If you have turned your television on in the last two years, then you have probably seen a commercial for Medicare Advantage Plans!  These commercials claim that you may be eligible for a reimbursement into your social security check. For many consumers this new information seems amazing!  I must tell you though, I have been a licensed agent since 2007, since I started this reimbursement was available to people who qualified.  Advertising for Medicare Advantage Plans has become increasingly more common, and now in 2022 part B reimbursement or giveback commercials are all the rage. In the commercials they frequently state to check your zip code, since the benefits come down to your location. Over the last couple of years there has been a sharp rise in plans offering this benefit. In 2021 there were 9500 plans offered and in 2022 the number has increased to 14,000. So there is a better chance now than ever that you may have a Part B giveback plan available in your neighborhood.

So what does this mean? 
Everyone wants to get money added to their social security check right?

I think Medicare Advantage Plans can be an excellent coverage choice for many people on Medicare, however, I don’t think everyone would want to take advantage of the Part B giveback plan. 

Why?
Let me explain….
First off we all need to remember that all of these Medicare Advantage Plans are offered by private insurance carriers and these companies design their plans to be profitable.

With that being said, there are some really beneficial plans out there. You will see plans in some areas that give almost everything away, dental, vision, hearing, silver sneakers, transportation, Part B giveback and more. Typically these plans will be in an area where there are a lot of Medicare recipients residing. This is because Medicare pays the carriers more money in these service areas. So the more rural the area you live in typically the less extra benefits you will find. The way that the insurance carriers control their costs is by limiting your provider network. Whether its medical doctors, hospitals or dental providers, they will contract only with providers that agree to lower payouts for services.  
So what does this exactly mean? 

Let’s say that where you live there are 50 dentists within 20 miles of where you live, out of the 50 dentists only 3 agree to the health plans payment terms. This happens in local areas more than you would think. The same goes for doctors and hospitals. Many of the plans with lower cost sharing are able to offer this due to their smaller provider networks. Where I live, many of the hospitals that people would like to use do not contract with more than a couple of Medicare Advantage Plans. I find when I speak to most people they want to have their choice of doctors and hospitals and if dental coverage is important they usually want to keep their dentist as well.

How bad do you want the extra money back in your check?

As of October 2021,  63,964,675 are enrolled in the Medicare program and with 10,000 people turning 65 a day this number will only grow. This is making Medicare big business. Insurance carriers and large brokerages and agencies are constantly trying to figure out how they can persuade more clients to choose their coverage option. So they now use several marketing tactics to drive more enrollments.

• Television commercials with famous athletes like Joe Nameth, George Foreman, Joe Theisman and comedian JJ Walker. The ads boast tremendous benefits and have even more fine print .
• If you have a mailbox it is undoubtedly getting filled up with advertisements, many of them trying to masquerade as an official government document.
• The internet is loaded with ads for amazing benefits and free quotes, that will lead you down a rabbit hole and have you receiving phone calls, emails and text messages for months.
• Recently the telemarketing game has made a big comeback, many agencies are employing call centers from the Philippines and other low cost nations to cold call lists of people of Medicare age. 

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First you want to make sure you truly understand what you are getting, and what you are giving up to receive the part B giveback money.

•  Are you ok with a limited provider network ? 
  
• Would you be ok with paying 30-40% coinsurance for using an out of network provider?
  
• Would you mind having higher doctor office copays?
  
• Many of these plans by me have a medical deductible on the plan
  

These are a few of the important things to consider before choosing one of these plans and believe me, I understand how confusing it can be.  Depending on where you live some plans may provide reimbursement and cover all of your doctors and hospitals, in addition, these plans may not cost more for services mentioned. So the important thing is to do your homework and make sure you understand the pros and cons of any Medicare Advantage options in your area. The fact is there is no blanket rule of which plan is best for everyone and the more you understand the less you will be surprised or disappointed by your coverage.

