Supplemental Medicare Insurance News

All About Medicare Part D

Richardt Insurance — Tue, 15 Mar 2011 17:38:11 +0000

If you think that prescription medications have to cost an arm and a leg, think again! With Medicare Part D, a plan provided by your insurance company to cover the costs of prescription drugs, your prescriptions may cost you next to nothing. In fact, many people who qualify have 95 percent of their prescription drug costs covered by Medicare Part D. With the rising costs of prescription medications, having good coverage is more important than ever.

One way to get Medicare prescription drug coverage is through a Medicare Prescription Drug Plan, or PDP. To apply for a PDP, you must first be enrolled in either Medicare Part A or Medicare Part B. You may also obtain coverage by choosing a Medicare Advantage Plan. To be eligible for a Medicare Advantage, you must first be enrolled in both Medicare Part A and Medicare Part B.

When choosing a Medicare drug plan, a little research can go a long way. You may qualify for additional savings on your Medicare drug plan and not even know it, so it’s important to identify all of your options before selecting a plan. Monthly premiums vary from plan to plan, and a number of factors, such as your income, may play a role in determining how much you’ll pay. If you’re a veteran or Native American, you may be a candidate for additional savings on your prescription drug costs.

The type of insurance you have may further affect the type of Medicare plan you choose. If you have employer or union health coverage, for instance, your benefits may differ from those of someone with a MediGap policy. The Consolidated Omnibus Budget Reconciliation Act (COBRA) is a law that may allow you to keep your benefits temporarily after you, a spouse, or a dependent has been dropped from coverage. In addition, if you currently receive coverage from the Federal Employee Health Benefits Program (FEHBP), you can add Medicare Part D to the benefits you already enjoy.

Your Medicare supplement plan may or may not cover your drug costs. If it doesn’t, Medicare Part D can be a great way to ensure that you’ll have the coverage you’ll need when you need it most.

To learn more about getting the most out of your Medicare plan, visit www.MedicareSupplementsForYou.com, or call toll free 1-800-725-1881 and ask for Steve Richardt!

What is a Medigap Policy?

Richardt Insurance — Wed, 09 Mar 2011 17:20:09 +0000

Chances are, Medicare won’t cover all of your medical expenses. A Medigap policy, also referred to as a Medicare supplement plan, is a policy that can be obtained through a private insurance company. Its purpose is to supplement your existing Medicare plan and fill any gaps in coverage. If you’re looking for coverage that’s not offered by your current Medicare policy, a Medigap policy can help you get it.

Medigap supplement plans are not one size fits all. The policy you choose should be one that reflects your specific needs. For those who like to travel, having overseas coverage can be extremely beneficial. This may not be of any particular interest, however, for those who prefer to stay close to home. Being mindful of your specific needs can help you choose the Medigap policy that’s right for you.

The best time to apply for a Medigap policy is during your open enrollment period. During this time, insurance companies are prohibited from using what is called medical underwriting, which means they cannot turn you away from any of the plans they offer. While you may still be able to sign up for a Medicare supplement outside of your open enrollment period, doing so may significantly limit the selection of options available to you.

To figure out what you want from a Medigap policy, it’s important to first look closely at what’s covered by your current Medicare plan. Your Medigap policy should be the bridge between what you have and what you don’t. If you already receive coverage on emergency stays, for instance, you won’t need to look for a Medigap policy with emergency coverage.

As with any health insurance policy, you’ll be required to pay a monthly premium for your Medigap plan. It may seem best to shop around for a policy with a low monthly premium, but there are other things to consider as well. In many cases, paying a higher monthly premium can actually save you money. If you make frequent trips to the doctor, for example, having these visits covered by your Medigap policy means you won’t have to spend more money in the long run.

With the right Medigap plan, you can be ensured that you’ll have the coverage you need when you need it most. To learn more about choosing the Medigap policy that’s right for you, visit www.MedicareSupplementsForYou.com.

Finding the Right Medicare Supplement Plan for You

Richardt Insurance — Tue, 01 Mar 2011 16:31:03 +0000

When choosing a Medicare supplement, there are many important issues to consider. It can be helpful to start by making a list of your individual needs that you want covered. Then, you can take a look at what your current Medicare plan already covers and the remaining items on your list will give you a good idea of what to look for in a Medicare supplement plan.

By applying during your open enrollment period, you can dramatically expand your options. During this period, insurance companies are prohibited from using medical underwriting, which means they can’t turn you away from any of the plans they offer. The more supplements you have to choose from, the easier it can be for you to find one that fits your needs.

Asking around can be helpful, but remember that your needs are unique. Your friend may be delighted with her Medicare supplement, but that doesn’t mean that her policy is right for you. If you like to travel, for instance, having access to overseas medical coverage may be more important to you than it is to your friend who prefers to stay close to home.

