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Understanding Medicare and Medicare Terminology

May 1, 2017 by Garrett Ball Leave a Comment

*This is Part 1 in a 3-part series designed for people going on Medicare or turning 65. Please contact us if you have any questions about this information or fill out a quotes request if you want to get Medigap quotes.*

Understanding Medicare and basic Medicare terminology is crucial to someone who is coming up on a Medicare start date. If you are on Medicare, or going on Medicare, your health care should be very important to you. Because you are on Medicare through either disability or turning 65, it is important to understand how Medicare works, what it covers, and most importantly, to know what you have and don’t have when you have Medicare.

Medicare, if you don’t already know, is the Federal health insurance program for people over age 65 or disabled. There are several parts of Medicare. First of all, Part A covers hospital/inpatient charges. Everyone gets this when they become eligible for Medicare, as long as he or she has worked 10 years and paid into the Medicare system through payroll taxes for this length of time. There is no premium for Part A in almost all cases.

Part B is optional. If you are still working past age 65, you can decline to take it at age 65. It covers doctor visits, outpatient services, labwork etc. There is a premium associated with Part B. It is dependent, to an extent, on income and varies based on when you started with Medicare. But for most people the current Part B premium is $134/month (2017). This typically is paid as a deduction from your Social Security check. If you are turning 65 and already receiving Social Security, you will be automatically enrolled in Medicare Parts A & B. You’ll receive a card 2-3 months before your Medicare start date, which is the 1st day of the month you turn 65, stating that you will have Medicare Parts A & B. You would have to then notify Medicare if you did not want Part B to start then.

Part C is also an optional part of Medicare. It is also called Medicare Advantage. Medicare Advantage plans are private insurance plans, which replace (or take the place of) Medicare Parts A & B. There are sometimes premiums associated with these plans, and coverage is provided through the private insurance company instead of through Medicare itself. In recent years, there have been many changes to these plans, including reductions in coverage and doctor acceptance. As a result, we do not necessarily recommend them as an advantageous option in most situations. But this is largely dependent on where you live, your income/assets, and your individual health situation.

Part D is the part of Medicare that covers prescription drugs. This is also optional, although there is no prescription coverage in Parts A & B. Also there is a penalty to delay enrollment into Part D unless you have other credible coverage. So, most people enroll in Part D when they are first eligible.

Medigap plans (also called Medicare Supplements) are plans that fill in the gaps in Medicare Parts A & B. These plans are sold by private insurance companies and standardized by the Federal government. Premiums can vary widely on these plans – by state, age, gender, etc. When you go on Medicare, it is crucial to compare Medigap premiums to ensure that you get a good deal on the plan you choose since the premiums vary from company to company for the exact same coverage.

Tomorrow, we will look at more specifics about when you should sign up for the various parts of Medicare, how to do so, and what your other options are.

Medigap-Quote.com is one of the nation’s leading independent brokers of Medigap plans. We work with 30+ companies in 40+ states and work exclusively with this type of insurance. As a result, we can provide unbiased, experienced expertise to those going on Medicare and turning 65. Feel free to contact us or request Medigap quotes online.

Filed Under: Frequently Asked Questions, Medicare A & B Tagged With: how does medicare work, how to get medicare, how to sign up for medicare, medicare, medigap, part a, part b, part c, part d, plan, supplement, supplemental, terminology, what is medicare part d, when do i get medicare

Medicare Part D Help – The Most Confusing “Part” of Medicare

May 28, 2013 by Garrett Ball Leave a Comment

Medicare Part D, for most people, is the most complex and confusing “part” of Medicare. Whereas Parts A & B are pretty straight-forward, Medicare Part D has many intricacies that cause headaches and stress for even the most educated and patient Medicare consumers. This article is intended to be a compilation of important reminders about Part D that will allow you to make an informed decision when it’s time to choose a Part D plan. We’ll look specifically at the questions of when to enroll, what to compare, and which plan to choose.

