Purchasing Affordable Medicare Supplement Insurance - The Agent's Role

There are several Medicare supplement insurance providers operating throughout the country. Almost all offer policies with the help of agents in order to promote enrollment and reduce overhead.

First, it is very important to understand Medicare supplement prices are controlled by law. This means that agents cannot undercut one another by offering better rates than a competitor nor can the insurance company underwriting the coverage offer a different rate than the agents they use to help enroll members. Prices are the same no matter the source so there is no monetary advantage to buying direct or pitting agents against one another.

This is why it can be wise to develop a relationship with an independent insurance broker when shopping around for Medicare supplement policies. The price will be the same, but you will also get the knowledge and experience form someone who works with several different companies.

Medicare supplement rules and regulations are uniform in the benefits provided (a Plan F is a Plan F), but there can be significant variances in price, underwriting standards, discounts, etc. between insurance companies; and there are key regulations that will differ from state to state.

An Agent's Perspective Into Medicare Supplement Insurance

Your broker plays an important role in the insurance transaction. Knowledgeable agents can provide insight into different rules and regulations in your home state.

It can be very helpful to know if your state offers supplemental coverage to those under age 65 - many do not. Or you might want to know if you are afforded an open enrollment window or anniversary each year where similar coverage can be purchased without underwriting.

One of the most common misconceptions with Medicare supplement coverage is that newer, less expensive coverage can be purchased each year during open enrollment from November 15th to December 31st. This is simply not the case. The annual open enrollment period is for changing prescription Part D plans, dis-enrolling from a Medicare Advantage plan, or changing to a new Medicare Advantage plan. It is not however a time when you can purchase a new supplement without medical underwriting every year.

There are a few states that offer open enrollment windows to Medicare beneficiaries every year when (like or lesser) coverage can be purchased without underwriting. For example, California and Missouri both offer open enrollment periods each year, but they include your birthday month and anniversary month respectively. Most other states however have no such rules and medical underwriting will usually be required.

If you live in a state without a yearly open enrollment window, then in many cases your have to be in reasonably good health to change plans. There will be exceptions to this rule as well however. Some insurance companies will relax their underwriting standards from time to time.

For example, there is one insurance company that offers Plan N with little to no underwriting. There is another that bases their eligibility on whether you are within 3 years of enrolling in Medicare Part B. There is still another that has temporarily allowed consumers to switch to like or lesser coverage with no underwriting at all - regardless of age, health, and/or any open enrollment restrictions.

Medicare Insurance Discounts and Perks

When you are enrolling in supplemental coverage, it is a good idea to let your agent know if a spouse might be joining you in the near future if s/he is not yet 65 or still employed. Some insurance companies provide valuable marital discounts that when combined will offer significant savings over a competitor.

Additionally, a few providers offer free or discounted gym memberships. This program is often referred to as silver sneakers and can help offset premiums that might otherwise be less attractive at first glance.

Additionally, some carriers underwrite to unisex rates while others have separate pricing models for males and females. And in some cases, supplement policies can be more or less expensive depending on your zip code.

As you can see from the state and insurance company specific rules and nuances listed above that the Medicare supplement marketplace is fluid. While the benefits will always be the same for like coverage no matter the carrier, most other variables can be quite a bit different - including underwriting which is one of the most important factors.

Again, this is why the agent is so important. If you are unaware of the often changing state and/or federal rules governing Medicare insurance or if you are not familiar with the many variables affecting underwriting, then you can be missing out on opportunities to enroll in more affordable coverage.

In summary, Medicare can be confusing especially if you have newly been approved for government provided Parts A and B. If you wish to purchase a supplement to fill in the general 20% gaps that are not covered, then an independent agent can be a valuable resource now and in the future.

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3 Ways To Save Money on Medigap Insurance - Part 1

If you are 65 or over and enrolled in Medicare Parts A and B, then I have some good news for you.

(at least when it comes to keeping more money in your pocket for insurance premiums!)

As you may know, Medigap Insurance ("Medicare Supplements") pay for gaps - or costs that Original Medicare doesn't pay for.

For instance, if you are a Medicare beneficiary and you go to the doctor for a visit, you will be required to pay 20% of approved fees and costs. There is no out of pocket limit if you are on Medicare.

Having a Medigap plan is a great idea to prevent large or (sometimes) even small health care expenses from ruining your retirement.

Once you know you need a Medigap insurance plan, the next step is to make sure you don't pay too much.

Of course, this is easier said than done.