You may also find that your needs change over time. Planning for the future can help you make sure that you’ll have the coverage you need when you need it most. Most people aren’t interested in hospice care at age 65. However, if hospice care is something you might eventually consider, you may want to have that covered by your Medicare supplement plan.

When it comes to choosing a Medicare supplement plan, knowledge is power. Try to find out as much as possible about your available options. You may need to do some digging, but the benefits of doing your research will be well worth the effort. If you’re talking to a customer service representative, don’t be afraid to ask questions. It’s okay to request further explanation if something’s confusing; after all, your objective is to better understand the details of what options are available to fit your needs.

If you don’t know what questions to ask, the Internet can be a great tool for finding out the basics. To learn more about choosing a Medicare supplement plan that’s right for you, visit www.MedicareSupplementsForYou.com today.

Baby Boomers and Medicare

Richardt Insurance — Mon, 21 Feb 2011 16:17:16 +0000

It is estimated today that one Baby Boomer will turn 65 every eight seconds, rendering them eligible for Medicare. That translates to around 3 million people each year. Eventually, approximately 75 million Baby Boomers will qualify for Medicare, and one concern they all face is whether or not Medicare will continue to cover their expenses as strain continues to be placed on the system.

As a group, Baby Boomers tend to experience more health problems than previous generations. Alzheimer’s, heart disease, diabetes, and cancer rates are at an all-time high, which means Baby Boomers will require more medical attention than many other demographics. For the most part, they also have higher quality of life expectations than previous generations, so their demands will likely be difficult to meet.

Even if Medicare does cover their expenses, many wonder whether there will be enough qualified health care professionals to meet Baby Boomers’ growing demands. With an estimated 40 percent of doctors approaching retirement age themselves, the number of primary care physicians and geriatricians is expected to rapidly plummet.

Another reason for the dramatic decline in doctors may be unsatisfactory pay. Geriatricians, for example, are among the lowest-paid medical doctors, but their work is very demanding. Their patients tend to experience more chronic and persistent health problems, which means they may require more time and effort to treat.

Another problem Baby Boomers may face is that some doctors do not accept Medicare. Given the already-shrinking pool of available physicians and geriatricians, this may become a particularly troublesome challenge.

Fortunately, Baby Boomers are a powerful group and the voices of 75 million people will be hard to ignore. As these individuals become increasingly vocal about their growing expectations of Medicare, politicians are being forced to listen to their demands.

Chances are, Medicare won’t cover all of your medical expenses, so a good Medicare supplement plan is a terrific way to fill any gaps in coverage. Medicare supplements are policies that patients obtain through private insurance providers to compensate for coverage that is not offered by their existing Medicare plans.

To find out more information on getting a Medicare supplement plan that fits your specific needs, visit www.MedicareSupplementsForYou.com today.

Planning Ahead for Medical Emergencies

Richardt Insurance — Tue, 15 Feb 2011 16:14:04 +0000

As we get older, one thing that we often worry about is what we will do in case of a medical emergency. It’s a thought that we all have at some point—is the coverage I have going to be enough?

The best way to plan ahead for an emergency is to make sure that you’ll have coverage when you need it most. During a medical emergency, you have more important things to worry about than deductibles and co-pays; making sure your policy offers good emergency coverage can save you a lot of money and stress. So, if you are not currently satisfied with your coverage, it may be time to make a change.

Look closely at the stipulations of the plan you choose. Some plans only cover emergency room visits to certain facilities, so make sure you know ahead of time where to go in the case of an emergency. In some instances, you may not have the time or ability to make this decision yourself. Making sure your Medicare policy offers good emergency coverage is a great way to plan ahead for such an occurrence.

If you like to travel, having overseas coverage may come in handy. Not all Medicare and Medicare supplement plans cover international emergencies, so choose yours carefully to make sure you will have the coverage you need when you travel.

A medical emergency is something no one wants to deal with in the first place, and with good preventive care, you may be able to avoid having to visit the emergency room entirely. Having your doctor check your blood pressure and cholesterol on a regular basis may help you prevent a heart attack or a stroke. This can help you save money and, more importantly, your life.

It’s important to note that while Medicare usually does cover emergency room visits, there may be a co-pay involved, or there may be certain situations where urgent care cannot be provided. Finding out what, if any, stipulations your plan has for emergency room coverage can be of tremendous importance.

Choosing a good Medicare supplement plan is one great way to make sure that you’ll receive the necessary care coverage when you need it most. If you would like to find out more information on these types of plans, we invite you to visit www.MedicareSupplementsForYou.com.

