Soon be 65? The Social Security system no longer automatically enrolls individuals in MediCARE when they turn 65.
Suggest calling the local Social Security office and set up a meeting with a retirement person. Going to a local office is best. There are many reports of errors when the 800# was called.
A couple months before you are 65 lets meet for a no cost discussion to simplify the complexities of MediCARE's Part A and Part B. Call my Google Voice # today or send a Text - (860) 451-9793 to set up a time.
Part B pays 80% of the amount MediCARE approved for physician and outpatient procedures! Thus, to cover part or all of your 20% it's important to buy either: A Medicare Supplement. This type of Medicare Health plan allows you to receive medical treatment from any provider in any state, that accepts MediCARE's payment. Supplements are often called MediGap plans. Some points:
- Supplement A has the least amount of coverage. Supplement B, C, etc. have more. Plans are offered by private companies. No matter which Plan you select the coverage from any company will be the same. However, the monthly cost can vary considerably between companies.
- Plan N's monthly cost is lower than full coverage Plan F. You pay Part B's deductible, which is $166 in 2016, a $20 co-pay for office visits, and a $50 co-pay for emergency room visits.
- 9 out of 10 people are happy with their Medicare Supplements.
What about prescriptions? MediCARE's Part A, or Part B do not cover outpatient prescription medications nor do any Supplements. Thus, to help pay for medications you receive at a pharmacy MediCARE created the Prescription Drug Plans (PDP). It's MediCARE's Part D. Enrolling when you sign up for Medicare is important. Even if you currently do not take any medications. Why? A penalty is applied unless you had, prior to enrolling, credible prescription coverage such as through an employer plan.
Or a Medicare Advantage (MA) plan, which is MediCARE's Part C. Some points on Medicare Advantage in Connecticut plans:
- They provide at least the same or more benefits as original MediCARE and are available from private insurance companies.
- You can receive more preventive care, including annual physicals, then in original MediCARE.
- When you receive medical treatment, through the companies network of providers, you pay co-pays or cost sharing. Your costs, during the plan year, are limited by the plan's Maximum Out of Pocket (MOP) provision.
- MA companies have a yearly contract with MediCARE and are paid a fixed monthly payment for each person who enrolls. You also pay your company a monthly cost, which varies, based on the MOP in your plan.
- Most MA plans include coverage for Part D prescription expenses, which makes them a MAPD plan.
- The monthly cost for a MAPD plan is usually more economical than a MediGap plan plus a Part D plan thus, they are of interest to many.
Another way to lower your MA plans monthly cost and cost sharing is to select the High Deductible Medicare Supplement. ($2,180 in 2016) Together with a Part D plan for medications your cost would be lower than some MAPD plans. They are available from a few companies in Connecticut
Note: Surveys of people close to 65 report more than 50% are confused about MediCARE and only about 10% understand Medicare's Part C!
I would like to Ask - call my Google Voice # today or send a Text - (860) 451-9793. We can have a no cost discussion about your interests, simplify any confusing parts, and:
- Review the value of a Medicare Supplement in Connecticut or Medicare Advantage in Connecticut plan.
- Help you select the best type for your situation.
Under 65 and Interested in coverage for a short time?
Short Term Medical (STM) plans are economical but are not qualified health reform plans. They also do not cover any pre existing conditions. What do they do? Cover unexpected medical situations for a short period. For example:
- When a new employer plan is not effective for a couple months?
You can view STM options and costs on the Parker Agency page on HCC Medical Insurance Services. HCC is rated A+ (Superior) by A.M. Best.
You can look here for network providers.
Questions on short term plans? Send a note to - John@Parker.agency