Are you turning 65 or Retiring soon?
AVOIDING THE MOST COMMON MISTAKES PEOPLE MAKE WHEN CHOOSING A MEDICARE HEALTH PLAN....
I have worked with many Medicare Health Plans and Supplement Plans. Navigating through this coverage maze can be extremely overwhelming. It may lead you to wonder whether a specialized degree is necessary to understand all of your health care choices.
Questions?….Choices?… Decisions?… "When do I start?", "How do I begin?", "What do I need to do?"
One mistake on choosing a plan could expose you to high out of pocket costs during the year!!!
Trying to understand a Medicare Health Plan or Supplement Plan can make you feel overwhelmed, having so many choices and decisions to make. Understanding the different parts of Medicare is hard enough (Part A, B, C, D….).
Enrolling in a plan without knowing your out of pocket costs can cost you thousands of unnecessary dollars.
There is no single enrollment plan or supplement policy that benefits all Medicare Beneficiaries equally.
The GOOD NEWS is, finding the right Medicare Health Plan, for your specific needs, does not have to be that hard!
In this report I am going to reveal, what in my opinion, are the most common mistakes people make when choosing a Medicare Health Advantage Plan or Supplement Plan.
I have worked with many Medicare Health Plans and Supplement Plans. Navigating through this coverage maze can be extremely overwhelming. It may lead you to wonder whether a specialized degree is necessary to understand all of your health care choices.
Questions?….Choices?… Decisions?… "When do I start?", "How do I begin?", "What do I need to do?"
One mistake on choosing a plan could expose you to high out of pocket costs during the year!!!
Trying to understand a Medicare Health Plan or Supplement Plan can make you feel overwhelmed, having so many choices and decisions to make. Understanding the different parts of Medicare is hard enough (Part A, B, C, D….).
Enrolling in a plan without knowing your out of pocket costs can cost you thousands of unnecessary dollars.
There is no single enrollment plan or supplement policy that benefits all Medicare Beneficiaries equally.
The GOOD NEWS is, finding the right Medicare Health Plan, for your specific needs, does not have to be that hard!
In this report I am going to reveal, what in my opinion, are the most common mistakes people make when choosing a Medicare Health Advantage Plan or Supplement Plan.
"It's time for Medicare? What do I need to do?"
Medicare is managed by the Centers for Medicare Services (CMS). Social Security works with CMS by enrolling people in Medicare.
If you are turning 65, you may enroll in Medicare within 3 months of your birth month, your birth month or up to 3 months after your birth month. Depending on when you enroll, your actual start date will vary. We recommend starting the enrollment process as soon as possible (3 month prior to your birth month).
Most people will need to sign up for:
Part "A" which generally speaking provides coverage for Hospital (inpatient care), Skilled Nursing Care (not custodial or long term care), Hospice Care and Home Health Care.
Part "B" which generally provides coverage for Doctors, Preventative Care and Durable Medical Equipment.
* One thing to keep in mind is that Medicare alone DOES NOT cover all of your medical costs!
If you are turning 65, you may enroll in Medicare within 3 months of your birth month, your birth month or up to 3 months after your birth month. Depending on when you enroll, your actual start date will vary. We recommend starting the enrollment process as soon as possible (3 month prior to your birth month).
Most people will need to sign up for:
Part "A" which generally speaking provides coverage for Hospital (inpatient care), Skilled Nursing Care (not custodial or long term care), Hospice Care and Home Health Care.
-and-
Part "B" which generally provides coverage for Doctors, Preventative Care and Durable Medical Equipment.
* One thing to keep in mind is that Medicare alone DOES NOT cover all of your medical costs!
LET’S BEGIN OUR JOURNEY……
CONSIDERATION #1
HOW INSURANCE CARRIERS MARKET THEIR PLANS
We have all seen the many commercials advertising different plans. But in reality what does this company know about your personal needs and how the plan could benefit you? That type of marketing doesn’t help you in making a responsible decision about choosing a plan. Just because a plan is advertised does not mean it is the right choice for you.
There are different types of plans. I will explain the difference between a Medicare Advantage Plan and a Supplement (Medigap) Plan. Keep in mind, we are trying to find a way to have coverage “in addition to” or “supplement” your Medicare coverage.
There are:
1. Medicare Supplement Plans (Also known as Medigap)
Medicare.gov says:
“These plans help pay some of the health care costs that the Original Medicare Plan doesn’t cover. If you are in the Original Medicare Plan, you could get a Medigap policy to help cover the extra health care costs.”
