Medicare Made Simple: Navigating Enrollment and Coverage with Niki Feret

Welcome to the Living to 100 Club Podcast. Here's our host, Dr. Joseph Casciani.

Well, hello to all of our listeners joining us today on our podcast. You're listening to one of our successful aging episodes this month on the Living to 100 Club program, and I'm your host, Joe Casciani. On each program, our conversations educate and inspire, helping you get the best out of all the years we're given, regardless of what obstacles come our way. You can learn more about my club at my website. Be sure to take a look at my new training and activities manual, Better, Longer, and Happier: A Guide to Aging with Purpose and Positivity. It's a series of 12 modules in a card deck format developed for activities directors at senior living communities. Visit the website livingto100.club. Slash BLH. Now on to our program. Our guest for today's podcast is Nicki Ferret, an independent Medicare health insurance agent. Nicki is licensed in 35 states and specializes in all aspects of Medicare insurance options. We discuss a range of topics in today's conversation: how and when to enroll in Medicare, what to consider when choosing a Medicare plan and what type of plan you need and Parts A, B, C, and D. What are Medicare Advantage plans and what are the pros and cons of these Advantage plans? Listeners will benefit from ways to make informed decisions about avoiding late enrollment penalties, as well as upcoming major changes this fall, including cost adjustments, cost adjustments, and caps on drugs. First, a little background. As a licensed insurance agent specializing in Medicare for almost a decade, Nikki Ferrett is dedicated to helping retirees navigate the complexities of Medicare insurance plans with confidence. She proudly owns Brick House Agency LLC, which holds licenses in over 30 states, and Chicagoland Medicare, serving Illinois, Indiana, and Wisconsin. Nicki believes in educating her clients, answering all questions, and providing them with personalized guidance. Whether you're exploring Medicare options for the first time or have questions about your current plan, she's here to help. Simplifying Medicare is at the core of what she does. Nicki strives to empower her clients, ensuring they feel confident and satisfied with their insurance choices. Your peace of mind is her priority. Nicki, welcome to our program today.

Thank you. I'm glad to be here.

Great. Yeah, you're welcome. Glad to have you with us today. I always like to open by asking our guests to tell us a little bit about the journey that brought you to where you are today. I, I mentioned your credentials, but what, what are some of the highlights in your— the journey that you took to get to where you are today?

Yeah, well, um, I was a stay-at-home mom for many years, and then I was ready to kind of reenter the workforce, and I wanted to find a career that could kind of— I could balance, get some family life balance. Family work balance. So I looked at a lot of different options and this just kind of jumped out at me as an opportunity to kind of work on my own, have my own business, and help people basically. So I got my insurance license with the intention of focusing solely on Medicare and Medicare eligibles and started working with the largest Medicare insurance company. That's who I started working first with, UnitedHealthcare, and I was an independent agent with them and just solely focused on their products and really got a good handle on the industry and, you know, all the products that, like the Medicare supplements, Medicare Advantage plans, prescription drug plans. And then once I had a good handle on that and as my kids aged and I had even more time available to focus on my career, I started my agency. And that's when I expanded to pick up additional carriers, become contracted with different carriers. I'm contracted with the larger national carriers, most of them, and, and also expanded into additional states. So like you said, I have a Brookhouse Agency again, just focuses strictly on Medicare products and we're in over 30 states across the country. And then we do business as Chicagoland Medicare in Illinois, Indiana, and Wisconsin. Um, and so we're focusing on helping retirees, Medicare eligibles, uh, find the right plan for their needs. And like you said, that a lot of that has to do with educating, informing people. And we listen to our clients, we meet with them and show them all their options, and then make sure they get enrolled in the plan that's their choice and it's the best fit for their healthcare needs.

Wow, well, you've covered a lot of ground since you decided to specialize in Medicare. Congratulations for that. I've been a Medicare provider— I no longer am, but I was a provider as a psychologist for probably over 30 years— and I always found traditional Medicare to be a great plan for seniors. They provided a lot of services, including psychological services, so I was, I was very impressed with it. So tell me, tell our listeners really, what do you think is the most important thing about Medicare people should know? I mean, it has so many different facets to it, but what's the most important thing people should know about it?

