Advantages Of Using An Independent Medigap Broker

You are on the right track if you understand that with Medigap insurance plans you are required to pay a monthly premium rate for a policy. These policies help you pay for certain health care costs that are not covered by the Original Medicare Part A and Part B such as health care if you travel overseas, co-payments, and deductibles. You also cannot buy a Medigap insurance plan if you are under the age of 65 or if you already have Medicare Part A and Part B, which essentially cover hospital services and the cost for doctor services.

Why Choose a Medigap Policy

Additionally, Medicare policies do not cover private duty nursing, long-term care in a nursing home, routine dental and vision care, eyeglasses, or hearing aids. If you are planning to purchase a Medigap plan, the open enrollment period is six months from the first day of the month of your 65th birthday. You can buy a Medigap insurance plan from a private insurance company or through an independent agent who represents that company. While the benefits of a Medigap policy are equally the same regardless of whom you buy it from, there certainly are many advantages of comparing rates between independent Medigap brokers.

Consider the following:

Training and Knowledge About Health Insurance

Independent Medigap brokers are sales agents who are not only conversant with different types of policies their carriers sell to help customers determine which plan best suits their needs, but they are also required to complete a pre-licensing training course, where they learn everything about insurance ethics, different types of insurance policies, as well as how different state’s laws apply to the type of insurance customers want to buy.

One of the main jobs of an insurance agent is to help insurance companies generate new business by contacting potential customers and selling them insurance. Therefore, an independent Medigap broker is able to provide you with some insights on the most reliable insurance companies. It is not uncommon to find one broker representing multiple insurance carriers that vary greatly in cost and coverage. A Medigap broker is well vast in the features of various policies, and he or she can explain in detail about the various plans to help you choose one that suits you best.

Helping You Find The Right Policy For You

Most people find very challenging when shopping for health insurance is understanding all the various Medigap plans. Not only will an independent Medigap broker assist you in deciphering some of the insurance lingoes, but also help you make discerning Medigap comparisons, including how they work, how they benefit you and your family, and how much they cost

Independent Medigap brokers can also help fine-tune your Medicare options that fit with your financial obligations, plans, and lifestyle and will give you access to the quality healthcare you deserve.

Using an independent Medigap insurance broker will save you time you would otherwise spend on Medigap comparisons and research, better yet, it costs you nothing to use a broker, and they can provide you with a 24/7 support.

Learn more about Medigap plans and rates at http://emedigap-plans.com. Medigap Insurance brokers will help you compare Medigap Insurance rates and plans. To talk to an expert in Medigap coverage call toll free 888-452-7949!

February 9, 2018February 9, 2018

Switching from Medicare Advantage to a Medigap Plan

If you have Medicare Advantage, you know there can be many limitations. There can be many advantages to switching to a Medigap plan. By learning a bit more about this insurance coverage, you’ll better be able to determine if you should make the switch to Medigap.

Comparing Medigap and Medicare Advantage

Medigap is a bit different than Medicare Advantage. You’ll still need your basic plan. Medigap is basically extra help insurance that will cover the extra costs that are not covered by your original Medicare.

Medigap is sold by private insurance companies. The meaning of its name covers what it does, “covering gaps in your regular insurance plan”. Let’s cover some comparisons between the two types of insurances so you have a better understanding if you need Medigap.

Many Americans are facing escalating medical costs and have discovered that Medicare only covers some of them. Medigap covers the costs that aren’t covered by your other plan. Just some of the costs that Medigap covers include co-payments, deductibles, and healthcare coverage outside the USA.

What Medigap Doesn’t Cover

What doesn’t the Medigap insurance plan cover? They don’t cover long-term care, so that will need to be covered by your regular insurance provider, which is Medicare, in this instance. Medigap also doesn’t cover dental care or vision care, or the related costs, such as eyeglasses, nor hearing aids. You also won’t get private duty nursing. Almost none of the Medigap insurance plans cover prescription drugs.

In order to sign up for Medigap, you will pay a monthly premium for one of the Medigap insurance plans. Policies are only available to people who already have Medicare Part A or related type, which covers hospital services. Other plans may cover people who have Medicare Part B or similar. This covers doctor services.

Choose One Plan- Not Both

For people who have a Medicare Advantage Plan, they will not qualify for a Medigap plan at all. This means that you are going to have to decide which plan is right for you. In fact, it can be illegal for an insurance company to sell you both plans together.

