Medicare

Understanding Medicare: A Step-by-Step Guide

Step 1: Determine Eligibility

Before enrolling in Medicare, it's important to determine if you're eligible for the program. You may be eligible for Medicare if:

You are 65 years old or older.

You have a disability and are under 65 years old.

You have End-Stage Renal Disease (ESRD) or Amyotrophic Lateral Sclerosis (ALS).

Step 2: Understand the Different Parts of Medicare

Medicare is divided into several parts, each providing different types of coverage. It's important to understand the differences between these parts to determine which coverage best meets your needs.

Part A: Hospital Insurance - covers hospital stays, hospice care, and skilled nursing facility care.

Part B: Medical Insurance - covers doctor visits, outpatient care, medical supplies, and preventive services.

Part C: Medicare Advantage - a private insurance option that provides all the coverage of Parts A and B, and often includes additional benefits like prescription drug coverage and dental and vision coverage.

Part D: Prescription Drug Coverage - helps cover the cost of prescription drugs.

Step 3: Enroll in Medicare

Once you've determined your eligibility and understand the different parts of Medicare, it's time to enroll in the program. You can enroll in Medicare during your Initial Enrollment Period (IEP), which is the seven-month period that begins three months before your 65th birthday month and ends three months after your birthday month. If you miss your IEP, you can enroll during the Annual Enrollment Period (AEP) from October 15 to December 7 each year or during a Special Enrollment Period (SEP) if you experience a qualifying life event.

Step 4: Choose Your Coverage

After enrolling in Medicare, you'll need to choose your coverage. You can choose Original Medicare (Parts A and B) or a Medicare Advantage plan (Part C). If you choose Original Medicare, you can also enroll in a Medicare Prescription Drug Plan (Part D). It's important to compare your options and choose the coverage that best meets your needs and budget.

Step 5: Understand Your Costs

Understanding your costs is an important part of Medicare. Original Medicare has deductibles, coinsurance, and copayments, while Medicare Advantage plans often have monthly premiums and cost-sharing requirements. It's important to understand these costs and budget accordingly.

Step 6: Get Help When You Need It

Navigating the world of Medicare can be confusing. If you need help understanding your options or enrolling in the program, you can reach out to one of our  licensed insurance brokers for assistance. 

By following these steps, you can better understand Medicare and make informed decisions about your healthcare coverage.

Medicare Advantage, also known as Medicare Part C, is a type of health insurance plan offered by private insurance companies approved by Medicare. Medicare Advantage plans provide all the benefits of Original Medicare (Part A and Part B) and often include additional benefits such as prescription drug coverage, dental and vision coverage, and wellness programs.

To enroll in a Medicare Advantage plan, individuals must be eligible for Medicare and live in the service area of a plan. They must also enroll during specific enrollment periods, which occur annually or during certain qualifying events.

Working with a licensed insurance broker can provide several benefits for individuals who are considering enrolling in a Medicare Advantage plan. These benefits include:

Expert guidance: A licensed insurance broker can provide expert guidance on the various Medicare Advantage plans available in the individual's area. They can help the individual understand the different plan options, coverage levels, and costs to help them make an informed decision about which plan is best for their needs.

Cost savings: A licensed insurance broker can help the individual find a Medicare Advantage plan that fits within their budget. They can assist with understanding the cost-sharing requirements of each plan, such as copays, deductibles, and coinsurance, and help the individual identify any cost-saving opportunities available to them.

Simplifying the enrollment process: Enrolling in a Medicare Advantage plan can be complicated and confusing. A licensed insurance broker can simplify the process by guiding the individual through the enrollment process, assisting with paperwork, and providing ongoing support throughout the year.

Ongoing support: A licensed insurance broker can provide ongoing support throughout the year, including assistance with claims, provider network questions, and plan changes.

Our team is ready to help you navigate the complex world of Medicare Advantage plans, save money on healthcare costs, and make informed decisions about your healthcare coverage  give us a call to get started!

Medicare Supplement Plans: Understanding the Basics

Medicare Supplement Plans, also known as Medigap, are designed to help pay for the out-of-pocket costs associated with Original Medicare (Parts A and B). These plans are offered by private insurance companies and can be purchased in addition to Original Medicare.

There are ten standardized Medicare Supplement Plans, labeled A through N, each offering different levels of coverage. These plans vary in terms of cost-sharing requirements, premiums, and other benefits.

Navigating the world of Medicare Supplement Plans can be overwhelming, which is why working with a licensed insurance broker can be beneficial. Here are some of the benefits of working with our team: 

Expert Guidance: A licensed insurance broker can provide expert guidance on the various Medicare Supplement Plans available and help you find the plan that best meets your individual needs and budget.

Access to Multiple Carriers: Brokers have access to multiple carriers, giving you more options to choose from and allowing you to compare plans side-by-side.

Assistance with Enrollment: An insurance broker can help you navigate the enrollment process, ensuring that you understand the steps involved and have all the necessary information to make an informed decision.

Ongoing Support: Even after you enroll in a Medicare Supplement Plan, a broker can provide ongoing support and answer any questions you may have about your coverage.

No Cost to You: There is no cost to work with a licensed insurance broker, as they are paid by the insurance companies they represent.

Medicare Supplement Plans can provide valuable coverage for those enrolled in Original Medicare. Working with a licensed insurance broker can help simplify the process and ensure that you find the plan that best meets your individual needs and budget. Book an appointment to get started.