Category Archives: Medicare Supplemental Insurance Plans

Costly Mistakes When Enrolling In Medigap

There are many mistakes that can be made when enrolling as a first time Medicare participant.  The instructions aren’t always so clear on exactly what is provided, what needs to be covered out of pocket by the enrollee, and how to find the coverage that is needed.    It is important that when participants come of age to be enrolled in Medicare they seek out advice from a Medicare Supplemental Insurance Broker to help them with the ins and outs of Medicare Plan A and Plan B along with helping compare the coverage of Supplemental Insurance.  A broker can help to make sure that participants don’t make costly mistakes and ensure that in the end they have the coverage they need for their unique situation.

Common Mistakes Made with Medicare

Often it is assumed that you are automatically enrolled in Medicare when you turn 65.  This is not the case however unless you are already enrolled on Social Security before you turn 65.  If you are not it is important that you begin the Medicare enrollment process at least three months before you turn 65.  This will help to ensure that you get the coverage you need when you need it.

Another mistake people make is to assume because all the paperwork has been completed with the Social Security office that your Medicare enrollment is all set.  Never assume that you are covered under Medicare until you know for sure that your paperwork is processed, and you see that you are showing up in the system. If you don’t you make sure that your coverage is in place you may find yourself without Medicare coverage.  When errors are not caught you can find yourself without insurance and paying a penalty to get your coverage instated.

Another misconception is that you need to be enrolled in both Medicare Part A and Part B.  This is not the case when you are continuing your employer-sponsored health plan.  If you are enrolled in outside health insurance coverage, then you can put off enrolling in Medicare Part B.

Participants are often confused about when they need to enroll in Medicare Supplemental Plans.  Know that Medigap Insurance is guaranteed to Medicare Part A and Part B enrollees, guaranteed coverage, without penalty for the entire 6-month period after you have enrolled in Medicare Part B.  After this period is complete you no longer have guaranteed coverage.  Therefore, we say if you are enrolled in an employer plan you delay enrollment in Medicare Part B until this coverage runs out.  It prolongs the time you have guaranteed to enroll in Supplemental Insurance.

To avoid making mistakes when it comes to coverage within the Medicare program your best option is to meet up with a Medicare Insurance Broker who can help you with the ins and outs of the program.

Learn more about Medicare Supplemental Insurance plans, rates and more at http://www.emedicare-supplemental-insurance.com.  Medicare Supplemental Insurance brokers will help you compare Medicare Supplemental Insurance rates and plans.  To talk to an expert in Medicare coverage toll free 877-202-9248 today!

Medicare Mistakes That Can Cost You

Medicare Supplement Insurance Plans are devised to aid people to pay for their additional health care expenses. These policies are blessings to those who are suffering from certain medical ailments. However, for some people, a Medicare Supplement Plan can prove to be costly because of common mistakes they make. Wondering what these mistakes are? You will find your answer in this post. Continue reading!

Not Choosing the Right Policy

One of the biggest mistake people make when buying Medicare Supplement Plans is that they choose the wrong policy. Thus, not all medical expenses are covered. As a result, they must pay for them and the plan isn’t as effective for them as they had thought of.  It is important to thoroughly compare different Medicare Supplement Insurance Plans, know their details and make the decision accordingly.

Not Signing Up at the Right Time

This is another common mistake made by people that cost them in the long run. People who have already received social security are automatically signed up for Medicare. However, for those who haven’t, it is important to sign up at the right time to avoid facing premium penalties.

Not Signing Up for Part D

Some people believe that buying Medicare Supplement Insurance Plans Part D is a mere waste of money if they don’t use prescribed drugs. However, this is a mistake that can cost them a fortune. This is because no one can predict the injuries or diseases they may suffer from in the future for which they require the use of prescribed drugs that can burn a hole in their pockets. Therefore, it is advised to sign up for part D so to avoid late penalties and get expensive drugs easily in case of emergency.

Not Paying Attention to Annual Notice of Change

All those people who have signed up for Medicare Advantage Plan or Part D, they receive notice of change in September every year. This notice contains vital information about changes in premiums and coverages. It is important to carefully read this notice of change and compare the premium price and coverage details of the current year with the next year. This will help you to decide whether you need to change your plan or stick to the current one. However, many people tend to ignore this notice of change and end up paying more for their Medicare policy.

