When Can Medicare Recipients Make Changes to Their Coverage

Medicare, also known as Medigap, is a health insurance plan for people over 65, people under 65 with some disability and for people with End-Stage Renal Disease. Medicare supplement plan covers extra services which are not included in Medicare Part A and Medicare Part B. Such a plan is mostly offered by private companies. Purchasing a Medicare supplemental insurance plan is made easy because all private companies offer the same services and amount of coverage. Private companies sell Medigap facilities mostly to Medicare Part A and Part B recipients.  Before choosing a plan, make sure you do your research about the different types of policies and plans offered by Medicare.

MEDICARE PART A

Part A is an insurance program sponsored by the government which covers costs related to hospitalisation. It is also known as ‘Hospital Insurance’. Medicare recipients become automatically enrolled in Part A when they meet the Medigap requirements/qualifications. If Medicare taxes had been payed by you, you will be entitled to this insurance without any extra costs, also known as Premium-Free. But if you aren’t, you’ll have to pay about 413$ per month.  People above 65, to be eligible for Premium-Free Part A, need to prove that they were employed by the government which had Medicare covered and are receiving their retirement benefits. People under 65 need to prove that they are receiving disability benefits for 24 months or have End-Stage Renal Disease.

MEDICARE PART B

Also known as ‘Medical Insurance’ covers outpatient expenses. Part B is an optional Medicare supplement plan. Enrolling in Part B requires recipients to enroll in additional programs such as Part D, Advantage Plans and Medicare supplement insurance plan (Medigap plan). Recipients are required to pay 134$ per month. It covers two types of services: medically necessary and preventative services.

MEDICARE ADVANTAGE PLAN

These are plans which combine and provide Part A and Part B benefits. Most of the Advantage Plans include Part D as well. This program helps to fill in the gaps left by the Original Medicare Supplement Plan. The recipient’s coverage will be dependent upon the type of plan he/she chose, and the specific hospitals/doctors included in that plan.

WHEN CAN YOU MAKE CHANGES TO YOUR COVERAGE

Medicare recipients believe that the Annual Enrollment Period (AEP) is the only time that they can make changes to their Medicare supplement insurance plan however, it is not. Apart from the AEP, you can make changes to your coverage from 1st January till 14th February. But you can make changes at any time of the year. If you have the Medicare Advantage Plan, two periods in which you can make changes are the AEP (15th Oct to 7th Dec) and Medicare Advantage Disenrollment Period (1st Jan to 14th Feb).

The period during which you can make changes is available according to the plan you’ve chosen. You have three periods during which you can change your Advantage plan and the whole year for the supplement plan.

Learn more about Medicare Supplemental Insurance plans, rates and more at http://www.emedicare-supplemental-insurance.com.  Medicare Supplemental Insurance brokers will help you compare Medicare Supplemental Insurance rates and plans.  To talk to an expert in Medicare coverage toll free 877-202-9248 today!

4 ways retirees can budget for rising healthcare costs

What keeps you up at night? For millions of Americans, it’s the question of how they will fund their healthcare expenses in retirement.

A survey from Franklin Templeton Investments about retirement costs found that Americans are most concerned about how they’ll cover medical and pharmaceuticals bills. Those fears are well-founded, given the high costs of nursing homes, assisted living, hospitalization and prescription drugs. 

Even a healthy retirement could have a hefty price tag; an analysis from Fidelity Investments estimated that a healthy 65-year-old couple retiring this year will need $280,000 to cover their health costs in retirement. 

“Knowing your options and planning financially for them well ahead of retirement is  crucial,” says Eric Kearney, an investment advisor for Retirement Wealth. 

“With proper planning, healthcare costs in retirement are within the means of average and wealthy Americans, provided they are able to afford a Medicare supplement policy. 

“But you have to understand how the Medicare system works and what you can expect to pay in out-of-pocket costs throughout your retirement. You must budget for them. For retirees who have enjoyed strong employer health benefits and are unprepared for retirement, the out-of-pocket cost difference can cause an uptick in blood pressure.”

