Going without or having inadequate Medicare Supplement coverage may seem innocent enough…

…but trouble is all around you.

  • The average yearly health care expenditures for those over 65 are over $12,000, three times that of those under 65.
  • 80% of our lifelong health care costs happen in the last few years of life.
  • 30% of seniors will visit an ER this year; 21% will end up staying.
  • Medicare Parts A&B do not cover everything.

So it might be wise to re-think your strategy about the need for a Medicare Supplement plan if you have not or are not considering one.

Medicare Supplement Buying Tips:

  1. Learn about Medicare’s basic coverage and gaps. Study the 10 standard Medicare Supplement insurance plans.
  2. Decide what coverage best meets your health needs and financial circumstances.
  3. While all Medicare Supplement insurance companies must offer the same plans with the same coverages, don’t think that price along should be the qualifier for choosing a carrier. The potential for premium increases can vary widely.
  4. Don’t “go it alone”.

Plan options have changed over the last few years. What Medicare covers and what your supplement picks up does not remain static. Besides keeping up with these changes, things like “open enrollment periods” and company differences are easier to wade through when you have an agent that can guide the way and answer your questions.

Medicare Advantage Insurance Plans

Medicare Advantage Insurance Plans are health plan options (like an HMO or PPO) approved by Medicare and offered by private companies. These plans are part of Medicare and are sometimes called “Part C” or “MA Plans.” Medicare pays a fixed amount for your care every month to the companies offering Medicare Advantage Plans. These companies must follow rules set by Medicare.

Medicare Advantage Plans provide all of your Part A (Hospital Insurance) and Part B (Medical Insurance) coverage.  It also includes the PART D drug coverage. This means they must cover at least all of the services that Original Medicare covers. However, each Medicare Advantage Plan can charge different out-of-pocket costs. These are usually copayments but can also be coinsurance and deductibles.

You can join, switch, or drop a Medicare Advantage Plan at these times:

  • When you first become eligible for Medicare (3 months before you turn age 65 to 3 months after the month you turn age 65).
  • If you get Medicare due to a disability, you can join during the 3 months before to 3 months after your 25th month of disability.
  • Between November 15 – December 31 each year. Your coverage will begin on January 1 of the following year. Between January 1 – March 31 of each year.

Request a free, no obligation quote to find out more about Medicare Advantage health plans today!

Medicare Supplemental Insurance

Medicare Supplemental Insurance is a type of health insurance for seniors designed to bridge the coverage gaps left by standard Medicare benefits. Offered by private insurance companies, it’s a supplemental health insurance that works in addition to your Original Medicare Plan to pay for certain services not covered by Medicare. Insurance companies sell “standardized” Supplement policies. Because of the standardization of Medicare Supplement insurance plans, the greatest difference you’re likely to find between any two insurance companies is price. Although Medigap policies are sold by private insurance companies, they are strictly regulated by federal and state law.

Before buying a senior supplemental health insurance policy, you must have Medicare Part A and B. You will continue paying your Medicare Part B premium in addition to the premium for your Medigap policy. All new Medigap policies are guaranteed renewable, which means that your supplemental health insurance provider must provide coverage benefits as long as you continue to pay your premium.  You must also purchase a separate PART D drug card if you wish to have drug coverage.

The people at Preferred Benefits are quite proud of the fact that we can honestly and impartially help you find the coverage that is right for your needs.

  • We represent a number of carriers and can explain the differences, even though the policies may look the same.
  • We are not “locked in” to representing one company over another. Our concern is to represent you.
  • All of our carriers are solid, reputable companies with top notch ratings.
  • We also are standing by to help with bill reconciliation. We offer our help when it seems like hospital and doctor bills don’t match up to Explanations of Benefits, and the paperwork seems overwhelming.

Retirement is a much deserved time in your life. We want to make sure you can enjoy it with no worries and no trouble nipping at your heels.