What many people don’t realize about these plans is that each carrier or company has different plans that are offered (A-N). Each plan has different features, benefits and costs. The only difference between the identical plans from the different carriers are the premiums or in other words, "how much you will pay each month for the identical benefits". For example, you can get “Plan G” from one company and pay one premium and get the same “Plan G” from another company and you will pay a different premium (the benefits from each company are the same since these plans are all standardized). You just need to determine which of the plan types (A-N) suits your needs and then find the company with the lowest premium.
With a supplement, you are paying BEFORE you use the benefits. These plans come with monthly premiums. The question to ask yourself is “should I prepay for my health benefits? Will I use the plan enough to offset the cost”?
HOW INSURANCE CARRIERS MARKET THEIR PLANS
We have all seen the many commercials advertising different plans. But in reality what does this company know about your personal needs and how the plan could benefit you? That type of marketing doesn’t help you in making a responsible decision about choosing a plan. Just because a plan is advertised does not mean it is the right choice for you.
There are different types of plans. I will explain the difference between a Medicare Advantage Plan and a Supplement (Medigap) Plan. Keep in mind, we are trying to find a way to have coverage “in addition to” or “supplement” your Medicare coverage.
There are:
1. Medicare Supplement Plans (Also known as Medigap)
Medicare.gov says:
“These plans help pay some of the health care costs that the Original Medicare Plan doesn’t cover. If you are in the Original Medicare Plan, you could get a Medigap policy to help cover the extra health care costs.”
What many people don’t realize about these plans is that each carrier or company has different plans that are offered (A-N). Each plan has different features, benefits and costs. The only difference between the identical plans from the different carriers are the premiums or in other words, "how much you will pay each month for the identical benefits". For example, you can get “Plan G” from one company and pay one premium and get the same “Plan G” from another company and you will pay a different premium (the benefits from each company are the same since these plans are all standardized). You just need to determine which of the plan types (A-N) suits your needs and then find the company with the lowest premium.
With a supplement, you are paying BEFORE you use the benefits. These plans come with monthly premiums. The question to ask yourself is “should I prepay for my health benefits? Will I use the plan enough to offset the cost”?
Next take a look at:
2. Medicare Advantage Plans/ Part C (Like HMO’s and PPO’s)
Medicare.gov says:
“These plans are approved by Medicare and run by private companies. When you join one of these plans, you are still in Medicare. Some of these plans require referrals to see specialists and some do not. They provide all of your Part A (hospital) and Part B (medical) coverage. They generally offer extra benefits, and many include prescription "PART D" drug coverage. There are plans that have networks, which mean you may have to see doctors who belong to the plan or go to certain hospitals to get covered services. Although there are plans that give the flexibility to go outside the network.
In many cases, your costs for services can be lower than in the Original Medicare Plan, but it is important to check with the plan because the costs for services will vary.”
That last line is a very important statement… “it is important to check with the plan because the costs for service will vary.”
With these plans, you pay for services as you USE THEM. They are called Medicare Part C Advantage Plans many of which have $0 monthly cost or low cost monthly premiums. Some plans will even pay part or all of your monthly Part "B" premium (Part "B" premium is $174.70 per month during 2024 for most people) and some include extra benefits like rides to Doctors appointments, free gym memberships, dental and vision benefits, prescription drug coverage (Part "D") and more. However, you must see if they are available in the county that you reside and what the premium (if any) is.
These types of plans have maximum out of pocket costs which "CAP" or limit the costs you pay, not your coverage… That is really helpful!
Are one of these plans right for you? Call us today so we may give you a comprehensive plan comparison that fits YOUR specific needs!
2. Medicare Advantage Plans/ Part C (Like HMO’s and PPO’s)
Medicare.gov says:
“These plans are approved by Medicare and run by private companies. When you join one of these plans, you are still in Medicare. Some of these plans require referrals to see specialists and some do not. They provide all of your Part A (hospital) and Part B (medical) coverage. They generally offer extra benefits, and many include prescription "PART D" drug coverage. There are plans that have networks, which mean you may have to see doctors who belong to the plan or go to certain hospitals to get covered services. Although there are plans that give the flexibility to go outside the network.
In many cases, your costs for services can be lower than in the Original Medicare Plan, but it is important to check with the plan because the costs for services will vary.”
That last line is a very important statement… “it is important to check with the plan because the costs for service will vary.”
With these plans, you pay for services as you USE THEM. They are called Medicare Part C Advantage Plans many of which have $0 monthly cost or low cost monthly premiums. Some plans will even pay part or all of your monthly Part "B" premium (Part "B" premium is $174.70 per month during 2024 for most people) and some include extra benefits like rides to Doctors appointments, free gym memberships, dental and vision benefits, prescription drug coverage (Part "D") and more. However, you must see if they are available in the county that you reside and what the premium (if any) is.
