Paul Barrett Insurance Services Blog |
 When you are retired and don't have family members who are dependent on you, life insurance won't be the best choice for you. It may be difficult to accept, but death is inevitable, and it will entail a lot of payments for funeral arrangements. To ensure that you have the funds for your funeral, you can get final expense insurance. What is final expense insurance, you say? Well, continue reading and find out.
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 Every dollar truly counts. People should come up with wise financial decisions, especially when they get to support their loved ones’ future. Some income earners opt themselves to be armed with life insurance as their strategic financial tool. In fact, its market penetration industry is relatively stable at 57% over the years, based on statistics. Below are some of the reasons why people buy life insurance:
2021 Medicare Part D Deductible, Costs & Copays. Donut Hole Discount Explained
Medicare Part D enrollees will receive a 75% Donut Hole discount on the total cost of their brand-name drugs purchased while in the Donut Hole. The discount includes a 70% discount paid by the brand-name drug manufacturer and a 5% discount paid by your Medicare Part D plan. The 70% paid by the drug manufacturer; the 5% Part D plan discount together with the 25% you pay, count toward your TrOOP (True Out-of-Pocket) or Donut Hole exit point. ____________________ Part D changes for 2021 are:
Paul’s Part D Tips During Medicare’s Annual Enrollment Period from October 15th to December 7th be sure that all your prescriptions are covered by your standalone Medicare Part D plan or a Medicare Advantage plan with prescriptions and if your drugs are expensive make sure you compare options, which will begin January 1st. Remember you will pay 100% of the cost if any prescriptions (generic or brand name) are not covered on your Medicare Part D plan. Talk to your doctor or doctors about which brand name drugs can be changed to generics. Be aware of available prescription assistance programs there are 12 State Pharmaceutical Assistance Programs for people on Medicare depending on what state you live in you may be eligible. Remember most of us don’t see a doctor every month but we take our prescriptions daily and refill them every month, choosing the right Part D plan can be very important and you should choose wisely. For help with your Medicare questions or choosing the right part D plan, call us 1-800-219- 0453 0r 631-358-5793 email questions to medicare@paulbinsurance.com Retiree insurance & MedicareIf you're retired and have Medicare and group health plan (retiree) coverage from a former employer, generally Medicare pays first for your health care bills, and your group health plan coverage pays second.
4 things to find out about your retiree coverage
You may want to talk to a knowledgeable insurance broker for advice about whether to buy a Medicare Supplement Insurance (Medigap) policy or enroll in a Medicare Advantage Plan. Since Medicare pays first after you retire, your retiree coverage is likely to be similar to coverage under Medicare Supplement Insurance (Medigap). Retiree coverage isn't the same thing as a Medigap policy but, like a Medigap policy, it usually offers benefits that fill in some of Medicare's gaps in coverage—like coinsurance and deductibles. Sometimes retiree coverage includes extra benefits, like coverage for extra days in the hospital and often covers part D prescription coverage. Everyone’s situation is different if you have questions about Medicare & retirement coverage contact my office and we would be happy to walk you through the steps you need to take. Call email 631-358-5793 medicare@paulbeinsurnace.com Which Medicare Insurance is Best?
Medigap Vs. Medicare Advantage Almost every day someone will ask me some version of this question: “What is the difference between Medicare Advantage vs Medigap and how do I choose?” I’ve answered versions of this question thousands of times in my career. As you may know by now, Medicare alone doesn’t cover everything. Most people buy additional insurance to bridge the gaps. After all, who wants to come up with a $1400+ deductible each time you enter the hospital? Or shell out 20% of the cost of an expensive test like a MRI? When considering Medicare Advantage vs Medigap plans, it’s important to understand that both types of plans will help to reduce your out of pocket spending, understanding the differences will help you select the right plan for your needs. Medigap, commonly referred to as Medicare Supplement Medicare supplements will pay secondary to original Medicare, that means there is no provider network and patients with this coverage can go to any provider that accepts original Medicare. If you enroll in a comprehensive plan like Plan G, you will have very little out of pocket. Not even doctor copays! When you enroll, you're Medicare supplement insurance company notifies Medicare that you have purchased a policy. Thereafter, as we described earlier, when Medicare pays its portion of your bills, it will automatically send the remainder of your bill to your Medicare supplement company. Freedom of Access & No Referrals NecessaryMedicare supplements also offer you the most freedom of access to providers. You have freedom to choose your own doctors and hospitals from among the 900,000+ Medicare providers in the nation. No referrals are necessary to see a specialist on this type of coverage. Because these plans offer you the most freedom and flexibility, they have higher premiums than Medicare Advantage plans. In the New York area, for example, a female, non-tobacco user turning 65 might pay around $200 – $270/month for Plan G in 2020. Rates in other states depend on which Medigap plan is chosen and whether that individual uses tobacco. Plans and rates also vary by region, age and sometimes gender. Your Retail Drug Coverage is SeparateMedicare supplement plans cover medications administered in a hospital setting, such as injectables or chemotherapy drugs. They do not cover retail medications though, so most beneficiaries will enroll in a separate Part D drug card. There are plans available in every state starting around $10/month up to $100. If you enroll into a Medicare supplement plan during your one-time open enrollment window (within 6 months of your Part B effective date), there are no health questions. The insurance company will approve your application. There are also no waiting periods or pre-existing condition exclusions when you apply during this window. If you miss this window and apply later on, then you will usually be required to answer medical questions and be underwritten. The underwriter at the insurance company can accept or decline you based on your medical history. Medicare Advantage About 36% of beneficiaries choose to enroll into Medicare Advantage policies, which are private insurance plans. They usually have lower premiums than Medigap plans….Many even a $0 premium on some plans in some areas. When a plan has a $0 premium, it means that you will pay no additional premiums for the plan itself. You will still pay for your Part B premiums monthly though. You must be enrolled in both Medicare Parts A and B to be eligible for a Medicare Advantage plan. Check Your DoctorsMedicare Advantage plans have networks which vary greatly in size, making it even more important to choose a plan with a good network that fits your needs. Your Medicare Advantage insurance company will pay your healthcare bills instead of Medicare paying them. You will pay copays for the services you obtain from providers in the plan’s network as you go along. Generally the copays are reasonable, but you’ll want to review them before you enroll to make sure. Often Medicare advantage plans will offer benefits that are not covered by original Medicare like dental, vision, hearing, free gym memberships and more. Bottom Line There are many variables to consider when choosing a plan This is not a one size fits all, so take your time and do your homework here are a few things to consider,
We’ll be able to quickly tell you which plans your doctors take and whether your medications are covered. Working with an agent also gives you policy support when dealing with providers and year round customer service if needed. Call 1-800-219-0453 for help today! Medicare Advantage Plans ARE the BEST?
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February 2021
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