Wednesday, May 17, 2017

Differences between Medicare Supplements and Medicare Advantage Part C

There are Medicare supplements, which are an excellent and convenient options for consumers, on the other side of the isle you have what’s known as Medicare Advantage. Medicare Advantage plans are denoted by the term of HMP, PPO and sometimes PFFS plans. There are several factors of Medicare Advantage programs that are uniform and standard, but their inconveniences to consumers.

First and foremost, Medicare Advantage plans feature network doctors and hospitals, and how that refers to you as a consumer is that you have to adhere to those doctors and hospitals. Should you stray from the network and hospitals that are provided to you, you could be paying the cost of your medical responsibilities and claims entirely out of your own pocket.

The second key factor is that these plans are not standardized. As you shop Medicare Advantage programs, you’ll notice that each of the plans that are out there are unique and vary in the coverage they offer you. This can make the process of shopping much more convoluted and confusing for a consumer.

Lastly, Medicare Advantage plans also have the inconvenience of prior authorizations. As you utilize your doctors and hospitals for Medical coverage and claims, you would have to have prior authorization not only from your doctor but from your medical insurer that you associate and line yourself with. 


Monday, April 3, 2017

Compare Medicare Supplement Plans: Differences Between Carriers & Plans

Compare Medicare Supplement Plans: Differences Between Carriers & Plans

If you are newly eligible for Medicare, you may not understand that Medicare doesn’t cover all of your health care costs.

Part A covers hospitals, and you have a deductible; and part B covers doctor visits, and you also have a deductible with your part B.

Then Medicare will cover 80% of your medically necessary healthcare costs.

So, choosing a Medicare supplement, or a Medigap plan covers that 20% that Medicare doesn’t cover, and those deductibles.

So, the standardized Medicare supplements are letter plans, letter plans A through N.

The most comprehensive plan is the letter plan G, which covers all your Medicare co-insurances, covers your hospital deductible.

The only thing that plan G doesn’t cover is your part B deductible.

Medicare Advantage VS Medicare Supplement

An alternative to getting Medicare supplement is a Medicare Advantage Plan.

A Medicare Advantage Plan replaces your Medicare with a managed care, HMO and PPO, that is somewhat limiting because you have a network of doctors, and you have co-pays and co-insurances throughout the year.

Choosing a Medicare supplement or Medigap Plan over a Managed Care, HMO, or PPO has a lot of advantages.

You have the freedom of choosing any doctor that accepts Medicare, any hospital that accepts Medicare nationwide and you can travel, and go on vacation, and use your Medicare supplement in other states.

It’s also guaranteed renewable as long as you keep paying the premium.

Open Enrollment

Now, the best time to enroll in a Medicare supplement is during that one in a lifetime open enrolment opportunity, which is 3 months prior the month of, and 3 months after your 65th birthday.

You can certainly apply for a Medicare supplement outside of this window, but an insurer can decline you for certain health conditions or age.

Now because the Medicare supplements are standardized plans, they are identical to each other, there’s no difference in coverage.

The only thing that isn’t identical is the price or the premium, and the insurance company that you chose.

So, it doesn’t make sense to pay more for the same coverage.

However, comparing the plans and the companies, can be very confusing, and sometimes time consuming.

Seniors are so relieved after they speak with a licensed agent here at Medicare FAQ.

Top Rated Insurance Companies

Our agents have the ability and technology to research all the Medigap plans with dozens of top rated insurance companies.

This is why our clients stay with us year after year.

This is an important decision, and at Medicare FAQ helps educate the client, putting all of the puzzle pieces together.

So when they completed the enrollment process with one of our agents, they walk away with piece of mind and are clear about their Medicare covers they worked so hard for their whole life.

So, the Medicare supplements, the Medigap Insurance, is the truest form of health insurance when you are on Medicare.

You need an agent who cares, you need Medicare FAQ. 800-845-2484

Saturday, February 18, 2017

Can I have a Health Savings Account if I'm on Medicare?


http://i.imgur.com/e8Rjhe7.png
An HSA (Health Savings Account) is a practical way to save for medical expenses and reduce your taxable income. It’s like an IRA for your health care costs. To be eligible for an HSA, you must have a qualifying HDHP (High Deductible Health Plan).

The 2016 annual HSA contribution limit for individuals with HDHP coverage is $3,350 (no change from 2015), and the limit for individuals with family HDHP coverage is $6,750 (a $100 increase from 2015). If you are 55 or older, you can make “catch-up” contributions, meaning you can deposit an additional $1,000 per year. 
If your spouse is also 55 or older, he or she may establish a separate HSA and make a “catch-up” contribution to that account. You have until the tax-filing deadline (generally April 15) of the following year to make allowable contributions.

Once you are on Medicare, you no longer can contribute to an HSA, however you can use funds already in your account to cover some Medicare costs, including deductibles, copays, vision and dental care. Those on Medicare can also use HSA funds to reimburse themselves for money that’s deducted from Social Security to pay Medicare Part B premiums. Although HSA funds cannot be used for Medicare Supplement insurance plan premiums, they can be used to pay Medicare Part D premiums, Medicare Advantage plan premiums and a portion of long-term-care insurance premiums.

Unlike other Flexible Spending Accounts, money you do not spend each year stays in your account providing you with a tax-advantage. Your money goes in tax-free, grows tax-free and comes out tax-free when you use it for qualified medical expenses.
Once an HSA reaches a certain threshold, the funds can be invested in mutual funds. The earnings from these funds are tax free as long as they are eventually used for qualified medical expenses.

If you have a High Deductible Health Plan (HDHP) and are interested in setting up an HSA, talk to your employer or contact a local bank for details.