With endless quotes and so-called information sources out there, it's hard to tell what's real and what isn't.

So, as promised, here are 3 ways you can save money on Medigap insurance:

Tip #1: Utilize your "open enrollment period."

Open enrollment is different for Medigap than it is for other insurance. Medigap open enrollment lasts 6 months begins on the first day of the month when you are both 65 or older AND enrolled in Medicare Part B.

Why is open enrollment important and how can you save money by utilizing it?

First of all, open enrollment is important because if you apply for a Medigap plan during this time period, the insurance company you choose cannot use medical underwriting when considering your application. This means you can't be denied coverage or be forced to wait for coverage to start because of a pre-existing condition. Basically, the insurance company must sell you any policy you want.

If you go beyond your open enrollment period, then the insurance company could subject you to medical underwriting when considering your application. You then might be denied coverage or forced to deal with exclusions or waiting periods for pre-existing conditions.

Tip #2: First discover which Medigap plan is right for you, then find the company to provide it for you.

Sometimes it can be tempting to just "get it over with" and pick a Medigap policy on the fly and forget about it.

Big mistake!

Take the time (and it doesn't really take all that long) to work with an experienced person who can help you match the plan to your healthcare needs. Once you know which plan you want (A, B, C, D, F, G, K, L M, N) you can compare prices between companies and pick the one you like best.

Note: the lowest priced one may not always be best, as you may not prefer dealing with the lowest priced company for many reasons, such as prior experience with them)

Tip #3: Know how insurance companies set prices for Medigap insurance - and ask about this when you are getting a rate quote.

There are three ways that insurance companies set prices or "rate" Medigap plans.

1. Issue Age Rated - Premiums are lower for those who are younger and don't increase as you get older. A 65 year old will pay less than a 70 year old when enrolling, but premiums won't go up for either person as they get older (except for inflation or other factors but not based on age). 2. Attained Age Rated - Premiums are low for younger buyers and go up as you get older. If you get one at age 65, the price will go up. The premiums when you are younger are typically the lowest of the three (initially). 3. Community Rated - Premium isn't based on your age. It could go up because of inflation (or other factors), but a 65 year old will get the same rate as a 77 year old.

Now you have some powerful Medigap savings tools you can use right away.

Remember, this is your healthcare we're talking about here, so make sure you take your time and work with someone who cares. Even though Medigap plan benefits are standardized, the quality of service you get from your agent is not. Working with an agent who cares and offers more than just a rate quote coughed up from a computer screen is important to saving over the long run.

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Senior Health - How The Donut Hole Works

As a licensed insurance broker I find the prescription drug coverage difficult to understand. If it is confusing for me, I figured it must be even more confusing for those enrolled in a senior health plan. The prescription drug plan is Part D of the senior health plan called Medicare. Part D plans have a premium that must be paid monthly and most plans have a deductible that must be met before benefits begin.

 Let's take a stroll through a scenario of prescription coverage for my friend Mr. Schultz. He has selected a plan with a $310.00 deductible. It works just like all high deductible health plan. Once you pay the deductible the insurance kicks in. Mr. Schultz takes four different drugs. Two are generic and two are brand name. He pays, or meets, the deductible in June. After that Mr. Schultz will pay a copayment and his plan will pay its share for each covered drug until the combined amount between what the insurance company pays and what Mr. Schultz pays reaches a total of $2,840.

 Mr. Schultz is now in the hole of the donut! Most senior health plans refer to it as the coverage gap. In 2011, he will get a 50% discount of covered brand-name prescription drugs that counts as out-of-pocket spending. When Mr. Schultz has spent $4,550.00 total out of his own pocket his coverage gap will end. Now, Mr. Schultz will only pay a small copayment for each drug until the end of the year.

Searching for the right Senior Health plan can be confusing and tricky, so it's always best to speak to a licensed agent to assist you through the process.

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2 Different Types Of Jewellery Insurance

There are many different forms of jewellery insurance that one can purchase today. However before you do actually look to purchase it is a good idea to know more about it. This way you can ask the right sorts of questions to ensure that you obtain the right kind of policy.

The first thing you need to understand when it comes to this type of insurance knows that there are two different kinds available. There is that designed for schedule jewellery insurance and that is designed to provide coverage for unscheduled. Below we take a brief look at what these types of insurance are.

Unscheduled - This is the kind of insurance policy where you are not required to provide an exact list of the jewellery you want insured. It is the kind that is often included in basic home insurance policies and provides you with blanket coverage of such items. Generally with this type of insurance there are deductibles that you will need to pay and can range from between $500 and $1500. The main benefit of this type of insurance is that you don't need to have your jewellery appraised, but you will need to provide proof (receipts) regarding how much you paid for the items and a written description of them.