Kearney explains the costs and coverages of different parts of Medicare:

• Medicare Part A. Part A was the original Medicare, covering hospitalization. There are no monthly premiums, although a $1,340 deductible applies as of this year. “After 60 days of hospitalization, the patient becomes responsible for a $335/day coinsurance,” Kearney says. “After 90 days, the coinsurance goes to $670/day. After 60 more days, the patient’s coverage runs out.”

• Medicare Part B. The optional Part B covers doctor and treatment costs. “Premiums average $134 per month and patients are responsible for 20 percent coinsurance,” Kearney says. “And with a 20-percent Part B coinsurance, many seniors can expect to pay several thousand dollars or more out of pocket each year. If you have long-term conditions requiring extensive care, it is easy to see how Part A and Part B out-of-pocket costs can eat away even a large nest egg.”

• Medicare Parts C and D. Part C, also called the Medicare Advantage plan, is run by private companies and requires a larger premium. “It provides more coverage options such as vision, dental, pharmaceutical, and wellness programs,” Kearney says. “Part D covers prescription drugs, and the older we get, the more likely we are to need them.”

• Medicare Supplement Policy. “Without this, the assets you worked all your life to accumulate could disappear,” Kearney says. “Since a long-term hospital stay or chronic illness could send your medical bills into the five or even six figures, you stand to lose some or all of your assets if you do not protect them with a Medicare supplemental policy.” Also known as Medigap policies, these are offered by private insurance companies to supplement expenses that Medicare Parts A and B do not typically cover.

“If a stress-free, comfortable retirement is your goal,” Kearney says, “you need to prepare for healthcare expenses, and it’s never too early to start.”

Original source: https://azbigmedia.com/4-ways-retirees-can-budget-for-rising-healthcare-costs/

Written By: Business News

Original Date:  June 17 2018

 

Why Isn’t Original Medicare Enough Coverage?

If you have been thinking that you are not going to need to pay for health insurance once you reach the age of sixty-five and qualify for Medicare, you are going to be in for a surprise.  While Medicare Part A covers inpatient hospital care, hospice, lab tests, surgery, home health care, and skilled nursing facilities, and Part B covers doctor’s visits, outpatient care, home health care, medical equipment, and certain preventative services, not all of it is covered in full.  Plus, Medicare does not cover custodial care, dental care, eye exams, cosmetic surgery, routine foot care, acupuncture, or hearing aids.

A healthy adult may be able to survive on only Medicare, but since no one knows when their health is going to get worse, and everyone is only guaranteed approval for Medicare supplemental insurance plans during the first six months after turning sixty-five, you may not want to take that risk.

In addition to all the services that Medicare does not cover, you will also be responsible for a deductible each year, plus coinsurance and copayments.  This might not seem to be a lot of money at first, but one inpatient hospital stay can put you a few thousand dollars in debt.  By purchasing one of the Medicare supplement plans, you won’t be responsible for that full amount, as your Medicare supplemental insurance will cover most of the balance.

You may also be surprised that there is no out of pocket maximum amount of money that you pay each year with Medicare, which means you can pay anywhere from five thousand to twenty thousand dollars or more on medical expenses each year.  If you purchase one of the Medicare supplemental insurance plans, you will be guaranteed to not pay over a specific amount each year, no matter how many medical expenses you have.

All Medicare supplement plans will allow you to keep all your medical costs lower, which will ensure that none of your assets are ever at risk from major health problems and massive medical bills.

You will want to carefully consider the Medicare supplement plans that are available to you, because some cover more than others.  You should also purchase this plan within your six-month open enrollment period, so you are not denied coverage or asked to pay a higher premium.

While it would be nice if Medicare Part A and Part B, Original Medicare, covered all your medical expenses, it’s not realistic.  Thankfully, Medicare supplemental insurance plans are available, so you can still keep your costs manageable when you do need to seek medical care.

Learn more about Medicare Supplemental Insurance plans, rates and more at http://www.emedicare-supplemental-insurance.com.  Medicare Supplemental Insurance brokers will help you compare Medicare Supplemental Insurance rates and plans.  To talk to an expert in Medicare coverage toll free 877-202-9248 today!

