CoverRight CEO, Richard Chan joined the hosts of NewsMax National Report on Friday, October 14th to discuss the start of the Medicare Annual Enrollment Period. They discussed the impact inflation is having on seniors, how the Social Security Cost of Living Adjustment will help seniors, and the importance of re-evaluating your Medicare coverage this time of year.
Reminder about Medicare Annual Enrollment Period
The Medicare Annual Enrollment Period runs from 10/15/22-12/7/22 it is the time of year that any Medicare beneficiary can make changes to their Medicare coverage including switching plans or providers. New coverage goes into effect Jan 2023.
Additional information for Medicare Beneficiaries based on the Interview
Q) How does your platform help people who are on Medicare and why should people work with CoverRight?
A) Our goal is to deliver a digital concierge experience combining technology with licensed experts to simplify the entire process and help our customers find the best Medicare plan for their situation. With a few simple questions, our technology platform presents an initial recommendation along with reasons for providing such a recommendation. Our customers then have the option to compare and shop the underlying plans and touch base with a dedicated licensed Medicare expert who works with them from beginning to end. Our platform is plan agnostic and we represent over 20+ insurance brands. What’s different about us is that our customers can search and compare all plans we represent so they have full transparency about all their available options.
Q) Medicare Annual Open Enrollment Period (AEP) runs from October 15, 2022- December 7, 2022. What should people on Medicare be doing and what does CoverRight have planned to help them during this period?
A) That is correct. AEP starts October 15 and runs through December 7th. For those who are already on Medicare, it’s the right time to be reviewing their options. At CoverRight, we can help people who may be unhappy with their coverage switch plans, curious about exploring their various options, or who simply want to do an analysis of their current plan to make sure they are still in what’s best for them.
It is important for anyone on Medicare to evaluate their plans yearly for two (2) main reasons:
- New plans become available, and Medicare plans can change their benefits, doctor networks, drug formularies, and pricing. These factors can impact coverage and costs for the year ahead. Many consumers can get caught unprepared particularly if their doctor is no longer ‘in network’ for the next calendar year.
- If someone has a change in health, needs to see new specialists, or is taking new prescription drugs, there may be a better plan suited to their new coverage needs.
In all of these cases, AEP is the window to make a plan change.
Consumers can visit CoverRight.com to compare Medicare plans or set up a call with one of our dedicated Medicare Advisors who can work with you on a customized plan and analysis.
Q) How does someone on Medicare determine what is the ‘best’ plan for them?
A) We get this question a lot. What’s best for one person is not best for another. The Medicare system is complex and to find the best plan there are considerations ranging from budget, health needs, doctor coverage, and prescriptions.
What’s best for your neighbor, friend or even your spouse may not be the “best” plan for you. Medicare is an individual decision. The “best” advice anyone can take away from this is to not simply sign up for a plan someone else has recommended but to speak to an expert and customize a plan for yourself.
At CoverRight, we aim to deliver a white-glove concierge service at no cost to help people navigate the Medicare system and figure out what is “best” for them given their health, geography, prescriptions they take, and how they want to get their healthcare services delivered.
Q) We hear that CoverRight is collaborating with Mark Cuban Cost Plus Drug Company to help lower drug costs. Why is that important for people on Medicare?
A) “Prescription drug costs can be a large component of total annual out of pocket expenses for a Medicare beneficiary. Medication prices can vary widely by plan, geography and even within the same zip code. With continued healthcare cost inflation in the U.S., it’s becoming ever more important to help consumers save”. “This relationship comes at the perfect time as AEP is about to start so consumers can evaluate their 2023 drug coverage and find the best solution that lowers their costs.”
CoverRight has made its Medicare drug comparison tool available to its customers. With a few pieces of information, consumers can easily check to find the best Medicare drug plan for them through CoverRight’s platform. The technology platform will also show consumers alternate ways they can save on their medication. As part of this new integration with Mark Cuban Cost Plus Drug Company the cost of available medications available at Cost Plus Drugs will be listed directly on the CoverRight’s platform making it easy for consumers to compare the cost of a prescription between a Medicare plan and directly from Cost Plus Drugs.
CoverRight’s dedicated team of Medicare experts are available to help customers through the analysis.
CoverRight is on a mission to make the Medicare plan selection process easy to understand. We are here to help you compare Medicare plans and find the one best suited to your specific situation. Try the platform for yourself.