Insurance

Although Medicare is a federal program, you will enroll at your local social security office, so enrolling in Texas is similar to enrolling anywhere else. Traditional medicare includes both hospital benefits, or Medicare Part A, as well as Medicare Outpatient benefits, or Medicare Part B. Knowing when to enroll in Medicare can be confusing, especially when the eligiblity for social security benefits is different.

For some people who are already collecting social security, you will find that you will automatically receive your Medicare card in the mail a few months before you turn 65. For these folks, Medicare kicks right in at age 65 and nothing else is required unless you don’t want the benefits. While Part A has no premium for anyone who has worked 10 years in the U.S., Part B does cost a monthly premium, and if someone still has group health insurance at work, he or she may decide to decline Part B until later on when they retire.

If you aren’t already receiving social security before you turn 65, you need to let Medicare know you desire to enroll. It’s not difficult – just take these simple steps below and you’ll find yourself ready to go.

1) Get in touch with the Social Security office to find out whether you are eligible for Medicare. You should do this at least 3 months before you turn 65 if you aren’t taking social security payments yet. The mistake some people make is to assume they get Medicare at their full social security retirement age, but that age occurs later than your eligibility for Medicare. You are eligible for Medicare at age 65 regardless of whether you already receive SS benefits.

3) If you have group health coverage, find out whether Medicare will be primary or secondary to that insurance. Perhaps you have great benefits with a large employer – in that case you may want to forego enrollment into Part B until such time that you retire or leave that group coverage. After all, Part B does cost money. In other cases, you might choose to enroll in Part B if your employer group health coverage has a high cost-sharing for you or has unusually high deductibles. These costs can be reduced by having Part B coordinate with your group plan.

3) Put in your application for Medicare benefits via social security’s website, toll-free phone number or even in person at the closest social security field office. They will provide you with application forms, including one that your employer needs to fill out if you are voluntarily opting out of the group health plan. This form notifies Medicare when to have your benefits begin. After this is completed, you will usually see your Medicare card arrive via the post office in just a few short weeks.

After these steps have been completed, you’ll be set up with either Medicare for your primary coverage or a secondary coverage aftter your group health plan pays. Remember that Medicare Part D is optional, but if your group health coverage is not as good as Medicare Part D’s standard benefit, then you could be racking up a late enrollment penalty. Texas carriers offer several inexpensive Medicare Part D plans that you can enroll in to help offset the cost of your prescription drugs.

If you do not have group health coverage, then Medicare will likely be your primary insurance, and you’ll need the services of an independent Texas Medicare insurance specialist to assist you in locating suitable coverage to pay for the many things that Medicare does not cover. Medicare supplement coverage and Part D drug coverage both have limited windows of enrollment as you turn 65, so you’ll want to get the facts before your open enrollment period expires.

Figuring out Medicare on your own is always difficult. To get help withyour Texas Medicare Enrollment, contact Danielle Kunkle’s agency for free help in getting properly set up.

What Are The Differences Between Medicare Advantage And Medigap Insurance Plans

The differences between Medicare Advantage and Supplement Insurance plans are differences in kind, not just in name. Supplemental insurance supplements the traditional coverage, while Advantage policies are a privatized replacement. Both fill in the gaps in financial coverage that can leave beneficiaries with up to 20% of their bill to pay out of pocket.

Medicare is health insurance administered by the federal government for individuals over 65, or younger individuals with certain disabilities. There are 4 parts. Part A covers hospitalization. Part B covers doctors visits. Part C is the option allowing privatized coverage. Part D is prescription drug coverage which must be purchased separately but is government regulated

Supplemental insurance (Medigap) is billed after the government has paid it’s covered portion of the bill. Government regulations set the standard options for supplemental policies. Plans are the same no matter where you buy them or who you buy from. Individuals decide which options to purchase. Premiums are pricey and no additional benefits are allowed within this type of coverage. Prescription drug coverage still has to be purchased separately.

Part C allows beneficiaries to elect for private coverage that can offer additional benefits such as vision and dental. Advantage plans maintain a contract with the government receiving payment for the taxpayer funded portion of coverage on a monthly basis. They charge plan members a premium based on the extra benefits they choose.

Most Part C policies cover prescription medication, vision, dental, and hearing. Many offer additional preventative care benefits. Some even include discounts for health club memberships. Most require some cost sharing such as co-pays and deductibles, but premium costs are much lower than premiums for supplemental coverage and additional benefits are offered.

