Tag Archives: Medicare Supplemental Insurance

Avoiding the Medicare Late Enrollment Penalty

Three months before you turn 65 you should receive a packet of information that tells you exactly what you need to do during Medicare open enrollment to insure coverage.  Open enrollment only lasts for three months before the month you are set to turn 65 and for three months after.  If you choose to enroll in Medicare outside this period, you will be subject to a late enrollment penalty.

Late Enrollment Penalty

There are four different parts of Medicare which each have their own penalty for late enrollment.  These four parts are: Medicare Part A, Medicare Part B, Medicare Advantage, and Medicare Plan D.  There are penalties for each separate part of Medicare if you choose to enroll late.

Medicare Part A

Most likely you will automatically qualify for Medicare Part A when you turn 65.  If you do automatically qualify, often there is not premium.   Automatic coverage occurs for recipients who have, or who have a spouse who has, worked at least forty quarters in the United States.  This equates to ten years of employment in the U.S.

If you have not met this qualification, then when eligible you will be required to pay for premium for Medicare Part A.  If you choose not to at the time, waiting until a later date, your premium will increase monthly by 10%.  The increased premium will need to be paid for double the number of years you could have had Medicare Part A but did not choose to sign up.

Medicare Part B

Medicare Part B is like Medicare Part A in that your enrollment in benefits are automatic.  Like Medicare Part A, if you are not enrolled automatically you will need to enroll in Medicare Part B when you become eligible.  If you choose not to enroll in Part B when you are first eligible you will be charged a late enrollment penalty for the entirety of your coverage. The penalty has the potential to increase by 10% for every year you did not sign up but were eligible to do so.

Medicare Plan D

Medicare Plan D, also known as prescription drug coverage, is one plan that you will not automatically be enrolled in.  It is encouraged that you enroll in prescription drug coverage with in the enrollment period.  If you do not and you are not enrolled in any other prescription coverage the penalty you pay multiplies 1% of the “national base beneficiary premium” times the number of months that you have not had prescription drug coverage.   The premium is rounded to the nearest ten cents.

Exceptions

If you qualify for a Special Enrollment Period, you may avoid the late penalty for Medicare Part A and B.  This special enrollment period occurs when seniors are still working at 65 and delay enrolling in coverage.  The same is true as well if you are covered under your spouse’s medical insurance.

The experts at eMedicare Supplemental Insurance, powered by Omega, have all the answers you are looking for when it comes to your Medicare Supplemental Insurance needs.  More information can be found at http://emedicare-supplemental-insurance.com/.

 

History of the American Medicare Program

Teddy Roosevelt who ran for president in 1912, began talks regarding a national health care program for all Americans to help defer the rising costs of American health care. However, it wasn’t until 1945 that President Truman sent a message to congress asking them to come up with a National Health care fund open to all Americans. Truman’s vision was for National health care plan allowed for Americans to get health care coverage for doctor visits, hospital stays, Laboratory stays and dental care. He campaigned tirelessly to make National health care a reality, but his efforts were destined for failure.

It wasn’t until 20 years later in 1965 under President Johnson that a National Health care program was actually signed into law. However, this health care program wasn’t for all Americans it was limited to only those people over the age of 65.

As of 2017 58.5 million Americans receive Medicare insurance and Medicare covers about 20% of the total amount of monies spent on health care in the United States.

Over the years there have been many changes to Medicare program one of the most notable was that in 1972 Medicare insurance was expanded to cover individuals under the age 65 allowing many more Americans to take advantage of this National health care program.

However, while Medicare cuts down on Medical expenses for millions of Americans it is not free. This program or part B of the plan calls for the paying of premiums for medical care as well as requiring people to have a deductible and to co-pay for certain services.

In the 1980’s Medicare Supplemental Insurance (Medigap) was introduced helping to cover some of the expenses that Medicare does not cover. While the Medicare Supplement Insurance is not part of Medicare and does require people to carry a Medigap policy issued by licensed insurance carriers to which policy holders need to pay monthly premiums it does help defer some of the medical costs not covered by Medicare including paying some of those deductibles and co-pays making medical care even more affordable for older individuals.

Improvements or changes in the Medicare program and Medicare supplement insurance are sure to continue.

Medicare Plans

There are several different Medicare plans, but the three plans most people are familiar with are:

  • Plan A- Under Medicare Plan A Medicare pays for hospital stays, doctor services and procedures. The procedures under this plan may include certain diagnostic test needed to determine your medical problems as well as certain surgeries. Plan A also covers Hospice care and Home health care needs.
  • Plan B- Plan B covers such things as check-ups and screenings, supplies necessary for a given medical condition, ambulance services and mental health care. You may have to pay a 20% co-payment for some of these services.
  • Plan D- covers prescription drugs. The drugs covered under this plan are prescription drugs are FDA approved and used to treat a certain condition.

Although Medicare and its supplement insurance programs don’t fulfill the dream of President Truman to have a National Health care program for all Americans it does provide good basic health care for millions of Americans each year.

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!

 

 

 

Health Insurance Plans Available Through Medicare

Medicare and Medigap are health insurance plans sponsored by the federal government.  Being regulated by the government means that there is not a lot of leeway.  Much of Medicare is standardized and is the same throughout the United States however, Florida is unique.

The state of Florida is one of four states that allows the pricing of Medicare Supplemental Insurance Plans to be based on the age of enrollees.  “Issue Age” standard states that your Medicare Supplement rates cannot increase every year as you age.  The price can fluctuate because of normal inflation which on average is between three to four percent each year.

Medicare enrollees also have the option to enroll in Medicare Advantage instead of Original Medicare and the addition of supplemental insurance.  Only 3 out of 10 Medicare participants choose Medicare Advantage.  Most participants choose this option especially when they are on a limited, fixed income.  The state of Florida has a rate higher rate of enrollment in Medicare Advantage plans.  In fact, two out of five Florida enrollees participating in Medicare choose Medicare Advantage.  The insurance coverage with Medicare Advantage is often not as comprehensive as what participants would have with Medicare and Supplemental Insurance Plans however, it is a more affordable option.

As mentioned previously, Supplemental Insurance Plans are standardized throughout the United States.  Thus, meaning no matter what insurance company the insurance is purchased through or what state it is purchased in the coverage of the plans remains the same.  Unlike with Medicare Advantage, Supplemental Insurance Plans do not limit the doctors and specialists you can visit.  Another major difference is that Medicare Advantage Plans are not standardized, although they are regulated.  With Advantage Plans you are limited to doctors and specialists within your network.  There are higher co-pays and deductibles than with Supplemental Plans however the premium each month is lower.

Unlike other states, Florida has a different pricing structure on their Medicare Supplemental Insurance Plans. The plans that are priced the best are those with the best coverage.  These plans include, Medigap Plan F, Plans N and Plan F-HD.  If you are new enrollee within Medicare in Florida it is vital to investigate these three different supplemental plans before committing to a Supplemental Insurance Plan.  Medigap Plan F covers one hundred percent of your Medicare expenses; other than your premium enrollees do not have to cover out-of-pocket costs.  So, although the initial policy can be quite expensive it can pay off in the long run.

Learn more about Medigap plans and rates at http://emedigap-plans.com.  Medigap Insurance brokers will help you compare Medigap Insurance rates and plans.  To talk to an expert in Medigap coverage call toll free 888-452-7949!

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!