On the first day of the month you turn 65 you are eligible for Medicare. The US government offers both Medicare Part A and Medicare Part B. Parts A and B are BOTH needed before you can get Medicare Supplement Insurance (Medigap) or a Medicare Advantage plan. If you are under the age of 65, you are not eligible for Medicare unless you are disabled and have been pre-approved for Medicare.
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What does Medicare cover?
Medicare does cover a good portion of your medical needs, however, Medicare has many gaps or bridges where you have to pay, some of these are set amounts and only a few hundred dollars and upwards of a thousand, while others are percentages (often 20%), which could cost you tens of thousands of dollars should you have surgery, heart attack, stroke, knee or hip replacements, cancer, kidney failure or a serious accidental or injury.
What does QuoteFinder.Org have to do with Medicare?
We are an organization of authorized independent agents who help Americans obtain information on Medicare and other insurance products. We charge no fees for our service as we are paid by the insurance companies. Medicare is administered by CMS, the Center for Medicare and Medicaid Services. CMS and each state’s Department of Insurance oversee Medicare plans being offered and the licensed agents who assist in the enrollment process.
If you are currently receiving Medicare benefits, or if you are approaching Medicare Enrollment, we can provide unbiased information on insurance companies and the products they offer. It is important to understand there are numerous Medicare products being offered. Some of these products are a good fit for you, some of them are not. With the help of our friendly staff, we can help you learn about benefits and compare plans. If you are not enrolled yet in Medicare, you can also work with our experts to get a basic Medicare overview to help pave the way for the road ahead.
What does Medicare Supplement Insurance Cover?
Medicare Supplement Insurance, sometimes called Medigap, covers most and sometimes all the costs that are not covered by Medicare. The amount that is covered by the Medicare Supplement Plan depends on which plan you decide to purchase. Currently Plans F, G, and N are some of the most popular selling plans.
What is a Medicare Advantage plan?
Medicare Advantage plans are obtained by trading your Medicare Part A and Medicare Part B to a private insurance provider. Sometimes there is no cost beyond this, other times you can pay extra premium. Medicare Advantage plans are very popular for people on limited income or people who are under 65 and need help with their Medicare expenses. While many Medicare Advantage plans are HMO plans a few PPO plans do exist. Our agents can review Medicare Advantage plans with you. It is important to know that Medicare Advantage plans are not a Medicare Supplement / Medigap Plan.
What does Medicare Supplement Insurance Cost?
Medicare Supplement Insurance costs much less than traditional medial insurance. Many 64 year old Americans who are paying $500 to $700 a month for individual health insurance, end up only paying between $100 – $125 a month for Medicare supplement insurance. Many of our clients are eager to reach the 65th birthday so they can escape the huge costs of buying private health insurance. Most Supplemental plans average around $115 a month, but it depends on which state and zip code you live in. Medicare Supplement insurance is most popular for people who like flexibility in seeing the providers they want and want to protect their health and assets.
What companies offer Medicare Supplement and MA plans
There are upwards of 100 companies actively offering Medicare Supplement plans. Some of the popular ones are Aetna, Blue Cross Blue Shield, Cigna, Humana, Mutual of Omaha, United Healthcare (AARP), and many others.
When do I enroll on Medicare Supplement?
The most important thing to remember about Medicare Supplement Insurance is: MOST MEDICARE SUPPLEMENT PLANS ALLOW YOU TO ENROLL WITH NO UNDERWRITING (OPEN ENROLLMENT) IF YOU APPLY WITHIN SIX MONTHS OF HAVING BOTH MEDICARE PART A and PART B.
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Does this mean I have to be exactly 65?
No, if you are working, or your spouse is working, and you are covered under a group medical plan, you are still eligible for the Open Enrollment when you leave your employer sponsored plan.
What if I miss my Open Enrollment Period?
If you miss your Open Enrollment period you will have to go through Underwriting. This means you will have to submit a health questionnaire with your application. Our agents greatly assist with this enrollment process as Underwriting can be complicated for certain conditions and certain plans.
What company is the best for buying Medicare Supp?
While many companies are available, it is hard to say which company has the best Medicare Supplement. We strongly believe that working with a knowledgeable agent is the most important part of obtaining a Medicare Supplement policy. Our agents are accountable and our client can always call them directly. Many insurance companies and agencies have call centers filled with inexperienced agents. These entities have little interest in getting to know you and listening to your concerns. Many of our agents have worked with their clients for over a decade. We take pride in building good long lasting relationships.
How do I buy Medicare Supplement Insurance?
We strong suggest you call one of our agents directly. We work with all carriers and we can assist you in getting a quote and submitting an application. It is no cost to use our services and we can walk you through the process and answer any questions you may have. Otherwise you may fill out the Quote Form and we can call you.
When should I enroll in Medicare Advantage?
The open enrollment period for MA plans is October through the end of December. It is important to speak with and agent in the fall, so you do not miss this opportunity.
Can I get Dental and Vision with my Medicare?
Yes, you can get dental, but you would need to buy it from a private company. Many people like our dental and vision products that are available on this site. Dental and Vision can range from $20-$50 per a month for coverage.
Is Medicare a Private Company?
No, Medicare is a national social insurance program and a government run agency. Over 50 million Americans currently have Medicare. You can visit Medicare to learn more about the history and development of Medicare. Centers for Medicare and Medicaid Services is also a governing entity for Medicare and they have information on the CMS site.
Do I need Part D with my Medicare Supplement?
It is up to you if you want to purchase a Prescription Drug Plan or PDP. Medicare Part D is the prescription drug coverage that is offered to people who are Medicare eligible. Part D covers prescription drugs usually with a co-pay or for a small percentage of the total cost. Often times a prescription drug plan may have 90 day generic mail order prescriptions for free. Without insurance brand name prescriptions can be costly. Part D provides insurance so Medicare recipients can afford their medications.
Do I have to Buy Part D?
You are not obligated to buy Part D, but you will accumulate a 1% penalty per a month that you do not have Part D coverage. For example if a person went 20 months without Part D coverage, then they would have to pay 20% higher for their Part D coverage.
When Can I enroll in Part D?
If you have Part A and Part B, you can enroll in a Medicare Part D. Part D is a special part of Medicare that has its own application. You need to make sure to enroll during your Initial Enrollment Period or during the Annual Open Enrollment. Many private companies offer prescription drug plans. Typical prices range from $20 -$50 depending on the medications needed. A Medicare Supplement and a Prescription drug plan are two separate policies.
Hint: Clients save time by emailing us their prescription drug list. We enter the medications into our system to search all the Part D drug cards being offered in your area. This allows us to show you the best option.