Medicare Health Options 101
Medicare is constantly changing and it's good to meet with our agent to stay updated on any changes with your provider and the government.
Medicare Advantage Plans are constantly changing with premiums, coverage, co-pays, and their network of doctors and hospitals that you can use. During annual enrollment Oct 15th to Dec 7th. We can meet and go over those needs with you and look at all the providers in your area and help you choose one that fits your health needs.
Medigap or Medicare Supplements also have changes. There are several providers that can and will change your premiums as their pool of clients have more health needs, and the providers cost go up. The neat thing about Medicare supplements is that if you have a specific plan (A, B, C, F, G, etc...) the coverage of a specific plan, for example, plan F with one company must be the same coverage for plan F with another company. So, if that plan is the same coverage, the only difference is the premium you pay monthly for that plan and the customer service you receive. We can research from a wide variety of options and find the best matched company for your health needs.
Part D or Prescription Plans change as far as deductibles, cost of specific drugs change, and where you can pick up those drugs can change as well. Prescription plans are usually included in the advantage plans if you have one, but if you don't have one in place, a standalone Part D is the solution for you. There are many types of plans and the best plan will depend on you drugs that you take. Let our agents gather the information and give you options for your prescription needs.
Health Insurance for Those Under 65 and the Affordable Health Care Act
There are constant changes especially now that the Affordable Health Care Act has been passed and implemented. Basically, how it works is that now everyone is mandated to get health insurance. If you don't there is a fee that you will be charged. You have two options; One is to go directly to the provider and sign up for you or your family’s insurance. The second option is to go through an exchange or marketplace that the government has set up and sign up through there. Mostly it depends on your income and number in the household as to whether the government will give you an upfront tax credit, so it brings down you monthly payments. The tricky part is you must determine what you will earn in the current year. So, if you are on a fixed income or salary it is easy to determine. If self-employed or paid on commissions, it can be difficult to estimate. If you are correct on your income assumption you take credit remains and you owe nothing more. If you made more, you may not be entitled to as much tax credit and therefore you would owe the difference at tax time next year. If you made less than estimated, you may be entitled to a larger tax credit.
This law is very complicated, let our agents sit down free of charge and talk about your options.