Medicare Advantage Plans can be a great option for many people on Medicare but the are not created equal, so if you have questions about Medicare Advantage Plans in your area contact us at  631-358-5793 or send us and email medicare@paulbinsurance.com



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 you get Medicare money back? A question we commonly see circulating online is where or how do you get Medicare money back when using this plan. However, you do not receive physical cash back from Medicare in a literal sense. Instead, you pay less or nothing for the Part B monthly premium. 
If the Medicare Part B Premium eliminates the costs, no payment will need to get made. In contrast, if the plan only lessens the price, you will receive a discount based on making Medicare payments. For instance, 

• Social Security checks - The most common way for beneficiaries to pay their Medicare premium is from a deduction on their Social Security checks. In this circumstance, it will either be refunded on your next check or reduced in the future. 
• Alternative payment method - If you pay from another way, like a direct debit, you will only need to pay what is owed. 

The amount you can reduce this cost can vary, but from 2022 the maximum is $170.10. To see a Medicare Give Back rebate in action, let's provide a brief example. Let us say you pay $170 a month for your Part B premium, and you're enrolled in a plan that gives back $50. In that case, you will only need to pay $120.
Also, note that it could take upwards of three months before any discounted rate is  seen on your Social Security check. That is because the Social Security Administration takes a little while to register and input the data into their system. 


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Considerations before enrolling in Medicare Part B Give Back plansAll the above sound excellent and a dream come true for many. However, you will want to know the below considerations before initially signing up for this plan, as it presents pros and cons for different individuals. 
Costs The standard costs of a Part B premium for 2022 can be anywhere between $170.10 to $578.30 per month, determined by your income. However, people pay less than this in some instances because of the "hold harmless" rule. The rule states that a Part B premium must not increase more than the Social Security Cost of Living Adjustment (COLA) each year. 
Because of the "hold harmless" rule, you might not need to opt into a Medicare Part B Premium reduction plan that covers the maximum of $170.10. If you are paying less, let us say $100 or below, you should choose plans that reduce the premium by that amount. By doing this, you will save some money on the coverage.
Available benefits Undeniably, the benefits obtainable from this type of plan are excellent. It could save you a substantial amount of money. But, although this single benefit sounds outstanding, it can affect other coverage areas. 
For instance, one insurance company might offer a maximum deduction of $170.10. However, they might need to lower or eliminate other benefits to achieve this, such as smaller provider networks, higher co-pays for medical services and sometimes they add deductibles to these plans as well.
Geographical location Although these plans are quickly becoming available in all counties across the United States, there are still areas where these giveback plans are not offered. Because of this, you will want to thoroughly understand the area or ZIP codes a particular plan is accepted within and guarantee it will not affect any future healthcare appointments. 
The above states some considerations you must think about before initially applying for a plan that includes a Medicare Part B Premium Reduction. Undeniably, these concerns might be more serious to specific individuals than others, but it is always good to compare all of your options.


How to get a Medicare Part B Giveback plan After reading this post, the thought of a Medicare Give Back rebate might sound tremendous. If that is the case, where and how can you get one? The most effective way is by contacting a helpful representative at The Modern Medicare Agency.
From here, we can discuss the various available options that include the Medicare Part B Give Back Plan and determine which is best suited to your requirements. By speaking to a professional, we can compare different plans and guarantee you choose something that offers optimal benefits to your situation. 

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​What is a Medicare Supplement?
A supplement plan can provide much-needed financial help with medical costs for those on Medicare. Also known as Medigap, these supplemental insurance plans help cover the gaps in Medicare coverage, such as deductibles, coinsurance, and copayments. Although Medicare offers good basic insurance, it only pays about 80%, leaving you on the hook for everything else. There are ten different Medicare supplement plans available, each with varying levels of coverage. Here's a quick overview of the various options.
Plan A Medicare Supplement (Medigap) Plan A is not the same as Medicare Part A, but is one of the Medicare Supplemental insurance plans available to Medicare beneficiaries. It is a basic plan that covers:

• Medicare Part A coinsurance payments up to an additional 365 days after Original Medicare benefits are exhausted
• Medicare Part B copayment or coinsurance expenses
• The first three pints of blood used in a medical procedure
• Part A hospice care coinsurance expense or copayment

Medicare Supplement Plan A has the fewest individual benefits of the ten standardized Medicare Supplement insurance plans available in most states.






