Wednesday, September 28

Supplemental

Supplemental

Understanding The Medicare AEP Or Annual Enrollment Period

The best way for individuals who have Medicare coverage to ensure that you receive the best value possible is to compare the different plans prior to switching during the 2014 AEP or Annual Enrollment Period. There are four parts of Medicare Insurance Plans which includes Parts A, B, C/Medicare Advantage, and D. The AEP does not apply to those individuals who already have Medicare supplement insurance. However, they are not restricted from switching during the AEP period, especially if they benefit from switching.Whether you currently have Medicare coverage, a Medicare Advantage (MA) plan, or Part D (prescription drug) coverage, you have one opportunity to make the changes you desire once per year during the AEP. That period is referred to as Medicare's Annual Election Period or the Open E...
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Is Medigap Insurance The Same As A Medicare Supplement?

Medigap insurance: Calling it what it isWhen you first become eligible for Medicare you should be excited and relieved that you can have some credible health insurance that won't break the bank. But Medicare isn't free and a share of the cost for Medicare-covered services is your responsibility.To help control some of those costs, insurance companies offer supplemental policies referred to as Medigap insurance. Medigap is so named because it's a way to fill some of the gaps in Medicare. Some initial confusion is the result of not knowing what Medicare gaps are. The gaps filled are not gaps in covered services, but rather the expenses that are your responsibility.A Medigap policy supplements Medicare by paying a share of your expenses. And that is why Medigap is also known as a Medicare sup...
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A Brief Guide To Understanding Medigap Insurance

For those individuals who are not familiar with "Medigap" insurance, this is a Medicare supplement insurance offered by private carriers. This insurance helps individuals cover some of the health care costs that Medicare does not such as co-insurance, co-payments, and deductibles. On an important side note and to avoid any confusion, Medicare supplement and Medigap supplement are the same thing, so it is important to understand this when you first start researching the issue.What To Be Aware Of:There are a number of things to be aware of if you are already considering the purchase of a Medigap insurance including the following:• Even if you have health problems, you can renew your Medigap policy so as long as you pay your premiums on time, you cannot be cancelled. • Individuals can purchas...
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What You Need To Know About Medicare Supplement Plan J

Should you keep your Medicare supplement Plan J or compare other plans?Oftentimes referred to as Medigap Supplement Plan J, Medicare Supplement Plan J covers certain costs that are not covered in basic Medicare benefits coverage. Unfortunately, Plan J is no longer available (effective May 31, 2010). However, the plan will remain in effect for those individuals who were enrolled in it by the 1st of June, 2010. Additionally, there is a separate $250 annual deductible.What Does Plan J Cover?As with any Medicare Advantage or Medigap Insurance plans, Plan J covered certain gaps in Medicare Part A and B coverages. This includes:• at-home recovery • care provided by skilled nursing facilities • emergency care when traveling overseas • excess Part B charges/expenses • Medicare co-insurance (P...
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Who Should Enroll In A Medicare Advantage Plan?

Should you enroll in a Medicare Advantage Plan?You're eligible for Medicare. Now what? You have some choices to make. Insuring with Medicare by itself is one option, but you will be subject to some potentially high unpredictable costs. Or you could buy a Medicare supplement, if affordable. Your third option is to enroll in a Medicare Advantage Plan.Enrolling in this type of Medicare Plan is a popular choice for many people for a number of reasons. But it's not the best choice for everyone. Who enrolls in a Medicare Advantage Plan is largely determined by individual circumstances. And don't expect to find a plan that is necessarily considered the best for everyone. You may want to consider an Advantage Plan if you meet any of the following criteria.You have a limited BudgetHaving a limited ...
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Free Medicare Advantage Plans – The Real Story

Are there really free Medicare Advantage Plans?Everybody like free. But what if free isn't really free at all? We all know the meaning of free: that which has no cost. But what about Medicare Advantage Plans? Is a plan with a $0 premium free?To get to the bottom of these questions we need to review how a Medicare Advantage Plan works. Private insurance companies offer plans as another way to receive your Medicare benefits. Plans must include all Part A and Part B benefits and often include Part D drug benefits as well.You must also continue to pay your Medicare Part B premium no matter what the monthly premium; even if it's $0 per month. And here lies the answer to the question.Would you refer to Medicare as free? When the Part B premium gets deducted from your Social Security income (as a...
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Medigap Comparison

The importance of Medigap comparison prior to selecting the right supplemental medical insurance for you or someone in your family cannot be overstated. With medical costs going through the roof in the last few years, it is very important to find a plan that suits your needs at a competitive price. The make-or-break moment happens during the plan selection process where prospective policy owners need to consider all the important aspects in order to come up with the best offer that works for them.The best Medigap comparison strategies take the following into consideration as primary basis for deciding on the best supplemental insurance policy currently on the market:- Scope. The reason why prospective policy owners consider getting Medigap in the first place is because their basic Medicare...
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Medicare HMO – What You Don’t Know Could Hurt You

What is a Medicare HMO?A Medicare HMO is a Medicare Advantage Plan with a Health maintenance Organization as the provider network. Most Advantage Plans are network-based but not all work the same way.When enrolled in a Medicare HMO you must abide by the rules set by the plan. There are two things that distinguish an HMO from other types of Advantage Plan networks.You must choose a primary care provider and get referrals from that provider to use the services of other specialists and facilities. You must receive all of your services from the Health maintenance Organization network.On the surface those two points are acceptable, but they could pose problems under certain circumstances. You could be frustrated later on if you don't think these things through before you enroll in a plan.Don't ...
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Definitions Of The Most Common Medicare Terms

There are a number of Medicare terms that everyone should know if they are policy holders or are about to be. We have listed the more common ones below.Appeal - a formal complaint that an individual files if certain drugs and services are not covered by their particular Medicare plan when they feel that they should be.Co-pay - the portion of any medical services and/or prescription medications that you are responsible for paying.Deductible - the amount of money that must be paid by the insured for medical care before Medicare covers any such expenses.Doughnut hole - the coverage gap found in some Medicare drug plans (scheduled to close in 2020).Dual eligibility - refers to being eligible for both Medicaid and Medicare.Enrollment period - the limited time period that an individual can enrol...
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Medigap Insurance Rates

When selecting the right Medigap policy, one of the most important considerations is the Medigap insurance rates of each and every plan that you consider. In a perfect would, we would love to have the best coverage for the lowest price possible, but in real life we all know this is not going to happen. The most diligent prospective policy owner is therefore left with the task to compare different plans and different rates in order to come up with the best plan that suits their needs and budget.Thankfully, comparing Medigap policies and the corresponding insurance rates is not as difficult as, say, comparing Medicare Advantage plans. The reason for this lies in the fact that all Medigap plans with the same name offer exactly the same coverage regardless of the company that sells it. In esse...