I think the most important thing is to understand that it's very individualized. So I oftentimes meet with people and they come with kind of they've talked to neighbors, friends, other family members perhaps, and they have this idea of the product that they think is, quote unquote, the best. And again, that's where the education comes in. What we do, myself and agents that I work with, is we take them through a presentation and really explain what Medicare is and how those products work. And sometimes people still, the best fit for them is that plan that they originally came in talking about. And sometimes once they're educated and they understand how the products work fully, they find out that something different might work best for them. So I truly go into it believing, you know, the plant, the plants and products out there can work well for people. You just have to know your needs and that can be different for each person. So even a couple, you know, you could have a couple come in and maybe one, you know, is it the husband might need to be on one type of plan and the wife might not, might need to be on another. So I think going into it with an open mind and really learning how these products work is the most important thing to make sure you end up on the plan that works best for your needs.

Yeah, thanks. I can see that. What you're saying is one size doesn't fit everyone, and that it can be very individualized. So that's— I can see that as really being the number one thing to understand about Medicare. So what are the, what are the main options when choosing a Medicare plan? I know we have a lot of Many choices, but what are the main options?

Well, first you get Original Medicare. So Original Medicare benefits, that's a federal, federal benefits. They come from Centers for Medicare and Medicaid Services, Part A and Part B. So that's represented by that red, white, and blue card that, you know, most of us are familiar with. Those are your Original Medicare benefits. Part A is your hospital inpatient care. Part B is your outpatient care. Together they complete full medic— medical benefits. They don't cover everything though. They don't cover your prescription drugs. They don't cover things like routine dental, vision, and hearing, but they do get your inpatient hospital care and your outpatient care. Now there are costs associated with that. Part A hospital does not have a premium, but it has deductibles for when you have benefit periods that you must use. Part B does have a premium. And then it has a Part B, as in boy, deductible, a one-time yearly deductible. And then it has coinsurance. You pay 20% of your outpatient care and Medicare covers 80%. So you kind of have to— and I'm just giving a very brief description of it. I would go into more detail. And there— but that's the basics of Original Medicare. So you got to know what that does for you first and what it doesn't cover. And then after that, you have options. Kind of break it down to option 1 and option 2. Option 1, we can look at as a Medicare supplement. With a Medicare supplement, you still actively use your original Medicare benefits.

Mm-hmm.

So when you purchase a Medicare supplement, and there are different ones out there, you gotta look at them and decide which one's the best fit for you. Uh, but when you select to go with a Medicare supplement, you still actively use your original Medicare benefits, Part A and Part B. Mm-hmm. And those gaps that we talked about that Original Medicare doesn't cover, your supplement helps you pay for those gaps. Because the supplement works directly with Original Medicare and you're still actively using your Original Medicare benefits, you don't have drug coverage. So now you have to add another policy on, which is your standalone prescription drug coverage. So with Option A— or Option 1, I'm sorry— Option 1, you're using Medicare, Original Medicare A and B, you're using a supplement to fill in the gaps of Original Medicare, and you're using a Part D standalone drug plan to pay for your prescriptions. That's Option 1. Option 2 is to opt to go with a Medicare Advantage plan. Medicare Advantage plans are offered by private insurance companies. With a Medicare Advantage plan, you still have all the same rights and protections as Original Medicare, but you're no longer using your Original Medicare benefits you're using your Medicare Advantage plan. They come in different varieties. There are PPOs, there are HMOs. So you gotta pick the right one for you. You gotta look at your doctors and make sure your doctors are the right fit for the plan so you get the lowest copay costs on the plan. They also typically offer you drug coverage. So you wanna make sure that your prescription drugs are covered at the lowest cost for you on your particular plan. So with a Medicare Advantage plan, you really gotta shop it around and make sure you get on the right one. You can find ones that could be a good fit for you, but you just want to do a little more research when it comes to Medicare Advantage. And so those are your two main options, Supplement or Medicare Advantage. That's where people kind of start, and then you got to look at which one of those is the best one for you in each of those options.

