Category Archives: Medicare Supplement Insurance

Helping Seniors Battle the New Financial Fears

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Battling a Down Economy: New Financial Fears for Seniors

Medicare Supplement Insurance for Seniors

Financial Planning for Seniors

 

There was a time when most of us looked towards retirement with at least some measure of joy. Just the word “retirement” could spark day dreams of traveling the world, relaxing with a stack of books, spending time with the family, and the chance to do all the things you couldn’t do when working. Unfortunately, those visions aren’t the norm for many senior citizens today. Concerns over health care costs, the growing need for Medicare Supplemental Insurance (aka Medigap Plans), and questions surrounding the country’s economy and social security have led many senior citizens to work longer and put many of those retirement dreams on hold.

A recent report focusing on the financial concerns of senior citizens put out by the IASP (Institute on Assets and Social Policy) demonstrated that over the last several years, economic insecurity among senior citizens has steadily climbed, and according to IASP, these insecurities are justified:

“In only four years, the number of seniors at risk of outliving their resources increased by nearly 2 million households. Using the Senior Financial Stability Index, economic insecurity among seniors increased by one-third, rising from 27 percent to 36 percent from 2004 to 2008.”

Despite the dire outlook and rising insecurity, there are still a number of options out there that can assist seniors in retirement. Managing assets as a retired senior can differ from asset management while still employed, but many of the best practices remain the same. Talk to an expert in the field about potential investments (and the risks involved with those investments), basic budget cutting techniques, and developing an overall financial strategy that fits your particular desires and your particular financial situation. Most importantly, make sure you’re dealing with someone you trust and whose main goal is to work within your parameters.

The current economic situation in the country has people of all ages concerned. One of the best things you can do as a senior citizen is to stay informed and to become familiar with all of the financial options out there for you.

Medigap Limits – Will It Cost Seniors Money

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Will Medigap Limits Cost You Money and Health Care Coverage?

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As the debate over the debt ceiling, budget cuts, and economic stimulation wages on in Washington, DC, it’s hard to escape the fact that Medicare is often “on the table” during almost all discussions regarding “deficit reduction.” There are a range of proposals that would affect Medicare, but there are questions as to what those proposals will actually mean for beneficiaries. One federal deficit reduction plan would limit Medicare supplemental insurance (Medigap insurance) plans by restricting coverage of deductibles by those plans.

As with most arguments, those in agreement lock on to a set of positives, while those opposed turn to the negatives. So, let’s take a look at both sides to try to get a clearer picture of who will benefit and who won’t. By restricting Medigap coverage, the government could save money and reduce the debt. However, as a recent report on potential Medigap Limits points out, not all those who depend on Medicare and Medigap coverage will be able to make up for the added personal costs:

“…restricting coverage of deductibles by Medigap plans could save anywhere from $1.5 billion to $4.6 billion a year, depending on how much out-of-pocket expenses elderly beneficiaries would be required to pay.” (from Reuters).

In fact, the study goes on to say that “about one in five Medigap enrollees would pay more.” The hardest hit would most likely be families with a moderate income. Along with financial concerns, others are afraid that enrollees will simply pass up on healthcare treatment that they need in order to avoid the added cost. Those in support of the proposal insist that it will simply reduce unnecessary trips to the doctor and elective care.

There’s very little question that changes to Medicare are on the horizon, which means Medigap coverage could also see changes. Many have taken the “wait and see” approach to it all, but it’s a good idea to stay up-to-date on the latest proposals. After all, these potential changes to the system could change how you have to budget and how you have to look at healthcare.

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Medicare, Medigap Insurance, and Finding the Coverage You Need

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What Does Medicare Cover?

Healthcare continues to be a major topic of discussion on Capitol Hill, across the 24 hour news channels, and in homes all over the country. Unfortunately, a lot of these conversations and debates turn into political attacks, and some of the basic concerns get lost in the mix. Concerns like, “Does Medicare provide the coverage I need right now, or do I need to look into Medigap coverage?”
What is Medigap

Navigate Your Way Through Medicare

What is Medigap?