Scheduled - This policy is specifically for items of jewellery that you have and can be purchased separately or as a floater, rider or endorsement to your home policy. Of course we would recommend that you actually go for a policy that is separate to your home one. With this type of policy of course the jewellery will need to be appraised as this is what determines how much it is value at for insurance purposes and will of course determine what you will pay each year to have these items insured.

You do need to be aware however that with this type of jewellery insurance even if the cost to replace the item goes up in the future, you will only get what they have originally valued the item at when it was appraised originally.

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Medicare Supplement Plans - How They Work

Medicare Supplement plans are plans that are designed to fill in the "gaps" in "original" Medicare. "Original" Medicare includes Medicare Part A (hospital inpatient) and Part B (outpatient/doctor). These plans are consistent across companies - all companies are required to provide the same standardized benefits. This makes it very easy to understand the plans and how they work. Here are the top three things that you must know when looking at Medicare Supplement plans:

Medicare Supplement plans (also called Medigap) are Federally-standardized. The plans all provide equal coverage for "like" plans. What this means is that a Plan F with one company is the exact same as a Plan F with another company. Because of this, it is important to compare the plans on the basis of monthly premium and company rating or reputation. Price being equal, it is preferable to be with a company that has a long track record of involvement in the senior insurance marketplace and/or a high financial strength rating. Medigap plans can be used at any doctor or hospital, nationwide, regardless of which company sells you the plan. Many types of insurance are network-based; however, this does not apply to Medicare Supplement plans. Even some types of Medicare plans - Medicare Advantage plans - are network-based in most cases. On the contrary, Medigap plans give you the flexibility of using the plan anywhere in the country that takes Medicare. This flexibility, particularly for someone that travels, is one of the many reasons that these plans have become increasingly popular as a way to supplement Medicare coverage. Medigap plans all pay claims through the Medicare "crossover" system. There is no variation in how quickly or how efficiently one company pays claims versus another. While some companies may use the selling point of their timeliness in paying claims, this is not altogether accurate when it comes to this type of insurance. Because the plans are Federally-standardized and pay claims this "crossover" system, you can be assured that, regardless of the company, the claims are going to be paid in a timely manner and with minimal (usually no) involvement from the insured. Once you have a plan, you just need to present your plan identification card with your red, white and blue Medicare card when receiving services from a doctor or hospital.

Altogether, Medicare Supplement plans continue to be a viable option for those on Medicare, who wish to limit their exposure to out of pocket expenses. With only Medicare, you are subjected to paying approximately 20% of all medical costs. With a Medigap plan, however, you can greatly reduce or, with some plans, completely eliminate your out of pocket costs.

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What Should Be There in the Best Medicare Supplemental Plans?

The best Medicare supplemental insurance plans covers up for out of pocket expenses not reimbursed by regular insurance. These out of pocket expenses include co payments, deductibles and coinsurance. Some plans pay for these expenses paid from the pocket, while other provide with a cash benefit paid over a time period or given to the person in lump sum amount.

This lump sum amount can be utilized to cover for lost wages, expenditure in transportation due to medical treatment, or to pay for medication, food and other expenses which one may not expect due to injury or illness.

Best Medicare Supplemental Insurance Plans

People who are already enrolled in Medicare can also eligible to enroll in supplemental insurance, which are sold and marketed by private companies. Traditional Medicare (which includes hospital insurance under Part A and medical insurance under Part B) pays for most, but not all, services related to health and medical supplies.

A best Medicare supplemental insurance plan must be able to cover for "gaps" left out by traditional Medicare such as deductibles, coinsurance and co payments. These expenditures can really add up particularly for people who are hospitalized or require skilled nursing home services. This plan also pays for medical services a person seeks outside the country and preventive services not approved by Medicare.

People who are enrolled in Part A and B of Medicare and also in best Medicare supplemental insurance plan, the Medicare first pays its share of approved medical services and then Medigap pays its share of the cost.

Types of Supplemental Insurance

Other than Medigap, there are three types of supplemental plans that are widely sold in the country. These policies are either available as voluntary benefit from the employer or one can enroll directly through an insurance company.