Okay, just to recap then, Option 1 is A and B and possibly C and D, or C and D as well.

Well, C is actually Medicare Advantage plan, So Option 1 is Original Medicare and a Medicare Supplement and then a standalone drug plan. And then Option 2 is Medicare Advantage, which you're right, is sometimes referred to as Part C. So Medicare Advantage, if you're Part C, that's Medicare Advantage.

Okay, and if you select the Advantage plan, that replaces A and B and D. You're correct.

Exactly right. Yeah.

So you're, you're really, you're looking for, it's kind of a complete whole package and it depends on what the plan offers, the Advantage plan, whether it's going to meet all of your individual needs.

Yeah, it's a bundled approach plan. So some people might pick Medicare Advantage plans because they have a lower premium. There are even some $0 premium plans out there. So monthly you wouldn't pay to be part of that plan. But just know with the Medicare Advantage plans, they're pay as you go. So now every service you receive is gonna have a copay associated with it, except for maybe some preventative services.

Mm-hmm.

And you're gonna pay that copay for whatever your service might be. So for folks who don't have a lot of healthcare needs, mm-hmm, they don't go to the doctor very often, they might like a Medicare Advantage plan 'cause they can keep their money in their pocket as far as premium goes, and then just be prepared to pay as they utilize services. Mm-hmm. Your supplements, typically have a larger premium, over $100 for most of them, I would say. With those though, A, you can go to any doctor that accepts Original Medicare. So that's one benefit and one reason why people might want to stay— go with the supplement because they want to stay on Original Medicare and not have any network of doctors, just go to any doctor, any facility that accepts Original Medicare. And people that might like more predictable cost might like a supplement. So it's a higher premium, But now there are fewer copays on the back end. So if you don't mind paying that higher premium because you know, okay, you know, it's going to be covered by my supplement when I go get a service and I'm not going to have as many costs as I utilize services. So it's a little more predictable cost in that respect.

Okay. So the supplement picks up the coinsurance, that 20% or whatever is not covered by Mm-hmm.

And deductible, yeah. And it does depend on what supplement you get. So, you know, you want to shop those as well. The supplements are lettered, so A through N. So each supplement has its own, what it covers. The supplements that people might hear the most frequently are like Supplement F, Supplement G, Supplement N. Those are the more popular supplements. They cover more of those costs. So you're not going to see as many copay or co-sharing or payment sharing with those plans. You pay a premium and then you're not going to pay as much on the back end. But there are different ones out there. So you got to, you got to look at which one works for you. Look at the premium options out there and then decide, you know, which one you want to apply for.

Okay. So the Medicare Advantage plans, those Part C, plans. They are very attractive, and as you say, if we're healthy and generally do a lot of preventive healthcare measures and take care of ourselves, that tends to be a better decision rather than someone who's maybe more sick or has a chronic condition. Would you, would you agree with that?

I think they're a better fit, yes, for people who aren't needing as much care. Now, they do have some built-in things that are that do protect you if your health status changes or if you just have an unfortunate health year. They all come with maximum out-of-pocket. The lower the maximum out-of-pocket, the better. And it just means if your copays or coinsurance for your medical care ever add up to that maximum out-of-pocket, you're going to stop paying and your plan will take over and pay the rest of your copays and coinsurance for the remainder of the calendar year. So That's your financial safety net. So they do have things like that built in. As long as you're willing to work within the rules of a Medicare Advantage plan and understand that it's a network-driven plan, that it's a managed, you know, managed care, it's through an insurance company. People often feel like it's similar sometimes to the employer plan they came off of it. So they don't mind following those rules so they can get that lower monthly premium. You just have to understand how those plans work. And if you work with an agent, they should go through all that with you and show you all the copays associated with any service. So you would be prepared to know how much this plan is going to cost you. Yeah.

