A Simple Guide To Medicare As I See It !
I’ve been advising people on the subject of Medicare and how it works with supplemental policies since 1975. You have been used to having your individual health or employers’ group insurance pay your medical expenses. That all changes! Medicare is now your primary insurance. My goal is to help you understand the basics of Medicare.
You are either turning age 65 or you have decided to work past age 65 and remain on your employers’ group plan or you have been on social security disability for the past two years and you now qualify for Medicare. Whatever the case, you will need to understand what Medicare covers and what it doesn’t.
I am a broker. I work for you, not as an employee of the insurance company. I am able to recommend the companies and policies that are best for you. I think about what your true annual costs are not just the premium. I do not charge for my time and advice and your premiums do not increase because you use a broker.
You are already receiving mail offering all of the various Medicare supplements, Medicare Advantage plans and Medicare RX plans. Confusing? Yes. I suggest you finish reading my “Guide to Medicare” letter then call me. Within ten minutes you will know which direction is the best for you.
Medicare is health insurance for people age 65 or older. It is also available to persons under age 65 and on Social Security Disability for two years. Most people get Medicare Part A automatically when they turn 65. You can sign up for Part B anytime during a 7 month period that begins 3 months before you turn 65. Please call Social Security at 1-800-772-1213 or visit or call your local office to sign up. The premium for Part B is usually taken out of your Social Security monthly income check or billed. Part B premium rates may change each January 1st. Under normal conditions the effective date of Medicare Part A & Part B will be the first day of the month in which you turn age 65. If your birthday falls on the first, your effective date will be the 1st of the preceding month.
Medicare Parts A & B, does not cover all of your out-of-pocket healthcare costs. I suggest that you purchase a good Medicare Supplement policy. I usually recommend Plan G. You’ll find that your out of pocket expense will be limited to your once annual Part B deductible for hospital and doctor bills. Your prescriptions are another story we will have to discuss.
Since Medicare offers prescription drug coverage (Part D) this coverage no longer comes with a Medicare supplement plan. Medicare Prescription Drug Plan (Part D) is offered by private companies that are approved by Medicare. You will need to pick a Medicare RX policy. I suggest starting with a list of all the medications you know you will be taking when Medicare starts. Your list must include the exact spelling, the dosage, strength and frequency. You will need to do this every year. I will then instruct you how to properly use the Medicare RX vendor and plan finder on Medicare.gov. Their site allows you to input your medications and a list of all Medicare RX prescription drug vendors along with their appropriate Medicare RX plans will appear.
Once you select a Medicare RX plan you cannot change it until open enrollment begins again at the end of the year. So choose wisely! Go to: www.medicare.gov and follow these steps. Select “find health and drug plans” and enter your zip code, then click on “find plan”. Check “original Medicare” and “I don’t get any help” (unless you do get help? If so, we will need to talk first.) Enter your prescriptions one at a time following the prompts for strengths, dosages, and frequency. When you are finished entering select “list is complete”. Select your pharmacy and continue to results. The plans and their companies will appear in order from lowest total annual cost.
I do want to express my feelings towards Medicare Advantage Plans, Part C. I do not offer nor recommend Medicare Advantage plans. With a Medicare Advantage plan I believe the concept is more about money than patient care. The way I see them the concept sounds great. You pay your Medicare Part B premium. Medicare pays your health care provider to take care of all your medical needs. Now it is in their hands and they may or may not include a prescription RX card. I prefer a choice in whom I see and where I go. If you feel the same way a Medicare Advantage plan is not for you.
Before your first post 65 visit to any medical provider, I suggest that you ask them if they accept a Medicare assignment. Most doctors and hospitals do.
Before filling your first post 65 prescription, make sure that you’re using a preferred pharmacy that works with your Medicare RX drug insurance Vendor.
Once I satisfy your Medicare supplement need, we can take a look at any additional coverage you may require. We can discuss your vision and dental insurance needs. Your timely attention to dental coverage will help you avoid new waiting periods.
With over forty years of experience, I can advise you, should you need to move or start taking money from your IRA or 401K. I offer you fixed and indexed annuities from a number of well established insurance companies. An annuity will provide you with monthly income that you can’t out live. I can help you plan your future!
Retirement also brings up the continuing need for life insurance. I will gladly review your current policies and let you know where you stand.
Long Term Care whether received in a home care or nursing home setting is another topic that is very important to address. Who will pay for our future care? Who can we depend on to physically take care of us? Let’s discuss your needs and how to fund them?
I am partnered up with a few well established and experienced auto, home and business insurance agencies. Please contact me when you receive your next auto, home or business renewal notice for a competitive quote and review of coverage.
Is traveling in your future? If so, be aware that Medicare does not pay for any foreign travel incurred medical expenses! Medically necessary emergency care that begins during the first 60 days of each trip outside of the USA is covered under Medicare supplement plan G. There is a $50,000 lifetime maximum. For additional coverage I suggest travel medical and trip protection insurance. Please call me or visit my travel insurance website: www.EinsureYourTravel.com for more information.
In closing, I hope you know more about Medicare, Medicare supplements and Medicare RX plans. I prefer talking to typing so feel free to call me. I offer a common sense approach to insurance and will be happy to educate you so that you can make more informed choices for your insurance needs.
Sincerely,
Mike Micheff
“In touch with your real insurance needs since 1975”