Contact Us: (631) 358-5793
Paul Barrett Insurance Services
  • Home
  • Quotes
    • Medicare Advantage Plan Quote
    • Medicare Supplement Coverage Quote
    • Prescription Drug Plans Quotes
    • Final Expense Insurance Quote
    • Life Insurance Quote
    • Annuity Quotes
    • Dental Insurance Quote
    • Vision Insurance Quote
  • Service
    • Update Contact Info
    • Policy Changes
    • Policy Review
    • Contact My Carrier
    • Resource Center
    • Medicare Glossary
    • Free Consultation
    • Insurance Education Workshops
  • Insurance
    • Medicare Advantage Plans
    • Medicare Supplement Coverage
    • Prescription Drug Plans
    • Final Expense Insurance
    • Life Insurance
    • Annuities
    • Dental Insurance
    • Vision Insurance
  • About
    • Medicare And Social Security Tips
    • Blog
    • Client Testimonials
    • Refer a Friend
    • Privacy Disclaimer
    • Insurance Carriers
    • Accessibility Statement
    • Agency Photo Gallery
    • Newsletter Signup
    • Insurance Videos
    • News
  • Contact
  • Home
  • Quotes
    • Medicare Advantage Plan Quote
    • Medicare Supplement Coverage Quote
    • Prescription Drug Plans Quotes
    • Final Expense Insurance Quote
    • Life Insurance Quote
    • Annuity Quotes
    • Dental Insurance Quote
    • Vision Insurance Quote
  • Service
    • Update Contact Info
    • Policy Changes
    • Policy Review
    • Contact My Carrier
    • Resource Center
    • Medicare Glossary
    • Free Consultation
    • Insurance Education Workshops
  • Insurance
    • Medicare Advantage Plans
    • Medicare Supplement Coverage
    • Prescription Drug Plans
    • Final Expense Insurance
    • Life Insurance
    • Annuities
    • Dental Insurance
    • Vision Insurance
  • About
    • Medicare And Social Security Tips
    • Blog
    • Client Testimonials
    • Refer a Friend
    • Privacy Disclaimer
    • Insurance Carriers
    • Accessibility Statement
    • Agency Photo Gallery
    • Newsletter Signup
    • Insurance Videos
    • News
  • Contact

Paul Barrett Insurance Services Blog

Before You Choose a Medicare Plan Read This

12/22/2020

0 Comments

 
Before you choose a Medicare plan, think about your options carefully and read through the information that is available on all the plans. Attend a seminar or online Medicare 101 webinar.  Speak with an insurance broker who represents many carriers to get unbiased advice. It is wise to get a good education on Medicare and what it has to offer before making decisions.
Medicare has many different parts. The original Medicare Part A & B leaves a lot of needs uncovered as well as a high out-of-pocket risk for many medical situations. 
To help with the cost of prescription drugs, Medicare uses private companies to offer what is called part D.  Many people would probably consider this the most complex part of Medicare, and for many of us prescription coverage is very important.  Most states offer over 20 different options for part D with each one having variations of the Medicare coverage model.  Which means they have different deductibles, copays, coinsurance,  formularies and rules.
Medicare supplement plans, AKA(medigap), are offered to help alleviate costs such as Medicare Part A & B deductibles and coinsurance.  Some of these supplement plans  cover all out-of-pocket Medical costs, with the exception of prescription drugs. There are 10 standardized Medicare supplement plans offered by many companies in most states with the exception of MA, WI and MN. These states offer a different model of supplement coverage.
Medicare advantage plans, also known as part C, is another option to help control Medicare costs. With a Medicare Advantage plan you receive traditional style health insurance through a private insurer contracted with Medicare. These plans are generally HMO or PPO plans which cover costs associated with hospital stays, medical coverage and part D prescription coverage, all under one plan. These plans are subsidized by the government and coverage varies greatly from plan to plan as well as by zip code. Some areas have as many as 50 plus choices while others may have just a few.
There is no one plan that is best for all, everyone has different medical needs and budgets. One thing we all want is the best coverage to meet our personal needs and budget, when getting ready to choose a coverage option here are some questions you should ask. 
 