First of all, the question the is foremost in your decision-making process is when to enroll in a Medicare Part D plan. The easiest answer is that, for most people, you should enroll when either one of two things happens – you turn age 65 (assuming you don’t have other, creditable coverage for prescriptions) or you lose your existing, creditable drug coverage. Medicare charges a “late enrollment penalty” if you neglect to enroll in a Part D plan when you are first eligible. This penalty is 1% of the Medicare standard Part D amount, per month that you don’t enroll after your initial enrollment penalty. This is added on to the premium when you do enroll – and this penalty stays with you as long as you are on Part D. So this a definite downside of not enrolling in at least a basic plan when first eligible, even if your medication needs are minimal.

After that initial enrollment period, you can enroll in, or change, your Part D election during the annual enrollment period, which currently runs from October 15 to December 7 each year.

The 2nd question regarding Medicare Part D is what to compare when looking at the different Part D options. When you are preparing to enroll in a Part D plan, there are several things you will want to do. First of all, it is essential to compare the plans based on any current medication needs. There are usually 25-40 plans in each county, and the coverage/co-pays on these different plans varies considerably. The most effective way to compare the plans is to use the Medicare plan finder which is on Medicare.gov. On this site, you can pull up plans for your county, enter your medications and compare based on the overall annual costs – co-pays, etc. On the comparison that the Medicare website generates, you can view an estimated annual costs, which includes your premium, any deductible, and co-pays for the medications that you have entered. This bottom-line number is what we would recommend that you use to choose a plan in most cases.

That brings us to the next question of which Part D plan to choose. As mentioned above, we would recommend comparing the plans based on current medications usage and choosing a plan that gives you the lowest cost for your medications overall. Other factors to consider when comparing the options are where you can use the plan – most plans have networks and/or preferred pharmacies – and “donut hole” coverage. The Medicare “donut hole”, or coverage gap, is a feature of Medicare prescription drug coverage. Different plans have different ways of handling the “donut hole”, which could be important to you if you are on multiple medications or medications with a high retail cost.

Choosing the right Medicare Part D plan can literally be the difference of thousands of dollars. Plans vary greatly. Medigap-Quote.com does not sell Part D plans, but we do provide the Part D comparison service through Medicare’s plan finder for our Medicare supplement clients on an annual basis (plans change each year). If you have questions or would like to compare your Medicare supplement or Part D plan, feel free to contact us online or call us at 877.506.3378.

Filed Under: Medicare Part D Tagged With: how to sign up for part d, medicare, medicare part d, medicare pdp, part, part b, part d, plan, prescription drug coverage, when to sign up for part d

When and How Should I Sign Up for Medicare?

May 17, 2013 by Garrett Ball Leave a Comment

*This is Part 2 in a 3-part series designed for people going on Medicare or turning 65. Please contact us if you have any questions about this information or fill out a quotes request if you want to get Medigap quotes.*

So, in yesterday’s article, we went over some of the basic terminology associated with Medicare, including the parts of Medicare which are very crucial to understanding what Medicare covers and how it works. Today, we will discuss actually signing up for Medicare – how to do it and when to do it.

First of all, when should you sign up for Medicare? Most people get Medicare due to turning 65 – the exception would be if you receive Medicare due to a disability. Part A (hospital/inpatient coverage) you receive automatically – for Part B, you have the option of taking it when first eligible or postponing it. If you are working and covered through an employer group plan, it is often to your advantage to postpone taking Part B. You should always confirm this with your insurance administrator/HR at your employer, but often, paying for Part B (which as we discussed yesterday is approximately $105/month) is a duplication of the coverage you are receiving through your employer. You can always add Part B later as long as you are covered by the employer coverage, such as when that coverage ends (i.e. retirement or loss of benefits).

If you are not covered by a group plan when you turn 65, you will want to take Parts A & B when first eligible. Medicare always starts on the 1st day of the month that you were born (unless you were born on the 1st of a month in which case it starts on the 1st of the preceding month).

The “how” of signing up for Medicare is pretty straight-forward. First of all, if you are already receiving Social Security at the time you turn 65, you will get Medicare automatically (both Part A & B). You should receive your card approximately 2-3 months in advance of your Medicare start date. If you have not received it by two months before your Medicare should start, I recommend contacting Medicare or going to a local Social Security office.