There you go! These are some of the common mistakes that the owners of Medicare Supplement Insurance Plans make and end up paying a lot more than they should. It is firmly recommended to avoid making any of these mistakes with regards to your Medicare policies so that you can avail the maximum benefits out of them without disturbing your budget a great deal.

Learn more about Medicare Supplemental Insurance plans, rates and more at http://www.emedicare-supplemental-insurance.com.  Medicare Supplemental Insurance brokers will help you compare Medicare Supplemental Insurance rates and plans.  To talk to an expert in Medicare coverage toll free 877-202-9248 today!

Benefits of Working with a Medicare Supplemental Insurance Plan Agent

Medicare supplemental insurance plans can be downright confusing, which is why it is always best for a person to utilize an agent throughout the entire process of finding a plan.  A Medicare supplemental insurance agent knows the details of each plan and can help a person choose the one that fits their needs the best.

Here are 6 Benefits of Working with a Medicare Supplemental Insurance Plan Agent:

  • Saves Time

Since the Medicare supplemental insurance plan agents know all the lingo and idiosyncrasies of each plan, they can save a person a lot of time during the researching process.  A person can simply go talk to a Medicare supplemental insurance plan agent instead of spending hours doing their own research to come up with the same results.

  • Learn More

Medicare supplemental insurance plan agents take their jobs seriously, and they want everyone that they talk to, to learn as much as they can about the different types of available plans.  Everyone will know all their options and how they work side by side with Medicare Parts A and B.

  • Saves Money

There are never any fees when a person works with a Medicare supplemental insurance plan agent, so no one needs to worry about receiving a large bill at the end of the session.  Plus, these agents can give a person multiple quotes for different policies, so that they can choose the best coverage for the lowest rate.

  • Receive Unbiased Advice

No Medicare supplemental insurance plan agents make more money selling one plan over any of the others, so everyone can remain confident that they are receiving unbiased advice during their meetings.

  • Purchase a Medicare Supplemental Insurance Plan at the Right Time

Medicare supplemental insurance plan agents will ensure that everyone knows when the best time is to purchase their plan.  It is important for a person to apply for coverage during their initial enrollment period, because during that time they cannot be rejected, charged a higher premium, or have the start of their coverage delayed.

  • No Second-Guessing Choices

There is never a need for a person to second guess their choices when they work with a Medicare supplemental insurance plan agent, because they know that they are receiving the best coverage for the lowest price without overlooking anything important.

Anyone that is in the process of purchasing a Medicare supplemental insurance plan or who will be in the future, will want to set up a meeting with an agent sooner than later.  After all, why should anyone do a ton of work, when someone has done it all for them already?

Learn more about Medicare Supplemental Insurance plans, rates and more at http://www.emedicare-supplemental-insurance.com.  Medicare Supplemental Insurance brokers will help you compare Medicare Supplemental Insurance rates and plans.  To talk to an expert in Medicare coverage toll free 877-202-9248 today!

 

What Do Medicare Plans Actually Cover?

Medicare, which was launched in 1966, is the national health insurance program for people over 65 years old and is administered by the United States federal government’s Social Security Administration. It is funded by worker payroll taxes, taxes from beneficiaries and a few government subsidies. The overarching goal of Medicare is to cover enrollees over 65 years old for at least half of their healthcare costs while they cater for the other half out-of-pocket. As already mentioned, in order to qualify for Medicare, one has to be 65 years of age or older or be receiving social security disability or have End Stage Renal Failure. The program is divided into Medicare Part A, Part B, Part C and Part D.

Understandably, Medicare is designed to defray healthcare costs for seniors and those with certain disabilities. Initially, Medicare consisted solely of hospital insurance but was later adjusted to pay for additional services prescription drugs. This entailed the creation of the four parts to the plan: Part A, B, (Original Medicare) C (Medicare Advantage) and D (Medigap Prescription Plan Coverage).

Medicare Part A is actually hospital insurance and covers anyone who is found eligible. It covers mostly inpatient care including hospital stay, skilled nursing facilities, and care, and hospice facilities with some home health care also included. It is not intended to cover custodial or long-term care. The good news about Medicare Part A is that enrollees need not pay a premium for this portion.

