fbpx

Week 12: Why Life Insurance and Why Now?

You don’t always hear a lot about Life Insurance until you lose a parent, spouse, or loved one and must deal with the financial aspect of death as you grieve. No one wants to think of someone close to them or themselves eventually passing. We don’t normally like to deal with something until we have to but in this instance planning for tomorrow, today is the best choice. Your family will thank you as they have to make hard decisions after losing someone and financially they will be covered because you planned for them.

The average funeral cost ranges from $7,000-$9,000. A funeral is the third largest expense for a family. By planning early you will not only help your family but you will have peace of mind knowing you have taken care of final costs. By answering the hard questions now your family won’t have to later. There is no medical exam required to purchase a plan and your premium will remain the same with no increases. By purchasing a Whole Life Insurance Policy now, you can guarantee one thing your loved ones won’t have to worry about during this hard time. Give us a call today and we can help you on your way to protecting you and your future! 844.437.4253 Toll-Free

Please follow and like us:
error

Week 11: National Life Insurance Awareness Month

Welcome back to the Weekly Wednesday!

September is National Life Insurance Awareness Month and a great time to plan your future for your loved ones by getting a Life Insurance Policy. Life Insurance can help provide your loved ones with peace of mind. Not only is your family left grieving after a loved one’s death but potential funeral costs, debt, or health-care bills. When you decide to get Life Insurance you won’t be asking yourself why you bought it but why you didn’t buy it sooner. The younger you are when you buy Life Insurance the more you can save on the expense. Answer the hard questions now so your family doesn’t have to later.

Give us a call at 844.437.4253 Toll-Free for more information!

 

 

Please follow and like us:
error

Week 10: Medicare Supplement or Medicare Advantage Plan (Part C)

Welcome back to the Weekly Wednesday!

You may wonder what the differences are between Medicare Supplement (Medigap) Plan and a Medicare Advantage Plan (Part C).

Medicare Supplement Plans fill in the gaps Original Medicare leaves and a Medicare Advantage Plan (Part C) takes over your Original Medicare (Parts A and B).

A Medicare Supplement Plan doesn’t have networks you can go to any hospital or doctor in the US as long they accept Medicare. With a Medicare Advantage Plan, you have networks, and if you choose a provider outside of your network, you may be responsible for 100% of the charges.

Your Medicare Supplement cannot be cancelled as long as your premiums are being paid. However, Medicare Advantage Plans are approved yearly and can be dropped.

When it comes to Prescription Drug Plans (Part D), you can purchase some Medicare Advantage Plans (Part C) that include Drug Coverage; they are called MAPD’s. But, with a Medicare Supplement Plan, you will need to purchase this coverage separately.

Please follow and like us:
error

Week 9: Medicare Advantage Plan

Hello and welcome back to our Weekly Wednesday!

This week we will briefly discuss Part C of Medicare (Medigap), also known as a Medicare (Medigap) Advantage Plan. There are three main types PPO, HMO, and PFFS. Part C of Medicare (Medigap) actually replaces both your Part A and B of Medicare (Medigap). Therefore, if you are on an Advantage Plan you will have similar gaps as Original Medicare (Medigap). 

On a Medicare (Medigap) Advantage Plan you will have roughly a $250-300 a day deductible in the hospital the first five days. You will also pay roughly 20% of all your medical bills and pay as high as $6,700 inside your network. Medicare (Medigap) Advantage Plans also have co-pays that are included in your max out of pocket. Lastly, they have networks and depending on what type of plan you have you will pay the full cost of care outside of your network. However, an Medicare (Medigap) Advantage Plan does include some vision and dental coverage, as well as most plans, offer drug coverage. These plans can only be bought during your Open Enrollment Period or the Annual Enrollment Period.

Please follow and like us:
error

Week 8: Medicare Supplements

Hello and welcome to another Weekly Wednesday! 
 
Last week we explained Medicare (Medigap) and how it works. Well, remember we talked about those gaps in coverage, this week; we are going to tell you one way to fill those gaps. A Medicare (Medigap) Supplement is sold on the private market and designed to help you fill the gaps in Medicare (Medigap). There are several different types of plans out there, but the most common are F, G, and N so we will focus on those. 
 
As we talked about last week your Part A (Hospital) has a $1,364 (2019) deductible. Most supplements will take care of your deductible. Then as you, remember Medicare (Medigap) only covers 80% of your outpatient bills (Part B Medical) leaving you with the remaining 20%. Well, guess what! The supplement will cover that for you as well. None of the supplements have networks; as long as they accept, Medicare (Medigap) they will accept the supplement no matter the company. From this point, the supplements vary a little and are a building block.
 
Plan F: What we call the Cadillac Plan, you won’t see a medical bill on this plan.

Plan G: Part B deductible $185 yearly.

Plan N: $20 co-pays, Part B Deductible $185 (2019) yearly, and excess charges.
 
Give us a call today, 844.437.4253 Toll-Free!

We’d love to explain the plans to you in more detail and find the one that works best for you!

Please follow and like us:
error

Week 7: A Overview of Medicare

We know Medicare is overwhelming so this week we want to give you a quick refresh in Medicare.  

