November 1 to December 15 health insurance enrollment is open. You may change your health insurance, or your health insurance carrier at your discretion within the time periods allotted.

Medicare insurance enrollments begin on October 1 and ends on December 7th

This magical time of the year is upon us once again, when everyone must struggle with what is become a quagmire of possible alternatives. The combination of the Obama administration health insurance program, the elimination of almost all prior insurance programs, and the never-ending efforts of Pres. Trump to eliminate Obama care, finds us in a healthcare system that is at best a bureaucratic nightmare. Simultaneously, we in the United States find ourselves receiving some of the best medical care on the face of the earth given the consideration of endless bureaucracy to receive those benefits.

To listen to some of the considerations of this enrollment process go to my radio show “Finance with Frank”.  To get there go to www.octobereffectltd.com  and look for tools, then radio show.  You may replay our radio show from Sunday, November 3. In that radio show you will hear health insurance agent Patty Ramsey explaining the meticulous process she undertakes whenever she reviews and changes a person’s health insurance program.

A thumbnail sketch of some of the considerations for this enrollment are as follows:

Health insurance for the individual if you have a modest income the Obama care program will probably be the most economic benefit.

Should you unfortunately fall below the income thresholds, the state of Virginia now has a new Medicaid program which may serve your needs.  Give Patty Ramsey a call 757-287-4638 and ask for her assistance.

If you are a part of the baby boomer generation, you may be receiving Medicare benefits and within that program there are two alternatives.

First conventional:

 Medicare plus a Medigap insurance product, this includes Medicare parts A and B plus are of the originally 10 combination of benefits available. One of the more popular programs was the F plan which paid almost 100% of medical services provided.  This plan will not be available for new enrollees starting in 2020. A good alternative is plan G with a potential out-of-pocket cost of approximately $185.

Second: The alternative Medicare Advantage

These plans evolved subsequent to the 10 benefit programs when the insurance companies were looking for ways to combine Medicare part A and B with the insurance companies managed products and have the consumer only responsible to one administrative bureaucracy. It should be noted you cannot be involved in the Medicare Advantage program and the Medigap supplement product at the same time. The Medicare Advantage programs is similar to conventional health insurance and that they may have co-pays out-of-pocket limits and do not cover travel outside your home geographical area very well as you will have a specific group of doctors and hospitals to which you must participate with to receive benefits.

From the desk of Frank D. Tehel CFP CLU®