Part C plans are easy to qualify for. Interested individuals can enroll 3 months before and after reaching age 65, or between 11/15 through 12/31 every year. Most are HMO’s but PPO’s are available. Part C plans are offered through many private companies offering different benefits, options and premiums so do your research.

Although supplemental plans accept enrollment all year round, after the initial eligibility period they have strict medical underwriting standards and can turn down applicants. When individuals first become eligible for medicare, supplemental plans must take all comers. After the grace period, they can turn applicants away. However, regulation also requires an extended grace period for those enrolling in Part C programs. If dissatisfied within 6 months, individuals can switch back to medicare and enroll in supplemental coverage. After six months, supplemental plan underwriters can turn new applicants away. If you switch from supplemental coverage to try an advantage plan, you still have the six months window. Beneficiaries can always cancel Part C coverage to return to government funded Medicare during the annual enrollment period each year.

It’s necessary to understand the differences between Medicare Advantage and Supplement Insurance plans to make a wise decision. The government prints a benefit guide discussing these choices. They also operate a website with additional information and resources. Online providers make it easy to compare options, benefits, and premiums. Still there’s a lot of detail to be processed. Experienced and knowledgeable agents can be a valuable resource.

It is very important to fully understand the benefits and costs of the Medicare Advantage or Medicare Supplement Plans that you choose. It is recommended that you contact a licensed Insurance Agent to help guide you through the process.. Free reprint available from: The Differences Between Medicare Advantage And Supplement Insurance Plans.

Factors unique to Florida that affect selection and cost of Medicare Supplemental Insurance

It is of note that the premiums for Medigap plans in Florida tend to be higher than elsewhere in the U.S. Rates in Florida can be twice what they are in some other states.

The temperate climate, easy lifestyle, vibrant and active senior community, and lower housing costs and taxes in Florida are just some of the reasons that so many Americans choose to retire here each year.

17.7% of the population in Florida is made up of people +65. This is the highest in the U.S. Of the over 3,339,000 over 3,300,000 enjoy Medicare benefits.

In general, as we age, we access more health care services. A large aging population is a larger and costlier risk pool for companies offering Medigap Plans. This factor has influenced some companies to not offer plans in Florida at all, thereby limiting the number of companies to choose from. It also leads to higher rates from the companies that do offer plans.

There are some fantastic consumer friendly provisions that the state of Florida requires if an insurance company wishes to market Medigap Insurance. These regulations drive the up the prices of the plans offered.

Issue age pricing. All Medicare Supplement Plans in Florida must be sold as “issue age” vs. “attained age”. With issue age pricing your premium depends on your age when you purchase the policy. Attained age plans increase based on your age as you get older, these increases tend to be significant. Issue age policies do not increase based on age, rather are in conjunction with increases in the Medicare deductibles and other cost sharing and have much less impact on the cost of the plan, resulting in predictable costs going forward.

The Florida state regulations require Medicare Supplement Insurance companies doing business in Florida to offer Under- Age Medicare Disability Supplements. This is a great thing for people on SS disability and Medicare. It gives them the option to stay on Original Medicare and purchase a supplement. At the same time it creates a potentially expensive claims situation for the insurance company.

We have only touched on a few of the many reasons why Medicare Supplement rates are higher in Florida than in other states. Bottom line is rates are higher in Florida, so all you Florida Retirees, get on line,call your agent. Make sure that you have the best value and the right protection for you.

We are your Supplement Headquarters To compare Medicare Supplement Plan options and a free instant quote visit ww.medicarequote4u.com or call toll free 888-347-5552. Also published at Florida Seniors and Florida Medicare Supplement Plans.

What effect, if any, will Health Care Reform have on you and your Medicare Insurance?

It doesn’t matter if you are pro health care reform or con health care reform. What matters is whether the Affordable Care Act will affect your Medicare Benefits and if so, how?

It will please you to know that the new law will not cut your Basic benefits. In fact, it will actually make some benefits better. The free annual wellness checkup is a good example of this. Starting 2011, your annual checkup and certain preventative screenings, like cancer and diabetes will be provided at no cost.

Medicare Part D coverage will be improved by changes under the new law. If you are on expensive brand prescriptions and find your self hurtling toward the coverage gap each year, you will get some relief. In 2010 beneficiaries who entered the Part D donut hole received a $250 rebate. In 2011 if you enter the gap you will pay 50% for your name brands. The law will close the gap completely by 2020.