Critical Illness Insurance

Disease specific or critical illness insurance is designed to provide financial backup to people with serious illness, like cancer. These plans provide a lump sum amount to help people take care of additional expenditure related to illness but not provided in regular insurance or disability plan. Depending on the plan, it can be utilized to pay for:

Specialists not in the network Deductibles House hold help and child care Travel and lodging to get the treatment at far off place Experimental treatment Daily expenses such as utility bills, car payments and groceries

Accidental Death Plan in Best Medicare Supplemental Insurance

Accident plans are of two types, including Accident Health Insurance, and Accidental Death and Dismemberment Insurance. They are often sold together. Due to variation in local regulations the benefits differ from one state to another.

Accident health insurance or accident hospital indemnity policy pays for medical expenditure resulting due to an accident which is not approved under regular health plans. These plans also reimburse for extended services in homecare, and lodging and travel expenditure of family members.

An accidental death and dismemberment policy gives a lump sum amount to the beneficiary of the person who died in an accident. The plan also provides benefits, however smaller to people who did not lose their life but lost a limb, suffered permanent paralysis or eyesight. AD&D does not cover for deaths related to suicide, illness or natural death.

Hospital Indemnity Insurance

Hospital confinement or indemnity insurance offers cash benefit to people who are confined to a hospital due to serious injury or illness. The person can receive the benefit as a lump sum amount or as a weekly or daily payment; there is, however, a minimum waiting period for the benefit to start. Just like other best Medicare supplemental insurance, the extra benefits are there to pay for services and for services not approved by regular coverage.

Caveat Emptor - Are you enrolling in extra coverage?

Insurance companies spend a huge amount in promoting their insurance products through direct to consumer advertising. Many Americans are aware of a flac duck, an advertising campaign that assisted a flac in becoming the biggest provider for supplement products in the country.

A best Medicare supplemental insurance is quite economical, but it is totally unnecessary to have duplicate coverage. People who are at or above 65 years of age and are enrolled in Medicare, one can get the full coverage by purchasing a regular Medigap plan or by purchasing an advantage plan.

The first step is to ensure that you and your family are protected with a regular coverage. People, who are searching for best Medicare supplemental insurance plan, should have answers to the following questions:

If you or any of your family members develops serious illness or meet with an accident, will the current coverage sufficient to cover for the treatment? What is the probability that you or one of your family members will develop a major illness or serious accident? Is it of any worth to pay for best Medicare supplemental insurance over time?

Apart from this, before you sign a supplement insurance contract, it is crucial to understand the benefits and limitation of such plans. For instance, every supplement plan has its own restrictions, the applicant may be asked to wait for sometime before the coverage starts or may have limit on how much can be reimbursed for how long.

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Understanding the Supplemental Insurance

Life throws many unexpected curve balls. It is always a good idea to plan ahead so that when you are up to bat, you don't strike out. Even with a primary insurance, you can still wind up paying stacks of medical bills in the event of an illness or accident. Supplemental insurance is a good preventative measure against unexpected medical events.

Supplemental insurance is an optional insurance used to help cover the medical costs that a primary insurance may not. This is especially important in the elderly community. The elderly are more prone to illness and accidents, therefore requiring more medical attention. Medicare pays for a lot of medical expenses, but not all of it and a supplemental policy can help cover medical expenses.

There are several different types of covers that offer various benefits. One of the most common types is Medigap. Medigap can be sold by private insurance companies to people who are enrolled in Medicare. Just as the name sounds, Medigap is used in combination with Medicare to help fill in the gaps.

Apart from Medigap, there are many types of covers. Some of these include critical illness insurance, cancer insurance, disability, accidental death, and hospital indemnity. These policies may be available as an optional benefit from an employer, or can be purchased directly from the insurance company. The difference between the policies is the medical benefits received. For instance, an accidental death policy pays out in the event of an accidental death, just as the name states.

A lot of primary insurance policies do not cover the patient for preexisting medical conditions. Supplemental insurance plans may pay for these costs. This takes a lot of worry out of trying to get healthcare for a preexisting condition, especially with the elderly, who require good medical attention and a sound insurance plan. Unfortunately, supplemental insurance companies don't pay for preexisting condition prescription drugs. There are drug discount cards available to offset the costs of prescription drugs.

Supplemental insurance benefits are paid directly to the policy holder. A primary insurance policy pays the doctor or hospital. The payments do not have to be used for medical expenses. A lot of the time, payments are used to pay back the policy holder money they already put into medical expenses.

Supplemental insurance is usually much less expensive than a primary insurance. This is because supplemental insurance is only intended to cover the small portion of medical expenses that the policy holder's primary insurance doesn't pay. With a supplemental insurance only covering a small portion of the benefits, the premium is almost always substantially less than the primary.

