Medicare is one of the perks of aging. But it’s not without its challenges- mostly because it isn’t created to cover the entire out of pocket expenses that can result from even the simplest care. A Medicare supplement can offer the extra level of peace of mind you need when considering those expenses, too.
The frequent changes (and proposed changes) to Medicare coverage can leave anyone feeling confused and overwhelmed. This is where working with a Medicare specialist really comes in handy. They stay in the know about new regulations and options, so they can relay the ones that relate to you in an easy-to-understand way.
It’s important to know that supplement plans do not cover all charges that Medicare doesn’t. Although there are some exceptions, supplements won’t cover expenses if Medicare does not pay a portion of that bill.
Medicare costs have certainly gone up over the years. When Medicare was first rolled out, Plan A beneficiaries were responsible for a $40/year deductible, and those who enrolled in Plan B paid a premium of $3/month.
If you have medical expenses but have Medicare, then remember that Medicare will pay your portion of the 20 percent of your Part B medical expenses. This includes any doctor's bills, hospital care, and at-home health care, as long as you meet your Part B deductible.
If you cannot afford to pay your Medicare premiums and other medical costs, you may be able to get help on a state level. There are state-based programs available for people who are entitled to Medicare and are at a low-income level.
Medicare insurance is government-provided insurance funded by taxpayer dollars. When you pay taxes on your income, for example, some portion of that money is funneled into the Medicare program, which is overseen by the Centers for Medicare and Medicaid Services (CMS).
Were you aware that, if you have group healthcare coverage through your employer, and Medicare is your secondary insurer, you can delay signing up for Part B without penalty? However, Medicare becomes the primary insurer if your employer has fewer than 20 employees.
One of the most frequently asked questions is this: Can I continue to see my current doctor? The answer is yes, as long as your physician has been accepted by Medicare as an authorized healthcare provider.
Is a Medicare Supplement or Medigap plan right for you? The answer is yes if you want a plan that offers options such as copayments at the doctor’s office or covers more of the out-of-pocket costs associated with hospitals and skilled nursing care.
Medicare Supplement insurance is designed to fill in the “gaps” with Medicare Plans, such as Part A that covers hospital and skilled nursing facility care, and Part B that covers doctor bills and other medical expenses.
Enrolling in Medicare isn't as straightforward as it might sound. You'll have to make decisions about what type of coverage is best and make sure you don't miss any enrollment periods. The good news is that there are professionals who can help you navigate Medicare's ins and outs.
We recognize that there are a lot of different options when you’re ready to enroll in a Medicare supplement insurance program. Let’s talk about your specific medical needs so that we can help you find he policies that are the best fit for you.
Medicare came to cover disabled individuals in 1972 under President Nixon’s expansion of Social Security. At this time, Medicare hospital insurance benefits were extended to disabled individuals under age 65.
For now, Medicare supplement plans are essential to offset the costs associated with prescription drugs. By 2020 when Medicare Part D drug payment restrictions are eliminated, the so-called donut-hole coverage gap should in theory disappear.
So what exactly does Medicare hospital insurance (Part A) cover? In general, this coverage extends to hospital care, skilled nursing facility care, nursing home care (as long as custodial care isn’t the only care you need), hospice, and home health services.
Medicare was intended as a great means for Americans who are aging to have at least a basic level of insurance in place, as long as they have enough work experience. For most, though, there is still enough of a gap that something more is needed. A Medicare supplement policy is the answer, and it may be surprisingly affordable.
If you currently only have partial Medicare coverage, and are ready to include any of the other programs that are available, we can help prepare you for the next enrollment periods.
In the case of hospitalization, all Medicare Plans (A through L) have benefits that pay daily copayments and hospital expenses from day 61 to 90 of the Medicare benefit period. Some plans pay the copayment and hospitalization expenses beyond the 90 days and as long as an additional 60 days anytime you may need during your life.
What’s the difference? The term “copay” refers to a preset, fixed sum you pay each time you use a service. The term “coinsurance” defines a percentage-based structure, where Medicare pays a defined percentage of the costs, and you pay the rest.
Don’t put off taking care of Medicare supplemental coverage. Though your health may be good for years to come, a survey of new Medicare enrollees in 2006 showed that 20 percent were hospitalized in the first year and the median number of visits to the doctor in the first year was six.
In addition to hospital stays, Medicare Part A covers a wide range of other services, including lab tests and surgeries. It also covers medically necessary supplies, such as wheelchairs, walkers, and other home care devices.
Not sure which Medicare supplement plan is the best for you? This is really going to depend on your specific needs and preferences. There are many options available, depending on the type of copayment, coinsurance, and deductible rates you desire.
Original Medicare covers some but not all types of nursing home care. Skilled nursing care (sterile dressings, wound care, post-surgical care) is covered, but general nursing home or custodial care (bathing, dressing, eating) is not covered.
Do you have any retirement health benefits from your employer? A Medicare expert can check your current coverage and benefits to ensure there is no supplement coverage that would conflict with Medicare Advantage plans.
Medicare Part C refers to Medicare Advantage Plans that delivers combined Medicare A and B coverage. They include HMOs, PPOs, Special Needs Services, and a host of other services and policies.