Part B is termed medical insurance. Its goal is to cover medically-necessary services such as lab tests, doctors’ services, diagnostics, therapy and general outpatient care including some preventive screenings. It is intended to cater for portions of Medicare that Part A does not cover. Enrollees have to pay a premium for Medicare Part B although it is optional.

Medicare Part C is also known as Medicare Advantage. It is said to contain more or less the same coverage and enrollee gets from parts A and B. The only difference is its benefits are administered by private insurers rather than the federal government. Enrollees, in turn, pay their premiums directly to this private insurer. Medicare Part C is optional as well and enrollees can opt for it instead of Part A and B.

Medicare Advantage is often compared to coverage of Original Medicare and Medigap as it a plan that covers gaps left with Original Medicare. An enrollee has the option to choose one or the other with the difference being benefits are administered by the private entity rather than Medicare itself. Many people view Medicare Advantage plans (Part C) as subtle replacements for Parts A, B, and D.

Medicare Part D involves prescription drug coverage and is only offered through private companies which are government-certified and approved by the Centers for Medicare and Medicaid Services. It is also optional, and enrollees have to pay a premium directly to the private insurance company.

Learn more about Medicare Supplemental Insurance plans, rates and more at http://www.emedicare-supplemental-insurance.com.  Medicare Supplemental Insurance brokers will help you compare Medicare Supplemental Insurance rates and plans.  To talk to an expert in Medicare coverage toll free 877-202-9248 today!

 

 

 

What Do Medicare Plans Actually Cover?

Medicare, which was launched in 1966, is the national health insurance program for people over 65 years old and is administered by the United States federal government’s Social Security Administration. It is funded by worker payroll taxes, taxes from beneficiaries and a few government subsidies. The overarching goal of Medicare is to cover enrollees over 65 years old for at least half of their healthcare costs while they cater for the other half out-of-pocket.

 

As already mentioned, in order to qualify for Medicare, one has to be 65 years of age or older or be receiving social security disability or have End Stage Renal Failure. The program is divided into Medicare Part A, Part B, Part C, and Medicare Supplemental Insurance Policies including Medicare Plan D, prescription drug coverage.

 

Understandably, Medicare is designed to defray healthcare costs for seniors and those with certain disabilities. Initially, Medicare consisted solely of hospital insurance and medical insurance but was later adjusted to cover additional expenses with the purchase of additional insurance called Medicare Supplemental Insurance Plans.

 

Medicare Part A is actually hospital insurance and covers anyone who is found eligible. It covers mostly inpatient care including hospital stay, skilled nursing facilities, and care, and hospice facilities with some home health care also included. It is not intended to cover custodial or long-term care. The good news about Medicare Part A is that enrollees need not pay a premium for this portion.

 

Part B is termed medical insurance. Its goal is to cover medically-necessary services such as lab tests, doctors’ services, diagnostics, therapy and general outpatient care including some preventive screenings. It is intended to cater for portions of Medicare that Part A does not cover. Enrollees have to pay a premium for Medicare Part B although it is optional

 

Medicare Part C is also known as Medicare Advantage. It is said to contain more or less the same coverage and enrollee gets from Medicare Parts A and B and supplemental insurance plans. The only difference is its benefits are administered by private insurers rather than the federal government. Enrollees, in turn, pay their premiums directly to this private insurer. Medicare Part C is optional as well and enrollees can opt for it instead of Part A and B.

 

Medicare Advantage has often been referred to as supplemental insurance because it covers the gaps left by Medicare. The difference between Medicare Advantage and Medicare Supplemental Insurance Plans, Medigap, is that Medigap coverage is purchased in addition to Original Medicare coverage. An enrollee has the option to choose one or the other with the difference being benefits are administered by the private entity rather than Medicare itself. Many people view Medicare Advantage plans (Part C) as subtle replacements for Parts A, B, and D.

 

Medicare Plan D involves prescription drug coverage and is only offered through private companies which are government-certified and approved by the Centers for Medicare and Medicaid Services, it is just one of ten Medicare Supplemental Insurance Plans available to Original Medicare Part A and Part B enrollees. It is also optional, and enrollees have to pay a premium directly to the private insurance company.