Yeah. Just parenthetically, my experience with the Advantage plans is that they were not particularly open to mental health benefits. I mean, they were very limited, very restricted, and they had a very narrow list of providers that, you know, were on their panel. So it was difficult to— I mean, we did, in my group, we did get on a lot of panels, but Is that still true? Would you— are you familiar with the mental health benefits of the Advantage plans?

I mean, each plan is built individually. It's— they build these plans, each one, even the same carriers can build different plans that look differently. Doctors, providers decide which plans they want to work with. So yes, sometimes you do see that not as many psychologists are psychiatrists, maybe sometimes they don't want to accept these plans, you know, um, so they don't have to. They're not forced to. And if they choose to only work with particular carriers, or, you know, just they want to be paid directly from the client and not work through any kind of carrier insurance, they definitely can do that. Um, so if that's something that, you know, part of your regular health care that you need, you know, I would suggest definitely, you know, making sure that there are providers that are offered and that accept that plan. And before you, you know, decide to get with— get into one, because these plans, um, we haven't talked about that yet, but there are enrollment periods when you can get into these plans, and there are only certain times you can get out of them. So you do want to make sure you get in the best one for your needs.

Okay, yeah, not to belabor the point, but just one more curiosity here. Aren't the Advantage plans supposed to provide the same services that Original Medicare provides, the same, the same benefits?

They do, but like I said, if a provider doesn't want to work with the plan, that's their choice.

Of course.

So if, you know, if whatever the negotiations are going on between providers and the plan isn't and the providers, you know, what they consider their interest. They don't have to accept it. It doesn't mean that like that would fall into going to see a psychiatrist, a psychologist. It would typically fall under a specialist copay fee. But that's just— that depends on what specialists are accepting it, you know what I mean? So that's why we as agents have lookup tools and consumers can do that as well. There are tools that consumers can go to to look up different plan providers and confirm the providers that they want are in that plan. And that's what we do as agents as well. We have tools to do that. So again, you know, making sure that your plan has those carriers or has those providers would be very important. It doesn't mean that the plan doesn't cover it. It just means that there might not be as many opportunities or as many providers who accept it. Does that make— does that make sense?

Yeah, so it really pays to do your research and to have someone like yourself who really understands all the, all, you know, all the intricacies there of the plan. So, um, I know there are huge advantages to the Medicare Advantage plans. There's a lot of upside. What are the downsides? What are the, um, what are the considerations that would say, oh no, that's not going to work for me because Right.

So just to hit, because we didn't hit on one of the bigger upsides, and I'll hit on that really quickly, and then I'll go to the, you know, the things that people might look as, you know, not necessarily in the positive category. But we didn't talk about, you know, we talked about how routine dental vision and hearing isn't covered on original Medicare, so therefore isn't covered by a supplement if you go that route. Medicare Advantage plans do typically offer those benefits, so that's another reason why they can be appealing. But I think the quote unquote downside would be that you, like I talked about before, you got to look at these plans, you got to shop these plans, you got to be willing to work with them, work with the way the plans are built. You have to know these plans well, which is why you want to work with someone who will take you through the summary of benefits of your plan, will walk you through any kind of evidence of coverage, answer all your questions. Right now you have about a 50/50 split. 50% of Medicare beneficiaries stay with original Medicare and 50% go to Medicare Advantage plans. So you got a lot of people out there on Medicare Advantage plans. So they obviously have some good, you know, things about them that appeal to people. Again, I think it's all about knowing these plans and also realizing with Medicare Advantage plans, they're not set it and forget it. You want to look at these plans every year. You have a couple of opportunities yearly to change these plans. And I would recommend, you know, everyone out there who's on one of these plans take advantage of those opportunities to really look and make sure that your plan is the plan that you want to keep. Because again, if you don't have an enrollment period, a valid enrollment period, you can't leave that plan. So you could get, you know, you could get stuck in it. So you want to make sure that when we're coming up here in the next couple months, the annual election period, it runs October November 16th through December 7th. That's a big opportunity for people on Medicare Advantage plans or standalone Medicare prescription drug plans. You gotta look at your plan. In September, you're going to receive your annual notices of change booklet from your insurance company. Either if you've opted to receive things, you know, digitally, you're gonna get it in your email. If you've opted to receive things in the mail, you're gonna get in your mail. Look for that annual notice of changes booklet.. It's going to show your Medicare Advantage plan or standalone Medicare prescription drug plan side by side with that same plan for 2025. So 2024 benefits, 2025 benefits, compare them. If your plan has changed, then you want to— changed in a way that you don't like, premiums gone up, copays have gone up, you want to look at your drugs that you take, your medications, make sure are you still paying the lowest cost for those by staying on the plan that you're on. Make sure, like you said, you know, you haven't had a provider that's decided not to accept that plan that you want to stay with and get the lowest copay, in-network copay for. So you got to shop those plans October 15th through December 7th. And then for people that are already on Medicare Advantage plans, they get one more opportunity during the year to make a change if they like. And that's January 1st through March 31st is the Medicare Advantage open enrollment period. Where people that are already on a Medicare Advantage plan as of January 1st can make a one-time switch. After March 31st, you're in that plan for the rest of the year unless you have some life-changing event like a big move or, you know, a move out of your service area or something like that. So don't just stay in your Medicare Advantage plan because it's easy. Make sure that you, you know, shop it, You talk to an agent. If you have an agent already, reach out to them, ask to meet with them, you know, ask them to look up your medications, ask them to confirm your providers, and make sure that the plan you're currently on is the one you want for 2025. And if it's not, switch it and get on a new one.

