Medicare Insurance Coverage

Medicare Insurance Coverage

and What You Need to Know

With people living longer and longer Medicare has become a necessity for individuals and families to navigate.

There are many examples where we have seen individuals who did not have a trusted advisor when it came to their healthcare and ended up locking in a terrible plan early, and only finding out when a medical need happened that their plan didn’t cover very much. Our goal is to create clarity and understanding for our clients so they can make educated decisions about their healthcare needs.

Some information you should know is that there are multiple parts to the plan, and a supplement is an important piece of that as it covers the other 20% of bills that Medicare A and B does not.

• A – Covers Hospitalization and Surgery
• B – Covers Outpatient Cost $
• D – Covers Prescription/RX

Medicare is a national health insurance program in the United States, begun in 1966 under the Social Security Administration and now administered by the Centers for Medicare and Medicaid Services.

Why Should you Partake in Plan B at 65?

1. It’s usually less costly than staying on a group plan
2. If you delay you could pay a penalty for not partaking in it when eligible.
3. There is usually a wait time of a few months before Part B is in effect.

Why Should you Get a Supplement when you sign up for Part B?

1. You can get super-preferred, non-smoker rates during your openenrollment period. (The open-enrollment period is three months before your effective date for part B and three months after your open enrollment effective date for part B)
2. You won’t pay any rate-ups for your age if you set it up later.
3. You won’t pay any rate-ups on your health if you have any preexisting conditions.
4. Medicare Parts A & B cover about 80% of your expenses, your supplement will cover the other 20% and you will only be responsible for the deductibles associated with your plan.