Monday, May 25, 2020

Medicare in 2020. How to Get What You Deserve

Medicare has Four Parts
Part A is hospital insurance; Part B is medical insurance, covering doctors' services and supplies; Part C covers Medicare Advantage plans, and Part D covers prescription drug plans.

Part A, which is free for most Americans, and Part B, which currently charges a monthly premium of $114.60 for most people, provides the foundation of health insurance for Americans 65 and over.

But you'll want more. Medicare Part A has large deductibles (for example, $1,408 for a hospital stay of 60 days or less). Medicare Part B has no cap on out-of-pocket costs after Medicare pays 80 percent of approved expenses. Once the annual $198 Part B deductible is met, as an example,  Medicare will pay 80 percent of a $500 bill or 80 percent of a $500,000 bill, and you owe the rest.

Medicare Additional Coverage
Limitations of Parts A and B prompts an estimated 89 percent of people on Medicare to buy additional insurance, such as a  Medicare Advantage Plan or a Medicare Supplement plan (also known. as Medigap) and Part D prescription drug plan.

Medicare Advantage plans are offered by private companies approved by Medicare. Besides services included in Medicare Parts A and B, they usually offer additional coverage, including vision and dental, and both prescription drugs and transportation. Each plan is free to set premiums, out-of-pocket costs and rules for how you get services, such as needing a referral for specialists or having to use in-network doctors and hospitals.
Based on the features and costs of the plans available where you live, you may opt for a Medicare Supplement Plan rather than a Medicare Advantage Plan that may restrict your choice of doctors. This would be your  personal and not my endorsement of one type of plan over the other.

Medicare Supplement plans, which you also buy from private insurance companies, include Plans A, B, C, D, F, G, K, L, M and N. While coverage is standardized for each type of plan (Massachusetts, Minnesota, and Wisconsin have their own plans) associated costs can vary significantly among insurance companies. Plan  A is the most basic. Plan F is the most comprehensive. You can wait on Part D and can apply for up to three months after your birthday.without penalties.

Sunday, March 22, 2020

Are You Aging into Medicare? Here's What You Need to Know

Are you Aging in to Medicare?

Learn about Medicare and the choices you have.

Remember that Part B which pays 80% of doctors, supplies, outpatient services, physical or speech therapy does not have a cap after the 80% is paid by Medicare. 

At this point, most people would buy a separate private Medicare Supplement plan, often referred to as a Medigap plan, which picks up where Medicare leaves off.

Medicare Advantage - Part CIf you are all right with managed care and visiting doctors within the plan's network, a Medicare Advantage Plan may work for you. However, if you want some flexibility, you travel a lot, or you spend your time between two homes, Original Medicare plus a Medicare Supplement Plan and a Part D Prescription Drug Plan is usually a better choice.

If you have health insurance through your work or your spouse's work, you can delay enrolling in part B. But if your employer has fewer than 20 workers or if you are on a company retirement plan, you must enroll in Part B as soon as you turn 65. Your workplace or retiree plan will become your secondary plan. 

You will need to check your Part D Plan every year because the list of covered drugs can change.

If you are already receiving Social Security, when you turning 65, you will be automatically enrolled in Medicare Part A if you have earnes 40 credits through payroll taxes while working . Medicare Part A covers hospitalizations, blood transfusions during hospitalization, home health care, hospice care, and stays in skilled nursing facilities.

If not, go to the Medicare web site or visit your local Social Security office either three months before your birthday month, on your birthday month, or no later than three months after your birthday month. This is your eligibility window.

With regards to Medicare Part B, you do not need any work credits to qualify for Part B.However, if you don't sign up during your eligibility window, but then decide to enroll later, your premium goes up 10% for each 12 month period.   As an example, if you wait five years to sign up, your premium would then be 50% higher than someone who signed up on time.

You also have an option of choosing Part C, which is commonly known as Medicare Advantage. This is a managed care type plan which covers all your benefits under Part A and Part B, and often will cover your Part D Prescription benefit and may include dental and vision care.

Nevertheless, before deciding on a Prescription Drug Plan, make a list of the medications you are taking, check to see if they are covered under the plan you are considering. If and when you enroll, you will pay a regular plan premium which varies according to coverage. 

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Friday, February 14, 2020

Don’t Be Without A Final Expense Policy

A  final expense policy is a permanent life insurance product which provides coverage throughout the insured’s lifetime.

It combines a death benefit with a savings element. 

A final expense policy also has level premiums throughout with the proceeds being made immediately available to pay off final expenses. 

Such expenses can include funeral costs, medical bills, or other associated expenses.

Burial Insurance
Also called burial insurance, final expense policies are typically inexpensive and offer benefits generally from $2,500 to up to $25,000. 

They often do not require medical exams and are favored by seniors on fixed incomes as an economic way to cover final expenses.

A Sense of Peace and Security
If you have Social Security, Medicare, and either a Medicare Supplement or Medicare Advantage, then you need a Final Expense policy to cover all of your bases. 

You will then feel a sense of peace and security knowing that you will not have to burden your loved ones in any way.

Applying is easy and simple. No height or weight requirements. Most health conditions accepted. 

Call (773) 614-3201 for a personally designed
Final Expense policy.