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

10 Truths About Retirement

Your retirement will be very different from what your parents experienced.

Happy senior couple taking selfie on beach during summer

Many people travel in the early part of retirement, then slow down as they get older. (Morsa Images/Getty Images)

Retirement has changed a lot in recent years, and may be far different from what you expect. You might spend two or more decades in retirement, and you will be responsible for paying your bills and setting up a fulfilling lifestyle. Here are ten truths about today’s retirement:

1. This is not your father’s retirement. The days of the 40-year career with the same company are gone. The gold watch is gone. In many cases, the pension is gone as well, or was converted to a self-managed IRA or 401(k) plan. The first truth of retirement is that we are responsible for our own finances.

2. You’ll probably live longer than your parents. The average life expectancy for a 65-year-old is 19 years, and many of us will live another 25 or 30 years. The good news: We have more opportunities to pursue new dreams, reinvent ourselves or just bask in the glow of a well-lived life. The bad news: You have to pay for it.

3. Medicare does not cover all your health care costs. Medicare is the government health insurance program for people age 65 and over. The program covers a lot of the services older people require, but you also need supplemental insurance to help pay doctor’s bills, prescription costs and dental expenses. And even supplemental insurance doesn’t pay for everything, especially when it comes to hearing aids, eyeglasses and a host of other age-related health expenses.

4. You need to take care of yourself. Retirement is the time when all the bad habits of your youth come home to roost. But it’s not too late to give up smoking, start eating right and begin an appropriate sports or exercise program. A healthy diet and regular exercise routine are the key factors for keeping our bodies running smoothly and painlessly into our 70s and 80s.

5. You still have to plan for the future. Retirement is not a constant. There are many stages of retirement, from an active early retirement to perhaps needing personal care for daily needs later in retirement. So think about your living quarters, and whether you want to still be climbing stairs or taking care of a yard a decade from now. Consider long-term care arrangements for your later years. Plan your investments not just for the next few years, but for a longer span of time that may involve periods of inflation or another recession.

6. There’s more to retirement than money. You can have all the retirement funds in the world and still be bored, lonely and frustrated. Conversely, you don’t need a huge retirement portfolio if you’re ready to make some major lifestyle changes, such as living abroad, sharing living quarters or doing something unconventional that you find exciting, creative or fulfilling. In retirement, even more so than in your younger years, money is not an end in itself, but a resource to help accomplish the things you want to do.

7. Time is of the essence. The retirement paradox is that we are more aware that time is ultimately limited, yet we have more time now because our days are not crammed full of work or family responsibilities. So there’s no room left for procrastination. If you have a dream, now is the time to pursue it, whether it’s traveling to the seven wonders of the world, finding a peaceful spot on a far-flung beach, starting your own business or reconnecting with children and grandchildren.

8. There’s no time for regret. None of us have come this far in life without making a few mistakes. Don’t let them haunt you. The past is over and done with. There’s nothing you can do about it now. Just accept what happened and let it go.

9. Talk to your loved ones about end-of-life decisions. It’s not a pleasant task, but it needs to be done. Most experts recommend a health care proxy so someone else can make crucial medical decisions if you are incapacitated. A power of attorney allows someone else to use your money to pay your bills. And a will directs what will happen to your leftover assets when you die. It’s better that you make that decision rather than let the government do it for you.

10. You are responsible for your own retirement. You will need to find a way to pay your bills without income from working in retirement. Beyond that, perhaps for the first time, you are now in charge of your own life. You no longer answer to a boss and are no longer tied down by family responsibilities. And so the most important truth of all is that the retirement you get is the retirement you’ve prepared for. Retirement is, literally, a once-in-a-lifetime opportunity. So go ahead and make the most of it.

Original Source: https://money.usnews.com/money/blogs/on-retirement/articles/2018-05-10/10-truths-about-retirement

Original Author: Tom Sightings

Original Date: May 10 2018

Medicare Supplemental Insurance Plans Available in Michigan

Michigan Medicare enrollees who are signed up for Original Medicare, Part A and Part B, may find that not all their health care expenses are covered.  To cover the gaps that are left with Medicare Michigan participants can choose to enroll in one of ten different Medicare Supplemental Insurance Plans, otherwise known as Medigap.  These expenses can include copayments, coinsurance, deductibles, and other extra healthcare expenses.