If you are NOT already receiving Social Security, you should plan to contact Social Security 2-3 months in advance of your eligibility date to sign up for Medicare. You can do this by following the previous link or visiting a local Social Security office. If still working, you can decide through consultation with your employer (if still working) if you are going to take Part B when you are eligible.

This article is intended to help with knowing when and how to sign up for Medicare. If you still have questions, feel free to contact us. Tomorrow, we will discuss additional coverages that you will be considering such as Medigap, Medicare Advantage and Part D.

Filed Under: Frequently Asked Questions, Medicare A & B Tagged With: eligibility, enrollment, how do i sign up for medicare, how should i sign up for medicare, insurance, medicare, medigap, part a, part b, part d, plan, supplement, supplemental, when shoudl i sign up for medicare

Best Medigap Plans – What are the Best Medigap Plans in my Area?

February 1, 2013 by Garrett Ball Leave a Comment

The best Medigap plans are, quite simply, the least expensive ones. Sure, service and coverage are always a consideration, but with Medigap plans you can be assured that these factors are standardized. Let’s take a look at what is alike with all Medigap plans:

First of all, Medigap plans all go by the standardized coverage chart (Medigap coverage chart). So all Medigap plans provide the same coverage for “like” plans. In other words, one Plan F is the same as another Plan F from a different company.
Secondly, Medigap plans all pay claims through the Medicare “crossover” system. This system is designed to ensure that all companies are paying claims automatically as secondary to Medicare, without the insured having to file claims or being involved in the process.
Next, all Medigap plans are required to be accepted by anywhere that takes Medicare as primary coverage. So if your doctor takes Medicare, they will, by extension, take any of the standardized Medigap plans.

So if all those things are the same, how do you know which plan in your area would be the best Medigap plan.Well, very simply, you can compare the plans based on premium and company rating. Those are the only two factors that differ from one company to another.

Premium is certainly the most important factor to compare. Since all of the above factors are the same, premium is the primary differentiating factor from one company to another. And, premiums can vary considerably. It is always essential to compare the plans, first and foremost, based on the premiums they charge. The premiums are based on your age and zip code, so they will vary from one person to another, depending on those two factors.

The second comparison factor that you should use when comparing Medigap plans is company rating. A.M. Best is the independent organization that rates insurance companies and that is who many people use to compare the plans. One thing to keep in mind is that these ratings are based on financial stability of the insurance company, and in no way, reflect customer service ratings, etc. That said, A.M. Best ratings can be a good indicator of a company’s financial track record and a good secondary comparison mechanism for Medigap plans.

If you would like to get a Medigap comparison or quotes, please call us at 877.506.3378 or visit us online at http://medigap-quote.com/get-quotes.

Filed Under: Uncategorized Tagged With: 2013 medigap plans, 2014 medigap plans, best medigap plans, comparison, insurance, medicare, medigap, plan, plans, quote, quotes, supplement, supplemental, what are the best medigap plans

Online Medigap Quotes – What You Can Get Online and How To Get It

September 17, 2012 by Garrett Ball Leave a Comment

Getting online Medigap quotes is increasingly easy to do. Many people choose this method for comparing and selecting plans, and it is, in most cases, the most advantageous way to “shop around” in an unbiased and low-hassle way. Many insurance companies in the Medicare Supplement marketplace do not allow their rates to be publicly-published online, so the way to see quotes for all of the options in your area is to receive them by email. There are companies out there that promise to offer the rates online; however, keep in mind that you will not be seeing all of the options as many companies have strict regulations against publication of their rates on public-facing computer systems.

