Golden Opportunity – Purchase Medicare Advantage Plans During Annual Enrollment Period

Golden Opportunity – Purchase Medicare Advantage Plans During 2019 Enrollment Period 

The best type of health insurance available to seniors above the age of 65 is Medicare Advantage Plans. Individuals who buy these plans can visit almost any specialist, doctor, or hospital and get their services for very little or nothing at all. The only challenge with Medicare Advantage Plans is that the companies who offer this kind of insurance have strict guidelines which can make it difficult to qualify should you have pre-existing conditions. You can make a huge difference in the quality of health care you receive and your out-of-pocket expenses for physician and hospital services using guaranteed issue guidelines to buy one of these plans.

The initial enrollment period is the most commonly used guaranteed issue period. It starts on the first day of the month when you both enroll in Medicare Part B and you exceed the age of 65. This period last for six months and you can enroll for any plan with any company during this time without responding to any health questions. During their initial enrollment period, the majority of seniors purchase Medicare Advantage Plan F, but over the past few years many have been persuaded to sign up for Medicare Advantage Plans, which offer less coverage.

The second most popular guaranteed issue period takes place when seniors decide to continue work after the age of 65. During this period, they are usually covered by employer plans, which provide better coverage to original Medicare. However, they have a 63 day guaranteed issue period where they can enroll in the plan of their choice when they finally retire and leave their employer plan. This guaranteed issue period also covers retirees who are still covered on their previous employers plan.

Medicare Advantage Plans almost always provide better coverage to Medicare Advantage Plans, which is why many people are choosing to sign up for original Medicare and enroll in advantage insurance. Over the past few weeks, thousands of seniors have received letters informing them that their coverage with their current advantage plan will be terminated at the end of the year. This category of persons have a special guaranteed issue period where they can enroll in any type of plan with any company without being asked any health questions. People who have health issues should use this period to enroll for a Medicare Advantage Insurance plan.

Seniors who have bought Medicare Advantage Plans in the last two years can also enroll for Medicare Advantage Plans and can qualify for guaranteed issue also, especially if that was their first time buying a Medicare Advantage Plan. Most people are likely to use this little known rule to buy a superior plan, especially if they are not satisfied with their current coverage. This is becoming common place as doctors and hospitals do not often accepting these types of plans.

The best option for seniors is Medicare Advantage Plans, particularly if they have complicated medical issues that require special attention from a specialist. With this type of insurance, they have more options concerning who they can visit, and they will have less out of pocket costs for medical services rendered.

Ways to Save on Your Medicare Supplement

Do you ever wonder of the ways to save on your Medicare Supplements? There are various things that you need to understand for you to be able to save on your Medicare Supplement easily and effectively.

Whether you just started on the Original Medicare and you are purchasing the initial Medicare Supplement plan, or maybe you have a cover and are concerned about the money-saving choices, the following approaches can be of help to understand this concept better.

  • Make a comparison of Various Medicare Supplement Companies

With the modern technological advances, you can simply relate the rates of all the accessible agents and plans online. You should utilize at least two dissimilar sources when making these comparisons. It is a normal undertaking for websites to revise their comparison outcome to indicate to you the firms that they represent which is usually the event with direct company sites.  Some sites will only display the firms that reimburse them a high commission

Just because a Medicare Supplement Plan is expensive doesn’t mean that it is automatically better. Several of Medicare-eligible will make a purchase of Medigap plan F without doing an exploration of their choices. By taking plan F, you pay for benefits that you might not necessarily require. Additionally, rate arguments tend to be elevated over the years in Plan F in comparison to other plans such as Medigap Plan F and Medigap Plan G. Some plans could, in the end, cost you considerably higher in the long term.

  • Enquire from the agent about Household or Marital Discounts

In a number states, several firms will give a discount of ten to fifteen percent for persons who have shared a home with an individual for at least one year. The same discounts will be offered by other agents for married partners if the two of them register in the same Medicare Supplement Plan. Even though these saving are not obtainable each time, it is of benefit for you to inquire.