 

Medicare Supplement Plan F Is Going Away

CLEARWATER, Fla., June 8, 2018 /PRNewswire-iReach/ — “The truth is,” says Jagger Esch, CEO of the company, “Plan F is going away, but not for quite a while. The plan right now is for this Medicare plan to be gone by 2020, so you still have plenty of time to plan ahead, compare rates, and come up with additional coverage. There’s no need for an all-out panic.”

MedicareFAQ says that Medigap Plan F, which has until now been one of the most popularly chosen first-dollar coverage supplement plans, will end in 2020. Those who currently have Plan F will be grandfathered in, however their premiums will increase. Since there is still plenty of time before that plan ends, people who have it have more than adequate time to find a new coverage plan if they want to avoid their premiums being increased, and Esch says that his company can help.

Medicare supplement insurance (Medigap) is what we focus on,” Esch states. “We can help you find the coverage that is best for you, regarding your health and budgeting needs. Like us on Facebook! You’ll stay in the loop about this and other plans that may end soon.

“MedicareFAQ states that the changes to Medigap Plan F (sometimes called Medicare Part F) are the direct result of the Medicare Access and CHIP Reauthorization Act of 2015 . The act is designed to ensure that doctors are paid adequately for their services.

The new law will ensure that doctors receive payment for services that is fair. The purpose of the act is to find a solution to fix the payments that physicians receive so that they will continue to accept patients with Medicare coverage. Lawmakers have been afraid that many physicians would pull out and no longer accept Medicare as payment, which is what primarily prompted them to address the issue. You can read more about the 2018 Medicare changes here .

Media Contact:Lindsay Engle, MedicareFAQ, 7272630153, lengle@medicarefaq.com

Original Source: http://markets.businessinsider.com/news/stocks/medicare-supplement-plan-f-is-going-away-1026818910

Original Date: June 8 2018

 

How Do I Choose Between Medicare Supplement Plan F or Plan G?

Generally, you can get your Medicare coverage through Original Medicare (Part A and B) or Medicare Advantage Part C. While Original Medicare (Part A and B) pays for many of your healthcare services and supplies, it doesn’t pay for everything. Which is primarily why most people who want additional coverage will get Medicare Supplemental Insurance to help cover some of the hospital and medical costs that Original Medicare doesn’t cover, such as annual deductibles, coinsurance, and copayments.

Some Medicare Supplement plans also help pay for a few services such as emergency overseas travel coverage or Part B excess charges.  Standardized Medigap plans are available in most states and represented by the letters A-D, F, G, K, L-N and Plan F. Medicare Advantage Part C covers a substantial amount of services that Original Medicare and Medigap offer.  The difference is that with Medicare Advantage you are instructed on what providers you can see as they accept the Medicare Advantage.

Medicare supplemental insurance plan F offers the most comprehensive coverage of all Medigap plans. The benefits under Plan F are comparable but not mirror images to Medicare Advantage because Plan F pays the Part A and Part B, deductibles, including nearly all hospital expenses for the first 90 days of each benefit period. Basically, there is no limit with Plan F especially if you stay too long in a hospital or a skilled nursing facility and it also covers 80% of your foreign travel emergency in case you get sick or injured while overseas. Plan F premium is also the most expensive coverage because, with it, you will not incur any out-of-pocket costs for medical expenses.

Medicare Supplement Plan G offers the second most coverage out of all Medicare supplement plans. It covers part A and B of hospital cost, coinsurance, copayment, first three pints of blood and Part A of A hospice care coinsurance or copayment. Plan G is also a less expensive alternative to Plan F and covers skilled nursing facility care coinsurance, Medicare Part A deductible, Medicare Part B excess charges and foreign travel emergency up to plan limits. With only a difference in premiums, Medicare supplemental insurance plan G looks like an ideal option because you may not be covered for Part B deductible, but lower premiums do outweigh the cost of Part B deductible.

Learn more about Medicare Supplemental Insurance plans, rates and more at http://www.emedicare-supplemental-insurance.com.  Medicare Supplemental Insurance brokers will help you compare Medicare Supplemental Insurance rates and plans.  To talk to an expert in Medicare coverage toll free 877-202-9248 today!