As the focus of the Medicare debate remains, for the most part, in the future tense, we try our best to focus on the here and now (at least from time to time). The fact is that as of right now, Medicare coverage doesn’t provide the full range of care that some seniors need. In fact, according to a recent report “about 1 in 6 Medicare beneficiaries purchased [Medigap policies] in 2008. (from Philly Burbs and Partnership to Protect Medigap)

Not everyone (seniors or otherwise) has the same healthcare needs or is in the same economic situation. However, everyone has the right to get all of the information on all of the options out there. As talks about the future of Medicare heat up as we approach the next Presidential election, don’t lose sight of the present state of Medicare.  2012 Presidential Election

  • Does it offer you all of the coverage you need? 
  • What options could Medigap coverage provide? 
  • Does Medigap coverage make financial sense for my specific situation? 

These are just a few of the questions you need to ask yourself and an expert in the field, even if the politicians and pundits aren’t asking them.

Five Common Mistakes People Make with Medicare

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There are five common mistakes that people on Medicare tend to make. Read over the

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following to make sure you are not victim to the pitfalls of Medicare.

Mistake #1- Getting on A Medicare Advantage Plan

Many people apply for a Medicare Advantage plan because they saw something they like about it. Unfortunately,MedicareAdvantage plans have a number of disadvantages that can hurt those who are members. To learn more about the problems with Medicare Advantage, click here. (Link to post about Medicare Advantage).

Mistake #2- Making A Hasty Decision

If you purchase clothes from a store without trying them on first, you may end up with something that doesn’t exactly fit. It’s this same hastiness that can get you in trouble with Medicare Supplement Insurance. Although it seems easier to go with a company you’ve heard of or one that your friend used, it may be hurting you in the end.  Take the time to research your options. Use an insurance brokerage, like Medicare Supplement Services, that works with several multiple Top Rated Medicare Supplement Insurance companies. This ensures someone is looking out for your best interest, instead of the commission they will receive for selling you something.

Mistake #3- Not Making A Decision at All

It can feel overwhelming to decide on something as important as Medicare Supplement Insurance, but don’t let your feeling of being overwhelmed deter you from making a decision. If you allow yourself to give up, you will be vulnerable to the gaps in your Medicare Insurance coverage. Speak to a Medicare Supplement Insurance specialist who can help you make an informed decision about supplemental insurance.

Mistake #4- Paying Too Little

If price is the only factor you’re basing your decision on, then you will may end up hurting yourself. You need to focus your attention on what a specific Medicare Supplement Insurance plan is covering. Look at the long-term benefits of getting comprehensive coverage. Your health is of upmost importance and should be treated as such.

Mistake #5- Paying Too Much

If you don’t do the necessary amount of shopping around, you may end up paying too much for Medicare Supplement Insurance. The different plans are standardized, which means they cannot be changed from one insurance company to another. If you have a supplemental plan in mind, find an insurance company that offers it at the best rate. You can cut the leg-work out of the process by calling Medicare Supplemental Services. We shop the various insurance companies for our clients, so they don’t have to. Our multiple company rate analysis lets clients quickly see which company offers the lowest quote for a particular plan.

Make the Right Decision on a Medicare Supplement Insurance Plan for Yourself and Your Budget.

Call Medicare Supplement Services today at (877) 812-7571 to find the best Medicare Supplement rates from the Top Rated Companies in the United States.

CNN Money Shows Medicare Advantage Plans are Poor Choice for Seniors

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Medicare Advantage Plans Often a Poor Choice for Consumers
CNN Money agrees with us in their December 2011 print edition (which unfortunately isn’t online yet). In the article, Lisa Gibbs writes:

Medicare Advantage Costs“A recent CMS (Centers for Medicare and Medicaid Services) secret-shopper survey of more than 1,900 Advantage marketing events found the majority of plan sponsors broke the rules in some way. A third of the problems involved leaving out important details about plan coverage, and 12% involved misrepresentation that could directly harm beneficiaries. ‘Medicare Advantage is a decent product,’ says Brent Barnhart, director of California’s Department of Managed Health Care. ‘But when agents look solely to make a quick sale, exploitation occurs.’”