The rate of growth of Medicare spending will be slowed by provisions contained in the new law. Lowering the growth rate from it ‘s current 6.8% to a projected 5.5% over the next ten years will save Medicare over 400 billion dollars. Some of these provisions are:

Health care providers like hospitals, nursing homes and others will receive reduced increases in payment. Some have agreed to the payments, expecting that their profits will actually increase because of newly covered beneficiaries.

The law will gradually lower the payments to Medicare Advantage Plans. Currently Medicare beneficiaries enrolled in Medicare Advantage plans cost Medicare $1,100+ than a person who is enrolled in original Medicare. All people on Medicare pay for this with higher monthly premiums. The law will decrease this over payment and slowly equalize spending.

How will the reduced funding to the Medicare Advantage plans impact the 25% of Medicare recipients who are enrolled in them? You may experience a loss of extra benefits that are included in your current plan. The private plans will always have to cover the benefits that Medicare guarantees however, so you will not loose any of your basic benefits. Some plans may just not be offered at all. Should your plan leave the Medicare system, you will have the option to enroll in a new plan or go back to original Medicare.

Increased revenue, mostly the result of taxes levied on folks with annual incomes higher than $200,000 combined with the slower spending increases will preserve the Medicare Trust fund for an additional nine years and lower the deficit by some 124 billion dollars over the coming ten years.

Visit us for all of yourmedicare needs. We are standing by to help. Bringing you the latest information and quotes for medicare supplement plans in your area. Call 888-347-5552 or visit medicarequote4u.com. We can help.. Unique version for reprint here: Health Care Reform, Medicare and Medicare Supplement Insurance.

So many of my clients have expressed their frustration and confusion when trying to sort through the masses of information around and about Medicare and Medicare Supplement Plans.

While I won’t attempt to blow away the cloud of confusion in this article, I would like to address the question of where you can find the information you need with out any hassle, how to get the help you need and what to avoid.

Help is available in the form of ethical insurance professionals. You may think that you can’t tell the good from the bad. Here are a few tips.

1)You will want to make sure that you are dealing with an independent agent or broker. This type of agent does not work for just one carrier. They are not limited to talking to you about just one company’s options. The independent agent forms relationships with multiple carriers. This enables him/her to fit the solution to you rather than try to you into the limited options they have the ability to offer. There is the added worry that the agent will lose the connection with that one company and then no longer have the resources to provide service to you or your policy.

2)Does the agent ask you the right questions before making a recommendation? Issues such as your current health, travel habits, budget, the level of coverage you are comfortable with should all be part of the initial interview. Don’t forget that this decision is about what is best for you and your situation is unique to you.

3)Does the agent specialize in Medicare specifically? The world of insurance is extremely diverse. Look for an agent who specializes in Medicare. Someone who is up to date on the laws and the changes is going to be able to advise you. It is wise to avoid a “jack of all trades” when it comes to Medicare. There is a lot to know about any genre of insurance.You are better with someone focused on the segment that you are dealing with.

4)Here today, gone tomorrow. Beware of agents who are new to the insurance business. Every year all across the country myriads of people go to classes and pass the test to get their insurance licenses. Statistically less than 10% of those new agents will survive the first year in the business. They will write some policies during that year though. If you are one of them, you will be left agent-less down the road. Avoid this by making sure that your agent is in it for the long haul, and years under his/her belt is the best way to judge that.

5)Does the agent present the information in a way that is clear and understandable? This would seem almost too basic to mention, but it is key. A competent, caring agent should be able to clear up the confusion for you. If an agent does their job properly, you will feel confident that you understand your options and that you have made the right choice for your circumstances. Avoid agents that use “insurance speak” terms and phrases that only insurance people would know.

6)Last but not least. Does it feel like the agent is more interested in what is good for him than what is good for you? Obviously everyone has to make a living, but a broker with good ethics knows that they will build their business by treating each client honestly and properly.

You can get the information and the help you need with Medicare and Medicare Supplement Insurance. You just have to know what to look for and what to avoid. Don’t be afraid to ask the right questions.

We want to help. Don’t tackle medicare alone. For the latest information about Medicare or for to compare medicare supplement plan options and rates in your area, call 888-347-5552 or visit www.medicarequote4u.com.. Unique version for reprint here: Medicare Supplement Insurance, It’s Not Rocket Science.

