Tag: medicare insurance

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Family Financial Insurance Senior

Medicare Insurance: What to Know About It

medicare insurance guide

As you start to approach retirement, there’s a lot of things you have to plan for, and your health insurance is one of them. Many Americans enroll in Medicare insurance every year, but few understand it well.

It can be overwhelming when you see all of the different coverage options, but you don’t have to struggle through the decision-making process. With this guide to Medicare insurance, you can learn more about eligibility, coverage options, and costs.

Who is Eligible?

In most cases, you become eligible for Medicare upon turning 65. You can sign up as early as three months before your 65th birthday, or you can sign up any time in the four-month period that follows your birthday.

While Medicare is typically reserved for seniors, there are some exceptions. Younger people with disabilities may be deemed eligible for coverage. It is also available for individuals with End State Renal Disease, which is a permanent kidney failure that requires a transplant or dialysis.  

How Much Does It Cost?

The cost for Medicare depends on several factors, including your income. It can also depend on the plans you enroll in:

  • Part A: In some cases, your Part A coverage may be completely free! If you or your spouse have paid Medicare payroll taxes for ten or more years, you shouldn’t have to pay any premiums. Others who didn’t pay the taxes could pay several hundred dollars for their monthly premium.
  • Part B: Your Part B coverage comes at a standard rate. It is currently $144.60 each month, but it is expected to increase by a few dollars in 2021. You can easily look up the standard rate for your coverage at any time.
  • Part C: This all-in-one plan is offered by private companies, so the cost of your monthly premium depends on the plan you choose. You can find a variety of options to fit any budget.
  • Part D: The cost of part D coverage also depends on which plan you choose. The most basic coverage starts at $30 per month, but you should keep in mind that there are additional costs for copays, deductibles, and out-of-pocket expenses.

What Does it Cover?

Different parts of Medicare offer different coverage options. Part A is more for hospital stays and short-term nursing home stays. Part B is what most people consider a standard health insurance plan. It covers your doctor visits, preventative screenings, flu shots, and more. Part D covers your prescriptions drugs. Part C is also known as Medicare Advantage, and it offers all-in-one coverage.

How to Get Additional Coverage

If you didn’t get a Part C policy, you may find yourself needing to supplement your Part B Insurance with a Medigap plan. These plans are lettered A through N, so there are plenty of different options from which you can choose. We recommend that you speak with an insurance agency to find out which Supplement plans best fit your needs and budget.

Request a Medicare Quote

Whether you are using private or public Medicare insurance, there are many different prices and plans available. The best way to find the policy that best fits your needs is by requesting different Medicare quotes. You can also visit medicare.gov to learn more about Medicare coverage, costs, and supplements.

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Family Financial Insurance Senior

When Can I Change My Medicare Insurance Plan?

medicare insurance plan

We know that Medicare insurance is complicated. There are restrictions, open enrollment periods, and so many different plans from which you can choose. It’s easy to find yourself with one hundred different questions.

One of the most common questions we see is, “when can I change my Medicare supplement insurance plan? While we’d like to say the answer is simple, much like Medicare, it’s complicated. In this guide, however, you’ll learn more about when you can change your supplement plans and how to do it.  

What are Medicare Supplement plans?

It is important that you understand the difference between your Medicare insurance and Your Medicare Supplement plan. Your Medicare plan is provided by the government, but a Medicare Supplement Plan is a private health insurance policy.

The purpose of a Supplement plan is to supplement the coverage you get with your original Part A or Part B Medicare plan. For a monthly payment, Medicare Supplement plans usually cover your coinsurance, deductible, and copays. They help to fill in the gaps that you would otherwise be required to pay out of pocket. For that reason, they are sometimes referred to as Medigap insurance plans.

When Can I Change My Plans?

The simple answer is that you can change your Medicare Supplement plan anytime, but of course, there’s a catch. Since supplements are private health insurance policies, the insurance company can choose to turn you down for health reasons.

Supplements are not the same as your Medicare Part C or D plan. Therefore, they aren’t eligible for changes during the Annual Election Period, which occurs in the fall.

There’s only one time when you can enroll in any supplement without being rejected, and that time is six months after you turn 65 or enroll in Part B, whichever comes later. Once this period passes, you can still apply, but the decision is ultimately up to the provider.  

How Do I Change My Plans?

If you would like to change your Medicare Supplement plan, all you have to do is fill out an application with questions related to your health. Many states also require you to pass a medical underwriting.

What does that mean?