 

Learn more about Medicare Supplemental Insurance plans, rates and more at http://www.emedicare-supplemental-insurance.com.  Medicare Supplemental Insurance brokers will help you compare Medicare Supplemental Insurance rates and plans.  To talk to an expert in Medicare coverage toll free 877-202-9248 today!

Medicare Mistakes That Can Cost You

Medicare supplement insurance plans are devised to aid people to pay for their health care expenses. It isn’t wrong to state these policies are blessings to those who are suffering from certain medical ailments. However, for some people, a Medicare supplement plan can actually prove to be costly because of the common mistakes made when selecting a Medigap plan.

Not Choosing the Right Policy

One of the biggest mistake people make when buying Medicare supplement plans is that they choose the wrong policy. Thus, not all of their medical visits are covered. As a result, they still have to pay for them and the plan isn’t as effective for them as they had thought of. Therefore, it is important to thoroughly go through different Medicare supplement insurance plans, know their details, and take the decision accordingly.

Not Signing Up at the Right Time

This is another common mistake made by people that cost them in the long run. Those people who have already received their social security, they are automatically signed up for Medicare. However, for those who haven’t, it is important to sign up at the right time to avoid facing premium penalties.

Not Signing Up for Part D

Some people believe that buying part D Medicare supplement insurance plans is a mere waste of money if they don’t use prescribed drugs. However, this is a mistake that can cost them a fortune. This is because no one can predict the injuries or diseases they may suffer from in the future for which they require the use of prescribed drugs that can burn a hole in their pockets. Therefore, it is advised to sign up for part D so in order to avoid late penalties and get expensive drugs easily in case of emergency.

Not Paying Attention to Annual Notice of Change

All those people who have signed up for Medicare advantage plan or Part D, they receive notice of change in September every year. This notice contains vital information about changes in premiums and coverages. It is important to carefully read this notice of change and compare the premium price and coverage details of the current year with the next year. This will help you to decide whether you need to change your plan or stick to the current one. However, many people tend to ignore this notice of change and end up paying more for their Medicare policy.

There you go! These are some of the common mistakes that the owners of Medicare supplement insurance plans make and end up paying a lot more than they should. It is firmly recommended to avoid making any of these mistakes with regards to your Medicare policies so that you can avail the maximum benefits out of them without disturbing your budget a great deal.

Learn more about Medicare Supplemental Insurance plans, rates and more at http://www.emedicare-supplemental-insurance.com.  Medicare Supplemental Insurance brokers will help you compare Medicare Supplemental Insurance rates and plans.  To talk to an expert in Medicare coverage toll free 877-202-9248 today!

When Can I Change Medigap Plans?

You will become eligible to purchase a Medigap plan as soon as you turn sixty-five years of age and enroll in Medicare Part B.  This eligibility lasts for six months and during that time, you will not be turned down due to pre-existing conditions.  Once that six-month time frame has ended, you will not be guaranteed coverage for any Medicare supplemental insurance plans

Once you have one of the Medicare supplement plans, you will not be able to change to another plan easily and you will not be guaranteed an approval from any other Medigap company.  However, there are a few exceptions to this rule and it is during those times that you will thankfully be guaranteed to receive approval for one of the Medicare supplemental insurance plans.

Here are 5 exceptions that will allow you to purchase one of the Medicare supplement plans outside of your open enrollment period:

  1. The insurance company that you use for your Medicare supplemental insurance plan has left your service area.
  2. You have Medicare and coverage through your employer, but your employer coverage is now ending.
  3. The insurance company that you use for your Medigap plan is now bankrupt.
  4. You move outside the coverage area for the insurance company that your Medicare supplement plan is for.
  5. The insurance company that you use has misled you in some way or they have not been compliant with the current law.

As you can see, there are not too many instances that will allow you to easily change Medigap plans and guarantee coverage.  However, if you do manage to get approval for another Medicare supplemental insurance plan, you will want to keep in mind that you may have a waiting period before you receive coverage, especially if you have pre-existing conditions.  The length of time that you will need to wait is normally six months, although some insurance companies may allow you to start receiving benefits a little sooner.