Original Medicare coverage is managed by the federal government. Factors that can affect your out-of-pocket costs include whether you have Part A or Part B, the type of health care you need and how often you need it, and the other type of coverage you might have.
Just like with any insurance, it’s important to understand that, with Medicare insurance, your doctor may recommend that you get services that Medicare doesn’t cover. It’s always important to make sure you know what’s covered, so you don’t end up with unexpected costs.
Those who have an MSA plan (Medicare Medical Savings Plan) are not eligible for supplemental Medicare insurance. If you have one, and are not satisfied with it, we can help you with the transition.
P.A.C.E programs are available as part of the Medicare system to help cover certain medical needs at home rather than in a care facility (such as a nursing home). Adult day care, occupational therapy, and dental work are among the services covered.
One of the purposes of supplemental Medicare insurance is to protect you against unexpected financial disasters. And, since no one knows what the future holds, this makes it a smart money investment.
What are the Medigap choices? There are 10 policies that are offered by private insurers to supplement your Medicare coverage. A Medicare expert can be invaluable in helping to explain each of these options so you can make the best choice.
Supplemental Medicare insurance, or Medigap, will not cover prescription drugs (as of January 2006); for that you will need to enroll in a Medicare Part D and we can help with that process.
Did you know that Medicare uses a system called the “outpatient prospective payment system”? This is what pays for most outpatient services that are covered by Medicare Part B in the Original Medicare Plan.
Many of us don’t pay enough attention to our insurance coverage. Too often, we could find more affordable or better quality coverage if we sought them out. A great Medicare supplement policy should be well within your grasp- and a great agent can help you sort through the many options that are available.
Keep in mind that if you do not enroll in Medicare Part B insurance during your initial enrollment period, you will have another chance each year. There is a general enrollment period from January 1 to March 31 of each year, with coverage beginning July 1 of that year.
When you enroll in Medicare medial insurance while you are still in a group health plan under a current employer, or it is during the first full month when you are no longer in that plan, your coverage will begin on the first day of the month you enroll. You can also choose for enrollment to occur on the first day of any of the following three months.
“I believe keeping our promises should be our highest priority and that means saving Social Security and Medicare, while preserving the American dream for our children and grandchildren.” Senator Tom Coburn, M.D.
When you have other insurance, like employer group coverage, there are rules that determine whether Medicare or your other insurance pays first. Typically, Medicare is the primary insurer for small employers and the secondary insurer for larger employers.
Did you know that, once you acquire Medicare medical insurance, within that first 12 months, you are entitled to a “welcome” preventative visit? This will include a review of your medical and social history as well as counseling about preventative services you may need.
While the law creating Medicare was signed in 1965 by President Lyndon Johnson, the real architect of the insurance plan for seniors was President Harry Truman, who first called for a national health insurance plan in 1945.
Do you use a lot of prescription medications? Instead of paying to add on Part D of Medicare to the basic plan, it might make more sense to choose a Medicare Advantage plan. About 80 percent of those included prescription drug coverage.
It’s important to remember that the government’s Medicare program won’t always provide adequate funds to cover your healthcare expenses. Depending on your needs, you may find it necessary to turn to private insurers for supplemental policies.
If you or a loved one is diagnosed with a terminal illness with a prognosis of six months or fewer to live, hospice care is a popular choice for many Americans. This care focuses on the comfort of the patient as opposed to efforts to cure a disease or condition. Hospice care is included under Part A of Medicare.
Who was the first American to receive a Medicare card? It was President Harry Truman, who was a staunch supporter of a national health insurance plan and tried several times in the 1940s to get an insurance plan through Congress. Truman received the card from President Lyndon Johnson, who signed the Medicare plan into law in 1965.
The Medicare enrollment system is not the easiest system to navigate, and not knowing how it works can cause problems over both the short and long term. Part of our service is helping you with enrollment.
In 1965, President Lyndon Johnson traveled to Independence, MO to sign the law creating Medicare. As part of the occasion, he issued the first Medicare card to former President Truman, the first president to push for a national health insurance fund.
Did you know that Medicare became America’s first federal health insurance program when it was signed into law on July 30, 1965? Still to this day, the program offers health insurance to seniors regardless of current health, medical history, and income.
Do you find yourself with medical bills that are starting to be more and more frequent, with Medicare for your primary insurance? Then you know that you still have a big hole- as much as 20% of the bill- to deal with. A Medicare supplement can be just what you need to fill in those gaps.
Medicare is essentially a health insurance program for senior citizens in the United States, backed by the federal government and supported by a dedicated Medicare tax on every workers paycheck.
Did you know that there are 10 different standard Medicare supplement insurance plans, with each plan offering its own particular benefits package? Plan F, for example, offers a high-deductible option, while Plans K and L offer a different cost-sharing benefit.
Different types of supplemental Medicare plans can add to your ongoing costs. Some plans, for example, require you to first consult your primary care physician in order to be referred to a medical specialist.
Did you know that there are 10 different standard Medicare supplement insurance plans, with each plan offering its own particular benefits package? Plan F, for example, offers a high-deductible option, while Plans K and L offer a different cost-sharing benefit.