Yeah. Okay. Thanks. I just want to back up for a minute, and I think you made an important point about the Advantage plans that Um, when you talked about downside, it's not really a downside. It's just that the fact that there are so many choices, so many options and variables in the plans, that's kind of both a plus and a minus. I mean, if we take the time and talk to an expert like yourself, it's not a disadvantage, it's not a downside, it's really opening up our choices. And I think that's important to understand that It's not that they're bad, that it's just that there's so many choices. You got to try to make the best one you can, right?

Yeah, correct. Yeah. So if you have an agent, utilize them, you know, call them up, hold on to their business card, have them do work for you. Anyone can go to Medicare.gov and look at all these plans. You can filter them by putting your medications in. Medicare.gov does not offer a provider tool. So you'd have to go directly to a carrier's website to be able to look up your providers. But if you want to do it yourself, you can. But if you have an agent, I would definitely recommend utilizing that agent and having them help you shop your plan during the annual election period.

Sure.

And if you somehow miss that or you do switch your plan, but then come January or February, you're not 100% satisfied, connect with them again and say, you know, hey, this plan isn't the best fit for me, let's look at something else. Because again, after March 31st, you probably aren't going to have the opportunity to switch it.

Okay, so we have that opportunity to take a closer look. So, um, what about employer-sponsored health plans? If somebody is eligible for Medicare and they're also still employed and they have, you know, insurance through their employer, which is primary and any decisions that need to be made in there.

Yeah. So if someone turns 65 and they want to continue working, which a lot of people are nowadays, they're working past the age of 65, as long as they're on a group employer plan that is considered credible by Medicare standards, typically that means at least 20 people are covered by that plan or more. But I always recommend talk to your your HR department to confirm if your plan is credible. If it is credible, you can just remain on that group plan typically. Some people will go ahead and pick up Part A of Original Medicare because there is no premium for Part A. They'll delay Part B because there is a premium for Part B. So why pay your premium if you're going to remain on your group coverage? And then in that situation, your group employer plan would pay first And Part A, your hospital inpatient coverage, would be secondary. Now you can price it out, and I would recommend doing that as well, either on your own or again, reach out to an agent a few months before you're 65. Know around about what you're paying for your group coverage. They can do some quick comparisons for you. Make sure that that's the best situation. If it is the best situation, then do that. Go ahead and pick up Part A. Delay Part B. You're not going to have any late enrollment penalties as long as you have that credible coverage. And then when you're ready to retire down the road, you reach out to Social Security, you let them know, okay, I'm going to retire now, I want to get my Part B benefits. You go ahead and get those Part B benefits, and then that again is when you can talk to an agent and get set up with any other additional, you know, Medicare plan that you want to pick up., once you're retired. But most of those plans, the supplements, Medicare Advantage plans, you must have Part A and Part B before that you can get on the supplement or the Medicare Advantage plan. Another thing to remember is you are always going to pay that Part B premium. So whether you go with the Medicare Advantage plan or you stick with original Medicare and get a supplement, you will always pay that Part B premium. Um, this year it's $174.70. For most people, for like 95% of people, that's what it is. If you have a higher income level, you might pay more than that, and Social Security would let you know. But do know that that Part B premium will always be paid, so factor that into your cost comparison. But that's, that's one way you can do it. If you decide that, you know, it's actually less expensive to go to Medicare, then you can enroll in Part A and Part B and go ahead and get your, your whatever other product, Medicare product you would like to go along with it. And in that case, obviously Medicare would be your primary payer.