Medicare: 10 questions to ask before you buy supplemental coverage – Living On

(File)
CLEVELAND, Ohio — There’s good news and bad news as you approach the eligibility age for Medicare.

The bad news: Medicare, along with all of its parts, is a bit complicated and confusing, like most things involving health insurance.

The good news: You know when you’re turning 65. So you know how many months or years you have to educate yourself about your options and the add-ons you can buy to cover the costs Medicare won’t. And there are numerous free resources to guide you, including help from local insurance brokers, who don’t charge commissions or fees, and from the state government and entities, such as  AARP.

“It can be overwhelming,” Shalonda Cuyler-Cave, a licensed broker with Advanced Insurance Solutions in Aurora. “When you’re doing senior plans, you have to go through A to Z.”

Some quick facts first: When people turn 65, they’re eligible for Medicare, a national health insurance program for senior citizens. (Medicare isn’t to be confused with Medicaid, which is health insurance for low-income folks.) You generally don’t have to pay anything additional for what is called Medicare Part A: most people pay into it during their working years, or their spouse’s working years.

Medicare Part A covers hospitalization (about 80 percent of the first 60 days) and some home health and hospice care costs. Medicare Part B pays for some doctor bills and expenses like outpatient visits, lab test and X-rays, physical therapy and ambulances. For Part B, the standard monthly premium is $134, although it can be higher or lower depending on income and Social Security benefits.

Part C is a private insurance option that you can buy to pay more of your expenses or co-pays not covered by A and B. Part C also can cover expenses such as eyeglasses, dental visits, hearing aids and prescriptions, depending on the plan you choose. Part C advantage and supplement plans in Greater Cleveland may carry no additional monthly premium or cost a couple hundred dollars per month, depending on the coverage you choose. Some of those won’t include Part D prescription coverage, which typically costs an additional $20 to $80 a month.

There are two kinds of Part C plans:

There are “advantage” plans, which have lower monthly premiums but generally have a more limited choice of providers and come with co-pays and deductibles. Advantage plans generally include prescription coverage and work like managed care plans: You have to get your care from providers in a network.

Then there are “supplement” plans, which carry higher monthly premiums, but pay more expenses and provide more flexibility for care, particularly outside of your home state. That could be particularly important for retirees who spend the winter months outside Ohio or who otherwise plan on traveling to other states. Supplement plans do not include prescription coverage, so you have to buy Part D coverage, too. (Technically, supplements aren’t Part C, but Part C colloquially covers the private insurance options that complement Parts A and B.)

So with an advantage plan, you pay less up front but more when you use it. With a supplement plan, you pay more up front but less when you use it.

Dizzy yet?

While you can buy supplement, advantage and Part D plans on your own, many experts recommend going through a broker because there are so many moving parts, so many laws and so many nuances.

Parma insurance broker George Halle said soon-to-be seniors typically will ask their friends or neighbors what they did about buying Medicare add-ons. But that can end badly.

“What is good for one individual may not be good for them,” said  Halle, who’s with HealthMarkets Insurance in Parma. “It’s very important for them to understand all of their options . . . We get a real understanding of what their life is like.”

If you make the wrong choice, you could end up in an insurance plan that doesn’t include your preferred doctors or hospital, or doesn’t provide coverage outside of Ohio, or has high prices for your prescriptions.

Or, if you make the wrong choice, you could end being unable to switch to a different plan later without getting a physical or being denied coverage for pre-existing conditions.

Halle said many people don’t realize that insurance brokers’ services for senior plans are free. Brokers get paid by the insurance companies. Their time and expertise costs nothing extra. So if you buy a plan on your own, or go through a broker, you’ll pay the same.