Medigap will generally run at a higher monthly premium, but overall, your out-of-pocket expenses will be decreased, particularly if you have a disease or condition that requires extra clinic visits. Medicare Advantage plan can be more affordable. It can also cover more services. If you’re on a tight budget, this may be the plan for you, particularly if you’re pretty healthy.

You should also know that while regular Medicare and Medigap allow you to visit any facility that accepts these providers, with Medicare Advantage, you are limited to specific doctors or facilities within the plan. This type of plan doesn’t cover out-of-network care at all. This may be an issue if you live in the suburbs and aren’t near participating providers.

If you need assistance in deciding if you should switch from Medicare Advantage to Medigap, or with choosing the right Medigap plan to complement your Medicare, please contact us today.

January 26, 2018

Which Medigap Supplemental Insurance Plan Works Best For You

Are you 65 or about to turn 65 years of age, but are unsure of which health plan works best for you? If you already have a comprehensive retiree health plan that provides additional and generous benefits, or benefits not covered by Medicare or Medigap policies, you may not need a Medigap plan. However, it is advisable to review your health insurance plan annually and evaluate whether it’s right for you based upon cost, convenience, and coverage. It is time to reconsider your current health plan if you are paying too much for benefits you don’t necessarily need or your health is worsening and you need more benefits.

Depending on the type of health insurance plan you are looking for, your risk factors and how much insurance you want, or what you want to be insured for, a supplemental health insurance plan can be purchased to cover additional expenses that are not covered by the basic health insurance plan such as co-pays, deductibles, and co-insurance.

Eligibility For Medigap

Supplemental health insurance policies such as Medigap supplemental insurance offer disease-specific insurance. While there are possible exceptions, but, if you are on Medicare, Medicare Advantage Part C health plan, have a disability or pre-existing medical condition and are under 65, you aren’t eligible to enroll in a Medigap plan. Available, contingent on the state you reside in, are eleven Medigap policy plans from A through G and K through N that offer different groups of benefits, filling different gaps in Medicare Parts A and B coverage.

It is a general rule that by law, insurers can’t sell you more than one Medigap supplemental health insurance plan. If married, your husband or wife will need to purchase a separate policy if they too need a Medigap coverage, but only if they have Original Medicare Part A and B. Generally, Medigap supplemental insurance plans do not cover any out-of-pocket costs for Part D plans, long-term care, private-duty nursing, dental care, vision care, eyeglasses, or hearing aids.

Standard Medigap policy will cover are some or all the costs of the following:

About 20% of what Medicare doesn’t cover, such as your Part A hospital deductible and coinsurance
Part A lifetime reserve coinsurance for 91 to 150 days
A portion of Part B services such as your doctor’s bills
Part B deductible
Part B 20% coinsurance
Part A and B first three pints of blood annually
Hospice care and coinsurance
Foreign travel emergency coverage
Up to 365 lifetime hospital days beyond Medicare coverage

Rights You Have With Medigap

A few changes have also been made to Medigap rules that require companies to issue a Medigap policy without both a health screening and a new waiting period limitation. For example;

You now have the right to purchase a Medigap policy without health screenings or a new waiting period if you no longer have insurance that covers all of the cost of Medicare’s 20% co-insurance
Insurance companies cannot request, require or obtain medical information as part of the application process if you are applying under “open enrollment” rights or if you are entitled to “guaranteed issue” coverage
“Open enrollment” rights are now extended to include COBRA and CalCOBRA

Regardless of the changes to the law, those who bought their Medigap plans before June 1, 2010, can rest assured that their plan is not only guaranteed renewable every year, but their benefits will remain the same as long as you want to keep it and the premiums are paid.

Bearing in mind that insurance companies are required to offer the same benefits for each lettered plan, but it is your prerogative to shop around and find a Medicare Supplement plan that may fit your medical and financial needs. In essence, insurers have the ability to charge higher premiums for this coverage, they are, after all, trying to make a living too. The following are what they base their costs when they price their plan premiums:

How Premiums Are Priced

Community-rated pricing – also known as No-Age-Rated pricing, the age of the beneficiary does not affect the premium price, but it may still go up due to factors, such as inflation, high deductibles, discounts, and whether you have a guaranteed issue right. Therefore, regardless of your age and overall health condition, the charges are the same premium to all beneficiaries

Attained-age-rated – they are the most common as they represent the largest group of insured policyholders and the monthly premium rate for this policy is based on your current age at policy start. While they increase gradually over time, they are reasonable increments that must first be approved by the Department of Insurance as a way to keep up with inflation.