Ask yourself the following questions:
  • What is most important to you in a Medicare plan — cost, coverage or convenience?
  • Will you have your choice of health care providers?
  • Will the plan you choose meet your needs? How does the plan’s quality ratings compare with others in your area? With those nationally?
  • How much will you have to pay for your health care and prescription drugs?
  • Will you have coverage if you travel frequently or leave your hometown for long periods of time?
 
Don’t let Medicare overwhelm you, start early and do your homework so you can make an educated decision.
To compare Medicare plans, use the Medicare Plan Finder at www.medicare.gov/find-a-plan, on the official U.S. government site for people with Medicare.  This site allows you to compare plans by cost, quality and other features that may be of importance to you. If you have specific questions about Medicare, or Medicare plans Paul Barrett Insurance Agency offers free guidance,  you can schedule a call or zoom meeting at http://www.paulbinsurance.com/ 

0 Comments

Medicare Open Enrollment What is it?

12/14/2020

0 Comments

 
Medicare Open Enrollment what is it?

Medicare is a super confusing topic for most individuals and Medicare open enrollment does not make things and easier. Most clients and even insurance agents will confuse this enrollment period with when it is, who it’s for and what exactly can be done.
Medicare has a few enrollment periods the most well known is the Annual enrollment period which occurs from October 15th and runs until December 7th, during that time anyone on Medicare can make as many changes as they like to there Medicare advantage plans or prescription drug plans also known as part D. The last change made will go  into effect for January 1st in the new year. Ok so what is the Medicare open enrollment?  The Medicare open enrollment happens from January 1st - March 31st during this enrollment period anyone on a Medicare advantage plan can make one change, this change will go into effect the 1st of the following month the change was made. So what changes can be made? Members of a Medicare advantage plan can change to a new Medicare advantage plan or go back to original Medicare and a drug plan. Members may apply for Medicare supplemental coverage as well depending on the individual's residence medical underwriting may be required.
This is not a well known enrollment period unlike the Medicare annual enrollment period, insurance carriers, brokers and agents are not allowed to advertise and promote changing plans during this time. This is a great opportunity for many people on Medicare who missed out on the annual election period, or did not realize plan changes that were made to their current coverage until after the new year . The Medicare open enrollment period is essentially Medicare trying to give people one last opportunity to improve their coverage situation without all the sales pressure that comes with the annual enrollment period which has really gotten out of control. So if you are on a Medicare advantage plan and have not really examined how well it will fit your current health and budgetary needs for the new year, you really should do yourself a favor and take a look at your current plan and any changes it has made for the new year.  Stay safe, and as always if you have any questions regarding,
Medicare or your coverage please feel free to message me or give me a call directly at 631-358-5793 email medicare@paulbinsurance.com      http://www.paulbinsurance.com/



0 Comments

Medicare Advantage Vs. Medicare Supplemental coverage

12/7/2020

0 Comments

 
  Medicare Advantage vs. Medicare Supplement Insurance Plans AKA( Medigap) 
Medicare, is a multilayered federal health insurance program for people 65 or older or  for people under 65 with certain illnesses or disabilities, can be confusing. While Medicare Part A covers inpatient hospital stays, hospice care, skilled nursing facilities and some home health care services, Medicare Part B covers outpatient care, doctors’ services, preventive services and medical supplies. These come standard in every original Medicare plan.