That’s true, but consumers should realize that agents are licensed to sell certain products and may not be able to sell the one that’s best for you, said Chris Reeg, program director for the Ohio Senior Insurance Information Program. She encourages consumers to get objective information and answers to questions through OSHIIP, which is a state program that offers its services for no cost. (800-686-1578 or http://www.insurance.ohio.gov/consumer/pages/consumertab2.aspx)

You don’t have to choose a Part C supplemental or advantage plan. You can just go with A and B, and then purchase a Part D plan for prescriptions. But that could leave you with high medical bills. Supplement and advantage plans pay for much or all of what Medicare A and B do not. There are other options besides just an advantage plan or supplement, Halle said. For example, a person can purchase an advantage plan plus a hospital indemnity plan to cover gaps.

If you are going through a broker, “make sure the broker is local,” said Cave, the Aurora agent. Local brokers know the local network. Period. Someone on the other end of an 800 number in another state may not appreciate that many people in Northeast Ohio have strong ties to University Hospitals or the Cleveland Clinic, and that there is a difference. Cave said she has come across people in the past who signed up for the wrong plan through an out-of-town broker and kept going to their same doctors or hospital without realizing they were racking up exorbitant bills.

AARP advises that if you’re shopping for Part D prescription plans, or Part C supplement/ advantage plans, which are run by private insurers and not the government, then you should not rely only on what the insurance company tells you about its costs and coverages. A broker or state senior insurance hotline can validate or correct what you’re told.

Even if you decide to work with a broker, it’s helpful to do some homework on your own. The www.medicare.gov web site provides ratings for insurance plans in your area (on a scale of 1 to 5, based on quality of care and customer service), and also helps you determine which prescriptions are covered and at what cost.

The two most important decisions hinge on whether to go with a supplemental plan or advantage plan, and what kinds of costs you may be looking at for prescriptions. The issues seniors need to think about most, Reeg said, are cost and choice.

“At 65, it’s the only time you’re guaranteed a supplement plan” without getting a physical or going through underwriting, Cave said. If anyone has a pre-existing condition such as cancer or heart problems, and thinks she may want a supplement plan later, “age 65 would be the time to get it,” she said.

And besides important issues such as premiums, deductibles, co-pays and out-of-pocket maximums, you also want to look at whether a particular plan covers things that are important to you: Does it cover dental or vision or hearing aids? Does it include a gym membership? What about physical therapy or chiropractic care or a skilled nursing facility?

Seniors can change plans every year during fall open enrollment.

Reeg of the state said 60 percent of Medicare recipients who buy add-ons choose supplement plans, which cost more but cover more and offer more choices for hospitals and doctors. It’s also a hedge, because there’s no guarantee they can get a reasonably priced supplement plan later. Meanwhile, 40 percent choose advantage plans.

Halle agreed most of his clients choose supplements. “As you get older,” he said, “you’re not going to get healthier.”

QUESTIONS TO ASK:
AARP recommends making a checklist of questions to ask regarding every Medicare insurance plan you’re considering. Make a table or spreadsheet of the information to make it easier. Here are some good ones to start with:
1. How much will I have to pay for premiums, deductibles, doctor visits and hospital stays?
2. Will I have to choose hospital and health care providers from a network?
3. Will my existing doctors accept the coverage? If not, are there doctors near me who will?
4. Will I need referrals to visit specialists?
5. Will the plan cover me if I get sick while traveling in another state?
6. What will my prescription drugs cost?
7. Are my drugs on the plan’s drug list?
8. Does the plan include the pharmacies I use now?
9. Can I get my prescriptions through the mail?
10. Does the plan have a good quality rating on that 1-5 scale? (You probably don’t want anything with less than 4 stars.)

WHEN TO SIGN UP:
When do people need to sign up for Medicare? There’s a seven-month window when people generally should sign up for Medicare A, not the supplemental policies we’re talking about. The seven-month window includes the three months before the month of one’s birthday, the month of the birthday, and three months after the birth month.

But note, if you wait until after your birth month, coverage won’t begin for several months. When you sign up for Medicare A, you can also enroll in Medicare B. You don’t have to at that time if you’re still employed, enrolled in a qualified group plan, or your spouse’s group plan. If you don’t sign up for Medicare B within eight months after coverage ends with the group plan, you could face a higher premium forever of up to 10 percent a year for every year you delayed enrollment.

