By Christian Regalado
It’s that time of year again! If you get your healthcare through a Medicare Advantage plan, AEP is the Annual Enrollment Period (Oct 15 – Dec 7) during which enrollees are able to change Advantage and Prescription Drug plans for 2027. If you are enrolled in one of these plans, you’ve probably received your Annual Notice of Change by now where your carrier informs you about changes being made to your plan, or if the plan you have will remain available next year. If your current plan is set to be discontinued next year, you have the opportunity to enroll in another Advantage plan or, if you prefer, you may go back to original Medicare and enroll in a Supplement plan without facing underwriting since your plan is being discontinued.
A lot of changes are happening in 2027! Much of the post-covid Medicare funding has been reduced and the cost of healthcare, including prescriptions, has increased. Insurance carriers are reducing benefits or no longer offering plans that are unprofitable. There will also be network changes, meaning which doctors and hospitals accept Advantage Plans. No one likes change, especially as we get older, but at times we have no other choice. The plan you’re on may have had benefits reduced, yet still may offer you the best value available. You can only know by comparing all of your options. This is not a year to assume you still have the best Medicare Advantage plan. I highly recommend comparing plans for 2027. This is where a certified broker can assist you.
In the past, I haven’t put a lot of emphasis with my Medicare Advantage clients on Hospital Indemnity plans and/or Dental plans as Medicare Advantage had decent coverage. With the changes in medical deductibles, higher out-of-pocket costs, and lower dental benefits, these ancillary plans will provide you much more comprehensive coverage. I have spent a lot of time over the last few months reviewing carriers in our area to find low cost options. Give me a call or visit my website www.30ahealthins.com to review affordable extra coverage.
If you have a Medicare Supplement plan, you don’t need to do anything since these plans don’t change. Your prescription drug plan, however, may change next year. Brokers are still not able to enroll you in a prescription drug plan, but as a courtesy if you are a client they can help guide you. Medicare.gov is also a great resource to compare PDP plans.
Individual insurance through the Marketplace open enrollment starts November 1. For individuals with income below 400% of the federal poverty level, premium tax credits will still be available in 2027. If finding a low deductible plan is overpriced for you, consider opting for a high deductible plan along with a low cost indemnity plan. This combination can be a great option for comprehensive coverage at a lower cost. I work with many carriers and can help guide you.
Also, for those with household income just over that 400% FPL, it may be worth contributing to a Health Savings Account. HSA contributions will lower your Modified Adjusted Gross Income which may help qualify you for a premium tax credit.
If you have not done so already, call a broker and set up an appointment. My office is in Santa Rosa Beach, and I enjoy meeting personally with clients. Having someone you can trust to navigate through next year’s healthcare policy changes and choices will be truly valuable. Call me, I will be happy to be that person. I’m local and always available.
Call or text me, Christian Regalado, at (850) 687-7606 or drop me an email at christian@30ahealthins.com
