• Erickson reviews options on SVI Weekday Wake-up.
Kendall Erickson from Sharp Insurance joined the SVI Weekday Wake-Up program to break down the changes to Medicare and go over the options on the healthcare exchange.
He says the Medicare Open Enrollment started October 15, and goes until December 7. He says this really has to do with the Part B Prescription plans and new Medicare Advantage plans. He says a lot of people in the area have the Part B plan.
“It’s that time of year, unfortunately, seniors get bombarded with tons of mail and advertisements,” Erickson said. “And every other TV commercial is talking about it too. So, I think a lot of people can get sick of that, but that’s where hopefully a local agent can help to wade through all that information.”
He says he offers free consultations for anyone that wants to just get started and have a talk about your situation. He also says that the amount you pay for Medicare which is called the Part B Premium is going up from $164.90 to $174.70 per month. Part B deductible is going from $226 to $240.
“A lot of people ask, ‘well is my Social Security going up to help offset that’,” Erickson said. “It looks like they are going to raise Social Security by 3.2%. So, some of those things offset.”
He says the insurance plans are very similar to last year. He also says there are two options on Medicare. There is the Medicare Supplement with a prescription plan added on. You can also look into this new plan that started recently called Medicare Advantage.
“On TV they make that sound perfect,” Erickson said. “It’s good, but it’s good to weigh out the pros and the cons.”
He says on the exchange there is still Blue Cross Blue Shield of Wyoming and Mountain Health Co-Op. He says both can offer a plan with tax credit subsidy that is based on your household size and your income.
“There’s a formula that calculates that for you,” Erickson said. “It is interesting because you have to guess what you’re going to make for the incoming year.”
The open enrollment dates for that is November 1st to January 15th according to the insurance agent. You can sign up for either individual or family coverage.
