Medicare Quick Tips in 2017

UnderstandingMedicareinOhio

Medicare Quick Tips in 2017 …  what you need to know, right now!

 

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Medicare Part D:

A couple of Medicare Quick Tips in 2017 focus on exactly what you apply for with Medicare.  The Medicare prescription drug ( Part D ) benefit is offered through private insurers. Just like Part B you will be required to pay a monthly premium for the benefit, which averages to be about $41, and are subject to a permanent premium penalty if you enroll late. For Medicare Part D the monthly penalty is one percent for every month that you could have enrolled but didn’t. Even if you have low drug bills and feel that you do not need to purchase Part D, it is important to take into account the cost savings against later on and the possibility of your need for costly prescriptions in the future. If you have employee or retirement coverage that is creditable, you may be exempt from the penalty. Your employer must provide you with an annual notice as to verify that your coverage is creditable.

 Medicare Advantage

Don’t get confused between Medicare and Medicare Advantage. Medicare is the original government-run plan that has been in place since 1965. With Medicare enrollees are subject to substantial co-insurance and deductibles such as $1,100 for a hospital stay. Many who do not have secondary coverage such as an employer benefit plan, invest in a Medigap (or Medicare Supplement) policy that helps cover up to the 20 percent that original Medicare does not. Medicare Advantage plans are purchased through private insurers and take the place of original Medicare. Medicare Advantage plans take the place of Parts A & B and in some situations Part D.  If you choose to enroll in a Medicare Advantage plan you are not eligible to purchase a Medigap policy. With Medicare Advantage, you will most likely pay a lower monthly premium than enrolling in Parts B & D separately. It is important to note that Medicare Advantage plans also have deductibles and co-insurance, which you will have to pay out of pocket as you are not allowed to enroll in Medigap. Whether an advantage plan is right for you completely depends on how to plan to spend your retirement.

Don’t Get Locked Out of Medigap or a Medicare Supplement Plan Coverage

With Medicare Advantage, federal law allows you to switch plans once a year without having to worry about pre-existing conditions, usually during your first year of eligibility. However, with Medigap or a Medicare Supplement Plan, it’s completely different.  The laws vary by state, but in most locations, you only have the right to purchase Medigap without a health screening or medical records and histories at specific times. Some specific conditions or times when you can switch your Medicare Plan are when you first sign up for Medicare Part B, or lose your Medicare Advantage plan because you move out of its service area, plan is shut down, or you lose your retiree coverage. If you have a Medicare Advantage plan, you can switch back to Medigap only if you’ve had the plan for less than a year. After that, you may be permanently shut out if you have developed a pre-existing condition or may have to wait until the annual Medicare Open Enrollment.

 

Best yet, if all of this confuses you, just give me a call.  I have some limited time to help people get their answers to this confusing world of Medicare.  I can be reached at 877-549-1212. I actually answer my own phones.   I am offering, for a limited time, a free consultations session for you regarding Medicare.

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