Yeah. So you can decline the employer-provided insurance if, you know, the share of costs are so high. You can decline that and opt for Medicare if you're eligible.

Most situations, yes, you can just go ahead and switch to original Medicare if you want. You just want to make sure, find out which is going to be the best you know, the least expensive for you and the best coverage. And that's what, you know, you can find out by doing the research or talking to an agent. You can find out in your area what, you know, could be a good option for you.

Yeah. Yeah, that's a good qualifier because it's not always just the lower premium that makes it better, right?

Right. Yeah. The coverage— find out which coverage is best or the best fit for your needs.

Yeah. Thanks. When we spoke earlier, you mentioned there are some plans that offer a number of benefits, not just hearing and vision, dental. Given cancer and heart attack, I guess vulnerability or risk factor, what is that about?

Well, those are some standalone products you can get. Like if you go with Original Medicare and a supplement, some of my clients opt to add a standalone dental, vision, and hearing plan. That's going to be a whole separate policy with a separate premium. And then yes, there are some cancer or heart attack and stroke plans, things of that nature where you pay a premium, you decide on the benefit amount you want to receive and the premiums based on that benefit amount. And then if you do have one of those incidents or develop cancer, you would get a payout. So that's a different kind of plan. And those, those plans can benefit people by providing them with a lump sum amount that can help cover any copay costs that they might have or travel costs or even things like, you know, if you're— if you do have cancer and you're getting treatment, maybe you don't feel up to cleaning your home. Well, you could hire someone to come in and clean your home, or you could use it for transportation to and from your treatment. So those are kind of lump sum pain products.

That's above and beyond the medical treatment and care that the insurance already covers. It's exactly supplemental benefits if we know we're at risk or We're vulnerable or we have a history in that area. We can opt to get that specialized coverage. How interesting.

Yeah, yeah, yeah.

So what features are available on your website? I know you have a nice website with different benefits available to visitors. Tell us about that.

Yeah, thank you. Yes. So actually, the site that's the most built out is our Chicagoland Medicare site. There's a lot of good information on there. There's a whole, you know, a section that defines all the different parts of Medicare and tells you the different parts of insurance, defines deductibles and copayment and coinsurance and all of that. So it is a good resource in that way. And then we do just with Chicagoland Medicare, the way that we work our business is we do Zoom and phone appointments. We try to make it convenient for our clients. We don't have to come to your home. We can meet you virtually or over the phone. And we have tools on our site to very easily schedule appointments. So that's specific to our agency and how, how we run the agency to try to make it the most convenient for— and most people nowadays, especially after COVID, we're all familiar with those different— I mean, you and I are talking over Zoom right now, you know, recording this over Zoom. A lot of people use those applications to, you know, to work with folks or even to stay in touch with family. So we found that our clients have kind of liked that transition to where, you know, we can meet them at a time that's convenient for them and they can stay right in their home.

Sure. Yeah. The benefits of virtual meetings.

Yeah.

So the Chicagoland is only available for people living in those 3 states, right?

