Medicare Supplements

Do you have fairly frequent doctor or hospital visits? If so, you may already know that Medicare Part A and Part B come with out-of-pocket costs you have to pay. You might be able to save money with a Medicare Supplement insurance plan. Medicare Supplement, or Medigap, insurance plans fill in “gaps” in basic benefits left behind by Original Medicare, Part A and Part B, such as deductibles, coinsurance, and copayments. In addition, Medicare Supplement plans may cover benefits like foreign emergency health coverage or Medicare Part B excess charges. Read more

Medicare Advantage Plans, Part C

Medicare Advantage plans are an alternative way to get Medicare coverage through private insurance companies instead of the federal government. They provide the same benefits as Original Medicare and may include additional benefits such as dental, vision, drug, and wellness program coverage. Read more

Prescription Drugs Plan D

Approximately 90 percent of people over the age of 65 take at least one drug every week, yet Original Medicare does not provide coverage for most prescription medications.

As a Medicare beneficiary, you have two primary options for obtaining coverage for prescription drugs. The first is enrolling in a Medicare Advantage plan that that provides such a benefit. The second option is enrolling in a standalone Medicare Part D plan. Because these plans are sold by private insurers, each plan will include its own criteria concerning:

• Premiums
• Deductibles
• Copayments or coinsurance
• A list of drugs covered by the plan

Read more

Long Term Care

Long term care refers to a host of services that aren’t covered by regular health insurance. This includes assistance with routine daily activities, such as dressing and bathing. It also covers the cost of care needed due to severe cognitive impairment (such as the the dysfunction caused by Alzheimer’s disease). Most policies will reimburse you for care given in a variety of places, such your home, a nursing home, an assisted living facility or an adult day care center. This care can be very expensive, and is a great threat to financial security in retirement. Read more

Vision & Dental Care

Medicare Parts A and B is only designed to cover specific medical services. So if you are using Medicare for your health insurance, you will have to look outside of Original Medicare for dental or vision benefits. The same is true of Medigap Plans– they do not cover dental and vision plans for individuals.

Fortunately, there are stand-alone dental and vision plans designed specifically for seniors. Such a plan might be right for you. The benefits and premiums of dental and vision plans for seniors may vary greatly depending on the insurance company you select, your location, and your choice of benefit level. To ensure you are getting the coverage you need at a price you can afford, contact us today. There are no enrollment fees.

Medicare Medical Savings Account Plans

A Medicare Medical Savings Account plan (MSA) is a special type of Medicare Advantage plan (Part C). This type of plan offers you more control over your health care dollars. 

 There are two important parts to a Medicare MSA plan.

1. A special bank savings account
2. A high-deductible health plan

The Medicare Savings Account Plan

The savings account part of a Medicare MSA plan is self-managed – just like a regular bank savings account. The main difference is that the account is funded with money from Medicare – not by you.

Medicare gives Medicare Advantage plan sponsors a set amount of money for each beneficiary covered by the plan. The plan then uses the money to pay the Medicare-covered portion of the plan member’s health care costs.

When you have a Medicare MSA plan, the plan provider deposits the money it receives from Medicare into a savings account that you manage. You then become responsible for paying the Medicare-covered portion of your health care costs, instead of the plan. In effect, you must pay 100 percent of the cost for Medicare-covered services up to the plan deductible.

You may withdraw money from this account – tax free – and use it to help pay qualified medical expenses. Qualified expenses are defined by the Internal Revenue Service (IRS). This includes costs for services covered by Medicare Part A and Part B and some other expenses.

 The plan deposits funds from Medicare into your account at the beginning of each year. The amount can vary. Funds may earn tax-free interest or investment income, and the balance carries over year to year.