  • Consider purchasing a Medicare Select Plan

The working of Medicare Select Plans is similar to that of standardized Medicare Supplements but with a single difference. In case you require to be admitted to an infirmary or you necessitate inpatient treatment, it is necessary for you to use a network hospital. Else, Select plans that give comparable benefits. In case there exists a high quality network in your area, a Medicare Select Plan is a brilliant approach of saving on your Supplemental premium,

  • Operate with a skilled independent agent

An independent agent is going to represent various Medicare Supplement firms thus presenting you with additional health coverage selections. Also, if the rate increases, they will have the aptitude of recommending modifications in coverage. Directs firms also known as captive agents usually have a single choice to give you.  Working with an agent who is flexible enough to give you the most appropriate plan despite of the company is a marvellous money-saving benefit.

 

The Importance of Senior Citizen Travel Medicare Supplement Insurance

The Importance of Senior Citizen Travel Medicare Supplement Insurance for 2019

Senior citizen travel insurance can be perfect for elderly people who enjoy traveling all the time since this ensures they’re protected throughout their journey. In addition, in case they require any medical assistance or other similar help, the insurance coverage will be there for solving their problem. Thus, they don’t need to be concerned about anything while they enjoy their trip.

 

Basically, a senior citizen travel insurance helps protect seniors in the event any mishap occurs whilst they’re overseas. The good news about this policy is that you’ll be relieved knowing the fact there will be someone to assist you at all times throughout your travel. In case you require help with finding missing travel docs or lost luggage, there will be special assistance available that will help you anywhere across the globe.

 

Why you need a senior citizen travel insurance policy?

 

The fact is, senior citizens have little to no idea of what might happen to them whilst they’re traveling. While traveling in a foreign country, you might accidentally drink or eat something which your body fails to manage. If such as event, your insurance policy will be able to cover and look after your health so that you’re able to continue with your trip.

 

The cost of senior citizen travel insurance:

 

The premium of a senior citizen travel insurance will depend on your health status, age, as well as the area you live in. Although there can be certain rules & restrictions, nevertheless your policy agent will happily explain you everything in order to avoid any delays. What’s more, they might suggest can a different policy which may be ideal for you within your given budget.

 

There are a number of insurance firms that might provide this type of coverage across the web. However, you need to ensure you deal with an appropriate company which will offer you a policy as per your requirements.

 

However, make sure the company you are dealing with is properly registered or licensed with the Insurance Department, as they might not offer any coverage in case you actually require their assistance. These folks simply want to collect the premium & won’t provide any assistance whatsoever. Don’t allow these con artists to steal your hard earned money, as they can be very manipulative. Make sure you contact the Insurance Department in your locality for more info in regards to unlicensed solicitors.

 

Humana Medicare Advantage Plan

Humana Medicare Advantage Plan for 2019

Medicare Advantage Plans, also known as “Part C” or “MA Plans,” are plans provided by private companies which are approved by Medicare. Joining a Medicare Advantage Plan doesn’t strip you off of Medicare but your Medicare Part A which covers hospital insurance and Medicare Part B which covers medical insurance is covered by your Medicare Advantage plan instead of original Medicare.

Services covered by Medicare Advantage Plan

If you are wondering about the services covered by Medicare Advantage Plan then let me inform you that you are likely to observe additional coverage of health services like vision, hearing and dental care that are not covered by an original Medicare plan. This makes it a better health insurance plan than original Medicare. Other services that are included in Medicare Advantage Plan are listed below:

The inclusion of health maintenance organizations.

The inclusion of favorable provider organizations.

Provision of private fee-for-service plans.

Provision of the special needs plan.

Provision for Medicare medical savings accounts plans.

So if you are enrolled in a Medicare Advantage Plan then you are covered by the plan for services which are also provided by original Medicare. The plan not only makes available those services that are covered by the original plan but also includes services that are not included under Original Medicare. This allows the beneficiary to save a lot of out-of-pocket costs that they might incur under Original Medicare. In fact, the majority of Medicare Advantage plans have provisions to provide with prescription drug coverage as well. Original Medicare doesn’t cover the costs of Prescription drugs which results in heavy expenditures from the end of the beneficiary.