It is best to enroll in Medigap insurance plans during your six-month open enrollment period which begins the first day of the month you turn sixty-five and are enrolled in both Medicare Part A and Part B.  During this period, if you have any medical problems, you are still able to sign up for Medicare supplemental insurance plans in Michigan.  There is no medical underwriting required during the open enrollment period, premiums are not based on pre-existing conditions, and choosing a plan is completely up to you.

Once the six-month open enrollment period has lapsed, you may still apply for Medicare supplemental insurance plans however during this period you may be required to undergo medical underwriting, pay higher premiums, and can be denied coverage based on pre-existing conditions.

Comparing Medicare Supplemental Insurance Plans in Michigan

Michigan Medicare supplemental insurance plans costs may vary a great deal depending on the insurance company it is purchase through and where you are located.  Medigap benefits, no matter where the insurance is purchased, are the same.  Medigap Plan A from Blue Cross is the same coverage you will receive from Medigap Plan A from Humana.  To determine what Medigap plan is best for you do a comparison between plans to evaluate which plan is the best for your healthcare needs and budget.

It is crucial to evaluate and compare all the available Medicare supplement insurance plans within Michigan.  Medigap brokers can offer a comparison between plans and premiums to help you find what you are looking for and what plan makes the most sense for you.

The most popular Medigap plan for Michigan Medicare enrollees is Plan F, which is no longer going to be available as of 2020.  It is the most comprehensive Medigap plan for beneficiaries to choose.  The benefits of Medigap Plan F include:

  • Medicare Part A Coinsurance & Hospital Costs: Up to an additional 365 days after Medicare benefits are exhausted
  • Medicare Part B Coinsurance/Copayments
  • The first 3 pints of blood
  • Medicare Part A Hospice Care Coinsurance/Copayments
  • Coinsurance for Skilled Nursing Facilities
  • Medicare Part A Deductible
  • Medicare Part B Deductible
  • Excess Charged in Medicare Part B
  • Foreign Travel Emergency Coverage: Up to the plan limits

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!

AGING MATTERS: How to get the best price for a Medicare Supplement plan

Close to 11.9 million American seniors opt-in to purchase a Medicare Supplement (Medigap) insurance plan. But to most, it’s a confusing process knowing which plan best fits our healthcare requirements. What’s even more significant, are we paying too much? I read a study that said some of us overpay by thousands of dollars. We need a quick and easy way to find the best, and least expensive, option.

What’s surprising is the Weissratings.com 2017 data shows that over 3,500 examples of insurance companies overcharge for Medigap insurance. To give you just a few examples cited by the study:

• A 65-year-old woman in Idaho shopping for a Plan F or H could pay $2,004.08 per year from one provider, or $244.00 per year from another. A difference of $1,760.08.

• A 75-year-old male living in New Hampshire, purchasing a Plan F could pay $8,121.96 per year for that coverage. Or, if he had all the information, he could pay $1,820.28 per year for the same coverage and save $6,301.68.

• A 75-year-old male living in Pennsylvania, looking for a basic Plan A, might pay $11,801.64 per year if his insurance agent recommends one particular provider, or he could go with the least expensive provider and only pay $958.00 per year, saving $10,843.64.

What to remember: All Medicare Supplement insurance plans are standardized by the government, so all insurance companies provide the same coverage. Why would you want to pay more than you need for the same coverage? To me, it’s critical that you need to know.

Where does the company get the Medigap data? They collected it for nearly two decades. They don’t sell insurance or partner with insurance providers, so their reports give the full scoop about what to look for and what to watch out for when deciding on a provider.

The report costs $99. I got one for free since I’m writing this article. But if you don’t want to pay $99, when your Medigap insurance term is up for renewal, just call the insurance broker and have them give you a quote on all plans in that category.

For example, I have Plan G. I pay $107 a month. All rates depends on age, where you live and other factors including the rating of the company. But when I researched the prices of Plan G premiums, they varied from $97 to $256 a month for the same coverage and benefits. The company I buy the Plan G from has a C- rating which I wasn’t aware of and wonder if that’s an at-risk operation. Weiss Ratings explained to me via phone that a C- company means it’s a fair rating — financially.

You can access the custom guide to help you get the best deal from the best provider. They simply enter their age, sex, and zip code online, and in minutes you’ll have a personalized guide.

What to remember:

All Medicare Supplement insurance plans are standardized by the government, so all insurance companies provide the same coverage.

Carol Marak, aging advocate, and editor at Seniorcare.com. She’s earned a Certificate in the Fundamentals of Gerontology from UC Davis, School of Gerontology.