​Before coronavirus affected people's lives, they were carefree. They buy things themselves and for family. Then, one day, people just lost their jobs. These unprecedented times showed the world how people are unprepared and financially challenged. 

These happenings show the importance of protecting one's family with life insurance. Life Insurance offers protection for someone's family in the event of his/her death. It helps people to prevent financial difficulties. 

The following are why people should get life insurance in times of pandemic:

See practical tips on when it makes sense to make a switch in Medicare coverage.
Key Points

• Medicare Annual Enrollment Period (AEP) begins October 15 and runs through December 7 each year.
• During Annual Enrollment, you can add, drop, or switch certain coverage types, such as Medicare Advantage and Part D prescription drug plans.
• Medicare's private plans ( Medicare Advantage & Part D) can change every year and potentially impact your coverage in many ways, cost sharing, and provider network being the main concerns, so it's a good idea to review your Medicare coverage in advance of every Medicare AEP.

It's Medicare  Annual election time. And from TV ads to robocalls,  direct mail, spam email campaigns to even advice from your favorite friend or neighbor, sources all around you seem to be telling you which Medicare plan is right for you. Some are credible; and  others, not so much.
As we continue to live with COVID, you especially need to know that you're Medicare health insurance has you covered with the right doctors, medical facilities, and prescriptions. "If you're not satisfied with your current plan or your health or financial situation changed, it may be time to take another look at your options," Say’s Paul Barrett, owner of The Modern Medicare Agency. "You may be paying a lot for coverage you don't need, or your health situation may now require the attention of medical specialists who are currently out of your network. Either way, it's time to investigate other options."
The good news for individuals enrolled in Medicare: If you're not satisfied with your current Medicare coverage, you can make changes during the Medicare Annual Enrollment Period (AEP), which runs every year from October 15 to December 7.
Generally, there are 5 reasons why you might consider making changes to Medicare coverage:

1. You want a less expensive plan. If you find that Medicare is taking a bigger bite out of your retirement budget, it can pay to shop around to save money. Most parts of the country have several plan options to consider.
2. Your health situation has changed, and you need different coverage. If you experience a significant change to your health, you may find that the plan you signed up for cannot support such a change.
3. The cost of your prescription drugs has increased. Sometimes health insurance companies that provide prescription drug coverage raise the price of certain medications. If you happen to take one of those medications, it could end up costing you a lot more money.(part D aka Medicare drug coverage tends to be the most volatile from year to year)
4. You're not satisfied with the quality of medical services in your current network. You may need the ability to see certain specialists or pursue additional avenues of treatment.Medicare advantage plans all have networks and they can vary greatly to make sure you are not only happy with the cost of your plan but the network of providers.
5. You want to benefit extras your current plan does not cover. Many Medicare advantage plans offer extras and some offer a lot more than others. Just keep in mind that many benefits sound good like free dental, hearing, vision however these benefits may not be so easy to use. They will have networks and particular vendors you can use and that may not work for you. ( Be Careful when switch for freebies)

Tip: There are many options, and there is no ONE best plan for all. Make your plan choice based on your needs and not someone else’s opinion.
Did your health insurance company make changes to your existing Medicare coverage?When it comes to Medicare plans, and health insurance in general, change happens. These modifications are usually made by the health insurance companies that sell Medicare Supplement, PDP, and MA plans. It's up to you to determine if these changes help or hinder your health care needs.
Every September, health insurance companies that sell Medicare coverage mail out an Annual Notice of Change (ANOC) letter to inform you of changes that are taking place with your current coverage for the upcoming year. These differences can be cost changes to prescription drugs, increased or decreased types of coverage, or expanding or shrinking the network area of doctors and medical facilities. "If your coverage becomes more limited or more expensive, that's the catalyst for you to research all your options and consider making modifications to your Medicare plan," Barrett.
Common reasons you might want to switch your Medicare coverageIf you have...
You might want to...