In an economy where money is tight and every penny counts, it is important to have medical coverage to make out-of-pocket expenses minimal. Being vulnerable to illnesses and accidents can be scary, but with a supplemental insurance, there is no need to worry about the "what ifs" in life. Supplemental insurance is an affordable way to combat the overwhelmingly high costs of medical care.

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Bridge The Gap With Medical Bridge Insurance

Medical bridge insurance is a type of insurance that bridges the gaps that occurs in some traditional policies. It is a known fact that no insurance pays 100% unless the out-of-pocket limit has been met. If this happens, then you have already experienced some major medical bills. In some cases bridge insurance can eliminate the entire portion of cost to the employee. This type of insurance can help provide coverage for confinement to a hospital, and other medical bills.

Those people that are lucky enough to work for a company that offers health benefits can still experience a financial loss. There are deductibles, co-pays, and co-insurance that still have to be paid. And that is on top of high premiums. Wouldn't it be nice to have a low premium insurance that helps with these expenses in times of sickness?

The flexibility of medical bridge insurance offers different options. They are employee, one-parent families, two-parent families, and employee and spouse. This type of policy is priced very competitively so that makes it a great choice if you are looking for some type of supplement insurance.

Another benefit to this supplement is that you can sometimes afford to select your main health insurance with a higher deductible. This will make your premiums much less each month. If you do get sick, the bridge policy can help take up the slack and help keep your finances in good shape.

Talk to your benefit coordinator and see if there are options at your place of employment for medical bridge insurance. If there is not anyone assigned to your company as benefit coordinator, you can get the information you need through the human resource department or your manager.

It is good to know that supplemental insurance is not just for the elderly anymore. A medical bridge insurance policy is a safety net that is affordable to everyone. Investigate yourself, and see if this is protection you would like to have.

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Medicare, Medigap, Medicare Advantage - Demystified

If you are like many folks, you have struggled to understand your Medicare benefits. Parts, plans, deductibles, co-pays, co-insurance, Medicare supplement, PPO, HMO, POS, MAPD, language that seems to go in circles. You don't have to be a Medicare expert to understand your benefits and choices. The first step is to gain a clear understanding of some Medicare basics.

The Four Parts of Medicare.

Medicare consists of four parts. Each part is designated by a letter. A - D

Medicare Part A covers room and board and some other expenses in an inpatient situation. This can include a hospital, skilled nursing facility and hospice care. Medicare Part A has a deductible and co-insurances that you will be responsible for. Most people do not pay a premium for Part A.

Medicare Part B is the outpatient side of Medicare. This includes doctor visits, surgical services, physical therapy, speech therapy, durable medical equipment, home health care, outpatient testing and some drugs. Part B covers 80% of approved amounts for these expenses after you have met your annual deductible. Part B requires a monthly premium. Enrollment is optional. In most cases there is a late enrollment penalty that will be added to your premium if you delay enrollment in Part B unless you have other creditable coverage. There are limited enrollment periods every year when you are able to enroll in Part B.

Parts A & B are what is known as original Medicare. It was created in the 1965 with the first benefits paid in 1966 to help seniors with medical expenses. It is a government health plan. It covers most of your medical expenses. There are gaps in the coverage and most seniors cover all or some of the gaps with a Medicare Supplement insurance plan. Thus creating a situation where they can control and predict their medical expenses from month to month and year to year.

If you choose to stay with original Medicare you can use any doctor or hospital anywhere in the country as long as they accept Medicare.

Medicare Part C is Medicare Advantage. Since 1997 seniors have had the option to enroll in private Medicare Insurance. The Plan Provider is paid with your Part B premium and an additional amount from Medicare for each enrollee. These plans are required to cover at least what Part A & Part B cover. Some Medicare Advantage Plans include benefits not found in original Medicare like dental coverage, eye glasses and gym memberships. Some of the plans include prescription coverage. There are several types of Medicare Advantage Plans; HMO, PPO, PFFS, and POS. It is very important to remember that the coverage in a Medicare Advantage Plan is the same coverage as Medicare Part A and Part B. It is not the same as Part A and Part B with a supplement. All Advantage Plans will have out-of-pocket expenses in the form of co-pays for office visits, daily co-insurance for hospital stays etc. You are not permitted to add a supplement policy to your Advantage Plan to cover these costs. Regardless of the type of Advantage Plan that you choose, be aware that you will have to choose from providers who accept your specific plan or be ready to pay increased out-of-pocket expenses.