One other exception that is worth noting is switching to and from a Medicare Advantage plan.  If you need to switch to a Medicare Advantage plan, you will not receive any benefits from your Medigap plan, but you can switch back to your original plan with no restrictions as long as you do it within a year.  If your old Medicare supplemental insurance plan is no longer available when you go to switch back, you can then enroll in any Medigap Plan A, B, C, F, K, or L without worrying about needing to wait six months for coverage or being turned down.

It is necessary to be careful when you first enroll in Medicare supplement plans, so that you choose the one that will work best for you.  That doesn’t mean that you are stuck with what you choose though, especially if the service goes downhill a couple of years after you purchase the insurance.  Instead of suffering with that you have at that point, you will want to take your chances and see if there is another Medicare supplemental insurance plan that will approve your coverage.

Learn more about Medicare Supplemental Insurance plans, rates and more at http://www.emedicare-supplemental-insurance.com.  Medicare Supplemental Insurance brokers will help you compare Medicare Supplemental Insurance rates and plans.  To talk to an expert in Medicare coverage toll free 877-202-9248 today!

 

 

When Can Medicare Recipients Make Changes to Their Coverage

Medicare, also known as Medigap, is a health insurance plan for people over 65, people under 65 with some disability and for people with End-Stage Renal Disease. Medicare supplement plan covers extra services which are not included in Medicare Part A and Medicare Part B. Such a plan is mostly offered by private companies. Purchasing a Medicare supplemental insurance plan is made easy because all private companies offer the same services and amount of coverage. Private companies sell Medigap facilities mostly to Medicare Part A and Part B recipients.  Before choosing a plan, make sure you do your research about the different types of policies and plans offered by Medicare.

MEDICARE PART A

Part A is an insurance program sponsored by the government which covers costs related to hospitalisation. It is also known as ‘Hospital Insurance’. Medicare recipients become automatically enrolled in Part A when they meet the Medigap requirements/qualifications. If Medicare taxes had been payed by you, you will be entitled to this insurance without any extra costs, also known as Premium-Free. But if you aren’t, you’ll have to pay about 413$ per month.  People above 65, to be eligible for Premium-Free Part A, need to prove that they were employed by the government which had Medicare covered and are receiving their retirement benefits. People under 65 need to prove that they are receiving disability benefits for 24 months or have End-Stage Renal Disease.

MEDICARE PART B

Also known as ‘Medical Insurance’ covers outpatient expenses. Part B is an optional Medicare supplement plan. Enrolling in Part B requires recipients to enroll in additional programs such as Part D, Advantage Plans and Medicare supplement insurance plan (Medigap plan). Recipients are required to pay 134$ per month. It covers two types of services: medically necessary and preventative services.

MEDICARE ADVANTAGE PLAN

These are plans which combine and provide Part A and Part B benefits. Most of the Advantage Plans include Part D as well. This program helps to fill in the gaps left by the Original Medicare Supplement Plan. The recipient’s coverage will be dependent upon the type of plan he/she chose, and the specific hospitals/doctors included in that plan.

WHEN CAN YOU MAKE CHANGES TO YOUR COVERAGE

Medicare recipients believe that the Annual Enrollment Period (AEP) is the only time that they can make changes to their Medicare supplement insurance plan however, it is not. Apart from the AEP, you can make changes to your coverage from 1st January till 14th February. But you can make changes at any time of the year. If you have the Medicare Advantage Plan, two periods in which you can make changes are the AEP (15th Oct to 7th Dec) and Medicare Advantage Disenrollment Period (1st Jan to 14th Feb).

The period during which you can make changes is available according to the plan you’ve chosen. You have three periods during which you can change your Advantage plan and the whole year for the supplement plan.

Learn more about Medicare Supplemental Insurance plans, rates and more at http://www.emedicare-supplemental-insurance.com.  Medicare Supplemental Insurance brokers will help you compare Medicare Supplemental Insurance rates and plans.  To talk to an expert in Medicare coverage toll free 877-202-9248 today!

Why Isn’t Original Medicare Enough Coverage?

If you have been thinking that you are not going to need to pay for health insurance once you reach the age of sixty-five and qualify for Medicare, you are going to be in for a surprise.  While Medicare Part A covers inpatient hospital care, hospice, lab tests, surgery, home health care, and skilled nursing facilities, and Part B covers doctor’s visits, outpatient care, home health care, medical equipment, and certain preventative services, not all of it is covered in full.  Plus, Medicare does not cover custodial care, dental care, eye exams, cosmetic surgery, routine foot care, acupuncture, or hearing aids.