And it’s not just the quick sale that motivates agents to fraudulent action that harms their customers. Their payday for enticing their customers to enroll in Medicare Advantage is significantly higher. According to the same article, “Under a rate schedule set by the CMS, agents earn a typical $408 for every new Advantage customer, then $202 a year for each renewal (the rates are higher in a few states), vs. just $53 for signing up seniors for a Medicare prescription drug [Part D] plan, which are also offered by private insurers.” Plus the commission an agent earns for a Part D renewal is only $27.

Medigap 360 is a broker of Medicare Supplement Insurance. We do not sell Medicare Advantage plans — never have, never will. There’s a reason for that and it has to do with principle. As Brandon Todd, our CEO, wrote in this article, “Beware of Medicare (Dis)Advantage Plans,” because:

  • “Many misinformed or unscrupulous insurance agents are misleading seniors into believing that Medicare Advantage Plans, which contain co-pays, deductibles, co-insurance and provider networks, are the equivalent of traditional Medicare with a Medicare Supplement Plan.
  • “Medicare Advantage plans restrict access to many providers or you will be liable for 100 percent of the costs.
  • “Medicare Advantage plans do not have lower premiums — though some salespeople try to compare the Medicare Advantage Premium to that of your Medicare Supplement, the benefits are only required to be equivalent to Medicare alone. Therefore you sacrifice coverage, options and often pay higher premiums than with traditional Medicare.
  • “If you are on Medicare Advantage, you no longer can legally buy a Medicare Supplement.

If Medigap 360 sold Medicare Advantage plans, our profit margin would be much higher. But we don’t and we never will. As company we do not believe it’s right to line our pockets while harming our customers.

Are you currently enrolled and would like to switch to a Medicare Supplement plan? Good news, starting this year the Feds have instituted a new Medicare Advantage Disenrollment Period (MADP) from January January 1st to February 14th. During this time period you can use this time period to return to your Original Medicare benefits from the federal government. You may also enroll in a stand-alone prescription drug plan.

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Medicare Supplement Insurance for Seniors : Medigap Plans

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Prevent Gaps in Your Medicare Coverage

Prevent Gaps in Your Medicare Coverage

It only takes a quick look at the news and the seemingly unending debate between politicians to see that the future of Medicare is still a bit up in the air. Regardless of what the future might hold, though, many senior citizens presently find themselves in a situation where standard Medicare benefits simply aren’t enough to cover all of their health-related costs. To increase health care coverage and to gain a bit of peace of mind in the process, many seniors are turning to Medigap Insurance (you might also hear it referred to as Medicare Supplemental Insurance).As is the case with most medical insurance coverage out there, Medigap offers a variety of options and it’s offered by a range of companies. So, what are some things you need to know before tracking down the Medigap Insurance Coverage and the provider that’s right for you? Well, in her recent article for Time, Choosing a Medigap Plan, Trudy Lieberman said what many of us have been thinking for a long time:

“It quickly became clear that the push to give consumers more choices and more information has actually made the job of picking a Medigap plan much harder. I ended up having to check out multiple websites, brochures, handouts and make several toll-free calls for assistance…”

Lieberman highlights the range of Medigap Plans you have to choose from:

“(A,B,C,D, Medigap Plan F,G,K,L,M,N), general costs, and much more. What’s important to realize about the Medicare Supplemental Plans is that each offers different benefits, and of course, costs vary between plans. Costs can also vary depending on region, so what one senior pays may not be equivalent to what someone who lives half-way across the country from them will pay.”

Lieberman’s article (and others like it) ultimately demonstrate that assistance is needed when looking into Medicare Supplemental Insurance. You need to work with someone who not only understands all of the Medigap Plan options but who also understands your specific health needs and your specific financial situation. If you do that, you should be able to find a plan that gives you the added coverage you’re looking for without having to break the bank.