These types of plans have maximum out of pocket costs which "CAP" or limit the costs you pay, not your coverage… That is really helpful!
Are one of these plans right for you? Call us today so we may give you a comprehensive plan comparison that fits YOUR specific needs!
Then there are:
3. Medicare Prescription Drug Plans (Also known as Medicare Part D)
Medicare.gov says:
"These plans add prescription drug coverage to the Original Medicare Plan, some Medicare Cost Plans, some Medicare Private Fee-for-Service Plans, and Medicare Medical Savings Account Plans.”
"Medicare drug coverage is optional and is offered to everyone with Medicare. If you decide not to get it when you’re first eligible, and you don’t have other creditable prescription drug coverage (like drug coverage from an employer or union) or get Extra Help, you’ll likely pay a late enrollment penalty if you join a plan later. Generally, you’ll pay this PENALTY for as long as you have Medicare drug coverage."
Each Prescription Drug Plan has a different approved list of medications (called a formulary). If you consider enrolling in a Prescription Drug Plan, it is important to know what plan covers the medications you need. These plans come with varying premiums depending on coverage, copays and deductibles.
3. Medicare Prescription Drug Plans (Also known as Medicare Part D)
Medicare.gov says:
"These plans add prescription drug coverage to the Original Medicare Plan, some Medicare Cost Plans, some Medicare Private Fee-for-Service Plans, and Medicare Medical Savings Account Plans.”
"Medicare drug coverage is optional and is offered to everyone with Medicare. If you decide not to get it when you’re first eligible, and you don’t have other creditable prescription drug coverage (like drug coverage from an employer or union) or get Extra Help, you’ll likely pay a late enrollment penalty if you join a plan later. Generally, you’ll pay this PENALTY for as long as you have Medicare drug coverage."
Each Prescription Drug Plan has a different approved list of medications (called a formulary). If you consider enrolling in a Prescription Drug Plan, it is important to know what plan covers the medications you need. These plans come with varying premiums depending on coverage, copays and deductibles.
CONSIDERATION #2
WHAT ARE THE HIDDEN COSTS OF A
MEDICARE HEALTH PLAN?
Many Medicare beneficiaries have enrolled in a plan because the plan was recommended by a friend or because the plan had no monthly premium. When choosing a health plan for yourself, whether it is Original Medicare, a Medicare Supplement, Medicare Advantage Health Plan, HMO or PPO, or a Part D, it is vitally important to look at each plan as it relates to YOUR OWN HEALTH CARE NEEDS! For example, a plan might seem like it is the most suitable plan to some people because of the no or low cost monthly premium, but in some cases that plan may have a higher annual out of pocket expense than a plan with a regular premium. In addition, there may be costs associated with a plan. The plan may cover some procedures and not others. The only way to know what these costs are would be to review the Summary of Benefits. It is important to find the most comprehensive plan suitable for your needs with the most affordable premium.
CONSIDERATION #3
HOW DO THE CHANGES IN MEDICARE AFFECT YOU?
The basic coverage amounts of Medicare change every year as do the deductibles (the amount you are responsible to pay). Beyond this, there are also changes in the law that may affect how much plans cover and how much of the costs they pass on to the Medicare recipient. For example, in a recent law, the Medicare Improvements for Patients and Providers Act of 2008, coverage for Mental Health conditions will be greatly enhanced over the next several years. There are also changes to Part D and Part B premiums depending on income. Also those beneficiaries reaching “The Donut Hole” will also experience some changes such as reduction of prescription cost. That’s a helpful change!
An important change to be aware of is the shortened season that a Medicare Beneficiary has to review or change their health coverage. It is important to know these changes!
The season for AEP (Annual Enrollment Period) is Oct 15 – Dec 7th
*Important Note: IF YOU ARE TURNING 65 SOON, you may sign up for Medicare three (3) months prior to you birth month and up to three (3) months after your birth month. It is best to sign up ahead of your birth month to avoid any delays or possible gaps in coverage. If you do this, your coverage will generally begin the first day of your birth month.
WHAT ARE THE HIDDEN COSTS OF A
MEDICARE HEALTH PLAN?
