There are roughly 37 million people in America who have Medicare plans, but more than half of them don’t take advantage of an important benefit available to them. Insurance Pipeline Inc., a company founded by Florida entrepreneur Corey Shader, wants to remind seniors with Original Medicare that they can switch their Medicare plans on an annual basis.
According to recent studies, people on Medicare could experience significant cost savings or even obtain better medical coverage if they just reviewed their current coverage annually.
The roughly 26.5 million people on a Medicare Advantage plan, and the 46 million who have a Medicare Prescription Drug Plan, could also benefit from an annual analysis of their coverage options. How does this work?
Studies have found people with a Medicare Prescription Drug Plan have the potential to save $486 per year on average if they switch to a plan that’s different than the one they have now. The potential savings are actually double that for those who have a Medicare Advantage Prescription Drug plan.
Unfortunately, too few seniors are taking advantage of this wonderful benefit that allows them to conduct an annual review of their plans.
The American Association for Medicare Supplement Insurance recently reviewed information that found 57% of all people eligible for Medicare don’t compare or review their options annually.
As people get older, the percentage of people who don’t review their plans increases as well. Among people 85 and older, 66% say they’ve never even reviewed their coverage plans.
Insurance Pipeline Inc. always recommends that Medicare beneficiaries take advantage of the Medicare Annual Enrollment Period, which starts on October 15 and runs through December 7. During this time, seniors can review their plans to see if they could gain additional benefits or reduce their costs for the coming year.
Conducting this analysis and comparison can be a little complicated, and it can take some time to do. That’s why it’s always a good idea to get started in advance of the open enrollment period and consult with an agent who is experienced in helping seniors navigate complicated insurance policies and jargon.
If you find yourself confused about the Medicare program, or the options available to you, don’t worry; you’re not alone. A Kaiser Family Foundation study found 37% of people on Medicare said it was either difficult or very difficult for them to understand the program.
While Medicare has a great website with helpful information, seniors may need extra help finding the correct information that pertains to them and analyzing what it all means. That’s why it’s important to work with a company you can trust who has your best intentions in mind.
About Insurance Pipeline Inc., A Health Insurance Agency Founded by Entrepreneur Corey Shader
Insurance Pipeline Inc. is a health insurance agency specializing in senior healthcare products and solutions. The company initially founded and run by Corey Shader, is now one of the top senior healthcare Agencies in the nation. Insurance Pipeline provides a wide variety of solutions to meet every need and budget — primarily focusing on Medicare Supplement Plans as well as Medicare Parts A, B, and D.