So, what are the steps to getting a Medigap quote online? It’s pretty easy to do really. Here are the steps to follow:

The first step is to understand what you are looking for and what the plans cover. There are 10 standardized Medigap plans. All companies are required to offer from this standardized list of plans, although they don’t have to offer all 10. So, comparing plans is relatively easy – an ‘F’ plan with one company is the same as an ‘F’ plan with another. Two important things to note that are common misconceptions and relate to understanding the plans:
- There is NOT an annual enrollment period for Medigap. You can enroll in, change or disenroll from your Medicare Advantage plan at any time.
- Medicare Advantage plans are NOT Medicare Supplements. These plans cannot be compared to Medigap plans because they are completely different in how they work, what they cover, etc. (Difference Between Medigap and Medicare Advantage).
After you have a basic understanding of the plans, how they work, etc. you should request the information from an independent brokerage. Whether it is us or someone else, we would strongly recommend using an independent broker. The advantage to doing this versus using a “captive” agent is that you can compare in an unbiased way and make a full comparison of all of the options. To request information, go to a brokerage website and enter accurate information. If the site is asking for information that you do not want to give, simply don’t give it. Keep looking. The only information needed to run and send a quote is date of birth, zip code, gender, and email. Request a quote comparison from us.
Once you have the information, you can compare the plans that are available and make a wise choice from the plans that are offered. Always base your decision primarily on rates and secondarily on other factors such as the rating of the company.

If you have any questions about this information or if we can assist in any way, please contact us by email or call us at 877.506.3378. Alternatively, you can request information on our website at Medigap-Quote.com.

Filed Under: Frequently Asked Questions, Medigap Plans Tagged With: how to get medigap plan quotes, insurance, medicare, medicare advantage, medigap-quote.com, online medigap quotes, plan, plan f, plan g, plan n, plans, quote, quotes, supplement, supplemental, when can you change medigap plans

Medigap Plans FAQ: What Do the Different Standardized Plans Cover?

September 11, 2012 by Garrett Ball Leave a Comment

Medigap plans are standardized – each company has to offer the same coverage plans that come from the standardized plans chart. See: Standardized plans coverage chart. All of the plans have some basic tenets and characteristics that apply to all plans from all companies. Below, we’ve listed a few of those, essential to a basic understanding of the similarities before endeavoring to understand the differences:

First and foremost, all of the plans can be used at anywhere that takes Medicare nationwide. Medigap plans are non-network plans.
All plans work with Medicare – they do not replace Medicare (i.e. Medicare Advantage). And, claims are all paid, regardless of the plan or company, through the Medicare “Crossover” system (automated).
There are four total benefits that all Medigap plans contain some form of coverage for (most plans account for full coverage of all of these benefits – see chart for full details). Those four benefits are: Medicare Part A coinsurance hospital benefits, Hospice care coinsurance, Blood, and Preventive Care coinsurance

So, now that we understand what all of the Medigap plans have in common – how are they different?

First of all, let’s divide the plans into three groups:

The Common Plans

It makes sense to start with the top level of coverage, Plan F. Up until 2010, there was a plan called Plan J, which was the top level of Medigap coverage. In 2010, Medicare enveloped some of the benefits that differentiated ‘J’ and ‘F’. So, ‘J’ was eliminated and ‘F’ stood pat as the most comprehensive plan. Some ‘J’ policyholders still exist but the plan can no longer be sold to new applicants. Plan F pays everything that Medicare A & B do not cover so that you have no out of pocket costs at the doctor/hospital – no co-pays, deductibles or coinsurance.

One level down from that is Plan G. Plan G is the same as ‘F’ in every way except that it does not cover the Part B deductible. For 2012, that deductible is $140/year. Plan N is considered the next most commonly held plan and is a lower-cost alternative to ‘F’ and ‘G’. Plan N does not cover the Medicare Part B deductible (just like ‘G’). Also, it has a co-pay structure – $20 at the doctor’s office and $50 at the ER. Additionally, it does not cover the Medicare Part B excess charges.

The Similar Plans

By similar, I mean that these plans are similar to the plans that are mentioned above. In this category, I would put Plans C, D, and M. These plans are not offered by nearly as many companies as the three plans listed above, and thus, are not nearly as popular. Plan C is very similar to Plan F – the only difference is that it doesn’t cover the Part B Excess charges. Plan D is very similar to Plan G for the same reason – it does not cover the Part B excess charges (in addition to not cover the Medicare Part B deductible). Lastly, Plan M is similar to Plan N. It is a tradeoff – on ‘N’, you have the co-pay structure mentioned above, but on ‘M’, you don’t have the co-pays. In their place, you have coverage of only 50% of the Medicare Part A (hospital) deductible.

