You have just turned 65 and signed up for Medicare or you already have Medicare and all your health care expenses are taken care of right? WRONG! Original Medicare has gaps in the coverage, thus the term “Medigap” which is used to refer to senior health plans. Medicare has deductibles, coinsurances and a set amount of lifetime reserve days. There are two different types of senior plans. One is a Medicare Supplement plan. These plans are standardized by the Federal Government. The other senior plan is called a Medicare Advantage Plan. In this article I will discuss the senior health plans called Medicare Supplements, Med Sups, or Medigap plans. They all refer to the same type of Medicare plans.
The next step is you will want to consult an insurance broker that specializes in the various forms of coverage because at some point you will need to secure either a Medicare Advantage Plan or a traditional individual assurance company medicare supplement plan. A good insurance broker will be able to clarify and expand on the research you have done previously so that you are aware of everything you need to know and ultimately will help you make a good decision about your Medicare coverage.
As I begin to dig further I found that she had received a letter back in February from her plan saying that she did not have “creditable drug coverage” for the last six years and if she did not provide proof of “creditable coverage” within 60 days that she would be paying an additional $20/month which equates to $240/year. The not so funny thing about this was that the husband went to get a file at my request and right in the front of the file was the proof of creditable coverage from his previous employer. I called the plan immediately, and of course was told that since the time had expired it was out of their hands, and that I would have to go through an appeal with Medicare. Oh, the insanity. If only they had used a good independent, knowledgeable agent!
Establish upfront that you are in the business of providing insurance policies to people who need and want them. The types of policies you sell may vary(life, health, annuities, auto, home, etc) and no one is really successful trying to sell them all. You must determine what business you are in so that you can determine who your client should be. Dont market to the world; market to your niche!
First of all let us take a look at the interest AARP may have in the outcome of this health care reform. By saying they don’t take sides – but they do – they are trying to ride the fence. My husband used to say of these kinds of people they must have to pick splinters out their duffs each night for riding the fence so hard during the day. In their AARP Bulletin this month, they advertise for no less than ten insurance companies in 28 page magazine. Let’s see they cover, home owners, life, automobile, medical supplement, and medicare supplements. These are not just ads – but endorsements from AARP – you have to be a member to get it. No matter which way, they want to appease their membership and appease their benefactors.
The older you get, the more you may need a supplement plan. At this point in your life, you may find that you don’t need one. If you only go to the doctor for preventative care, and only need to fill a prescription once or twice a month, Medicare plans may actually wind up taking money away from you. This is especially true if you have Medicare Part A and Part B. You are required to pay a premium on Medicare part B. Some policy holders may already find this premium a bit expensive. If you are not in dire need of health care, it’s possible to hold off on a supplement plan.
True. Between 2000-2006, Alzheimer’s disease had a 47.1% increase as cause of death. All other major causes of death decreased – Heart disease (-11.5%), Breast cancer (-0.6%), Prostate cancer (-14.3%), Stroke (-18.1%).