Original Source: https://www.cleveland.com/business/index.ssf/2018/06/medicare_10_questions_to_ask_b_1.html

Written By: By Teresa Dixon Murray, The Plain Dealer

Orignal Date: Junr 3 2018

Medicare Supplemental Insurance Plans Available in Texas

In order to be covered for services that are not currently allowed by Medicare, a senior would have to carry and pay the premiums, copayments for supplemental insurance plans. Unfortunately, these plans can be a bit tricky when it comes to trying to figure out which of them is best for you to choose in order to get the best deal for yourself.

 

These Medicare Supplemental Insurance Plans also referred to as Medigap Plans are all pretty much the same since they are heavily regulated by the Federal Government. However, because they are offered by private insurers the pricing will vary depending on the company that is making the offer.

 

You still want to educate yourself on what is fully covered and what is not when it comes to Medicare. This way you can be sure that whatever Supplemental Insurance plan you ultimately choose is going to cover all of your medical needs moving forward. Another important aspect of Medicare Supplemental Insurance Plan is that you are able to choose one that you would be able to afford to cover the premiums, copays, and deductibles.

 

7 Important things to know about Medicare Supplemental Insurance Plans

 

You must already be covered by Medicare Part A and Medicare Part B.

You must already be covered by a Medicare Part A or Part B to qualify for a supplemental plan. You need to select a supplemental insurance policy that fit your needs.

 

All costs of supplemental insurance are on you.

You are going to have to cover all of the costs of the supplemental insurance policy which includes premiums, copayments and deductible payments. This is all on top of having to pay your Part A and Part B.

 

Supplemental insurance plans only cover one individual.

Even if both you and your spouse are qualified for a supplemental insurance policy you cannot get a policy that covers you both. You must purchase two separate policies and pay separate fees for each.

 

All fully paid supplemental policies cannot be canceled.

All supplemental policies continue to be enforced as long as you pay the premiums. This includes any major medical issues that would ordinarily be grounds for cancellation.

 

All new supplemental policies do not include prescriptions.

Even though Medicare supplemental policies used to have prescription drug coverage prior to 2006, this has been permanently changed and this means no prescription drug coverage.

 

You cannot combine a Medicare Advantage Plans with Medigap Supplemental Insurance Plans.

 

The rules are set up in a way that you cannot have a Medical Savings Account and then buy a supplemental insurance plan.

You can go to any insurance broker who is licensed to sell supplemental insurance policies within your state.

 

Learn more about Medicare Supplemental Insurance plans, rates and more at http://www.emedicare-supplemental-insurance.com.  Medicare Supplemental Insurance brokers will help you compare Medicare Supplemental Insurance rates and plans.  To talk to an expert in Medicare coverage toll free 877-202-9248 today!

The ABCs of picking a Medicare supplemental policy

A supplemental Medicare policy (also known as Medigap insurance) will help pay for things that aren’t covered by Medicare like copayments, coinsurance and deductibles. [Thinkstock photo]

Dear Savvy Senior,

Can you provide any advice on choosing a Medicare supplemental policy to help cover things outside of Medicare? I’ll be 65 in a few months and could use some assistance.

— Looking for Help

Dear Looking,

If you plan to enroll in original Medicare, getting a supplemental policy (also known as Medigap insurance), too, is a smart idea because it will help pay for things that aren’t covered by Medicare like co-payments, co-insurance and deductibles. Here are some tips to help you choose an appropriate plan.

Medigap plans

In all but three states (Massachusetts, Minnesota and Wisconsin), Medigap plans, which are sold by private health insurers, come in 10 standardized benefit packages labeled with the letters A, B, C, D, F, G, K, L, M and N.

Plan F is the most popular policy followed by plan C because they provide comprehensive coverage. Plans K and L are high-deductible policies that have lower premiums but impose higher out-of-pocket costs. Plan F also offers a high-deductible version in some states. And a popular middle ground policy that attracts many healthy beneficiaries is plan N.

For more information on the different types of plans and the coverage they provide, including Medigap options in Massachusetts, Minnesota and Wisconsin, see Medicare’s “Choosing a Medigap Policy” guide at Medicare.gov/pubs/pdf/02110-medicare-medigap.guide.pdf, or call 800-MEDICARE and ask them to mail you a copy.