The Leftover Plans

Of the 10 total plans, that leaves 4 other plans that have not been discussed. The plans have, between the four of them, less than 10% market share, so they are not very commonly offered and not very often used. These plans are: A, B, K and L. These benefits on these plans speak for themselves on the Medigap coverage chart. And, even if you decide one of these plans is for you, you are relatively hard pressed to find any companies that offer it or any competitive pricing.

Do you have questions about what the plans cover? Or, questions about how they work? Medigap-Quote.com is a leading, independent brokerage that can help you compare all of the plans for your age and zip code in an unbiased way, without having to meet with anyone or talk to an agent. If you have questions or do wish to speak with someone, please call us at 877.506.3378. Or, you can visit us online at: Medigap-Quote.com.

Filed Under: Frequently Asked Questions, Medigap Plans Tagged With: comparison, how do medigap plans work, insurance, medicare supplement, medigap, plan, plans, quote, quotes, supplemental, what are part b excess charges, what do the medigap plans cover, what does plan f cover, what does plan g cover

The Three Step Process to Changing Medigap Plans

September 4, 2012 by Garrett Ball Leave a Comment

Changing Medigap plans is relatively easy to do. More importantly, it is essential to do – or at the least, to compare the options – on an ongoing basis every few years. Medigap plans are completely standardized by the Federal government – this means that all plans are the same, regardless of which company sells it to you. For example, a Plan F with one company is the exact same as a Plan F with another company. Often, though, rates can vary widely, as much as $100/month for the same coverage. So, comparing the options, and changing if necessary, is a vital part of your sound financial plan once on Medicare.

So, what is the process for changing plans, if you elect to do so? It is very easy to do:

First and foremost, understand what you have, what the plans are and how to compare them. So many people that we speak with every day do not realize or understand what plan they have or how the plans work. The plans are standardized, as mentioned above, so that means YOUR Plan G is not any different from a different Plan G. Also, all plans pay the same way, can be used anywhere that takes Medicare and use the Medicare “Crossover” system to pay claims. Next, you should understand how to compare plans. Once you understand that the plans are standardized, understand that you can compare plans to see if there is equal coverage for a lower price.
Compare the options from an unbiased source. Unbiased is the key word here. There are many sources out there for comparing/purchasing a Medigap plan. But it is important to use an independent agent, primarily for their expertise and ability to compare all plans in a centralized place. An agent that sells one company is, obviously, going to tout their company, but it is more advantageous for you to compare using an independent agent.
Make the move – apply for a new plan for a future effective date, then once approved, cancel the old plan, effective the same date the new plan starts. Once you have compared the plans available in your zip code, based on monthly premiums and company reliability, you can simply choose a plan and apply. You will apply for a future effective date – usually, at least 2-3 weeks in advance. Then, once it is approved, you will cancel your “old” plan effective the same date that the new plan starts. This way there is no lapse or overlap in coverage.

Medigap-Quote.com and Secure Medicare Solutions help hundreds of people change to lower cost plans each year. Our job is to provide a full comparison of all the plans for your age and zip code, as well as providing information about which companies have been most reliable/stable over time. Once you have that information, we can work with you to help you decide on a plan and reduce your costs. If you would like to reduce your premium and have had your current plan over 12 months, you can easily do so. Contact us at 877.506.3378 or Medigap-Quote.com Quotes.

Filed Under: Frequently Asked Questions, Medigap Plans Tagged With: best medicare supplement, best medigap plan, changing medigap plans, changing plans, com, comparison, how do i change my medigap plan, how to change medigap plans, how to change plans, lower cost medigap plan, medicare, medigap, medigap-quote, plan, plans, quote, quotes, supplement, supplemental, when to change medigap plans, which is the best medigap plan