Difference between Medigap Plans and Medicare Advantage

When it comes to insurance, it would be fair to say you either pay now or pay later. If you pay now, you are choosing to pay a higher premium with the expectation your insurance plan will pay more when you file a claim. The pay later option means a lower monthly premium and leaves the Medicare Beneficiary with a greater out of pocket expense when seeking medical treatment. Difference between Medigap Plans and Medicare Advantage There are several reasons to choose a Medigap Plan over Medicare Advantage Plans. The comprehensive benefits provided by a Medigap, as known as Supplement Plans

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How New Value-Based Insurance Impacts Medicare Beneficiaries

The new Value-Based Insurance Design will impact Medicare beneficiaries exponentially. Discover how quality of care in 2020 will be pushed to the forefront of doctor priority. Medicare beneficiaries are going to see a positive shift in benefit options as early as next year. Patients can expect to see a higher quality of care in 2020 due to new provisions introduced by the Center for Medicare and Medicaid Services (CMS). One of these incredible provisions is the expansion of Value-Based Insurance Design or VBID for short. A change made in the Chronic Care Act expanded testing of the Medicare Advantage Value-Based

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How to Claim Medicare without Claiming Social Security

Can you get claim Medicare benefits without claiming Social Security? You sure can, and we’re going to outline the reasons to consider this option along with some of the pros and cons of delaying your claim to Social Security benefits. First, let’s look at some important information about Medicare and Social Security. Then, we can better understand why it makes sense to enroll in Medicare without claiming Social Security. Medicare vs Social Security Health insurance is offered through the Center for Medicare and Medicaid Services (CMS). Social Security provides people with a monthly stipend. Medicare Part A is free for

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What are the different types of Medicare supplement plans?

All Medicare supplement policies Medicare supplement insurance, also known as Medigap, is designed to cover some or all of the costs a patient is responsible for before Medicare Parts A and B will pay anything, copays required by Medicare Parts A and B and amounts over the maximum that Medicare Parts A and B will cover. The different Medigap plans are standardized between companies, meaning consumers will receive the same coverage for Plan A (or whichever plan they select) regardless of which company they buy it from. There are 11 plans, each designated by a different letter, and each one

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Durable Medical Equipment & Medicare

Durable Medical Equipment & Medicare

Many baby boomers rely on Durable Medical Equipment (DME) supplies for their daily activities. Medicare covers medically necessary supplies such as a wheelchair, CPAP machine, or oxygen tank. So, if you’re wondering about Medicare coverage on your Durable Medical Equipment; ask yourself this; is this medically necessary and is my doctor going to write a prescription for this? If you can answer yes, then coverage will be likely. Will My Medicare Coverage Pay for Durable Medical Equipment? Durable medical equipment is covered under Medicare Part B. The yearly Part B deductible is applicable and then Medicare pays an 80% coinsurance. That

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Switching Medicare Supplement (Medigap) Plans

Switching Medicare Supplement (Medigap) Plans

If you need to drop, change or enroll in a Medicare Supplement (Medigap) plan, you can do it at any time of the year.  But before you make any changes, you need to consider whether you should make any changes or stay with whatever plan you currently have.  Although you might be very satisfied with your Medicare Supplement plan now, it might not be suitable any longer because of your present needs or because of changes to the cost of your plan.  As life events may have arisen, your current coverage could fall short of providing you with adequate coverage

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Reinstating the Medicare Advantage “Open Enrollment Period”

If you or a loved one receives Medicare coverage, you know how complicated and confusing enrollment periods can be. Enrollment periods are only confusing because the term “Open Enrollment Period” is used correctly and incorrectly to describe times when a plan change is possible Reinstating “Open Enrollment Period” The Medicare Advantage Open Enrollment Period was discontinued in 2010. In 2019, the OEP will make a return. From 2011-2018 Medicare beneficiaries were given only the Medicare Advantage Disenrollment Period (MADP), during this time beneficiaries could disenroll from their Medicare Advantage plan and switch only to Original Medicare. Now all that is

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Alternatives to 1st Dollar Coverage Plans

We’ve lived our lives planning for our future and the future is now. Unfortunately, gone are 1stdollar coverage plans. Instead of paying a monthly premium that allowed us to close our wallet after writing that check we can expect to do a little more searching to find just the right plan. It’s back to the licensed insurance agent to review your needs and benefits against costs and risk. If you aren’t familiar with 1stdollar coverage, we are referring to Medicare Supplement Plans F and C. Medicare Supplement Plans are sometimes referred to as Medigap Plans. Plan F covered everything not

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What Happens If You Delay Medicare Coverage? 

What Happens If You Delay Medicare Coverage? ‎

When most people start Medicare, it begins on the 1st day of the month of their 65th Birthday. Of course, this is not what is the best for everyone. Frequently,  people are choosing to continue working later into life. What Happens If You Delay Medicare Coverage?  In many cases with group insurance there is no need to start their Medicare Part B coverage. These Medicare Beneficiaries have a few options, and can delay their Part B enrollment with no penalty. If you do not have creditable coverage and you decide to delay your Part B enrollment, you will have to wait

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