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 to meet with a retirement person. Surveys have reported errors when the 800# was called so going to the Local Office is best.
Note: When you call the Local office they will want to handle your request to enroll over the phone but you can ask to set up an in person appointment.
Surveys of people close to 65 report more than 50% are confused about MediCare. Thus, lets have a no cost discussion to simplify the complexities of MediCare's Part A and Part B a couple months before you are 65. Call my Google Voice # today - (860) 451-9793 to set up a time to talk or meet. You can also send a Text.
A look at Part B: MediCare pays 80% of the amount it has approved for physician and outpatient procedures! Thus, since so much treatment is outpatient today it important to have insurance to cover your 20%. You can buy either:
A Medicare Supplement so you can receive medical treatment from any provider in any state, that accepts MediCare's payment. Some points about supplements: Note: They are often called MediGap plans.
- Supplements are purchased from private companies. Plan A has the least amount of coverage. B, C, etc. have more. No matter which company you select the coverage 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 annual deductible, which is $166 in 2016, a $20 co-pay for office visits, and a $50 co-pay for any 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 Supplement Plans. Thus, to help pay for the medications you receive at a pharmacy you can enroll in a MediCare Prescription Drug Plan (PDP). These plans are MediCare's Part D. Enrolling 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. These plans are MediCare's Part C. Some points on Medicare Advantage in Connecticut plans:
- They provide at least the same or more benefits as original MediCare.
- You receive medical treatment through the companies network of providers and pay a co-pay or cost sharing. One point of interest to many - you can receive more no cost preventive care, including annual physicals, then under original MediCare.
- Your annual cost sharing is limited by the plan's Maximum Out of Pocket (MOP) provision.
- You can buy a MA plan from privates companies, which have a yearly contract with MediCare. The MediCare system pays MA plans a fixed monthly payment for each person who enrolls. You also pay the company you select a monthly cost, which varies, based on the plan's MOP.
- Most MA plans include coverage for Part D prescription expenses, which makes them a MAPD plan.
- Since MA plans have additional preventive treatments and usually have lower monthly cost they are often more economical than a MediGap plan plus a Part D plan. This results in MAPD's being of interest to many.
Another way to lower the monthly cost of your MediCare Health Plan 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. This Supplement is available from a few companies in Connecticut
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? For example:
- When a new employer plan is not effective for a couple months they can cover any unexpected medical situations?
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