Get the 2023 Medicare Benefits You are Entitled to

Aging into Medicare opens you to a wide variety of great benefits and money savings. 

If you are receiving Social Security, you are automatically enrolled in Medicare Part A if you have earned 40 credits through payroll taxes while working. 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.

Medicare Part A covers hospitalizations, blood transfusions during hospitalization, home health care, hospice care, and stays in skilled nursing facilities.

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.

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.

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

However, you can choose Medicare Part C, which is Medicare Advantage and self enroll  These are managed care type plans which covers all your benefits under Part A and Part B, and often will cover your Part D Prescription benefit and may include dental, vision, physical fitness and transportation.  These plans usually have zero or minimum monthly premium and have a cap on how much you will pay out of pocket annually. They are comprehensive plans and I highly recommend that you choose one. 

You will need to check your prescription benefits every year because the list of covered drugs can change. Make a list of the medications you are taking, and check to see if they are covered under the plan you are considering.  

Leave your questions or comments below. Or, email me at bwillbar@gmail.com

Will Barnes, Medicare Consultant

Forgotten Health Care Coverage You Need to Include

When shopping for health insurance, disability insurance is often forgotten. You you need health insurance and it remains the most important coverage for you and your family. Anyone can become sick or hurt unexpectedly.

Whether you are employed or a small business owner, you can become sick or hurt, unable to generate an income, and find yourself financially devastated. Disability insurance is what's necessary.

Protection of Disability Insurance
Disability insurance is designed to protect you from such a dire situation. According to the Social Security Administration, 70% of the private sector work force has no long term disability insurance. Moreover, 3 on 10 workers entering the work force today will become disabled before retiring. Without a doubt, most people own life insurance to provide income for their loved ones in the event of a premature death. However, death due to the big three: hypertension, heart disease, and diabetes have dropped by 32%. Disabilities due to these conditions are up by 55%.

Features of  Disability Insurance
How then can disability insurance provide the type of protection you need. The benefits for this type of insurance will help cover monthly living expenses when you are sick or hurt and unable to work. If you are a small business owner, disability insurance will cover your monthly business overhead expenses until you return. This premium is tax-deductible for the small business owner.

Here are three important things to consider when pondering the purchase of disability insurance:

1. Age is a primary factor in determining the premium
2. Most disability policies are issued for clients between the ages of 18 and 60.
3. And, depending on your case, financial documents may be required.

Knowing this ahead of time will make the process move smoothly and satisfactorily.

Call (773) 614-3201 for a free consultation or leave your e-mail address to learn more about disability insurance or a medicare supplement plan. if you are receiving Medicare.  

How to Choose the Best Medicare Supplement Plan for 2018

The Medicare Supplement Plans, sometimes called Medigap Plans, were required in August 1, 1992 to become standardized. 

That means that all companies that sell these Plans have to sell the exact same type of Plan.

Original Medicare has significant deductibles and coinsurance features that you as a Medicare recipient are required to cover.

What Med Supp was Designed For 
If you don’t have adequate personal finances to do so and you experience a serious illness and have to be hospitalized, you may find yourself in bankruptcy. The Medicare Supplement Plans were designed to address this type of situation.

After the recent revision in 2010 of the Medicare Supplement Plans, the new Plans are identified by these numbers – – Plan A, B, C, D, F, G, K, L, M, and N.

Take these factors into consideration when you make your choices. The most popular Medicare Supplement Plans for 2018 are Plan F, N, and G.

Plan F Medicare Supplement Plan
The best Medicare Supplement Plan is Plan F. This Plan pays 100% of the gaps in coverage left by Medicare and covers you quite well. With this Plan, and there are no co-pays, no deductibles, and no coinsurance. You also have the ability to go any doctor or hospital in the U.S. that accepts Medicare.

Plan G Medicare Supplement Plan
The second best Medicare supplement plan is Plan G. Plan G offers all the same coverage as Plan F, although plan G has an annual deductible, it often costs about $300 less per year in premium, so the savings can be worth it if you don’t mind paying the deductible each year at your first doctor visits.

Plan N Medicare Supplement Plan
The third popular plan for 2018 is Medicare Supplement Plan N. This Plan is similar to Plan G in that it also has a deductible. But it also requires a co-pay for office visits and a co-pay for ER visits. However, the ER co-pay can be waived if you are admitted to a hospital.

Plan G - The Best Medicare Supplement Plan
I think that the best Medicare Supplement plan overall for 2018 is the Plan G. Plan G offers you the best value for your money. After the annual deductible Plan G gives you the convenience of no co-pays and no other out-of-pocket costs, as well as ability to choose your own doctors and hospitals.

Moreover, in that this is not the most expensive plan, it will allow you to save as much money as possible while still maintaining good health care coverage. Now the next steps in securing your family's financial independence.

If you would like to learn more about the Plans and prices available in the Chicagoland area, call me at (773) 614-3201. Looking forward to hearing from you.