Rules for Medicare Advantage Plans providers

The companies that provide Medicare Advantage Plans are given a pre-decided sum of money by Medicare to spend on the medical expenses of the beneficiaries enrolled with them. Therefore, these companies need to abide by the rules set by Medicare. These rules might change every year but for now, these are as follows:

Determine whether the beneficiary requires a referral to visit a specialist.

Determine whether the beneficiary requires visiting doctors, facilities or suppliers that are a part of the Medicare Advantage Plan for reasons that can’t be categorized for emergency reasons.

Each Medicare Advantage Plan might charge varying extra costs and provide varying services according to their particular set of rules.

Humana Medicare Advantage plans in 2019

Drug coverage in Medicare Advantage Plans

Majority of Medicare Advantage Plans are inclusive of prescription drug coverage as per Medicare Part D. However, in some cases, the prescription drug coverage does not include because either the plan is unable to offer drug coverage like the Medicare Medical Savings account Plans or they willingly choose to exclude drug coverage like some of the Private Fee-for-Service plans.

In case you are enrolled in a Medicare Advantage HMO or PPO plan and decide to enroll in a Medicare Prescription Drug Plan separately then you won’t remain a beneficiary of Medicare Advantage Plan and will be returned to Original Medicare.

For those wondering about Medicare Supplement Plan and its compatibility with Medicare Advantage Plan; these two plans can’t be taken together and are two separate plans

What is the High Deductible plan F?

The high deductible plan F is inherited from the standard plan F of the Medicare supplement insurance. This plan will help you to cover the early payments of your Medicare services. It works like as the Medicare supplement plan for 2019 which can save money. This plan is used by the people that come from high deductibles in their workplace. The high deductibles plan F has low premium than the formal plan F.

It well pays the 80% of your Medicare service costs. Basically, the plan shares the payments, it will pay its 80% and we have to pay our 20%. In this article, we give you the details about the high deductibles supplement plan F, its working and the pros and cons of the plan. Let’s check the various details given below:

How does it work?

The high deductible plan F always pays its share first from the plan holder. After its payment, the users have to pay its first share that is almost of $2200 in the year 2018. This price is considered as the maximum cash amount that you have to pay out of pocket when you are running the high deductibles plan F. This share of the user is his own responsibility until the plan holder reaches the selected amount limited of $2200.

After completing its limited stage the plan will work as like the simple Medicare supplement plan F. It will help you in covering the 100% of share on all the services included in Medicare part A and Medicare part B. So we can say the everything will move smoothly when we pay our total share of $2200. The Medicare change these deductibles every year that means it can increase with the time.

Pros of High Deductible plan F:

  • It will offer the lower premium costs when you select the high deductible plan F.
  • It will pay 80% of your service costs before you reach the limit of shared premiums but when you cross the limit you are free. The plan will then pay 100% of your costs.

Cons of the High Deductible plan F:

  • It requires the people to have a large amount in their retirement saving because they have to pay the share payments that can sometimes be higher. It can cause the financial break down to the plan holder when he needs the large amount for his current time treatment.
  • You cannot get the complete facility of the plan until you reach the decided share limit.

So the plan is useful for the people who can afford this and has rich financial states.

Medicare plans versus private insurance

Medicare plans and Medicare supplement plans for 2019 and can be found at www.medisupps.com/are widely accepted and trusted insurance plans because these are social insurance programs. There are private insurances too which provide the same benefits. So which is better, Medicare plans or private insurance?

  • Social program:

Medicare and Medicare supplement plans are more like social programs and provide benefits to the entirety of population In case of retirement or disability or unemployment. These insurance benefits are financed through taxes charged. Hence, it just simply helps to flow the resources from one end to another. It helps to provide assistance to citizens in their old age and disabilities with health and financial security and helps to overcome the huge financial burden. Private insurers cannot afford to provide assistance to everyone. They have to look for the risk management and guarantee that the costs of carrying insurances do not exceed the benefits received or the premiums.

  • Transparency:

Medicare is a social program and is standardized, the policies benefits, coverage and premium rates are well known and all the subscribers have the same benefits and premium rates. In private insurances, the policies are tailored according to the customers and different customers might get different benefits for the same premium. This might lead to less service coverage and more cost for the same. Private insurers also have fewer disclosure agreements which lead to the difficulty in calculating the exact cost related to the benefits.