Medicare Part D is Medicare's prescription coverage. These plans are made available by private companies. Medicare mandates and approves the plans that are offered. You will have a monthly premium for the Part D plan that you choose. You may choose to not enroll in a Part D plan but keep in mind that you will pay a late enrollment penalty when you do enroll. The fine will be based on the number of months from when you were eligible for Part D and the month you enrolled. Enrollment opportunities are limited to Medicare Enrollment Periods each year.

By taking a moment to understand what each Part of Medicare covers and knowing where you are exposed within the coverage of each you have provided yourself a solid position from which to plan a solution that works for your unique situation.

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Considerations While Searching for an Income Protection Plan

As much as possible, we want to secure our jobs. To do that, we have to work hard and of course, take care of ourselves. However, some unexpected things could happen. You could be diagnosed with a disease that you have developed due to your toxic lifestyle. You could also have incurred injuries caused by an accident. Handicap and illness can transform the life as you know it into a world of uncertainty. Are you ready for such scenarios? If you just have thought about it, then you might want to consider a certain insurance policy. This is a very helpful kind of protection that can give you a little peace of mind while you are recovering and shaping up to be part of the workforce once again. It is a very useful and beneficial aid. To protect yourself from the worries and problems that could happen in the near future.

Who is qualified? As long as you have a job and are working under a considerably stable contract, you can go to an insurance company and apply for the income protection plan. It is necessary that you consider the cost of the premium that you can pay. You can actually determine how much you can pay for. It is important also that you pay the premium always. This is necessary so that you will not have a problem when you need to get the benefits.

Always read the fine print Some insurance companies will have particular requirements when providing an income protection plan. Some require that the person is a permanent resident. That means people who do not fall on that category cannot apply for benefits from that said company. You also need to consider what they consider as a valid reason to activate the policy and make your claim. Most of the time, those who did drug and alcohol abuse are not part of the plan. If you are pregnant, you might also not be qualified for the benefits. Reading the fine print can help you in saving time and money. You do not want to invest on something that you cannot really use at the end of the day.

Getting the right insurance You should always consider getting quotes from different companies before purchasing the income protection plan. Some companies might have better plans than others based on what you can offer and what you need. While you can, do your best to secure you future. There are lasting things in life and you want to make sure that you are given the best benefits for your needs. Take advantage of the income protection plan and you will be on your way to a more secure future no matter what happens.

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What Will Medicare Cover?

Medicare is a social health insurance programme run by the Federal Government to help aid the medical expenses of senior citizens of the USA (65 and above). Speaking of those below 65 years of age, individuals with enduring disabilities and renal failure that require dialysis, etc. can enroll for Medicare too.

Medicare coverage mainly depends upon the Part of Medicare that one enrolls in. Three months prior to one's 65th birthday, one receives a Medicare card, which proves that one has Medicare health insurance. Upon turning 65, one automatically becomes eligible for Medicare. Nevertheless, s/he has to enroll for Medicare in the open enrollment period that is from November 15th to December 31st. On enrolling for Medicare, one receives direct access to Medicare Part A (Hospital Insurance) that is free of cost, which means no premiums to be paid. Anyone who is eligible for Part A automatically becomes eligible for Part B (Medical Insurance) too. However, if s/he already receives social security, then Medicare Part B may not be required; it can be opted out of by following instructions on the Medicare card.

Medicare has four categories, if one owns one or a combination of these, s/he would get the following coverage for each Part.

Since Part A is known as Hospital Insurance, it covers all in-patient hospital expenses. These include hospice care and interval term in hospice care, blood transfusion (barring three pints annually), home health care but not adult supervision, long-term hospital care but up to 60 days of hospitalization, after 60 days the coverage lessens, on crossing 150 days, the coverage stops. It also covers obesity bariatric surgeries, expenses incurred by the beneficiary on visiting non-medical health care institutions that work on religious grounds, skilled but not private nursing facilities, room services in hospitals excluding TV and VCR in rooms, medical equipment and other such supplies, etc, social services, chemotherapy, prescription drugs, anesthesia, conveyance, regular meals, laboratory tests and the like.