Every year, your Medicare Supplement Insurance Plan benefits coordinate with your Medicare Benefits to help you meet your eligible health care expenses, depending on which plan you choose. If you are considering an Advantage Plan, find out how the health plan works before joining. Some Advantage Plans change their benefit structure annually, which can decrease your benefits and increase your out of pocket costs.

Freedom of Choice for Physicians and Facilities

With original Medicare and your Medicare Supplement Health Plan, you alone select all of your health care providers to use whenever and wherever you choose. There are no networks and you never need a referral to see a specialist.

Many MA Plans have a local network. If you choose a health plan that has a local network, you should keep in mind that there is no guarantee that your provider of choice will stay in the network. This could cause you to loose a provider that you have established a relationship with.

Coverage is Guaranteed Renewable

MA Plans may revise their contract with the government every year. Every year plans are discontinued totally. Displaced members now must go through the process of finding another plan.Medicare Supplement Insurance Plans are guaranteed renewable. The only way that you can loose your plan is if you fail to pay the premium.

Medicare Supplement Insurance is Accepted Anywhere that Medicare Is.

Medicare Supplement Plans are accepted by any doctor or hospital that participates in Medicare. Providers may accept an Medicare Advantage Plans payment terms or not. They may also decide against accepting new patients. When you are thinning about joining an MA Plan, first ask your doctor about these issues.

Your Coverage Goes With You

Just like Medicare, your Medicare Supplement Plan covers your health care needs anywhere in the United States. Some Medicare Supplement Plans even provide limited medically necessary emergency care outside of the country. You can confidently travel and you never need to worry about your health plan regardless of where you choose to live.

What About Guaranteed Issue?

Sometimes when you apply for Medicare Supplement Insurance, you don’t have to answer any questions about your health and your policy is guaranteed issue. This is true during your Open Enrollment Period. Other circumstance when you will have guaranteed issue rights include: you or your Medicare Advantage Plan move out of the service area, your employer discontinues it’s group retiree health coverage, you are enrolled in and MA plan for the first time and return to original Medicare within a year. There are other situations as well.

These are just a few of the advantages of choosing original Medicare along a Medicare Supplement Policy. Even if you have pre-existing health conditions, you may be able to qualify for a Medicare Supplement.

Before you decide on your Medicare Supplement Insurance PlanVisit our website www.medicarequote4u.com for your free quote and up to date information about Medicare that you’ll want to know.. Check here for free reprint license: The Benefits of Owning a Medicare Supplement Insurance Plan.

File these two items in the things you need to know. I come across a lot of Medicare Beneficiaries that don’t know about these two items and as a result may be over paying for your health care

Item 1: You are NOT locked into your Medicare Supplement Plan until the annual open enrollment period.

Did you know that the Medicare Annual Open Enrollment period doesn’t pertain to Medicare Supplement – Medigap Plans? That means you are free to change plans any time.

You are free to compare prices and plans with different companies whenever you like.If you find an option that is better for you, you don’t have to wait. You can start saving right away.

Item 2:You ARE locked into your Part D Prescription Drug Plan until annual open enrollment.

Part D Medicare Prescription Plans(PDP) are Medicare approved plans offered by private insurance companies. They vary in regards to monthly premium, deductible, and co-pays.Medicare requires that all of the approved plans cover certain drugs. Each plan has a unique formulary. A formulary is a list of drugs that the plan covers and where the specific drugs fall on the co-pay tiers.

We took a look at a county that had 27 plans available. To compare the plans we did a test with a list of 5 drugs. 4 of our drugs were generic and 1 drug was brand. We plugged our list into the “part d plan finder” to find the estimated annual drug(EAD) cost for each plan using our list. $734 was the lowest EAD and $2623 was the highest EAD.

Being in the wrong PDP can really impact your bottom line.

Keep in mind that you have a limited period of time each year to make necessary adjustments to your PDP. The right plan for you depends on your particular drugs. Why not write a note on your calender so that when Annual Open Enrollment comes around you don’t miss it.

I hope that these 2 items about Medicare will help you save some time and keep more of your money in your pocket.

Learn more about Medicare Supplement Plans . Stop by MedicareQuote4U.com where you can find out all aboutMedigap and what it can do for you.