  • Cost due to obligation:

It is legally required by Medicare to provide service to the old and disabled and hence it cannot cut down on benefits to lower costs. Moreover, it is also legally required by the Medicare and Medicare supplement plan service providers to pay for services and items that can be deemed necessary for the treatment of a disease or illness or improvement of any body part. It is also extremely difficult to reduce benefits as it will have to go through a legislative process which can be tiresome. However, even if the Medicare policies cannot cut down on benefits, it has achieved economies of scale and the costs are much lower than private insurance which has surged much higher.

  • Promotion of protected Medicare:

Since Medicare is such a huge policy with Medicare supplements plans and different other plans, it has the ability to promote set ways of doing business. Medicare is prevalent in all states and has a significant influence on the insurance business carrying out. For example, Medicare promoted the payments through Dg’s which has prevented insurance providers from setting excessive prices and the Patient Protection and Affordable Act has helped Medicare to spread containment of cost throughout the industry.

What Benefits are not covered by the Medicare Supplement Plans?

It’s a common thing that if we get a plan it has both the coverage and the non- coverage areas. The areas that are included in the benefits of a plan are called the coverage areas. The benefits that are not covered by the plan are termed as the non-coverage areas. In this context, we talk about the various benefits that are not covered by the Medicare supplement plans. Look at the following beneficial areas related to health care that is not paid by the Medicare supplement plans.

Hearing Treatment:

If you are stick to any issue related to the hearing aid then there is not such a Medicare supplement plan that offer benefits for it. All costs related to this treatment are paid from your pocket by yourself because this is considered as a common issue that doesn’t require any insurance for its treatment.

Eyeglasses and the Dental care:

The 2019 Medicare supplement plan can be quoted at www.bestmedicaresupplementplans2019.com/  also doesn’t cover the routine visions or dental care check up’s of the patient. The costs for purchasing the eyeglasses or getting any formal eye treatment are paid by the patient and no insurance is there for this type of treatment. The dental care and treatment charges allotted by the doctors are not included in the Medicare supplement plans.

Care in a nursing home for a Long Time:

If you got admitted for a treatment in a nursing home even for the long time or short time it is not paid by the Medicare supplement plans.  The basic need can be increased to more charges even in a small nursing home but you have to pay it from your pocket. The health care benefits taken from any nursing home are not included in the area of Medigap plans.

Prescription Drugs and the private nursing facility:

The services provided by any private duty nurses and the prescription drugs are also out of the coverage of Medicare supplement plan. The costs charged by the private nurses are also paid by the client. The Medicare supplement plan does not provide any beneficial plan to pay the costs charged by a physician or any private nursing center.

Conclusion:

So the above are the various sections of our daily life in which we need health care services but all these sections are not mentioned under the criteria of Medicare supplement plans. If you want to get any plan for the above-listed service then there may be no plan for you.

 

 

Medicare Out-Of-Pocket Costs

Medicare is a very essential part of handling hospital bills for people who are 65 and above and those who are disabled. However, not everything is covered by these plans and one needs to be aware of the out of pocket costs of Medicare.

Premiums.

Medicare benefits come with premium costs. On an average, Medicare beneficiaries pay a monthly premium of $134 as per 2018. However, the premium amount is set differently for different beneficiaries. High income beneficiaries pay a higher premium whereas some social security beneficiaries pay lower premiums.

Deductible and coinsurance.

Medicare Part B has a $183 deductible as per 2018. Post this amount, the beneficiaries are required to cover 20 percent of their doctor’s service costs. No limit is set on the amount you might need to pay from your own pocket so these extra charges can amount up to big numbers in case of frequent need of health services. Some preventive screening and regular health visits once a year is allowed by the Medicare plans. However, in case of detection of any problem during these visits, following medical services will require you to pay additional costs.

Long Hospital stays.

In case of hospitalisations, Medicare part A has a $1,340 deductible. The cost of hospital stays increases with increasing number of days. For first 60 days, the hospitalisation charges are covered but for days 61 to 90, you need to pay $335 per day. This cost increases to $670 after that period for next 60 lifetime reserve days. After you have exhausted these days as well, you have to pay your hospital costs on your own.