Original Medicare with separate Medicare Part D prescription drug plan (PDP) coverage

• Combine your coverage into a single Medicare Advantage (MA) plan with PDP coverage.
• Consider a switch to an MA plan that includes prescription drug coverage and telemedicine, fitness, dental, hearing, and/or vision coverage.

Medicare Advantage (MA)

• Switch to an MA plan where your doctor or facility is in-network if your current plan no longer includes them.
• Move to an MA plan with better coverage and/or services for the same price (or even lower).

Medicare Supplement (Medigap) Plans

• Drop it if you're paying for extra coverage you don't need, you don't travel a lot, and you prefer local doctors available to you.
• Switch or drop coverage if you move to a new state and your coverage cost goes up, but keep in mind you may have to answer questions about your health history if you make a change.

Medicare Part D prescription drug plans (PDPs)

• Switch to a lower-cost plan, even if you might not be taking any prescription drugs now.
• Make a change if your regular pharmacy is no longer considered in-network.
• Drop and switch to MA with drug coverage if you want to consolidate coverage options and not maintain separate PDP coverage.

 
Helpful Medicare enrollment remindersAs you think about possible changes to your coverage for the upcoming year during AEP, keep in mind:

• Medicare Part B covers official COVID-19 testing at no charge, as well as certain medications and equipment used for COVID-19 treatment. Medicare Part A covers 100% of COVID-19 hospitalizations for up to 60 days.
• Medicare Part B and Medicare Advantage plans provide coverage for telehealth services for COVID-19. If you switch from Medicare Advantage to Original Medicare, you'll need to add a PDP and/or a Medicare Supplement plan to supplement your coverage.
• If you have a pre-existing condition, switching to Medicare Supplement coverage may require medical underwriting (although you can enroll in a Medicare Supplement plan without medical underwriting if it's the first time you enroll in Medicare when you turn 65).
• Your Medicare decision is made separately from that of your spouse's. There's no such thing as Medicare family coverage.
• If you're adding a PDP for the first time during AEP, and you are over age 65, you may be at risk for a PDP penalty added to your monthly premium since you didn't sign up for a PDP when you were first eligible at age 65.
• Remember, if you already have Medicare coverage and do nothing during AEP, your current coverage will auto-renew January 1 of the upcoming year.

SummaryAlthough you might be gearing up for a busy holiday season, now is the time to take a fresh look at your Medicare options. Remember, you have from October 15 through December 7 each year to decide what your plan will be for the upcoming year, so don't delay.
If you have Medicare Advantage, or Original Medicare (with optional Medicare Supplement and/or PDP prescription drug coverage), that isn't providing the level of coverage you need at a cost that's affordable, AEP is your chance to course correct.
Yearly Medicare decisions may not be a fun topic, but the right choice can make all the difference. Don’t procrastinate, read your Annual notice of change letter from your carrier and go over your current needs. It's a good idea to get your list of providers together along with any part D prescription you take regularly you will need this information to properly compare plan options. If you are overwhelmed and need help, seek out an independent agent or broker, who works with all major carriers. They will be able to help you sort things out unbiasedly.

3 things to know about the Annual Notice of Changes If you want to avoid surprises in the new year with your Medicare coverage, pay attention to the details.
1. First of  all What is it?If you have a Medicare Advantage,  A Cost or Drug plan, the Annual Notice of Changes (ANOC) tells you about changes to your current Medicare plan benefits and costs that will take effect Jan. 1. These letters typically look like any other junk mail you start getting around the Medicare Annual enrollment period, so it is important to be mindful and on the lookout for it. So I recommend that every September you keep an eye for mail from your Medical insurance provider in particular. Sometimes this task is daunting due to the high number of advertisements coming in the mail, nevertheless being proactive here can really be important.
Changes to premiums, covered services and costs
Typically you will see a side by side comparison of what you have and what it will be in the new year. You obviously want to pay attention to plan increases in cost.