Source: Getty
Medicare Advantage, also known as Part C, is an alternative plan that adds extra benefits. Stand-alone prescription medication coverage, called Plan D, allows you to keep your original Medicare plan with the added benefit of covering the costs of your prescription medicines.
However, as you may remember during your experiences with insurance while you were working, there are always other expenses to consider. Many people think Medicare covers all health care expenses, but this is not so. It does not cover some copays and fees.
Here are some examples of costs you may be responsible for when using Medicare for health care needs:
  • Your Medicare premium is your membership due to Medicare or your private insurance company in exchange for the coverage.
  • Most copayments are necessary for doctor’s visits, prescriptions, blood tests or X-rays.
  • Coinsurance, which is different from copayments, varies. Copayments are fixed, yet coinsurance is usually based on a percentage, say 20 percent, of the costs. For example, while Medicare may pay 80 percent of your procedure, the coinsurance, what you’re responsible for, would be the remaining 20 percent balance. Coinsurance costs can easily head into the thousands for complicated situations, such as surgeries.
  • Annual deductibles for medications.
  • Keep in mind there is always a “maximum out-of-pocket” limit for services covered by Medicare. After this limit is reached, your out-of-pocket expenses cease, however, this depends on the plan you’ve chosen.
Medicare Advantage Plans (Part C)When it comes to copays and other out-of-pocket fees, Medicare Part C, also called Medicare Advantage Plans, are offered by private companies that contract with Medicare to provide not just Part A and Part B benefits, but also services not paid by original Medicare. Medicare Advantage Plans are provided by health maintenance organizations (HMOs), private fee-for-service plans, Medicare medical savings account plans and preferred provider organizations. Many Medicare Advantage Plans offer prescription drug coverage.
Medicare Advantage Plans are best suited to individuals who are on a limited budget or those who would rather have a smaller premium in lieu of high out-of-pocket costs. Here are five things to consider when choosing a Medicare Advantage plan:
  1. Affordable: You might have a $0 premium, depending on your county and state.
  2. Extras: This plan may cover vision or dental – always ask specifically before purchasing.
  3. Keep more in your pocket: These plans have a maximum out-of-pocket limit.
  4. Medication coverage: Many plans include prescription coverage. Check to ensure your medications are listed as covered.
  5. New year may bring changes: A new year can bring changes. When it comes to Medicare Advantage, every year, you’ll need to ensure premiums, benefits and copayments remain in your comfort zone. The specifics of each plan depend on the insurance company and what it offers.
Medicare Supplement Insurance vs.
Medicare Advantage


Medicare Supplement Insurance
(Medigap)
Medicare Advantage
(Part C)

How it relates to Medicare Parts A & B
Private supplemental coverage that pays all or most Part A & B out-of-pocket costs
Private health plan; provides Part A and B benefits in place of original Medicare

Premium
Varies greatly by plan and state may also be more depending on health and age.
$0-$100 a month; all enrollees pay the same regardless of age, health history

Out-of-pocket costs
Low to none (except for premium)
In-network medical deductibles, copays up to $3,400-$7,200 a year, depending on plan

Doctor, hospital choices
Any that participate in Medicare
HMOs: Plan providers only
PPOs: Any provider; out-of-network costs more

When you can buy
First six months after you sign up for Part B and at least 65; you can be turned down or charged extra in most states after this period
When you first enroll in both Medicare A and B; annually thereafter during open enrollment Oct.15-Dec.7

Part D (drug) coverage
Not included
Most plans include Part D

Quality info available
No standardized ratings
Medicare.gov has star ratings, with higher stars being the best

Proof of coverage
  • Red, white, and blue Medicare card
  • Medigap Card
  • Part D card
Medicare Advantage card

Paperwork
Little to none; usually automatically sends payment to providers after Medicare’s fulfillment
Some, because you pay deductibles and copays directly to providers
 
