While most individuals embrace the aging process, Medicare is excellent coverage that many seniors look forward to obtaining. Medicare has been providing health insurance coverage since 1965 for individuals 65 and older as well as certain disabled Americans. Over 15% of the country is currently enrolled in Medicare today and that’s a definite bonus after having worked for most of our lives. Being on Medicare means having Hospital and outpatient coverage for many services. Although, many seniors are unaware of the coverage they have and what expenses they’re responsible for paying. Having a Medicare Supplement could help you plan your healthContinue reading
Guide to Medicare Supplemental Insurance (Medigap)
Medicare Supplement Insurance, also known as Medigap, is a private insurance policy that helps pay some of the health care costs that Original Medicare doesn't cover, like copayments, co-insurance, and deductibles. Some Medigap policies offer coverage for services that the Original Medicare does not cover. Examples are the medical care when you travel outside the U.S or visit a doctor who does not accept Medicare, and charges an "excess charge." Medicare Supplement Insurance policies only work if you enroll in the Original Medicare Plan. You must have Medicare Part A and Part B but won't pay any benefits if you'reContinue reading
How to compare Medigap and Medicare Advantage Costs
Whether you’re enrolling in Medicare for the first time or taking advantage of the 2021 open enrollment period to explore your options, it can be hard to evaluate whether Medigap coverage or Medicare Advantage make more sense for your wallet. Have you ever thought to yourself, “how much does Medicare cost?” Figuring it out is far from simple. Here, we’ll explain the difference and how to identify which option will work best for you. Understanding Medigap and Medicare Advantage Medigap and Medicare Advantage can seem similar, in that both are different options for Medicare coverage and you can only chooseContinue reading
Sosa Insurance Group Can Assist with Annual Enrollment Period for Medicare
ATTENTION: It’s that time of year again: The Annual Enrollment Period for Medicare is here! The Annual Enrollment Period (AEP) begins on October 15th and continues until December 7th. During this time, you can make changes to certain aspects of your Medicare health coverage: Change from one Medicare Advantage Plan to another Medicare Advantage Plan. Change from a Medicare Advantage Plan to Original Medicare. Change from Original Medicare to a Medicare Advantage Plan. Enroll in a Prescription Drug Plan or change your Prescription Drug Plan. If you’re new to Medicare, you might have a different election period; reach out to us toContinue reading
Is Plan F a Viable Medicare Supplement Option?
When you look over the Medigap coverage chart, which shows the standardized Medigap plans, you may notice an asterisk beside the Plan F. Most people never pay much attention to this or read the fine print below the chart to understand exactly what this signifies. Is Plan F a Viable Medicare Supplement Option? Actually, this notation represents an entirely separate Medigap plan called the High Deductible Plan F (often referred to in shorthand as HDF). High Deductible Plan F is a unique Medigap plan that has a large deductible of $2,200 (for 2017) that must be met before any plan benefitsContinue reading
Don’t Expect Medicare to Pay for Long-Term Care
A recent survey funded by The SCAN Foundation found close to four in 10 Americans, age 40+, believe Medicare and Social Security will pay for long-term care. The need for continuing care services and support to assist with activities of daily living will increase as the population ages. The group will require help with cooking, bathing, grooming, shopping, managing medicines, and toileting. Thirty-eight percent of the people surveyed in the 2016 Long-term Care in America report said they will rely on Medicare to pay. Correspondingly, 35% will count on Social Security and personal savings while 32% expects to depend onContinue reading
Medicare OEP 2020: How to Make Changes to Your Medicare Advantage Plan
Medicare Open Enrollment Period (OEP) 2020 will begin on January 1st. If you are enrolled in a Medicare Advantage Plan (maybe you signed up for a new plan during AEP 2020?) and wish to adjust your coverage, you may qualify to make a one-time change to your existing policy. Medicare OEP 2020. What is it? OEP is the Medicare election period that runs from January 1st to March 31st each year. It allows Medicare beneficiaries enrolled in Medicare Advantage Plans to: Switch from one Medicare Advantage plan to another Medicare Advantage plan Disenroll from a Medicare Advantage plan and returnContinue reading
Why Compare Part D Plans Annually?
What is Medicare Prescription Drug Coverage (Part D)? Prescription drug coverage is available to everyone who is enrolled in Part A and Part B of Medicare. You have two options for getting your Part D coverage: Why Compare Part D Plans Annually? Buy a stand-alone prescription drug plan (PDP) You can enroll in a Medicare Advantage Plan that already includes prescription drug coverage. If you do not sign up for a PDP when you are first eligible, you will have to pay a penalty every year for the duration of Part D. It is also important that you be a residentContinue reading