AS YOU ARE TURNING ANOTHER PAGE OF YOUR LIFE BY REACHING MEDICARE ELIGIBILITY AGE
YOU ARE FACED WITH THE CHOICES WHICH CERTAINLY DETERMINE THE MOST IMPORTANT DECISIONS YOU MAKE THIS YEAR.
It is a good idea starting learning about Medicare about six months before the 65th birthday. Taking the time to sit down with a professional in our office and understand your options now will help you prepare to plan the costs associated with Medicare. This article is designed to help you learn how Medicare works, when to enroll in the original Medicare and how to choose your insurance options.
You’ll get the detailed and clear information you need to make the best decision for your situation.
WHAT IS MEDICARE?
Medicare is a health insurance program administered by the federal government for people age 65 and over, as well as those with certain disabilities and end-stage renal disease.
There are four parts to the Medicare program
Part A: Hospital insurance, which covers your care when you are admitted to the hospital or skilled nursing facility. Most people pay no premium for Part A.
Part B: The medical insurance portion, covers your doctor visits, tests, and outpatient services. Most people pay a monthly premium for Part B.
Part C: This is the Medicare Advantage Program.
Part D: Prescription drug coverage which is optional. Most people pay a Part D premium and is covered through a private insurance company.
This next step in Medicare planning and it requires a thorough understanding of these options.
MEDICARE SUPPLEMENT
Combines all your Medicare benefits into one plan. Most Medicare Advantage plans include Part D coverage for prescription drugs.
Keeping the original Medicare and adding a supplement plus prescription plan
COMBINING ALL THE MEDICARE BENEFITS IN ONE PLAN
This requires enrolling in Medicare advantage plan. Most Medicare Advantage plans include Part D coverage for prescription drugs.
There are advantages and disadvantages to both options.
Choosing the original Medicare plus supplemental plan assures the certainty of your possible future expenses and the access of a large Medicare network of doctors in all 50 states. It has a premium you have to pay monthly and since the Original Medicare doesn’t include prescriptions, people who choose a Medicare Supplement usually enroll in a Part D Prescription Plan. Keep in mind that while Part D coverage is voluntary, you should enroll as soon as you are eligible. If you don’t have prescription drug coverage from another source, you may pay a late enrollment penalty if you enroll later. You’ll pay this penalty with your monthly premium for as long as you have coverage.
Keeping Original Medicare and adding a Medicare Supplement offers more flexibility in terms of which doctors you may visit. Your supplement policy may be used anywhere Original Medicare is accepted. It is a plus if you travel or if you prefer to take charge of your medical conditions. With a Medicare Supplement Plan F or Plan G, you can “virtually” eliminate any out-of-pocket costs for your health care, as long as Medicare pays the claim. For many people, the knowledge that you will have very little in terms of out of pocket expenses is quite attractive. Medicare Supplement Plans are optional, but it pays to enroll as soon as you are first eligible for Medicare if you want coverage. During your one-time Medicare Supplement Open Enrollment Period (six-month window of eligibility of when you first receive Part B), you cannot be turned down, and you can’t be charged a higher premium due to your health status. If you do not enroll in a Medicare Supplement during your Medicare Supplement open enrollment time period, you may have to:
Medicare advantage plans are no-cost or law cost plans, which is an advantage to the consumer. However they limit your doctors and hospital choices.
Many of these plans are HMO’s, which means you must get your care from within the plan’s network. Your choice of doctors, hospitals, and pharmacies may be limited.
There are two common types of networks: HMO and PPO. On HMO’s, you are required to receive care within a network of providers. On HMO plans there are no out-of-network benefit except in emergencies. If you choose a Medicare PPO plan, you may still be able to use any doctor you like, although you may be subject to higher cost. Most Medicare Advantage plans offer extra benefits not included in Original Medicare, such as limited routine dental and vision care.
Not connected with or endorsed by the United States Government or the Federal Medicare Program.
AS YOU ARE TURNING ANOTHER PAGE OF YOUR LIFE BY REACHING MEDICARE ELIGIBILITY AGE
YOU ARE FACED WITH THE CHOICES WHICH CERTAINLY DETERMINE THE MOST IMPORTANT DECISIONS YOU MAKE THIS YEAR.