How to choose

To pick a Medigap policy that works best for you, consider your health, family medical history and your budget. The differences among plans can be small and rather confusing.

To help you choose, go to Medicare.gov, and click on “Supplements & Other Insurance” at the top of the page, then on “Find a Medigap policy” and type in your ZIP code. This will give you a list of the plans available in your area, their price ranges and the names, and contact information of companies that sell them. But it’s up to you to contact the carriers directly to get their specific pricing information.

You can also compare Medigap prices on most state insurance department websites (see NAIC.org/state_web_map.htm for links), or you can order a personalized report from Weiss Ratings for $99 at WeissMedigap.com.

Since all Medigap policies with the same letter must cover the exact same benefits (it’s required by law), you should shop for the cheapest policy.

You’ll get the best price if you sign up within six months after enrolling in Medicare Part B. During this open-enrollment period, an insurer cannot refuse to sell you a policy or charge you more because of your health.

You also need to be aware of the pricing methods, which will affect your costs. Medigap policies are usually sold as either: “community-rated” where everyone in an area is charged the same premium regardless of age; “issue-age-rated” that is based on your age when you buy the policy, but will only increase due to inflation, not age; and “attained-age-rated,” that starts premiums low but increases as you age. Community-rate and issue-age-rated policies are the best options because they will save you money in the long run.

You can buy the plan directly from an insurance company, or you can work with a reputable local insurance broker.

Drug coverage

You also need to know that Medigap policies do not cover prescription drugs, so if you don’t have drug coverage, you need to consider buying a separate Medicare Part D drug plan too. Go to Medicare.gov/find-a-plan to compare plans. Also note that Medigap plans do not cover vision, dental care, hearing aids or long-term care either.

Alternative option

Instead of getting original Medicare, plus a Medigap policy and a separate Part D drug plan, you could sign up for a Medicare Advantage plan that provides all-in-one coverage. These plans, which are sold by insurance companies, are generally available through HMOs and PPOs. To find and compare Advantage plans, go to Medicare.gov/find-a-plan.

Original Source: https://newsok.com/article/5586443/the-abcs-of-picking-a-medicare-supplemental-policy

Written By: Jim Miller

Original Date: Mar 13 2018

Medicare Supplemental Insurance Plans Available In Tennessee

Finding affordable Medicare Supplemental insurance in Tennessee isn’t hard to do if you know where to look. Medicare Supplement insurance plans in the state cover some of the costs that aren’t paid for by Medicare Part A or Part B of what the original Medicare covers. These costs are usually associated with deductibles, copayments, and other expenses considered to be out of pocket. With Medicare Supplemental insurance, which is also known as Medigap, you’ll be covered from some of these expenses so that you don’t have to pay extra every time you see a healthcare professional.

Medigap plans in Tennessee might also cover things like coinsurance for hospice care and coverage while traveling to foreign countries. However, it’s good to know that Medigap plans do not include the coverage of prescription drugs and you will need to enroll in Medicare Part D if you need prescriptions.

Supplemental Insurance Plans in Tennessee

Most states offer 10 different Medicare Supplemental insurance plans, each positioned with a designated letter. These plans are standardized by Medicare so that each of the 10 plans under each specific letter of the alphabet offer identical coverage. For example, Plan A in Tennessee would include the same coverage no matter what company is offering that plan. However, the cost of the plan can vary from each company and county and even state. In the same notion, Plan B or Plan C will be different from Plan A when it comes to costs and coverage.

How to Select a Medicare Supplemental Insurance Plan In Tennessee

Not every Medigap plan will be available from every insurance company in the state and their monthly premiums will vary from company to company. Plus, it’s good to keep in mind that just because you have lower monthly premiums, you might have higher out-of-pocket expenses when you seek out medical services. If you are looking for Medicare Supplemental insurance in the state of Tennessee, you should become familiar with the different types to choose the best one for your own needs and budget. Once you find a plan, you should then compare plans between different companies to find one that best fits your budget.

