If you are already a Medicare enrollee, this open enrollment period gives you the opportunity to make changes if needed. And if you have been enrolled for 12 months or less and you have a Medicare Advantage plan, you even have the opportunity to replace it with a Supplemental plan perhaps with a guarantee issue If you qualify. There may be a waiting period, but you may not be able to get in at a later date, and the coverage may be better for you. Also, if you have an HMO plan, you may be able to switch to a PPO for more plan flexibility. Review your Prescription formulary if there have been changes to your treatment. The worst thing you can do is to not review your Medicare options, as there are changes every year, and more plans may be available to you, and the cost may be better as well. Don’t assume that the cheaper the premium the better off you are. Review your total cost. That includes the premium, co-pays, deductibles, coinsurance, and the cost of your meds as well. Life Insurance Secondly, review your life insurance plan. Many people aren’t aware of the benefits that insurance offers such as accelerated benefit riders in the event, you need access to some cash or the option of taking a loan from your policy. Additionally, if you are still employed, on your next enrollment period with your employer, see if you can add or increase your life insurance amounts. Even if you plan to retire or terminate your employment next year or at a later date, the cost to take life insurance with your employer may be the only place you qualify without medical underwriting, and it’s much cheaper. Also, see if your employer offers supplemental life insurance that you can enroll in that may be portable at your termination from employment. Review your credit report to make sure there isn’t anything on it that’s incorrect. If you anticipate making a big purchase, this will really affect your interest rate. Monthly Statements Third, as a financial advisor, I found a lot of clients would not look at their monthly statements to see how their retirement accounts such as 401ks and investment accounts were doing. You are doing yourself a huge favor if you keep up with these no matter if the market is up or down. Speak to your financial advisor to make sure you’re taking advantage of growth, income- producing, and tax-efficient opportunities.
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