Attorney Thomas J. Manzi and Financial Advisor Frank Amodio share key insights for seniors and families reviewing Medicare plans this season.
The Medicare Annual Enrollment Period is here – running from October 15 through December 7 – and for millions of Americans, that means it’s time to review your current coverage, compare supplemental plans, and make sure your healthcare and financial decisions align with your long-term goals.
To help clients make informed choices, Attorney Thomas J. Manzi of Thomas J. Manzi, P.C. sat down with Financial Advisor Frank Amodio of Legacy Advisors Financial Group to discuss what individuals and families should be thinking about during this crucial period.
A Time to Reassess
“Every fall, I tell my clients to treat open enrollment like their annual checkup – not for your health, but for your finances and your peace of mind,” says Frank Amodio. “Even if nothing in your health has changed, your plan’s costs, coverage, or network might have. It’s important to take a look.”
Here are some of the key items Frank recommends reviewing:
- Premiums and Copays: Have your out-of-pocket costs increased?
- Prescription Coverage: Are your medications still covered at the same cost or pharmacy?
- Provider Networks: Is your preferred doctor or hospital still in-network?
- Supplemental (“Medigap”) Plans: Do you need more coverage – or are you paying for benefits you’re not using?“
“These are the little details that can have a big impact on your quality of life and your budget.” Frank notes.
Let’s Look at Some Real-Life Scenarios
Meet The Thompsons – Bob and Carol Thompson are a retired couple in their early seventies. Last year, Carol was prescribed a new medication that isn’t covered under their current Part D plan. After reviewing their options, they found a plan that covered the medication – and saved them nearly $900 for the year.
Margaret Share’s Her Story – After Margaret’s husband passed away, she realized that the Medicare Advantage plan they had chosen together no longer fit her needs.
“When you lose a spouse, your financial and healthcare situations both change,” Frank explains. “It’s important to reassess your coverage and your estate documents at the same time.”
That’s where attorney Thomas Manzi often steps in. “When a spouse passes away, there are not just emotional decisions to navigate, but legal and financial ones too,” says Tom. “Beneficiary designations, power of attorney documents, and healthcare proxies should all be reviewed alongside Medicare elections.”
Who Should Take Action
If you are:
- Over 65 and enrolled in Medicare
- Turning 65 soon
- Recently retired or widowed
- Caring for an aging parent or spouse
…it’s worth scheduling a brief consultation before the enrollment window closes. What’s more the consultation with Frank is complimentary. It just doesn’t make sense not to get an expert opinion.
Where to Get Guidance
“Medicare can be confusing – but it doesn’t have to be,” says Frank. “A short conversation can save you time, stress, and potentially thousands of dollars.”
If you have questions about your Medicare plan, supplemental coverage, or how these decisions affect your financial picture, reach out to:
Frank Amodio | Financial Advisor
Legacy Advisors Financial Group
17 Conklin Street, 2nd Floor, Farmingdale, NY 11735
T 631-697-1607 | F 877-840-7186
famodio@legacyadvisorsfg.com
For legal questions surrounding estate planning, powers of attorney, or beneficiary coordination, contact:
Thomas J. Manzi, Esq. | Principal Attorney
Thomas J. Manzi, P.C.
320 Carleton Avenue, Suite 6300, Central Islip, NY 11722
T 631-270-6500 | F 631-213-5537
thomasjmanzilaw.com