Next is Part B or Medical Insurance. If one chooses to keep this Part then s/he will get coverage on medical expenses and most things that Part A fails to cover. Part B covers 80% of the medical bill and the remaining 20% is to be borne by the beneficiary. This 20% is the co-insurance or the co-pay that the beneficiary pays, and of course, there are deductibles too. The medical expenses falling under Part B are outpatient doctor's/physician's services, medical and surgical services, glaucoma tests, ambulance conveyance, mental illness, prosthesis, bone mass density measurement, radiation treatments, breast cancer and other cancer screenings, diagnostic tests, cardiovascular tests. It also covers mammograms, emergency room treatment, radiology and pathology treatment. Unlike Part A, Part B requires individuals to pay premiums. The residual 20%, that the beneficiary has to pay could turn out to be an amount that may be far from affordable at times. Hence, there is an option known as Medigap. Medigap plans are Medicare Supplement Plans that are sold by private insurance companies. These help pay for the expenses that Medicare does not pay for. There are 12 supplement plans that provide different types of coverage and charge different premiums too.

If a person wishes to enroll for Medicare Part C, s/he must be eligible for both Part A and B. However, Part C plans are more like a combination of Part A and Part B. These are also known as Medicare Advantage Plans, sold by Medicare approved private insurance companies. There are a number of Advantage Plans to choose from, so many that it may confuse the buyer. These plans offer additional benefits at lesser costs as compared to Medicare. Also known as managed care, they include Medicare Health Management Organizations (HMO), Medicare Private Fee For Service (PFFS), Medicare Medical Savings Account (MSA) and Medicare Special Needs, and Medicare Preferred Provider Organizations (PPO).

Part D plans i.e. prescription drug plans allow the beneficiary to claim a section of the cost of prescription drugs' cost, to be paid by Medicare. Anyone who is eligible for Parts A, B and C becomes eligible for Part D, not considering his/her health history and amount of income earned.

This is what all Medicare covers for its beneficiaries. For all those expenses ignored by Medicare, Medigap and Medicare Supplement Plans come to the rescue.

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Appliance Insurance: Do You Need It?

In many instances, homeowners do not have appliance insurance, and do not even realize that such a home insurance rate has been created. When we purchase our household appliances, they usually come with manufacturer warranties. As consumers, we think of these warranties as an insurance policy against our appliance. But warranties only last a little while, and often cover only defects.

It is important to look at the concept of appliance insurance and to understand this financial protection product so you can make an educated decision on whether to carry a policy and how to structure it for your own protection. Take a gander at these three tips on appliance insurance to help you pick whether to take advantage of this type of financial product, and to find the best possible price on an insurance policy to suit your needs.

KNOW THE IMPORTANCE OF APPLIANCE INSURANCE

People who are considering adding appliance insurance to their monthly home loan price or their overall insurance price need to consider the potential price versus the rewards offered by such a policy. There are quite a lot of possible examples that can explain the benefit of having your appliances covered.

One rather obvious example is in a heating and cooling system. Heating and Cooling units are not cheap to repair and even more expensive to purchase brand new. Having a good insurance policy in place in the event your HVAC breaks down can really save you some cash.

There are some renters who will correctly point out that purchasing any insurance plan limits their cash flow. For this reason, many would prefer to simply place the money they might otherwise spend on appliance insurance in the bank. But at the same time, it is sensible to also acknowledge the possibility that for most of us, extra income just leads to extra spending. If your family tends to spend more when there's more around, appliance insurance is actually a great idea because it represents a "forced savings" account preparing you for any appliance-related maintenance.

CHOOSE THE RIGHT INSURANCE PLAN

With that said, it is also important to convey that not every appliance insurance policy is the same. Renters and Homeowners thinking about buying their appliances properly insured should know what to look for in a fair policy. Look over many plans from different providers to understand the right fit for you. People compare car insurance and health insurance all the time. Why should you not compare appliance insurance and save money like them?

As time passes and appliances get older, the possibility of failure sky rockets. Insurance that covers older appliances at a lower out-of-pocket cost to you is going to make more sense if your appliances have been around for quite some time. But in brand-new homes with all new appliances, this is not going to be much of an issue.

Based on your needs and your specific situation, choose a plan that makes the most sense. If you feel like there's a great possibility of the need for or replacement in the not-so-distant future, look at policies with broad coverage and low deductibles. If your things are newer and you just want to have a little extra coverage, you might be willing to pay more on a claim out of pocket in order to keep your insurance rate down.

When an appliance breaks down, in many cases it requires more than a little repair to get it working again. This is particularly true of appliances that are not as new. Just finding the problem and procuring replacement parts can be quite a expensive task in itself. Solid appliance insurance is essential to keep these costs in line. When you have good coverage, you lean on the insurance provider to pay the major expenses, even up to full replacement.