Yeah. I mean, anyone could go and schedule an appointment. We just do business as Chicagoland Medicare for Indiana, Illinois, and Wisconsin. And then You know, Brick House, there is a website, brickhouseagency.com, as well, where people can go make appointments too. Um, and, uh, you know, get, get an appointment with me or one of my agents through that site as well.

Okay. But the Brick House, um, kind of, uh, casts a wider net for people living in many states, 30 states.

Yeah.

In service.

Yeah. Yeah. I wanted to branch out, you know, sometimes you have a client that moves and I wanted to still be able to service that client, you know, serve them or just to be able to reach, you know, people across the country. It's, you know, nice to be able to work with different people, especially again because we do the Zoom and the phone. It's really something that you can do from, from anywhere. Great.

So the Chicagoland website is chicagolandinsurance.com?

Chicagolandmedicare.com. And then brickhouseagency.com.

Brickhouseagency.com. Great. Okay, sounds like some good resources. Chicagoland, a lot of education and information. And then the Brick House Agency, it opens up your access to, to, um, um, much wider, wider region than the tri-state area.

Yeah, yeah, good, good.

Yeah, so, um, we're just about out of time, but what are the changes that are coming? What are— you mentioned there are some Significant changes coming this fall. What can people expect?

Yeah, well, some people have already seen changes. People that are on Medicare supplements, oftentimes those premiums— because Medicare supplement premiums do typically increase every year for people that are on those products— and a lot of people saw greater than normal increases this year. That's kind of across the board with all the carriers in most states, there were larger than normal increases. So those folks might be kind of shopping. They might be shopping for other Medicare Supplement plans, or, you know, during the Annual Election Period, those are folks that might be interested in looking at Medicare Advantage plans just to get that cost down. So during the Annual Election Period is a time if you were on a Medicare Supplement, you can look to switch to Medicare Advantage plans. If you have always been on a Medicare Supplement, since you started with Medicare, you get what is called a trial right period, which means you can leave your supplement, try out a Medicare Advantage plan for 1 year. If during that year you decide you do not like that Medicare Advantage plan, you can leave it and you are guaranteed to be able to go back to the supplement that you had with no questions asked, no health underwriting. So it is an opportunity for people. So people that saw those larger than normal increases than their supplements. If they're curious, you know, they could try it out and have utilized their trial right and check out a Medicare Advantage plan if they want. So some of the other changes that we're going to see in 2025, some of the big ones deal with prescription drug coverage. So prescription drug coverage stages are changing in 2025. We're going to a 3-stage prescription drug plan from a 4-stage. So next year you're going to have your deductible stage, your initial coverage stage, and then you're going to go straight into the catastrophic stage. So that's different. Um, we're losing the donut hole, we're losing the coverage gap. Um, another change is that there will be an out-of-pocket maximum cap for Medicare beneficiaries of $2,000. So the most you'll have to pay out of your pocket is that $2,000. So that's a big difference as well. So you just kind of want to make sure the drug plan that you're in is a good fit because, because of those changes, we could see some increases in premium, we could see some shifting of formulary drug lists and things of that nature. So there could be a lot of changes in prescription drug plans this year. So you really want to, you know, shop your drug plan, pay attention to that annual notice of changes booklet and make sure that you get in a drug plan that's a good fit for you. And that's whether you're not— you're— that applies both to standalone drug plans and drug plans that are built into Medicare Advantage plans. So I would say that's the area to play— pay even more attention to this year is your prescription drug coverage, because again, the stages are going to change, the maximum amount, the true out-of-pocket cost is going to change. And that's all going to make there be— make a lot of changes happen in that side of the industry. So just be aware and check it out this year.

Yeah, good. Thank you. So when beneficiaries receive the information during the open enrollment period this fall, are all of these changes outlined, enumerated in the literature, or? Do we, do we see the new rates for the supplemental plans? Do we see the new changes in Part C?

