The Medicare Open Enrollment Trap: A Conversation with Amy Terrell

Compounding Change with Shannon Davis

It’s that time of year when decisions about healthcare coverage can make or break your peace of mind. For many, Medicare open enrollment feels like navigating a maze of deadlines, mailers, and fine print. But with the right guidance, this season doesn’t have to be overwhelming. It can be an opportunity to ensure your coverage actually fits your life.

In this episode of Compounding Change, Shannon Davis welcomes back Medicare specialist Amy Terrell to cut through the noise. Amy brings years of experience helping people understand their options and avoid costly mistakes, making complex rules easy to follow.

From prescription drug coverage to switching between Medicare Advantage and supplemental plans, Shannon and Amy dive into the most common choices and missteps that happen during open enrollment. They discuss how employer coverage interacts with Medicare, when special enrollment periods apply, and why it’s so important to have an advisor you can trust.

If you’re staring at a pile of Medicare mailers or wondering if your current plan is still the right fit, this episode will give you the clarity and confidence you need.

Key Takeaways:

– Open enrollment runs from October 15 to December 7 each year

– You can switch between original Medicare, Medicare Advantage, or change prescription drug plans during this time

– Annual reviews are critical since provider networks and coverage details often change

– Bring a list of doctors, hospitals, and prescriptions when meeting with a Medicare consultant

– Don’t assume last year’s plan is still the best. Review it against current needs

– Common mistakes include ignoring reviews or missing changes in networks and drug coverage

– Public safety workers and retirees should also assess Medicare alongside employer coverage

– Prescription drug costs and caps change year to year, making review essential

– Special enrollment periods may apply after life changes such as retirement or relocation

– Avoid robocalls and 800 numbers and seek referrals and trusted advisors instead

The Compounding Change Podcast is brought to you by Jenna Stoliker at https://jennastoliker.com/

Chapters

00:51Introduction

02:37 What is Medicare Open Enrollment

04:03 Open Enrollment vs Initial Enrollment

05:08 Decisions to Make

06:08 Considering a New Plan

08:57 Medicare for Public Employees and First Responders

12:14 Reviewing Drug Coverage

14:53 Life Changes

16:59 Trustworthy Resources

Helpful Links:

Amy Terrell, Medicare Agent /MyMedicareNetwork.com: https://mymedicarenetwork.com/

Jenna Stoliker: https://jennastoliker.com/

Shannon Davis: https://www.daviscompoundingchange.com/

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