found in such resources. Links to any third-party resource are provided as a courtesy for reference only and are not intended to be, and do not act as, an endorsement by Hewins of the third party or any of its content or use of its content. The standard information provided in this blog is for general purposes only and should not be construed as, or used as a substitute for, financial, investment or other professional advice. If you have questions regarding your financial situation, you should consult your financial planner, investment advisor, attorney or other professional.

Dean Stange

J.D., CFP® | Principal, Senior Financial Advisor

Dean Stange, J.D., CFP®, is a Principal and Senior Financial Advisor with Wipfli Hewins Investment Advisors in Madison, WI. As an attorney, Dean has provided estate and succession planning advice to business owners for more than 20 years. He primarily focuses on the ways in which business ownership, tax and estate issues can impact long-term financial planning.