Original Medicare Part A is hospitalization and Part B is medical coverage. You will automatically sign up for  Part A of Medicare on the 1st of the month you turn 65. While you were working you paid into your Part A, you must have worked 40 quarters (roughly 10 years) to receive it. You receive Part A at 65 even if you are still working it will not affect your health insurance through work. Part A only has a deductible of $1,364 and has a 60-day window of care.

Part B is your medical coverage and you sign up for it as you do Part A. Once you select to take Part B the government will begin drafting its premium out of your Social Security check each month, 2019 average premium is $135.50. Part B will pay 80% of all your medical (outpatient) costs.

Check back next week and we will tell you about Medicare Supplements and how they can fill in those gaps in Medicare!

As always we know Medicare can be confusing, but we are always here to help and answer questions. Please, don’t hesitate to ever reach out to us whether you are new to Medicare or have been on it for years and looking to review your options! 844.437.4253 Toll- Free!

Please follow and like us:
error

Week 6: The New Plan G

Welcome back to The Weekly Wednesday!

Last week we talked about a new Medicare supplement plan that will be available to all Medicare recipients. This is a Medicare supplement plan called High Deductible Plan G, and it has a deductible of $2,300 for the calendar year 2019.

The new Medicare supplement plan High Deductible Plan G will mirror the High Deductible Plan F except for the Medicare Part B deductible ($185 in 2019), and that is not covered. However, the Medicare Part B deductible will count toward the plan deductible.

*See Medicare Supplement (Medigap) Plan Chart below. To see the benefits each Medicare supplement covers.

Please remember that if you become Medicare eligible on or before December 31, 2019, you still have the option to purchase a Medicare supplement Plan C, Plan F, or High Deductible F.

Please follow and like us:
error

Week 5: MACRA

Welcome back to the Weekly Wednesday! 

Today we are going to be talking about The Medicare Access and CHIP Reauthorization Act of 2015 (MACRA). What exactly is MACRA and what will it be changing?

The main purpose of MACRA was to create more affordable healthcare for Medicare recipients. Medicare will be paying providers more to take better care of patients rather than see more patients. MACRA will bring more transparency from providers to their patients. Part of MACRA was the removal of Social Security numbers from Medicare cards.

MACRA is taking away the zero deductible Medicare supplement plans. If you turn 65 on or before December 2019 regardless if you have taken your Medicare or not you will still be able to purchase a Medicare supplement plan that covers the Medicare annual Part B deductible. These plans include Medicare supplement Plan C, Plan F, and High Deductible Plan F. If you turn 65 on or after January 2020 then you will not be able to purchase these Medicare supplement plans.

A new Medicare supplement plan will be available to all Medicare recipients. This is a Medicare supplement plan called High Deductible Plan G and it has a deductible of $2,300 for the year 2020.

We know this is all very confusing, and we are here to help you! 844.437.4253 Toll-Free

Please follow and like us:
error

Week 4: How to Choose a Medicare Supplement

You may wonder why do I need a Medicare supplement when
I have Medicare. Medicare does not fully cover all your medical expenses and only covers 80%. The other 20% is either covered out of your own pocket or a Medicare supplement. 

Medicare supplements are there to help supplement Medicare; it’s in the name. Medicare Supplements help you have less out of pocket expenses. They also don’t restrict you to a specific provider, meaning when you have a supplemental policy, you are not confined to a certain network of doctors or specialists. Medicare supplements offer coverage that is guaranteed to be renewable as long as you pay your premiums on time. No company can drop you from coverage for any reason other than absent payment. If you have a Medicare supplement, it can travel and go wherever you go and always have you covered. You never have to worry again about visiting family and getting sick and not being able to find a provider. 

 Medicare supplement plans are regulated by the government, and there are 11 options which are plan A, B, C, D, F, High F, G, K, L, M, and N. The three most popular plans are plans F, G, and N. All plans are standardized so if you get a plan F with Company A it would be the same plan F as Company B. 

We will be seeing a change in plans and plan options in January 2020, but it will not affect everyone. I will be explaining this further and discuss MACRA on next week’s post! Below is a chart with all the available plans offered and what they cover.

Please follow and like us:
error

Week 3: Part B of Medicare

Welcome back to the Weekly Wednesday! 

Last week as you recall we talked about Medicare Part A (hospitalization). Well, this week we will be discussing Part B (medical).

Part B (medical) you elect to take, unlike Part A that you are required to take when you turn 65. Part B you can delay and select to take it whenever you’d like. Once you select to take Part B the government will begin drafting its premium out of your Social Security check each month, 2019 average premium is $135.50. Similar to Part A, you will have no networks on Part B, as long as the doctor accepts Medicare. Part B will pay 80% of all your medical (outpatient) costs. Also included in your Part B that Medicare will cover 80% of is durable medical equipment such as diabetes testing strips. This is also where your ambulance and ER coverage comes in. Basically, as long as you are not admitted to the hospital it is covered under your Part B of Medicare. This is where your skilled nursing coverage comes from also, days 1-20 are covered then day 21 and on you are responsible for $170.50 per day.

As always we know Medicare can be confusing, but we are always here to help and answer questions. Please, don’t hesitate to ever reach out to us whether you are new to Medicare or been on it for years and looking to review your options! 844.437.4253 Toll-Free

Please follow and like us:
error
error

Enjoy this blog? Please spread the word :)