This is ridiculous

The Problem:
Three years ago I helped many of my clients enroll in a Medicare Part D prescription drug plan. At the time to cost to enroll in the plan was $6.93 per month. Three years later that same plan is now $37.9 per month. That means the monthly cost of their plan has increased approximately 76% every year for the last three years. If we project that same 76% increase forward every year for the next 10 years your monthly Part D Prescription drug plan would cost $10,808. Now that scenario is highly unlikely but it kind of makes you scratch your head.

The Solution:
Every year beginning November 15th you are given the opportunity to switch plans. If you are fairly internet savvy you can go to http://www.medicare.gov/ and enter your medications and Medicare will help you determine which plan is going to be the most cost effective given your needs. SHIBA is also available and can be reached at 1-800-562-6900.

A helpful Tip:
Medicare supplements (Medigap) are an easy place for many people to find cost savings. If you don’t already know, Medigap plans have been standardized by the federal government. Basically this means only difference between traditional Medigap plans from different companies is the cost. For example Sterling life offers Medigap Plan F for $314 dollars per month. AARP has the exact same plan F available and it is only $150 dollars per month. That’s a savings of $1,968 per year. Can you think of anything you could do with that money that might be more fun that paying insurance premiums? In most cases here in Washington State you can switch plans without having to health qualify but there are some exceptions. Click here to see a comparison of all the different plans and costs for traditional Medigap plans available in Washington.

Something to consider:
Medicare Advantage plans have been available in Kitsap County for a couple of years now and I was hesitant to recommend them until some time had passed. Well folks I am pleased to let you know they have been met with great success and saved people thousands of dollars per person per year. Medicare Advantage plans are your Medicare benefits administered by private insurance companies. Many plans have $0 premiums and even include Part D drug coverage.

I am here to help:
As an advisor who specializes in working with retirees I am always on the lookout for ways to help my clients and these are just a few of the cost savings tips I have come upon. Medicare and all of the private insurance options associated with Medicare can be confusing. This is probably a good time to review your coverage. Please give me a call or send me an email if you would like me to help you review your options.

Sincerely yours,


Jason Parker

Jason Parker is the President of Parker Financial LLC a fee based registered investment advisory firm specializing in wealth management for retirees. His office is located at 9057 Washington Ave NW #104 in old town Silverdale, WA 98383. He holds the series 65 securities license as well as being licensed to offer life and health insurance in Washington State. For more information please contact Jason at 360-337-2701 or online at http://www.parker-financial.net/. The opinions voiced in this material are for general information only and are not intended to provide specific advice or recommendations for any individual. The opinions and information presented do not constitute a solicitation for the purchase or sale of any securities. Please consult with your licensed insurance agent before making any changes.