Many Medicare beneficiaries have enrolled in a plan because the plan was recommended by a friend or because the plan had no monthly premium. When choosing a health plan for yourself, whether it is Original Medicare, a Medicare Supplement, Medicare Advantage Health Plan, HMO or PPO, or a Part D, it is vitally important to look at each plan as it relates to YOUR OWN HEALTH CARE NEEDS! For example, a plan might seem like it is the most suitable plan to some people because of the no or low cost monthly premium, but in some cases that plan may have a higher annual out of pocket expense than a plan with a regular premium. In addition, there may be costs associated with a plan. The plan may cover some procedures and not others. The only way to know what these costs are would be to review the Summary of Benefits. It is important to find the most comprehensive plan suitable for your needs with the most affordable premium.
CONSIDERATION #3
HOW DO THE CHANGES IN MEDICARE AFFECT YOU?
The basic coverage amounts of Medicare change every year as do the deductibles (the amount you are responsible to pay). Beyond this, there are also changes in the law that may affect how much plans cover and how much of the costs they pass on to the Medicare recipient. For example, in a recent law, the Medicare Improvements for Patients and Providers Act of 2008, coverage for Mental Health conditions will be greatly enhanced over the next several years. There are also changes to Part D and Part B premiums depending on income. Also those beneficiaries reaching “The Donut Hole” will also experience some changes such as reduction of prescription cost. That’s a helpful change!
An important change to be aware of is the shortened season that a Medicare Beneficiary has to review or change their health coverage. It is important to know these changes!
The season for AEP (Annual Enrollment Period) is Oct 15 – Dec 7th
*Important Note: IF YOU ARE TURNING 65 SOON, you may sign up for Medicare three (3) months prior to you birth month and up to three (3) months after your birth month. It is best to sign up ahead of your birth month to avoid any delays or possible gaps in coverage. If you do this, your coverage will generally begin the first day of your birth month.
Now That We Have a Better Understanding…What should I do?
HAVE A MEDICARE OPTION REVIEW!
In this report, it has been emphasized the importance of understanding what your options are and avoiding mistakes that may adversely affect the extent and the costs of your coverage. If you would like to speak with someone about your Medicare Healthcare Options….someone that understands the process and will put your needs first,
We Can Help…
• We can help you decide what is suitable and appropriate for you.
• We will treat you with total professionalism, confidentiality, kindness and patience.
• We will research which plans ALL of your Doctors accept.
• We will give you an idea of what your prescriptions will cost under the various plans.
• We will explain in detail the difference between the plans available to you in an UNBIASED way. We work with ALL the major carriers, not just one!
To best serve your needs, we perform a personal Medicare Coverage Option Review to ensure that what you decide is always in your best interest.
If you would like to discuss your options and receive your “NO COST” Medicare Coverage Option Review, please call the number below. With your personal review, we will compare your unique profile with several possible plans to provide you with choices that make sense just for you according to your budget and needs.
HAVE A MEDICARE OPTION REVIEW!
In this report, it has been emphasized the importance of understanding what your options are and avoiding mistakes that may adversely affect the extent and the costs of your coverage. If you would like to speak with someone about your Medicare Healthcare Options….someone that understands the process and will put your needs first,
We Can Help…
• We can help you decide what is suitable and appropriate for you.
• We will treat you with total professionalism, confidentiality, kindness and patience.
• We will research which plans ALL of your Doctors accept.
• We will give you an idea of what your prescriptions will cost under the various plans.
• We will explain in detail the difference between the plans available to you in an UNBIASED way. We work with ALL the major carriers, not just one!
To best serve your needs, we perform a personal Medicare Coverage Option Review to ensure that what you decide is always in your best interest.
If you would like to discuss your options and receive your “NO COST” Medicare Coverage Option Review, please call the number below. With your personal review, we will compare your unique profile with several possible plans to provide you with choices that make sense just for you according to your budget and needs.
IF YOU ARE: TURNING 65, RETIRING SOON
or ON MEDICARE NOW....
It is important to call us as soon as possible as you should be looking into your choices now for your Medicare coverage. Your enrollment period is approaching upon you! These choices will affect your coverage and costs for the balance of the year, so it is important not to delay and choose the right path for yourself as soon as possible.
We hope you have found this information helpful and look forward to hearing from you so that we may assist you with any questions you may have and help you navigate easily through all of the coverage options available in your area today to find the right plan specifically for YOUR needs!
or ON MEDICARE NOW....
It is important to call us as soon as possible as you should be looking into your choices now for your Medicare coverage. Your enrollment period is approaching upon you! These choices will affect your coverage and costs for the balance of the year, so it is important not to delay and choose the right path for yourself as soon as possible.
We hope you have found this information helpful and look forward to hearing from you so that we may assist you with any questions you may have and help you navigate easily through all of the coverage options available in your area today to find the right plan specifically for YOUR needs!