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.

Alert: Are You Due for a Medicare Checkup?

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?


Wipfli Financial Advisors, LLC (“Wipfli Financial”) is an investment advisor registered with the U.S. Securities and Exchange Commission (SEC); however, such registration does not imply a certain level of skill or training and no inference to the contrary should be made. Wipfli Financial is a proud affiliate of Wipfli LLP, a national accounting and consulting firm. Information pertaining to Wipfli Financial’s management, operations, services, fees and conflicts of interest is set forth in Wipfli Financial’s current Form ADV Part 2A brochure and Form CRS, copies of which are available from Wipfli Financial upon request at no cost or at Wipfli Financial does not provide tax, accounting or legal services. The views expressed by the author are the author’s alone and do not necessarily represent the views of Wipfli Financial or its affiliates. The information contained in any third-party resource cited herein is not owned or controlled by Wipfli Financial, and Wipfli Financial 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 Wipfli Financial 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 Financial 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.

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Alert: Are You Due for a Medicare Checkup?

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