5 Steps to Finding the Right Medicare Supplement Plan

Richardt Insurance — Mon, 07 Feb 2011 16:09:15 +0000

When you’re looking for a Medicare supplement plan, it’s important to do your research. If you know what to look for, you can enjoy thorough medical coverage that fits your budget. By following these five simple steps, you can be well on your way to finding a plan that’s right for you.

1. Set a time frame. Before you start shopping for a Medicare supplement plan, it’s important to figure out when you want to apply. The best time to apply for a policy is during your open enrollment period, when insurance companies are prohibited from using medical underwriting. This means you cannot be turned away from any policy a company offers, nor be charged more because of a pre-existing medical condition.

2. Consider your specific needs. Now that you know when you want to apply, it’s time to figure out what you’re looking for in a plan. What types of coverage do you need? Making a list of things you want in a Medicare supplement plan can be extremely helpful as you compare your different options.

3. Check for gaps in coverage. The purpose of a Medicare supplement plan is to provide coverage that your current Medicare policy does not offer. Focusing on the things you need to make up for will help you successfully bridge the gap between what you want and what you have.

4. Identify any hidden fees. Insurance companies have different ways of determining how much their patients will pay. If you have a pre-existing condition, a provider may charge you more. There are some insurance companies that only require their applicants to answer one medical question, which can be helpful to those with past or present health problems.

For some providers, age is an important factor. Certain companies may increase your premiums as you get older, while others will never raise your rates based on your age.

5. Compare monthly premiums. Some providers may charge you more for the same coverage, so it’s important to shop around and look into a number of different insurance companies before choosing a plan.

Now that you know what to look for and how to find it, it’s time to start searching for a plan that fits your needs. To learn more about finding your perfect Medicare supplement plan, visit us at www.MedicareSupplementsForYou.com.

When Should You Apply for a Medicare Supplement Plan?

Richardt Insurance — Thu, 03 Feb 2011 17:14:19 +0000

If you’re at least 65 or older and are already signed up for Medicare Part B, now may be the time to choose a Medicare Supplement Plan.

The best time to enroll in a Medicare Supplement Plan is during your open enrollment period, which starts when you turn 65 and have enrolled in Medicare Part B. The open enrollment period lasts for six months and cannot be extended, so you need to act quickly to take advantage of the benefits of enrolling.

During your open enrollment period, insurance companies are prohibited from using medical underwriting. This means you cannot be turned away from any policy the company offers, even if you have a pre-existing condition, the company is not allowed to delay your coverage. If you do have a pre-existing condition, the insurance provider does not have the right to charge you more money because of it.

Although it’s generally best to apply for supplemental coverage during your open enrollment period, you may apply early if you so choose. Planning ahead can be a great way to ensure that you do not experience gaps in your coverage, which might be problematic if you wait until your current health insurance runs out. If something happens, you’ll be glad you didn’t wait until the last minute.

You still have the option of applying for a Medicare Supplement Plan after your open enrollment period has ended, but doing so may not be very desirable. As soon as your open enrollment period has expired, insurance companies are allowed to engage in medical underwriting. This can be especially detrimental to people with past or present health issues, who may be denied coverage or charged inflated rates because of their medical history.

Even if you don’t have a pre-existing condition, applying for a Medicare Supplement Plan during your six-month open enrollment period can save you money. Outside of this period, insurance companies are allowed to arbitrarily determine the price of your policy. Applying during your open enrollment ensures that you will be provided with the best coverage at the best price possible.

If you are interested in finding out more about Medicare Supplement Plans, please visit us online at www.MedicareSupplementsForYou.com!

A Look at Medicare Advantage Plans

Richardt Insurance — Mon, 24 Jan 2011 16:33:15 +0000

Most people who receive Medicare benefits choose to enroll in a Medicare supplement plan. However, if you choose not to do so, a Medicare Advantage Plan is a popular alternative.

Depending on your location, Medicare Advantage Plans often charge no or very low premiums. There are five different types of these plans, but keep in mind that not all of them may be offered in your area.

One option is to go with a Health Maintenance Organization (HMO). Under this plan, you may or may not receive prescription drug coverage. An HMO won’t cover all doctors and hospitals, so you must choose a primary care doctor and get a referral if you need to see a specialist.

If you have a severe chronic medical condition or a disability, a Special Needs Plan (SNP) might be right for you. These plans cover a number of services that other plans often do not, including full prescription drug coverage.

Some people choose a Preferred Provider Organization (PPO). Sometimes these plans offer a certain degree of coverage for all doctors and hospitals, so you won’t have to be fully responsible for your visits. Prescription drugs are also usually covered under a PPO.

