Soon be 65? The Social Security system no longer automatically enrolls individuals in MediCARE. I recommend calling your local Social Security Office for a face to face appointment to sign up - vs calling 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%. It can be a big risk!
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 options available and the certainty gain when you buy one of the following two types of Medicare Health Plans:
First: Medicare Supplements. Pays, depending on the plan, part or all of the medical treatment expenses not paid by MediCARE. Some points about this special health insurance often called MediGap plans:
- 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 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.
- You can receive medical treatment from any MediCARE provider, no matter what state you are in, which provides flexibility? 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 normal outpatient prescription medications. What to do? Gain help in paying for your 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 have what is called credible prescription coverage such as an employer plan.
Second- Medicare Advantage (MA). These plans are MediCARE's Part C. Some points:
- Provide at least the same or more benefits as in original MediCARE. Most MA plans, which are available from private medical insurance companies, charge a monthly premium. Some have no premium.
- Individuals have co-pays when they receive medical treatment through the MA companies network of providers. Co-pay cost sharing is however limited with the plan's 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 buying 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 # (860) 451-9793 today. We can meet for a no cost to you conversation to:
- Translate all the information you received or have found to 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