It is the process of examining your medical history in order to determine any risk factors that could affect your health insurance coverage. If you are found to be too much of a risk, the private insurance company can deny you or charge you a higher rate. However, there are also many situations that could be covered under your guaranteed-issue rights.

Reasons to Change Your Insurance

Though the application process isn’t always easy, there are several reasons that seniors choose to switch their Medicare Supplement plans. You should consider changing your plan if you:

  • Found the same plan for less money from a different insurance company
  • Need more benefits than what your plan currently offers
  • Don’t use all of the benefits that you currently have
  • Wish you buy your plan from another insurance provider

Request a Quote for a Medicare Supplement Plan

Your best chance to get the coverage you need is within your one-time enrollment window, but you can change your supplement plan at any time! If this is something you’re interested in, we recommend that you do your research and request a Medicare insurance quote from different companies.

Once you have found your ideal plan, you can start the application process. Many companies offer a “free look period” for 30 days. That means you can take 30 days to decide if your new plan is the best Medicare insurance plan for your needs.

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Financial Insurance

A Guide to Medicare Insurance

Medicare Insurance

Whether you or a loved one are nearing retirement, there are a lot of plans to make. One of them is choosing new health insurance. Though you can certainly purchase your own private health insurance, millions of people rely on Medicare insurance.

If this is something that you need to consider, you might feel overwhelmed by all of the new information. That’s where this guide comes in to help!  We have created a basic explanation of Medicare insurance so that you can learn more about your options.

What is Medicare, and Who is it for?

The federal government offers Medicare as a health insurance program for seniors. You must be 65 or older to enroll in the program. Medicare insurance programs exist to help people cover medical costs associated with health emergencies or chronic illnesses. However, the insurance can also help pay for maintenance of good health.

It is important to understand that Medicare insurance is not a free benefit. All beneficiaries are required to pay premiums based on their income and coverage. You must also pay any out-of-pocket costs, so it is important that you learn about your coverage options and choose the best Medicare Insurance for you.

Types of Medicare Insurance Coverage

As with other health insurance policies, you can choose from several different coverage options. Rather than referring to them by metal tiers, they are divided into four main categories.

Part A

Medicare Part A only covers hospital care and hospice. It can also help pay for any short-term nursing home stays if you were in the hospital for at least three days. While most seniors do not have to pay a premium for this coverage, there is a $1,408 deductible as of 2020. You could also expect out-of-pocket expenses for long hospital stays.

Part B

This coverage option is more of your standard health insurance. It covers any of your doctor’s visits and outpatient care as long as the doctor accepts Medicare. You can also enjoy many free preventative services to maintain your good health. The flu shot, select screenings, and wellness visits are just a few of the free benefits.

Your income determines your premium for Part B insurance, but everyone has a $198 deductible. After the deductible is met, most retirees will have to pay 20% of doctor services.

Part C

If you want an alternative to traditional Medicare, Part C or Medicare Advantage Plans are your best bet. Part C coverage has fewer restrictions and different prices because it isn’t completely controlled by the government. Instead, a private insurance company pays for any Medicare-approved healthcare. Like an HMO plan, your Part C plans can sometimes require you to use in-network providers. It may even require you to get a referral to see a specialist.

Part D

You need Medicare Part D if you require prescription drug coverage. Like Part C, Part D is also a private policy that follows Medicare’s requirements. Your premium depends on the amount of coverage you require, but you can generally expect to pay up to $435 for your deductible.

What Medicare Doesn’t Cover

In a dream world, the best Medicare insurance would cover all of your health care needs, but unfortunately, it doesn’t. Corrective lenses and their required eye exams typically aren’t covered. You should also expect to pay out-of-pocket for hearing aids and dental care. Medicare doesn’t cover long-term nursing home stays either. Medicare Part A only covers short-term nursing home stays under certain circumstances.  

The Right Time to Enroll in Medicare Insurance

Timing your enrollments right is just as important as selecting your coverage because you get a seven-month window. The window begins three months before you turn 65. You should sign up right when the window opens if you would like your coverage to start the month you turn 65.

If you missyour enrollment opportunity, you will be charged a penalty that could be long-term. Not to mention, you could be without coverage for a significant amount of time. The only other time you can enroll outside of your window is between January 1 and March 31, but the coverage doesn’t start until July 1. Therefore, it is crucial that you sign up on time.

Request a Medicare Insurance Today

If you’ve enrolled in Social Security benefits, a Medicare card will come to you in the mail three months before you turn 65. This is your opportunity to start looking at your options. If you haven’t signed up for Social Security, you’ll need to enroll yourself. We suggest that you start by gathering a Medicare insurance quote for your coverage options.