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How To Save Money On Prescription Drug Costs

Many people are not able to afford the cost of the drugs. Yet, they end up spending a lot of money on prescription drugs. To save money, there have been quite a few reports claiming that people, nowadays, are skipping their dosages, or even reducing their dosages, and sometimes they are not filling their prescriptions. The increase in the prices of drugs has only made it worse.

This is because many drugs are not covered by their insurance plans. Nevertheless, there are always exceptions and ways in which one can save money on prescription drugs.

When a doctor prescribes medicines, ask them if all those are necessary. Ask if there is a medicine that can be skipped. Many doctors now are aware of the economic conditions of their patients, hence, they can give advise on how to save money by skipping some medicines.

Check with them if you can use another brand that is cheaper, or buy a generic one. The same composition is sold by many brands and there may be cheaper options of the same drug. Sometimes even the pharmacists can give advise on an alternate brand of the same composition, thus suggesting ways of saving money.

If you are on long term medication, use mail orders to get medicines.

You can also use the splitting drug option. Ask for a higher dosage and use splitters to split the medicine.

Some pharmacies happen to be costlier than the others. So, shop around and compare prices.

Taking such steps can definitely help you save money on prescription drugs.

If a person does not have insurance for drug coverage, then s/he can use discount card programs. This card can get one a percentage discount on some medicines and medical services. Many drug companies and state governments offer discount cards.

Medicare prescription drug card is one such option. With Medicare, drug costs can be reduced as it provides protection from unexpected prescription drug bills.

Although, it does not cover every cost, it pays part of the cost of prescription drugs.

Medicare prescription drug card costs very less, or is even available free at times. However, if a person has a medical insurance policy, these free cards will not be available to them. They have some eligibility restrictions and are for people who cannot afford prescribed drugs.

Through Medicare, drug costs can be partially reduced because of their many plans. People can take advantage through some of the discount cards offered by certain organizations. Many drug stores also offer discount cards that can help you save money on prescription drugs.

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What Benefits Does Your Local Medicare Supplement Company Offer?

Medicare started out as a social insurance program by the U.S. government at the national level. The benefits of Medicare are classified in four distinct groups, which cater to specific health care needs of patients in the country.

Although highly beneficial, these healthcare plans from the government have a coverage gap popularly known as the Medicare donut hole, in which the beneficiary is himself responsible to bear the cost of the prescription drugs. It can be described as the difference between the initial limit and the catastrophic threshold.

Medicare supplement companies offer insurance policies that can cover this gap. Medicare supplement or Medigap plans are standardized by CMS and administered and sold by private insurance companies. As per regulations, Medicare beneficiaries are not allowed to enroll in both the Medigap policy and Medicare advantage plan.

Eligibility:

A Medicare supplement company considers a person eligible for Medigap plan if he or she is already enrolled in Medicare Part A and B. The open enrollment period starts from sixth month before a person turns sixty-five.

After the open enrollment period the Medicare supplement company may ask for medical screening from the patient. The applicant may also be required to obtain a statement from the attending physician, if necessary. Medigap insurance and other forms of Medicare coverage, like advantage plans, are not compatible with each other.

Under certain circumstances, like patients with kidney failure or recipients of disability insurance, Medicare coverage is given irrespective of the age of the patient, but such people are not eligible to buy Medigap until they turn the age of sixty-five.

Drugs and Products Coverage Available:

Centers for Medicare and Medicaid Services, the governing body for Medigap plans, has classified the benefits into ten different plans starting from A to N. All the products offered by private Medicare Companies fall under these ten categories.

There may be certain variation from one state to another in terms of sales and offerings for Medigap Insurance Policies. The reason behind this is that these plans are not government sponsored and are sold by private Medicare Supplement Company.

Drug coverage is not available to people who are already enrolled in standalone Part D plan. People enrolled in Medicare plan that has drug coverage and filed application for Medicare Part D by May, 2006 have the flexibility to shift to another Medicare plan without drug coverage.

Medicare Plans That Insurance Companies Can Sell:

In most cases a Medicare Supplement company is allowed to sell only standardized policies under Medigap. Since benefits vary with state, a person will have to contact the local insurance companies to know the benefits that are on offer.

Insurance companies are not required to offer every Medigap plan when they sell Medicare Supplement Plans. In certain circumstances, insurance companies must sell these policies even if the person has health problems.

Medicare Supplemental Insurance - How to Choose an Advisor?   How To Apply For Medicare Supplemental Insurance And Get The Best Rates   Help With Your Medicare Supplement Choices   What Is Supplemental Security Insurance?