• Premium (the amount you pay each month)
• Deductible (the amount you pay before your plan kicks in)
• Copay (a flat fee that you pay for each service)
• Coinsurance (as opposed to a flat fee, this is a percentage you have to pay for each service)
• Maximum out-of-pocket cost (the most you’ll have to pay for covered expenses in a given year before your plan begins to pay 100 percent, including your deductible, copays or coinsurance)

This list will include new services that will be covered, services that will no longer be covered, and changes to coverage of existing benefits. Ex.( dental, vision, hearing, gym memberships) these are popular benefits that often get added or subtracted from the plan benefits.
Changes to drug coverageIf you have Medicare Part D (prescription drug) coverage, your plan’s drug list (formulary) will most likely change as new medicines are added and certain medicines are moved to a different cost tier or removed from the list.
A lot of times this is where people fail to pay close attention and have surprises about drug costs, when they first go to the Pharmacy in January for the first time. In most cases they are not good surprises, and if you are on a stand alone part D drug plan it is not easy to change after your annual election period. It will require a SEP also known as a special enrollment period.
Changes to your provider and pharmacy networkYou’ll want to make sure your doctor, hospital, pharmacy and other health care providers are still on the list of providers your Medicare plan will help pay for (network). Your ANOC will most likely say that there are changes, but you’ll have to check your plan’s provider and pharmacy directories to find out exactly what changed. Your ANOC packet will include information on how to access the directories online or how to order a paper copy. This can be a big deal when it comes to both Medical providers and pharmacy, we all like to see doctors we are comfortable with and no one likes to be told sorry we don't accept your insurance. Finding out that your favorite pharmacy no longer accepts your plan or is no longer preferred option is not enjoyable either!( All of this can be avoided by reviewing the annual notice of change letter and reviewing options with your agent.)
2. When does it arrive?You should receive your ANOC in the mail (or by email, if you’ve signed up for paperless delivery) by Sept. 30. The key dates to remember:



3. What do I have to do when I get my ANOC? To prevent surprises in January, you should review your ANOC and understand the changes being made to your plan. If you have a friend or family member who’s had problems with their current plan, check with them to see if they need help understanding the changes.

• Review the benefit and cost changes and contact your plan if you need help understanding what the changes mean to you.
• Check the drug formulary to make sure the drugs you’re currently taking are listed and what costs apply to the assigned drug tier.
• Check the provider and pharmacy directories to make sure your doctor and pharmacy are still in your plan’s network.
• If you decide your current plan no longer meets your needs, contact the plan to see if they have other options that may be a better fit. Also, you can visit medicare.gov and use the Medicare Plan Finder to compare plans available in your area.

This time of year is always a good time to speak with your agent or broker especially if you have different medical or prescription drug needs. These letters are supposed to be sent out to help you understand all the plan changes but many of my clients have said they do not understand these letters . If that is the case for you I would encourage you to reach out to your Medicare agent or broker to discuss your needs and the upcoming plan changes to make sure you are still in the most suitable plan for you. If for some reason you do not have someone to help guide you please feel free to reach out to our office and we will set you up with a friendly agent to review your current coverage and make sure you are still in the appropriate plan for your needs.
So just to recap, every September Medicare advantage, along with Medicare cost & part D plans will receive a letter or sometimes an email if you opted for paperless documents. This letter is called the Annual Notice of change, and in this letter you will find all the good, bad or indifferent plan changes for the new year. We really want to play extra close attention to premium increases, deductible increases and any other cost sharing increases for that matter. Besides that you always want to make sure your provider network still works for you and of course that all of your monthly prescriptions are still covered  and under the same tiers that you are at now.

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​During retirement, some people get bored and lost on what they want to do. Some still work part-time for something to do. While others spend most of their retirement savings on travel and leisure. But, finding balance in both things will help you sustain a living after retirement. 

So, here are some quick guidelines and ideas on what to do after retirement:

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