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Plan B  According to Medicare.gov website , Medicare Supplement Plan B coverage includes:

• Part A coinsurance and hospital costs up to an additional 365 days after Medicare benefits are used up.
• Part B coinsurance and copayment.
• The first three pints of transfused blood.
• Part A hospice care coinsurance or copayment.
• Part A deductible.

Keep in mind that all Medicare Supplement Plan B policies cover the same expenses no matter which company’s plan you choose. The same is true of all the Medigap policies: Those within the same letter cover the same expenses.

Plan CMedicare Supplement (Medigap) insurance Plan C is one of the most comprehensive of the 10 standardized Medigap insurance plans available in most states. Out of the 10, only Medigap Plan F offers more coverage. Medigap Plan C covers most Medicare-approved out-of-pocket expenses.
However, Medicare Supplement Plan C is being phased out, along with Plan F. Be aware that if you become eligible for Medicare on or after January 1, 2020, you won’t be able to buy Plan C. If you already have Plan C, don’t worry – you can generally keep your plan. You can apply to buy Plan C if you become eligible for Medicare before 2020.

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Plan CMedicare Supplement (Medigap) insurance Plan C is one of the most comprehensive of the 10 standardized Medigap insurance plans available in most states. Out of the 10, only Medigap Plan F offers more coverage. Medigap Plan C covers most Medicare-approved out-of-pocket expenses.
However, Medicare Supplement Plan C is being phased out, along with Plan F. Be aware that if you become eligible for Medicare on or after January 1, 2020, you won’t be able to buy Plan C. If you already have Plan C, don’t worry – you can generally keep your plan. You can apply to buy Plan C if you become eligible for Medicare before 2020.

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Plan FPlan F is the easiest of the Medicare supplement plans to explain, all you pay is your monthly premium & Plan F pays all deductibles and coinsurance. This plan has be pulled off the market for new Medicare enrolled. If you turned 65 on or after January 1st 2020 this plan will not be available. However anyone already on the plan may keep it.

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Plan G is like Plan F, but it doesn't cover the Part B deductible. It does, however, provide for the Part B excess charges. The comprehensive care includes foreign travel emergency, hospice care, and skilled nursing. Plan G has become one of the most popular plans nationwide the removal of Plan F & C.

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Plan K covers the part A coinsurance and hospital costs and 50 percent of Part B copayments, and 50 percent of Part A hospice, skilled nursing, and the Part A deductible. It doesn't pay any part of the Part B deductible, Part B excess charges, or foreign travel emergencies.

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​It's not uncommon for people to have a pre-existing condition or history of illness. It's hard to know if your current health care coverage will cover you if you have a pre-existing condition. Many people are faced with this problem, and it can be difficult to determine what the best course of action is. 

You don't want to leave yourself vulnerable to financial ruin if you cannot get the care you need because of your health.

​If you die from a drug overdose, life insurance will cover your final expenses and provide for your family. Drug overdoses are on the rise, and they’re claiming more lives than ever before. A life insurance policy can help protect your loved ones from the financial burden of losing you.

​Maintaining life insurance is not something most people make a priority. In the case of the people who are willing to take the risk, it is still an uneasy topic. It needs careful planning, analysis, and assessment of one’s status whether a policy is still needed.

​People who use annuities to plan for retirement want to know that the money they’ve worked hard to save will be there when they need it. Nonetheless, most people don’t know that annuities can be passed along to their heirs. 

Annuities can be inherited, but there are a few key details that you should understand. When you work with an annuity specialist at The Modern Medicare Agency, we can help you sort through all the facts and answer any questions about how this financial product works.

Teens in their younger years may wish to grow old quickly to be able to do things with liberty. But, what they do not know is that life gets tougher to handle. Life is so much more than just the liberty to go out and have fun when you reach legal age. Adults juggle several duties and responsibilities daily, all of which help them think about what is ahead of them. ​

​People hustle hard in their 30s and typically keep working hard until their 50s, hopefully, to be at ease and comfortable during their retirement period. But what if you can turn things around and make use of your retirement savings to still earn on the side?