Medicare Supplement Insurance Plans (Medigap)Medicare supplement insurance plans are a different option for additional Medicare coverage. If you plan to keep your original Medicare insurance and pay your Part B premium, consider a Medicare supplement insurance plan instead to cover the “gaps” in traditional Medicare costs. Some plans even pay the Medicare Part A deductible, so it truly matters that you do your research before making a decision.
Five things to consider when choosing a Medicare supplement insurance plan include the following:
  1. Guaranteed acceptance: As long as you purchase your Medicare supplement plan during the six-month period that begins the month you turn 65, you cannot be turned down for any reason. But that time period is special – after it expires, you may be turned down or your premiums may be more expensive.
  2. Ten standard plans from which to choose: Though the ones with the most coverage are the most expensive, the variety of choices means you control your costs. These plans are also standardized by law, regardless of your insurer, across most states.
  3. Protection from massive medical bills: Being sick is expensive. Even if you have Medicare, you may still end up owing a large percentage of costs to a medical provider. A Medicare supplement plan will pay most, if not all, of that percentage.
  4. Annual renewal: No matter the state of your health, once you have the Medicare supplement plan, it renews every year as long as you pay your premiums.
  5. Take it with you: Your policy goes where you go, which is especially important for seniors who travel, such as snowbirds and RVers.
There is NO one best plan unfortunately , if you would like help with your Medicare questions?
Call 631-358-5793
www.paulbinsurance.com/
​


0 Comments

Medicare Annual Enrollment

12/1/2020

0 Comments

 

Why do I have to pay attention to Open Enrollment? I am happy with my current Medicare plan.


You are happy with the plan you have today.... But the Part D drug plan or Medicare Advantage plan you have today is NOT the same plan you'll have in the next calendar year.
Each January 1st marks the start of a new plan year. 
A new plan year means insurance companies can – and often do – make changes to their plans that can cost you. If you're not paying attention and simply let your plan renew, these are changes you’ll have to live with for better or worse in new year.  
Here are some important things that insurance companies can change in your coverage. For Part D plans:
  • the monthly premium.
  • the annual deductible.
  • your out-of-pocket co-pays.
  • the drug formulary (listing of medications the plan covers). Just one medication leaving your plan's formulary can cost thousands over the course the year.
  • the network of pharmacies.
  • the pharmacy cost-sharing.
  • coverage rules for medications (quantity limit, step therapy, prior authorization)
  • coverage of medications in the Coverage Gap, commonly known as the Medicare donut hole.  Increasingly, plans are dropping this type of coverage.
For Medicare Advantage health plans:
  • the monthly premium. Medicare Advantage plans may or may not have a premium.
  • your out-of-pocket co-pays and coinsurances.
  • the annual out-of-pocket spending limit. Each year these limits continue to creep up. Is your plan's limit going up?
  • the network of providers. 
  • coverage rules (plan limits, referral, and prior authorization requirements).
  • extra benefits, such as. routine dental and vision care, transportation, in-home support services. 
Prior to the Open Enrollment Period, your Medicare Advantage or drug plan must send information about changes in benefits and costs for the upcoming calendar year. Take time to study that information. You can make changes anytime between October 15 and December 7.
If you have concerns about your coverage, you can use the Medicare Plan Finder to compare plans. Or, if you prefer to have an unbiased Medicare expert review your coverage and ensure you're making the most cost-effective choices, Paul Barrett Insurance offers free Medicare plan reviews.
0 Comments

    Contact Us

    Local Office: (631) 358-5793
    Toll Free: 1-800-219-0453
    15 David Ct
    ​Huntington Station, NY 11746​

    Click Here to Email Us

    Archives

    February 2021
    January 2021
    December 2020
    November 2020
    October 2020
    September 2020
    July 2020
    April 2020
    September 2019
    January 2019
    December 2018
    May 2018
    January 2018
    December 2017
    September 2017
    August 2017
    July 2017
    June 2017
    May 2017

    Categories

    All
    FAQs
    Financial
    Health
    Insurance
    Local
    Safety

    RSS Feed

Navigation

Homepage
Insurance Quotes
Policy Service
Insurance Products
Contact Us
Agent Login

Connect With Us

Share This Page

Contact Us

Paul Barrett Insurance Services
15 David Ct
Huntington Station, NY 11746
Local Office: (631) 358-5793
Toll Free: 1-800-219-0453
Click Here to Email Us
Schedule an Appointment

Location

Website by InsuranceSplash