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Your Medicare Supplement Guaranteed Issue Rights

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When dealing with Medicare Supplement Insurance, it is important to familiarize yourself with the rights you are guaranteed.

If you were to lose your health care coverage, you may have the right to purchase a

Know Your Medicare Supplement Guaranteed Issue Rights

Medicare Supplement Insurance policy without having to satisfy underwriting requirements. This is known as a guaranteed issue right. You must provide proof that you lost your health coverage to be eligible for the guaranteed issue right and purchase your Medicare Supplement Insurance plan without underwriting.

The specific Medicare Supplement Insurance plans eligible for your guaranteed issue depend on the state you live in.

The guaranteed issue right remains valid for 63 days, starting from the coverage date. When it comes to guaranteed issue rights, companies are not permitted to place any restrictions, such as pre-existing condition, waiting periods or exclusions, on these Medicare Supplement policies.

For more information on this subject or to determine if you are eligible for Guaranteed Issue or other Medicare Supplement rights, call an agent at Medicare Supplement Services at (877) 812-7571.

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Gaps in Medicare Insurance Coverage

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Click Now to Compare Medigap Rates!

There are several gaps in Medicare Insurance coverage. These gaps mean you could be left responsible for paying high costs out of your own pocket.  Research the various Medicare Supplement (Medigap) rates and plans, so you are fully protected by your insurance.

The gaps in Medicare Part A will leave you responsible for:

  • One deductible per hospital visit every 60 days
  • Co-insurance payments
  • Hospital services that extend 150 days per visit
  • Skilled nursing care co-insurance payments
  • Some home health care visits and services

The gaps in Part B will leave you responsible for:

  • Deductibles
  • Co-insurance payments
  • Services that are billed for or are beyond what Medicare Insurance allows

Unlike Medicare Advantage Plans, Medicare Supplement Insurance Plans allow you to keep traditional Medicare Insurance, while supplementing them with additional coverage. There are several different Medicare Supplement Insurance plans to choose from, so you can always get a plan that fits your specific needs.

Don’t Pay Too Much for a Medicare Supplement Insurance Plan

Call Medicare Supplement Services today at (877) 812-7571 to find the best Medicare Supplement rates from the Top Rated Companies in the United States.

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Medicare Part D: The $.76 Price Drop

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Medicare Recipients: Are You Ready for the Annual Enrollment Period?

Health care costs remain one of the top concerns for seniors and retirees across the country. Questions regarding Medicare coverage and decisions regarding Medigap Insurance coverage are things that most Americans over the age of 65 (and those approaching 65) have to deal with.
Retirement Planning for Seniors
With news swirling around about the future of Medicare, many people were excited to here of the coming drop in the cost for the Medicare Part D drug plan:

“The government-subsidized prescription plan will cost seniors an average $30 a month in 2012, down from $30.76 this year.” (from the Los Angeles Times)

Many believe that the coming decrease is directly linked to Medicare’s use of generic prescription drugs and the competition that can cause between pharmaceutical companies. Because of this competition inherent in the prescription drug market, it’s unclear if other aspects of Medicare coverage will see a similar decrease. Coverage pertaining to hospital stays and general care don’t generally experience the type of bidding and underbidding that occurs when pharmaceutical companies are involved.
Open Enrollment MedicareAs we wait to see exactly how this decrease will affect the future of Medicare, it’s important to point out that, at least for some, the changes to Plan D will have a positive effect:

“The other good Part D news is how many people in the infamous
“doughnut hole” are getting some relief from the 50 percent discounts on covered name-brand drugs (and 7 percent on generics) that took effect this year. Through June, nearly 900,000 people had used the discounts, a number that will increase as the months pass, and each had saved $517 on average.” (from the New York Times)
While we celebrate any savings for seniors, we realize that this doesn’t change the fact that Medicare still doesn’t offer the full range of coverage that some seniors need, which is why we continue to tell seniors to learn about all of the Medigap (Medicare Supplemental Insurance) options available to them.

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