Yeah, I imagine most of the supplement— I mean, the carriers that I work with, all the rate increases have already occurred. So that's separately because supplements don't, don't actually have anything to do with the annual election period. So those people probably have already seen their increase and then they just have to decide, you know, is this premium what I want to continue paying? Am I okay with that? If not, then look at other options. If you're fine with keeping with sticking with it, and a lot of people are, that's fine too. And then your Annual Notice of Changes booklet will apply to your drug plans and your Medicare Advantage plans. That will come out actually in September and must be sent out in the month of September by the insurance carriers. That will definitely tell you the differences in your premium for your drug plan. It's going to tell you any copay differences for that drug plan. You're going to want to make sure your drugs are on your formulary list still, that there hasn't been a shifting of the formulary that your plan offers. There's going to be an increase in deductibles. So this year, the most prescription drug plans could charge in a deductible was $545. Next year, it could go up to $590. Doesn't mean your drug plan has to charge $590, but they can. Another change that I didn't hit upon is the Medicare prescription payment plan that's gonna be offered for 2025. So for people that do have really expensive drugs and might get hit hard with that deductible at the beginning of the year, the insurance companies will reach out to those folks and let them know that they can opt in to the prescription payment plan, which means that you would have, instead of having a larger deductible at the beginning of the year, the amount that you're paying for your medications would be broken into equal amounts for each month. So you kind of have more stability there in what you're paying. So that's an option for people as well. Anyone can opt in, but it's really beneficial, more beneficial to those folks that hit that deductible and see those larger costs at the beginning of the year. They can utilize that to kind of break up their cost over the course of the year.

Yeah, that's a plus. That's a plus. Well, I must say, you, you do know your stuff. You're a great resource. And I can't wait to start reading these booklets that come in September. I'm looking forward to them.

Yeah, I think everyone should definitely pay attention. And I know it's hard because people on Medicare are kind of inundated in September and October and even in November with all kinds of mail. And it can get lost in the shuffle. So just make sure whatever insurance company you get that drug coverage through, look for that booklet. You know, put it in front of you, look at those changes, and just make sure that you're still okay with the way your plan's going to work in 2025.

Yeah, yeah, the research pays off. We do have to do our homework. Sure.

Yeah, sure.

Yeah, I, yeah, I'm glad you mentioned that. That's really important. It's easy to kind of put it off, but, uh, we really need to be more informed so we make better decisions. Yeah, that's good. Yeah, well, thanks so much. Thanks so much, Nicki. This is great information. I know our listeners enjoy this. Are any— what's the takeaway for the audience? What would you like them to remember from this conversation?

I guess just, you know, keep in mind of any plan changes. Know that this year there could be— and I know this year is going to be, you know, there's an election, there's a lot of stuff going on this year. So don't get distracted and not focus on your plan. And again, prescription drug plans could have larger than normal changes this year. So I think this year it's really important, but I would say every year do your Medicare housekeeping. Every year make sure you look at those plans between October 15th and December 7th. That's a big time frame that you want to pay attention so you can make sure that you're in, in a plan that serves you well.

Great, great, good advice. Thank you. So as I mentioned, we're out of time, but before I wrap up, I just want to remind my listeners to visit my website, livingto100.club, sign up for my email list, and you can download a free copy of my 9 Tips to Make Living Longer Enjoyable. It's a free PDF on the website, and if you're affiliated with a senior living setting, be sure to look from my new training manual and activity guide, Better, Longer, and Happier. Nikki, thanks so much for being a guest on our show today. If people want to reach out to you, they can find you on the website.

Yeah, that's the easiest way. Go to chicagolandfitnesscare.com or brickhouseagency.com, and you can see phone number, a phone number on there. And, you know, it's easy, easy to schedule appointments on there if you just want a consultation. You can schedule that consultation. All the services are free. You don't— consumers don't pay agents. Insurance companies compensate us if you enroll in a plan with an agent, but there's no cost to utilizing agent services. So I'd say, you know, find someone that you trust and use them to help them guide you through this.

Well, that's great. That's great. Thanks so much. Very valuable information. I'm glad we had this conversation today, and I know our listeners will get a lot out of it. So thanks again for being a guest on the program, and thanks to all of my listeners for tuning in. Hope to see you next time.

Thanks, Joe.

You're welcome.