It is a good idea starting learning about Medicare about six months before the 65th birthday. Taking the time to sit down with a professional in our office and understand your options now will help you prepare to plan the costs associated with Medicare. This article is designed to help you learn how Medicare works, when to enroll in the original Medicare and how to choose your insurance options.
You’ll get the detailed and clear information you need to make the best decision for your situation.
WHAT IS MEDICARE?
Medicare is a health insurance program administered by the federal government for people age 65 and over, as well as those with certain disabilities and end-stage renal disease.
There are four parts to the Medicare program
Part A: Hospital insurance, which covers your care when you are admitted to the hospital or skilled nursing facility. Most people pay no premium for Part A.
Part B: The medical insurance portion, covers your doctor visits, tests, and outpatient services. Most people pay a monthly premium for Part B.
Part C: This is the Medicare Advantage Program.
Part D: Prescription drug coverage which is optional. Most people pay a Part D premium and is covered through a private insurance company.
This next step in Medicare planning and it requires a thorough understanding of these options.
MEDICARE SUPPLEMENT
Combines all your Medicare benefits into one plan. Most Medicare Advantage plans include Part D coverage for prescription drugs.
Keeping the original Medicare and adding a supplement plus prescription plan
COMBINING ALL THE MEDICARE BENEFITS IN ONE PLAN
This requires enrolling in Medicare advantage plan. Most Medicare Advantage plans include Part D coverage for prescription drugs.
There are advantages and disadvantages to both options.
Choosing the original Medicare plus supplemental plan assures the certainty of your possible future expenses and the access of a large Medicare network of doctors in all 50 states. It has a premium you have to pay monthly and since the Original Medicare doesn’t include prescriptions, people who choose a Medicare Supplement usually enroll in a Part D Prescription Plan. Keep in mind that while Part D coverage is voluntary, you should enroll as soon as you are eligible. If you don’t have prescription drug coverage from another source, you may pay a late enrollment penalty if you enroll later. You’ll pay this penalty with your monthly premium for as long as you have coverage.
Keeping Original Medicare and adding a Medicare Supplement offers more flexibility in terms of which doctors you may visit. Your supplement policy may be used anywhere Original Medicare is accepted. It is a plus if you travel or if you prefer to take charge of your medical conditions. With a Medicare Supplement Plan F or Plan G, you can “virtually” eliminate any out-of-pocket costs for your health care, as long as Medicare pays the claim. For many people, the knowledge that you will have very little in terms of out of pocket expenses is quite attractive. Medicare Supplement Plans are optional, but it pays to enroll as soon as you are first eligible for Medicare if you want coverage. During your one-time Medicare Supplement Open Enrollment Period (six-month window of eligibility of when you first receive Part B), you cannot be turned down, and you can’t be charged a higher premium due to your health status. If you do not enroll in a Medicare Supplement during your Medicare Supplement open enrollment time period, you may have to:
Medicare advantage plans are no-cost or law cost plans, which is an advantage to the consumer. However they limit your doctors and hospital choices.
Many of these plans are HMO’s, which means you must get your care from within the plan’s network. Your choice of doctors, hospitals, and pharmacies may be limited.
There are two common types of networks: HMO and PPO. On HMO’s, you are required to receive care within a network of providers. On HMO plans there are no out-of-network benefit except in emergencies. If you choose a Medicare PPO plan, you may still be able to use any doctor you like, although you may be subject to higher cost. Most Medicare Advantage plans offer extra benefits not included in Original Medicare, such as limited routine dental and vision care.
Not connected with or endorsed by the United States Government or the Federal Medicare Program.
I am very grateful for your professional help with choosing right Medicare coverage. You did it on very high professional and personal level. Everything you’re doing from baking amazing bread to helping people to manage their insurance are superb. People feel very comfortable around you. Your customers are recommending you one to another.
ELENA LEZHEN
I am very grateful for your professional help with choosing right Medicare coverage. You did it on very high professional and personal level. Everything you’re doing from baking amazing bread to helping people to manage their insurance are superb. People feel very comfortable around you. Your customers are recommending you one to another.
ELENA LEZHEN
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