Learn more about Medicare Supplemental Insurance plans, rates and more at http://www.emedicare-supplemental-insurance.com.  Medicare Supplemental Insurance brokers will help you compare Medicare Supplemental Insurance rates and plans.  To talk to an expert in Medicare coverage toll free 877-202-9248 today!

 

The value of working an extra year or two before retirement

To retire or not retire.

That is the question many baby boomers are pondering as they approach the traditional age of retirement. On one hand, they want to enjoy the retirement they worked so hard for. Yet on the other, they may not be ready to leave the workforce and live off their savings.

If you are on the fence about whether to continue your career, transition to a new full- or part-time role or retire, you are not alone. Consider the following benefits of working another year or more before retirement.

Working longer can give you the opportunity to boost your nest egg

Continuing to earn a paycheck can allow you more time to save and invest for your future. You can use this extended earning period to make catch-up contributions to your retirement accounts and maximize employer contributions to your 401(k), if applicable. Allowing your investments to continue to grow can strengthen your ability to weather potential market volatility down the road. Additional savings also may give you confidence that you’ll have enough money to live the lifestyle you want in retirement.

Working longer often means less time relying on your retirement savings

According to the Social Security Administration, if you turn 65 today, you can expect to live, on average, until age 84 if you’re a man and until age 86 if you’re a woman. Furthermore, one in four 65-year-olds lives past age 90. This longevity means you have a good chance of living 20 or even 40 years in retirement. Spending extra time in the workforce can help you avoid dipping into your retirement fund early, which could make a difference in your total savings over the long term.

Working longer can allow you time to plan your healthcare strategy

Your potential for a long retirement means you’ll also need to plan for increased healthcare costs. A recent survey by the Employee Benefit Research Institute found that a couple could spend up to $360,000 on health care in retirement, and this sum doesn’t factor in expenses not covered by Medicare and long-term care.

Continuing to work gives you time to figure out your game plan for managing these rising costs. Starting at age 65, you can register for Medicare. Do your research to ensure you understand what expenses are covered by Medicare Parts A and B, and drug insurance (Part D) and consider if you need to purchase supplemental insurance to fill in any coverage gaps. Also, review your long-term care policy, health savings account or other designated health care funds, if you have them, so you know how you can handle potential health expenses. Share your plans with key family members so they understand your wishes, and consider making them formalized with a health care directive.

Working longer can give you time to recreate your paycheck in retirement

Retirement income often comes from a complex patchwork of sources, which can make recreating your paycheck seem daunting. But there’s hope: An Ameriprise study found that baby boomers who created a plan for their income were three times more likely to feel completely confident they’ve saved enough money to last throughout retirement.

As part of the process, you’ll need to choose whether to apply for Social Security benefits right away or wait in exchange for a larger monthly check. You’ll also decide which accounts to tap into first, and which sources you’ll reserve for income down the road. You may have a variety of sources to consider, such as IRAs, 401(k)s, pensions, stocks, bonds, annuities and certificates of deposit. You’ll also need to factor required minimum distributions for your non-Roth retirement accounts into your income equation. Starting at age 70 1/2, generally you will need to draw down a certain amount of your assets. Withdrawing the incorrect amount can result in costly penalties, so it’s important to calculate it right. Taking the time to develop your strategy can help you minimize withdrawals and keep more of your money working for you over time.

Working longer gives you time to figure out your next step

Crafting a retirement plan is about more than the money. It’s also about deciding what activities you’ll pursue to make your retirement meaningful. Use the last months of your career to plan your next chapter. If you’re not ready to leave the workforce, explore your options for part-time or consulting work. Or, consider community service, board or advocacy roles you may not have had time for while working a full-time job.

Extra time in the workforce can help supplement your savings and fortify your ability to afford a more rewarding retirement. Work with professionals to test various retirement scenarios and determine the right time for you to leave the workforce.

Original Source: http://www.thenewsherald.com/opinion/the-value-of-working-an-extra-year-or-two-before/article_c1ad6b9c-1f3d-5ee4-9d8f-af051fad1296.html

Original Date: 5/22/18

Written by: Shawn Bumgardner