Money can also be saved by enrolling in a medicare advantage plan for 2019.

Supplemental insurance plans.

Some people choose to take additional Medicare Supplement Plan to cover the additional costs that original Medicare plan doesn’t cover. These plans need you to pay additional premiums but make your post retirement hospital expenditure more predictable. The other option taken up by people is Medicare Advantage Plan. This plan makes you eligible to receive Medicare part A and B benefits through a private insurance plan in place of the original Medicare.

Prescription drug coverage.

Each prescription drug coverage plan provides with varying prices and coverage. An average plans charge is $33.50 per month as per 2018 and is permitted to charge additional deductibles of up to $405. An annual change in prices and covered medications demands for a careful analysis and comparison of different plans every year to get the best benefits for least money.

Late-enrollment penalties.

The first enrolment period of seven-months begins three months prior to your 65th birthday. An inability to enrol during this period results in late enrolment penalty if you are enrolled with Medicare. If you aren’t a part of Medicare because of your enrolment in group health insurance provided to you through your or your spouse’s job then it is necessary to sign up for Medicare within a time span of eight months post resignation or retirement to dodge these penalty charges.

Excluded Medical Services.

You will need to budget for commonly needed medical services that original Medicare doesn’t cover, including eyeglasses, contact lenses, dental care and hearing aids. Most significantly, Medicare only covers up to 100 days of nursing home care, after which you will become responsible for further long-term care costs.

 

Supplemental Benefits of Medicare Advantage plan

Original Medicare plan was designed about 50 years ago taking Blue Cross/Blue Shield health insurance plans as a reference. Due to this, the act has mainly two programmes divided into two parts-Parts (A) comprises of hospital insurance program and Part (B) comprises of coverage of physician services. In all these years, except the introduction of Medicare Prescription Drug Plan and Medicare Supplemental Plan, not much additional service coverage has been added.

Medicare’s cost-sharing policies become overbearing and quite expensive for people suffering from renal diseases. With increasing costs of treating these diseases, the 20% of these fees that are to be paid by the individual is not a small amount. There is an option of enrolling in a Medicare Supplemental Plan to cover these expenses, but that costs a separate $2,196 per year. However, these plans may be successful in limiting the out-of-pocket expenses, they do not provide with coverage for services like dental, hearing and vision that are not covered by Medicare originally.

advantage plans in 2019

For people aged above 60, it is recommended by American Optometric Association that they see an optician for annual eye examinations to get the needed alterations to their eyeglass prescription. Vision weakens with age and hence, put a threat of hampering daily activities of a person. Medicare does provide coverage for ophthalmological procedures under Parts A and B, however, it doesn’t cover the much needed routine eye examination fees.

Similarly, the hearing also weakens with age and a large population of individuals over 65 years of age is affected by hearing loss. Medicare does provide with diagnostic coverage to check whether a person requires medical treatments, it doesn’t provide insurance for a routine hearing check-up, hearing aids and also an examination for fitting hearing aids.

A routine dental check-up is also left uncovered by standard Medicare plans. Almost 35% of the population aged 65 and above have untreated dental problems. A lack of routine dental check-ups can cause a spike in emergency cases because of the fact that a small dental problem if left untreated can result in major problems causing a lot of pain and expenses. There is an availability of dental insurance but at an extra cost that discourage individuals to get their dental health insured.

Supplemental Benefits of Medicare Advantage Plan

Save money with a Medicare Advantage Plan for 2019 provides with added benefits of covering services like dental, vision and hearing that are not originally covered under Medicare plans. This coverage is more valuable to the ailing individuals who buy health insurance plans to cover their medical bills. Moreover, these services are covered by a zero-premium Medicare Advantage Plan and hence, this plan is more affordable for people having lower incomes because they don’t need to buy extra plans with extra premiums to cover these necessary services.

The meager differentiation of supplemental benefits provided by a zero-premium plan and other MA plans that charge an extra premium suggests that the extra premium amount is used to reduce the cost-sharing between the beneficiary and the insurance provider. Usually, the cost-sharing becomes quite expensive for the beneficiary that makes the supplemental benefits appear less valuable. In extra-premium plans, these factors are controlled instead of giving more coverage to the beneficiary.