Are you thinking of retirement and find yourself curious about Medicare health plans as a replacement to your Group Insurance?
The process involved in leaving group insurance and transitioning to a private medicare health plan is a simple one. However, it can be complex and confusing if you are not prepared for the transition and are unaware of the options you have available. Part of our process at Insurance Simplified is to evaluate our clients Group Insurance to Medicare health plans available to them. Everyone’s situation is different and sometimes it makes sense to stay put on your current coverage choice.
We have helped many of our clients transition to the private Medicare health plan market and save tremendous amounts of money while gaining better coverage. Our consultations and plan reviews are FREE of charge and can help you plan ahead or make your transition. Here you can find resources to better explain the options you have available under Medicare, and the costs associated with Medicare.
Adding additional coverage to Original Medicare (Parts A and B) helps to provide Prescription Drug Coverage and lessen or eliminate your out-of-pocket responsibility with Medicare. Traditionally you have 2 options for types of coverage you can choose from: Medicare Advantage Health Plans or Medicare Supplement Plans also referred to as Medigap Plans with a Part D Prescription Drug Plan.
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Medicare is NOT FREE. Medicare does have a cost for Part A and Part B. Traditionally consumers receive Part A for $0 as long as they have worked 10 years, 40 quarters, paying into their Medicare Taxes. Part B is the part of Medicare everyone pays for. The amount someone pays for Part B depends upon income on their tax returns from 2 years prior.
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Medicare, Original Medicare Parts A and B, helps consumers cover some of their costs revolving around Hospital and Medical. Part A, commonly referred to as Hospital Coverage, generally helps consumers with costs pertaining to In-patient Hospitalization, Skilled Nursing Facility Care, Home Health Care, and Hospice. Part B, commonly referred to as Medical Coverage, generally helps consumers with their Medical Costs. Things such as doctor office visits, lab work, imaging, therapy, urgent care, and durable medical equipment are all items covered with Part B. Medicare DOES NOT COVER Part D, Prescription Drug Plans. Medicare also does not provide coverage for Long Term Care / Custodial Care.
Resources for You
– Medicare and you guide: https://www.medicare.gov/Pubs/pdf/10050-Medicare-and-You.pdf
– Choosing a Medigap policy (2020): https://www.medicare.gov/Pubs/pdf/02110-medicare-medigap-guide.pdf
– Understanding the Medicare Premium Bill: https://www.medicare.gov/sites/default/files/2018-07/11659-understanding-cms-500.pdf