Medicare Products
Whether you’re about to become eligible for Medicare or you’ve had Medicare for years, sometimes a little assistance from a licensed agent can help determine the right healthcare plan for you with the benefits and price that fit your budget and healthcare needs. There are many options out there, and benefits can change each year. We can provide a needs analysis and go over what options are available, all at no cost to you.
Medicare Advantage Plans
Medicare Advantage plans are a type of Medicare health plan offered by a private company that contracts with Medicare to provide all your Part A and Part B benefits. Medicare Advantage plans combine the benefits of Medicare Part A and Medicare Part B into one plan, also known as Medicare Part C. Many Medicare Advantage plans provide additional benefits such as:
- Prescription Drug coverage
- Fitness program benefits
- Dental coverage
- Vision coverage
- Other benefits
We can provide you with a full review of the Medicare Advantage options available in your area, answer any questions and assist you in the enrollment process. Our agents are local to your area and will be available to help even after you enroll.
Medicare Supplement Plans
Generally speaking, Original Medicare pays for 80% of covered healthcare services and supplies. Medicare Supplement Insurance, also known as Medigap plans help fill “gaps” in Original Medicare, which is typically the remaining 20% of covered healthcare and supplies. Medicare Supplement Plans are provided by private insurers and you must pay a monthly premium for coverage. Medicare Supplement Plans are labeled with a different letter (such as A, F, G, N) that corresponds with a certain level of basic benefits.
If you already have a Medicare Supplement plan and you feel the monthly premium is becoming too expensive, know that you can change Medicare Supplement plans at anytime during the year, however, under most circumstances when switching, the insurance company to which you are applying will require you go through the underwriting process to determine if coverage will be offered. We can help you compare pricing to determine if switching Medicare Supplement plans is in your best interest.
When determining whether a Medicare Supplement plan is right for you, please also consider that you will likely need a separate Prescription Drug Plan. We can provide a free quote and assist you in selecting the right Medicare Supplement plan as well as help you enroll in a Prescription Drug Plan.
Prescription Drug Plans
Medicare Prescription Drug Plans, also known as Medicare Part D, is an optional benefit offered to everyone that has Medicare. There are two ways to get medicare prescription drug coverage:
- Medicare Prescription Drug Plan (PDP). This will add drug coverage to original Medicare and Medicare Supplement Plans.
- Medicare Advantage Plan with Prescription Drug Coverage (MA-PD). As described in the section above, many Medicare Advantage Plans incorporate prescription drug plans, but you must have Medicare Part A & B to join a Medicare Advantage Plan.
If you decide not to get Medicare drug coverage when you are first eligible, you will likely pay a late enrollment penalty if you join at a later date, unless you have other creditable drug coverage or you qualify for “Extra Help”. If you meet certain income and resource limits, you may qualify for a federal program called “Extra Help”, or LIS from Medicare to help pay prescription costs, premiums, deductibles and coinsurance of Medicare prescription drug coverage.
We recommend you evaluate your prescription drug coverage yearly if possible. If you would like any help in evaluating your prescription drug coverage, or have questions regarding your potential eligibility for Medicare products and services, please let us know and we can schedule a time to talk and answer any questions you have.
Hospital Indemnity Insurance
According to the American Hospital Association, in 2018 there were over 36 million total admissions to U.S. Hospitals.
Did you know that Medicare has a part A inpatient hospital deductible of $1,408 for 2020? If you have Original Medicare, you’re likely to be responsible for this amount if you are admitted to the hospital. If you have a Medicare Advantage plan, most plans still require some amount of coinsurance for each day spent in the hospital, for a set number of days.
Hospital stays can put a strain on even the most well planned budgets. Hospital Indemnity insurance provides payment for each day spent in the hospital and can help ease the financial burden of a hospital admission. In some cases, hospital indemnity plans will also provide financial relief for ambulance costs as well as other benefits. Contact us if you think Hospital Indemnity insurance might fit your needs.
MEDICARE PRODUCTS FAQ
Most frequent questions and answers
Whether or not you choose to have an agent help you is your decision. However, there are many benefits to having an agent, and those benefits do not cost you anything-even if you decide not to work with us. In the Medicare world, there are many options available, and it is our job to know what’s available and help you match the available options with your needs. You will have your own personal licensed agent that is local and can be a resource for all of your Medicare related and plan-specific questions now and in the future.
If you have had the same Medicare Supplement plan for years, then there is a good chance your monthly premium has gone up considerably since you first enrolled. It is a good practice to evaluate your current plan to determine if there are other options available that provide the same or better coverage at a lower cost. Many times this is achievable, but ultimately the decision is yours to make. We just guide you with information and recommendations.
This answer depends on several factors. If you have a Medicare Supplement plan, you can change that at anytime. If you have a Medicare Advantage or a Prescription Drug Plan, then typically changes are only allowed during the Annual Election Period (AEP) that runs from October 15 to December 7. However, in some cases you can make changes at other times of the year. We can help determine if you are able to make changes outside of AEP.
The short answer is no. If you see a tv commercial or receive a letter that is not from your current medicare plan provider asking that you call a phone number to select a Medicare Advantage plan for the next year, it is likely a marketing letter and is not something you are required to do. If you do nothing, you will remain enrolled in the same plan for the next year. In certain circumstances, you may have to choose a new plan, but our agents can help you if that happens.
There is a high likelihood that either the plan you are currently enrolled in, or the options available to you will not remain stagnant. Premiums, deductibles, copays, extra benefits, etc. are all subject to change each year. There might even be a new product offered in the future. We educate ourselves of the various plan offerings every year so that we can help our clients make the most-informed decision for their healthcare needs.