Issue-Age-Rated – premiums are priced based on the age at which you bought the policy. Depending on your state of origin, these policies will every so often have much higher premiums to start out and are subject to annual rate increments.

It is, therefore, important to do a little research pertaining to how your state rates this policy and also check an insurer’s rate increase propensities over the years before you purchase an issue-age policy or any other policy for that matter.

Medigap plans cover a range of benefits, with some providing more coverage than others. And while Medigap Supplemental insurance plans are standardized in most states, understanding how they are priced will ensure that you are not paying double for the same basic benefits. You may also be subject to medical underwriting that most insurance companies use to collect detailed information about your health and medical history when evaluating your application. It is during this evaluation process that an insurance company will decide whether or not to accept your application for insurance and how much to charge you. They, however, can’t use your health problems to deny you a policy or charge you more for it during your Medicare Supplement Open Enrollment Period. Therefore, be extra vigilant not to miss your Open Enrollment Period to avoid medical underwriting and extra costs.

January 22, 2018January 26, 2018

Getting The Coverage You Deserve With Medicare Supplemental Insurance Plans

Medicare Supplement Insurance policy or Medigap is a private insurance policy sold by private companies to help pay for some of the high out-of-pocket care expenses that are not covered by the Original Medicare such as copayments, coinsurance, deductibles, at-home recovery, as well as foreign travel and emergency care.

There are eleven standardized plans lettered from A through G and K through N – and are regulated by the federal and state governments. Every Medigap insurer offers both Plan A and Plan B, but it is important to know that while Medigap policies must provide coverage for the expenses that are not covered by Medicare, not every insurer offers all twelve standardized plans.

Medigap Enrollment Requirements

You don’t necessarily need a Medigap policy if you already have a supplemental retiree health insurance through a former employer or union or if you opt for a Medicare Advantage Plan, also known as Medicare Part C. In order to be eligible for Medigap supplement plans, a few things should be in place and it will also depend on the state you live in because not every state offers Medicare Supplement plans to beneficiaries under 65 years of age. Consider the following enrollment prerequisites:

You cannot be a Medicaid recipient
You have guaranteed enrollment in a Medigap policy if you are 65 years old
You must be and stay enrolled in Part A and Part B in Original Medicare for your hospital and medical coverage
Depending on your specific state and you are eligible for Medigap coverage if under 65 living with disabilities or certain conditions, such as end-stage renal disease or Lou Gehrig’s disease
A Medigap policy only covers one person. You and your spouse must purchase separate policies
In addition to the monthly Part B premium that you pay for Medicare, you will be required to pay a monthly premium for your Medigap policy
Provided you keep up with the premium payments, the insurance company cannot cancel your standardized Medigap policy, and they must renew it annually

Medigap plans do not cover private-duty nursing, long-term care, dental care, hearing aids, vision or eyeglasses, Medicare Part D, which is a prescription drug coverage plan

Open Enrollment Period

You would face late enrollment penalties if you didn’t enroll when you turn 65. Therefore, you want to sign up for a Medicare Supplement plan during your Medigap Open Enrollment Period. It is the six-month enrollment period that starts three months before the month you turn 65 or at the end of 3 months after the month you turn 65.

While you can apply anytime if you missed your Medicare Supplement Open Enrollment Deadline, but will not only be required to go through medical underwriting, but chances are you may not be guaranteed coverage. You will also be required to pay a late enrollment penalty if you want a completely different Medigap policy or to switch to a Medicare Advantage Plan that offers prescription drug coverage but you decide to drop your old policy, and the drug coverage wasn’t a creditable prescription drug coverage.

Choosing The Right Plan For You

Depending on the policy, Medigap plans A through J include the following benefits:

Medicare Part A covers coinsurance and deductibles
Medigap Part B covers doctors’ bills
Medigap policies K and L include coverage of similar services as plans A-J and provide benefits that supplement those covered under Medicare Parts A and B
First three pints of blood annually
Foreign travel emergency
At-home recovery
Preventative care
Excess doctor charges
Hospice care coinsurance

While the services offered under each Medigap plan are standardized, the premium rates charged for coverage under the plans vary by insurance company and sometimes by geographic region. Additionally, Medigap policies may impose a pre-existing condition limitation of up to a six-month before the effective date of coverage. However, the waiting period can be reduced or waived completely, depending on your circumstances.