Another option is a Private Fee-for-Service (PFFS). If you choose one of these plans, you won’t need to choose a primary care doctor or get a referral to see a specialist. These plans also sometimes offer prescription drug coverage.

As with a PFFS, with a Medical Savings Account (MSA) you don’t need a primary care doctor and can see a specialist without a referral. However, these plans do not cover prescription drugs, so if you take expensive medication, an MSA may not be the best choice for you.

Although Medicare Advantage Plans are right for some, they carry certain drawbacks. Recently, the government has begun to cut funding for these plans, and some have been dropped all together. Other plans have raised their premiums.

Another problem with Medicare Advantage Plans is that the doctors and hospitals covered are typically limited. If you choose to see a doctor or go to a hospital that is not listed under your plan, you are responsible for all costs.

For these reasons, most people choose to enroll in a Medicare Supplement Plan rather than a Medicare Advantage Plan. For more information, visit us at MedicareSupplementsForYou.com.

Premiums Matter—Find the Best Rates Possible

Richardt Insurance — Mon, 17 Jan 2011 16:31:06 +0000

When you purchase a Medicare Supplement Plan, you are required by your private insurance provider to pay a monthly premium in addition to the one you already pay for, for Medicare Part B. The cost of this premium varies drastically from state to state, so it’s important to find out the specific rates where you live.

Different companies also have different ways of determining the cost of a monthly premium, and this can further affect how much you pay.

Certain insurance companies use a pricing model that is not dependent on age, so your monthly premium is the same whether you’re 65 or 95. Many of these plans are automatically renewable, so you’ll be covered by the insurance provider unless you stop paying your monthly premium. For people who are older, choosing this option can be a great way to save money.

This does not mean, however, that your rates are guaranteed to stay the same over time. There are other factors, such as inflation, that may cause the insurance provider to raise your rates.

For many insurance companies, age does matter. Some providers set their monthly premiums based on your current age, while others determine the cost by how old you are when you purchase the policy. If you’re closer to 65, the latter could be an excellent fit for you.

Under these plans, your rates won’t automatically change as you get older. As always, however, other factors may cause your insurance provider to increase the cost of your monthly premium.

When comparing the monthly premiums of different insurance companies, make sure to look closely at what exactly it is you’ll be paying for. If a provider charges a low monthly premium but offers poor coverage, choosing one of their policies may cost you more money in the long run. For instance, if you take expensive medication, you’ll probably want to make sure that this will be covered under the policy you select.

Some insurance companies may charge you higher monthly premiums for the same coverage that you might pay less for elsewhere. When choosing a Medicare Supplement Plan, it’s important to shop around.

If you would like to learn more about Medicare Supplement Plans, visit www.MedicareSupplementsForYou.com.

Other Medicare Plans—Parts F, G, and N

Richardt Insurance — Mon, 10 Jan 2011 19:05:43 +0000

If you are receiving Medicare benefits, you already know that the program doesn’t pay for everything. However, having a supplemental insurance plan is a great way to fill the gaps in coverage left by your current Medicare plan.

While the federal government will pay for your basic Medicare coverage, supplemental insurance is provided by a private insurance company. To be eligible for a supplement plan, you must first be enrolled in Medicare Parts A and B. These two plans are commonly known amongst seniors, although there are a variety of supplemental insurance plans that many are not familiar with, including Plan F, Plan G and Plan N.

Plans F, G, and N are much more alike than they are different. The three plans offer many of the same benefits, including:

Part A Hospital Coinsurance
Lifetime Reserve Days
365 More Hospital Days
Parts A and B Blood
Part B Coinsurance
Part A Hospice Coinsurance
Skilled Nursing Coinsurance
Part A Deductible $1,132 in 2011
Foreign Travel Emergency
Preventive Care Coinsurance

There are two primary distinctions between Plans F and G. First, Plan F had a $162 Part B deductible in 2011, and also adds a $20 office co-pay and a $50 emergency room co-pay. Plan G, however, covers all gaps except the Part B deductible, so if you have diabetes or other problems, it’s probably a good option for you.

Plan F and Plan G both differ from Plan N in that the first two plans offer a Part B excess.

Plan N is fairly new—it was established in June 2010—so you may not have heard much, if anything, about it. The plan offers slightly less coverage than Plan F, but the two have many of the same benefits. The premium for Plan N could save you 25% or more than that of Plan F, so depending on your specific needs, you may save hundreds or even thousands of dollars if you choose this plan.

As you continue to learn more about your options, you’ll probably have some questions. Don’t be afraid to ask them. It is important to fully understand the specifics of each plan before you choose one.

If you would like some assistance with choosing the supplemental insurance plan that’s right for you, visit us at http://www.medicaresupplementsforyou.com/about-medicare-supplement-plans.html today!