5 Tips for Boomers Turning 65 in 2017
Enroll in Medicare the correct way or PAY PENALTY FEE’s!
Boomers born in 1952 are next up to join the ranks of Medicare beneficiaries. Yet so many Boomers are confused when it comes to enrolling into Medicare. Here’s what you need to know. You have a set time to enroll into Medicare which is called your “Medicare Initial Enrollment Period" (IEP) 3 months before the month you turn 65, the month you turn 65 and 3 months after the month you turn 65.
Most people get Part A (hospital insurance) premium-free because they or a spouse worked and paid taxes. Part B (medical insurance) has a monthly premium, you may want to delay signing up for Part B ONLY if you have other health care coverage, such as through an employer or union. “Cobra” is NOT considered true coverage. It is extremely important for you to know if you can delay Part B of Medicare, to avoid any late enrollment penalty fee’s. You must qualify for a Special Enrollment Period to avoid a late enrollment penalty fee, only if you delay Part B.
There are two ways to get coverage with Medicare.
Your first coverage is original Medicare (Parts A & B), the traditional way. The second coverage option is Medicare Advantage (Part C), an alternative to original Medicare. Original Medicare is administered by the federal government. Medicare Advantage plans are offered by private insurance companies approved by Medicare. They must provide all the same benefits as original Medicare Parts A and B. Many plans include additional benefits, such as prescription drug coverage and more.
Medicare Doesn’t Cover Everything. So here’s how it works. Original Medicare doesn’t include coverage for prescription drugs. You may buy a standalone prescription drug plan (Part D) to get this coverage. Some people also buy a Medicare supplement insurance plan (Medigap) to help with some costs not paid by Original Medicare. Generally, you don’t need additional coverage if you choose a Medicare Supplement Insurance Plan. Don’t let Medicare enrollment sneak up on you! If you’re not sure how to start the process, please call “Secure Your Legacy” (832) 953-4229. We can help with both Medicare Supplement Insurance and Prescription Drug Plan.
Not sure what kind of coverage you have?
Check your red, white, and blue Medicare card.
Check all other insurance cards that you use. Call the phone number on the cards to get more information about the coverage.
Confused with options call (832) 9-LEGACY BACK TO TOP
What Should I Consider When Choosing Or Changing My Coverage?
Where are the doctors’ offices? What are their hours? Do the doctors use electronic health records or prescribe electronically? Which pharmacies can you use? Is the pharmacy you use in the plan’s network? If it’s in the network and your plan has preferred pharmacies, is your pharmacy preferred? (You may pay more at non-preferred pharmacies.) Can you get your prescriptions by mail?
How much are your premiums, deductibles, and other costs? How much do you pay for services like hospital stays or doctor visits? Is there a yearly limit on what you pay out-of-pocket? Your costs may vary and may be different if you don’t follow the coverage rules.
How well does the plan cover the services you need?
Doctor and hospital choice
Do your doctors and other health care providers accept the type of coverage you have? Are the doctors you want to see accepting new patients? Do you have to choose your hospital and health care providers from a network? Do you need to get referrals?
Do you need to join a Medicare drug plan? Are your drugs covered under the plan’s formulary? Are there any coverage rules that apply to your prescriptions?
Quality of care
Are you satisfied with your medical care? The quality of care and services offered by plans and other health care providers can vary. Medicare has information to help you compare how well plans and providers work to give you the best care possible.
Will you have coverage in another state or outside the U.S.?
Your other coverage
Do you have, or are you eligible for, other types of health or prescription drug coverage (like from a former or current employer or union)? If so, read the materials from your insurer or plan, or call them to find out how the coverage works with, or is affected by, Medicare. If you have coverage through a former or current employer or union or other source, talk to your benefits administrator, insurer, or plan before making any changes to your coverage. If you drop your coverage, you may not be able to get it back. BACK TO TOP
What Is Medicare Supplement (Medigap) Insurance?
A Medicare Supplement (Medigap) insurance, sold by private companies, can help pay some of the health care costs that original Medicare doesn't cover, like copayments, coinsurance, and deductibles.
If you have original Medicare and you buy a Medigap policy, Medicare will pay its share of the Medicare-approved amount for covered health care costs. Your Medigap policy pays its share.
A Medigap policy is different from a Medicare Advantage Plan. Those plans are ways to get Medicare benefits, while a Medigap policy only supplements your original Medicare benefits.
What you need to know about Medicare Supplement policies
1. You must have Medicare Part A and Part B.
2. If you have a Medicare Advantage Plan, you can apply for a Medicare Supplement insurance policy, but make sure you can leave the Medicare Advantage Plan before your Medicare Supplement insurance policy begins.
3. You pay the private insurance company a monthly premium for your Medicare Supplement insurance policy in addition to the monthly Part B premium that you pay to Medicare.
4. You can buy a Medicare Supplement insurance policy from any insurance company that's licensed in your state to sell one.
5. Any standardized Medicare Supplement insurance policy is guaranteed renewable even if you have health problems. This means the insurance company can't cancel your Medicare Supplment insurance policy as long as you pay the premium.
6. Medicare Supplement insurance policies sold after January 1, 2006 aren't allowed to include prescription drug coverage. If you want prescription drug coverage, you can join a Medicare Prescription Drug Plan (Part D).
7. It's illegal for anyone to sell you a Medigap policy if you have a Medicare Medical Savings Account (MSA) Plan.
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