Soon be 65? The Social Security system no longer automatically enrolls individuals turning 65 in MediCARE. I recommend a face to face meeting in the local Social Security office to sign up. Best to call the local office and ask for an appointment with a retirement person - vs the 800#.
MediCARE's Part B pays just 80% of the allowed amount for your physician and outpatient treatment! What to do? Buy a Medicare Health plan to cover your 20%.
I'm pleased to help those soon eligible or others 65 or older understand how Medicare's Part A (hospitalization) and Part B (out patient) work. We can also discuss the certainty gained when you buy one of the following two types of Medicare Health Plans:
Note: The annual enrollment for coverage effective January 1, 2015 begins Oct. 15, 2014 and runs to Dec. 7th.
First: Medicare Supplements. They pay, depending on the plan, part or all of the medical treatment expenses not paid by MediCARE and are often called MediGap plans. Some points about this special health insurance:
- Supplement Plan A has the least coverage. Supplement B includes more. F provides full coverage.
- The coverage or benefits in each Medicare Supplement in Connecticut plan is the same but there can be considerable variation in the monthly premium charged by the private insurance companies offering the plan.
- Supplement N has cost sharing and a lower monthly cost than F. You pay Part B's small deductible, a $20 co-pay for office visits, and a $50 co-pay for emergency room visits.
- Enrolling means you gain the flexibility to access medical treatment from any MediCARE provider, no matter what state you are in! A recent survey of enrolled individuals found 9 out of 10 reported they were happy with their Medicare Supplement coverage.
MediCARE's Part A, or Part B, or a Supplement do not cover the outpatient prescription medications you receive at the pharmacy. What to do? Gain help in paying for outpatient medications by enrolling in a Medicare Prescription Drug Plan (PDP). It's MediCARE's Part D. Enrolling is important! If you don't sign up for a Part D plan a penalty will be applied unless you are covered by what is called credible prescription coverage such as an employer plan.
Second- Medicare Advantage (MA), which are MediCARE Part C. Some points about these plans:
- Provide at least the same or more benefits as original MediCARE. MA plans charge a monthly premium and are available from private medical insurance companies. Some have no premium.
- Individuals receive medical treatment through the MA companies network of providers. The plans have visit co-pays and cost sharing, which is however limited with an annual maximum out of pocket (MOP) provision.
- MA companies have a yearly contract with MediCARE and receive a fixed monthly payment for each person who enrolls. Most also include coverage for Part D prescription expenses. This makes them a MAPD plan and easy to use.
- Companies offering Medicare Advantage in Connecticut include more extensive preventive care, such as an annual physical, then in original MediCARE.
- MA plans are usually more economical than a MediGap plan plus a Part D plan. Thus, they are of interest to many individuals.
Another way to lower the monthly premium for a Medicare Health plan and reduce your cost sharing is to select the High Deductible Medicare Supplement ($2,140 in 2014). Together with a Part D plan for medications the monthly cost is lower than some MA plans.
Surveys of people close to 65 tell us more than 50% are confused about Medicare and only about 10% understand Medicare's Part C!
I would like to - Ask you to call my Google Voice # today - (860) 451-9793. We can meet for a no cost to you conversation to:
- Translate all the information you received or have found and help you select an effective option.
- Compare the value gained with a Medicare Supplements in Connecticut or Medicare Advantage plan in Connecticut.
You can also send a note to - John@Parker.agency
Protect your finances when traveling out of the US?
Special travel coverage is needed to protect the investment you made in a vacation or business trip. You gain certainty in case of trip cancellation or interruption; lost baggage; medical evacuation; and more. The details on the Trip Protection plan can be reviewed here. You can also enroll online.
Interested in coverage for a short time?
Short Term Medical plans do not cover any previous pre existing conditions but are an effective and economical approach, when protection from unexpected medical situations is only needed for a limited period such as:
- Between jobs?
- When a new employer plan is not effective for a couple months?
You can view various deductible options and costs on the Parker Agency site of 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