Election years are always a time of uncertainty, and 2024 is no different. Many of your clients may feel uneasy about making decisions that could impact their Medicare coverage, especially when political debates are filled with promises of change. This hesitation is normal, but it’s important to remind clients that reviewing their Medicare plan is essential—especially now, given the effects of inflation and rising healthcare costs.

Let’s explore why it’s crucial for clients to assess their Medicare plan during this uncertain time, and how you, as their trusted advisor, can help them confidently make the right decisions.

Why Election Years Create Confusion

Every four years, political promises swirl about healthcare reform, and it leaves beneficiaries wondering, “Should I wait to make changes? What if Medicare changes dramatically after the election?”

It’s common for people to believe that holding off until things “settle down” is the safe route. But the truth is, regardless of political outcomes, inflation and rising costs will still impact how much your clients pay for their healthcare—unless they take action. Encouraging them to make informed decisions now will help them avoid unnecessary expenses in the year to come.

The Impact of Inflation on Healthcare Costs

We’re all feeling the pinch of inflation, but for Medicare beneficiaries—especially those on fixed incomes—it’s even tougher. Costs for prescriptions, doctor visits, and even out-of-pocket limits have been creeping upward, and this trend isn’t slowing down.

For clients eligible for the Low-Income Subsidy (LIS) or other financial assistance, inflation may have increased their need for support. Remind them that many programs exist to help lower costs, and reviewing their plan can unlock access to these subsidies, which can make a real difference in their monthly budget. And with recent rule changes, many more beneficiaries will now qualify for higher levels of assistance starting in 2024.

Overcoming the Fear of Change

One of the biggest challenges clients face is fear of making the wrong choice. They may worry that switching plans could cause them to lose their doctors, or that they won’t fully understand the differences between plan options. This fear can paralyze them into inaction—leaving them stuck in a plan that no longer serves their best interests.

This is where your expertise becomes invaluable. By positioning yourself as a trusted guide, you can make the process less intimidating. Here are a few tips to help you connect with hesitant clients:

• Use Real-Life Examples: Share stories of other clients who made changes to their Medicare plans and saw real savings. Hearing that someone else in a similar situation saved money or gained extra benefits can give them the nudge they need.
• Focus on Savings and Benefits: Emphasize how adjusting their plan could help them save money or add valuable coverage for services like vision, dental, or hearing. With inflation continuing to stretch their dollars, every little bit helps.
• Remind Them of the Annual Election Period (AEP): Point out that Medicare’s Annual Election Period (AEP) is designed for them to review and make changes each year without penalty. It’s not a permanent decision—they can adjust again next year if they need to.

A Step-by-Step Guide for Helping Clients

Your role as an advisor is to simplify the process and ensure clients feel empowered. Here’s a streamlined approach to help your clients confidently navigate plan changes:

Step 1: Review Their Current Coverage

Start by reviewing their current plan. Has anything changed with their health? Are their prescriptions still covered? Are there any new doctors they’d like to see? This helps identify whether they’re in a plan that still works for them.

Step 2: Compare New Options

Inflation has likely impacted premiums, deductibles, and out-of-pocket costs. Show them side-by-side comparisons of new Medicare Advantage or Part D plans that could offer better coverage for a lower cost.

Step 3: Discuss LIS and Extra Help Eligibility

Many clients don’t realize they qualify for the Low-Income Subsidy or other assistance programs. Review their financial situation and help them apply for programs that could lower their prescription costs or eliminate deductibles altogether.

Step 4: Provide Reassurance

Clients may fear losing access to their doctors or services they rely on. Ease their minds by checking the provider networks of potential new plans to ensure their preferred doctors and pharmacies are included.

Step 5: Offer a Follow-Up Plan

After making a decision, schedule a follow-up in six months to see how the new plan is working for them. This extra touch shows you’re committed to their ongoing care, which builds trust and loyalty.
For additional strategies on helping clients save during uncertain times, check out our article. < a href="https://appliedga.com/blog/how-to-help-clients-save-with-ira/" target="_blank">“Prescription Costs on the Rise: How to Help Clients Save with the IRA.”

Be Their Guide Through Uncertainty

Election year or not, your clients rely on you to guide them through complex Medicare decisions. And with healthcare costs rising, there’s never been a better time to review their plan and find new ways to save and serve.

Set up a time to review your clients’ coverage today. Don’t let them fall victim to uncertainty—help them make confident choices that will protect their health and finances.