A healthy adult may be able to survive on only Medicare, but since no one knows when their health is going to get worse, and everyone is only guaranteed approval for Medicare supplemental insurance plans during the first six months after turning sixty-five, you may not want to take that risk.

In addition to all the services that Medicare does not cover, you will also be responsible for a deductible each year, plus coinsurance and copayments.  This might not seem to be a lot of money at first, but one inpatient hospital stay can put you a few thousand dollars in debt.  By purchasing one of the Medicare supplement plans, you won’t be responsible for that full amount, as your Medicare supplemental insurance will cover most of the balance.

You may also be surprised that there is no out of pocket maximum amount of money that you pay each year with Medicare, which means you can pay anywhere from five thousand to twenty thousand dollars or more on medical expenses each year.  If you purchase one of the Medicare supplemental insurance plans, you will be guaranteed to not pay over a specific amount each year, no matter how many medical expenses you have.

All Medicare supplement plans will allow you to keep all your medical costs lower, which will ensure that none of your assets are ever at risk from major health problems and massive medical bills.

You will want to carefully consider the Medicare supplement plans that are available to you, because some cover more than others.  You should also purchase this plan within your six-month open enrollment period, so you are not denied coverage or asked to pay a higher premium.

While it would be nice if Medicare Part A and Part B, Original Medicare, covered all your medical expenses, it’s not realistic.  Thankfully, Medicare supplemental insurance plans are available, so you can still keep your costs manageable when you do need to seek medical care.

Learn more about Medicare Supplemental Insurance plans, rates and more at http://www.emedicare-supplemental-insurance.com.  Medicare Supplemental Insurance brokers will help you compare Medicare Supplemental Insurance rates and plans.  To talk to an expert in Medicare coverage toll free 877-202-9248 today!

 

How Do I Choose Between Medicare Supplement Plan F or Plan G?

Generally, you can get your Medicare coverage through Original Medicare (Part A and B) or Medicare Advantage Part C. While Original Medicare (Part A and B) pays for many of your healthcare services and supplies, it doesn’t pay for everything. Which is primarily why most people who want additional coverage will get Medicare Supplemental Insurance to help cover some of the hospital and medical costs that Original Medicare doesn’t cover, such as annual deductibles, coinsurance, and copayments.

Some Medicare Supplement plans also help pay for a few services such as emergency overseas travel coverage or Part B excess charges.  Standardized Medigap plans are available in most states and represented by the letters A-D, F, G, K, L-N and Plan F. Medicare Advantage Part C covers a substantial amount of services that Original Medicare and Medigap offer.  The difference is that with Medicare Advantage you are instructed on what providers you can see as they accept the Medicare Advantage.

Medicare supplemental insurance plan F offers the most comprehensive coverage of all Medigap plans. The benefits under Plan F are comparable but not mirror images to Medicare Advantage because Plan F pays the Part A and Part B, deductibles, including nearly all hospital expenses for the first 90 days of each benefit period. Basically, there is no limit with Plan F especially if you stay too long in a hospital or a skilled nursing facility and it also covers 80% of your foreign travel emergency in case you get sick or injured while overseas. Plan F premium is also the most expensive coverage because, with it, you will not incur any out-of-pocket costs for medical expenses.

Medicare Supplement Plan G offers the second most coverage out of all Medicare supplement plans. It covers part A and B of hospital cost, coinsurance, copayment, first three pints of blood and Part A of A hospice care coinsurance or copayment. Plan G is also a less expensive alternative to Plan F and covers skilled nursing facility care coinsurance, Medicare Part A deductible, Medicare Part B excess charges and foreign travel emergency up to plan limits. With only a difference in premiums, Medicare supplemental insurance plan G looks like an ideal option because you may not be covered for Part B deductible, but lower premiums do outweigh the cost of Part B deductible.

Learn more about Medicare Supplemental Insurance plans, rates and more at http://www.emedicare-supplemental-insurance.com.  Medicare Supplemental Insurance brokers will help you compare Medicare Supplemental Insurance rates and plans.  To talk to an expert in Medicare coverage toll free 877-202-9248 today!