Medicare in General - Medicare Made Easy Video
When one ages into Medicare at age 65 or becomes eligible due to disability, you will be faced with the challenge of shopping for a Medicare insurance plan.
You are guaranteed enrollment in a supplemental plan until six months have passed after your part B enrollment date.
You want to make sure that you take advantage of this window of opportunity. Once the 6 months has passed after signing up for part B, an insurance company has the right to decline coverage. But now they have no choice but to accept you for coverage when you are in the initial enrollment period.
So with all the choices in coverage and all the companies offering coverage which one should you select?
There are two philosophies - both have different advantages.
All supplemental plans (A thru N) are standardized by the Federal Government. What does that mean? Each company will provide identical benefits for each plan. You cannot be singled out for cancellation - No matter how many claims you file. Think of it this way - You are in the middle of making a cake and reach into the refirgerator to grab four eggs and find that there are just three in there - What do you do? - you go down to the store and buy the cheapest ones becuase they will all make the same cake.
Most people select plan F since it provided comprehensive coverage and it will cover excess charges doctors may charge their patients.
Did you realize that a physician can legally charge 115% of the allowable charges outlined by Medicare? Plan F pays those excess charges.
Now that you understand that coverage is identical for Plan F from each company... What company to choose? Why not select the company with the most reasonable premium? Premiums for a plan range from about $100 per month to well over $200 per month for the same coverage of a 65-year-old insured. (you should read page 19 of the Shoppers Guide to choosing a Medigap policy) click the purple text to jump there on the Medicare Website.
I can represent just about every company authorized to do business in the states where I am licensed. As a broker, I choose to represent just a few - those with the lowest premiums.
You want to make a selection based upon the lowest overall premium for your lifetime. However, in "Birthday Rule" and "Policy Anniversary" states we simply want to go with the lowest premium, because with those rules - you have the opportunity to change plans each year for 30 days beginning on your birthday or policy anniversary with no medical underwriting and no preexisting conditions. With most companies when you enter a plan your rates are locked in for twelve months with no increase in premium.
You can purchase directly from a company or you can go through an agent like myself for the same price and have a service oriented batter to step up to the plate if a problem ever occurs.
The other philosophy is the Medicare Advantage Health Plan. There are several Preferred Provider (PPO) and HMO plans out there. I recommend staying away from these plans since they are costing the taxpayer much more than those on Original Medicare and a Supplement; and the Obama administration has passed a healthcare reform bill that dramatically cuts funding for Medicare Advantage plans. Plan N Medicare Supplement to me is a very viable choice rather than a Medicare Advantage Plan.
To select the best choice for YOU - there are two key factors.
Health now and family health history ............................................................................................................................. Ability to pay premiums
Plan F is superior coverage and if premiums are paid you have little to no out of pocket expenses - easy to budget your health care expenses. Plan F doesn't change every year on you.
PFFS PPO & HMO could have lower premiums but you have co-pays every step along the way. If you like these types of plans I think you will be happier in a Plan N Medicare Supplement.
Plan G is gaining poplularity as a Medicare Supplement Plan - it is just like a plan F, but it does not cover the part B of Medicare Deductible. If you divide the Part B deductible by 12 and add it to the plan G premium you will find the the savings with a Plan G (lowest premium on the market) is going to save you very little if any to a Plan F (lowest premium on the market) I prefer the Plan F as the deductuble is spread out over the course of a year and you don't have that front end charge each year.
I do may enrollments for Medicare Supplements and many feel the few minutes I spend with them valuable to help sort out the Medicare Questions they have.
What about prescription drug coverage? Most likely your largest expense in retirement. With all the choices out there - Which one should you choose? You need to have one since Medicare penalizes you later on if you don't get one now.
There are three factors that affect your choice. Premium of the plan - Schedule of benefits - but the most important is the price you pay for the prescriptions you take. This is where I really go to bat for my clients.
Employer plans used to offer retirees an advantage because of their prescription benefits - but now that Medicare has Prescription Drug Plans, employer plans are not as attractive. Don't be afraid to look around - leaving the employer umbrella might be a good thing.
The secret to getting the best bang out of your dollar - is not to go out and buy the first plan you see or from the first agent that says they have what you need.
The preferred sequence of events is for you to send a list of prescriptions that you are taking so I can do the research in my office, then I bring the solutions to you. If you take none just write "NONE"
use the link below to jump to my Medicare Made Easy Video and a form you can use to submit your information.
Once I get this information - I will send plan specifics for what I feel is your best buy.
Once you get the package from me and have a chance to review it and put together questions - be sure to call me so I can answer them all and you can make an informed decision.
Medicare Made Easy Video and Information Request Form
Other Links
Prescription Drug Plan Informaiton
Medicare Advantage Information
To Contact Us:
Greg Giles, CLU LUTCF RHU ........................................................................................ ....................................................... 2613 SW Brooklane Dr - Corvallis, OR 97333 ..................................................................................................................... (541) 752-0577 .......... (800) 809-1378 .......... (541) 752-0588 FAX ............................................................... medsupguy@gmail.com............gilesfinancial@msn.com
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Craig Blair ........................................................................................................................................................................... 7958 Mykala St. NE, Keizer, OR 97303
Office (503)393-2793 ........... (844)393-2793 ........................................................................................... medicareguy@outlook.com
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Derek Finken ......................................................................................................................................................................... PO BOX 366 - MIssouri Valley, IA 51555 ............................................................................................................................ (712) 642-2303 .......... (844) 786-4865 .......... (844) 786-4867 FAX ...................................................... tmedsupguy@gmail.com..........dmedsupguy@gmail.com