The Right Medicare Prescription For You
February 17, 2010 by David Marks
Filed under Retirement
With over forty million members, Medicare is the large US health insurance plan for retired and disabled people.
Probably because it provides health coverage to so many people, there are a lot of options. People can choose how to get their health covered. Choices are good, but they can also make the right decision harder to make.
Before you make a choice, try to understand the basics. The original Medical included parts A and B. These are hospital and medical coverage plans. But they do not cover everything. A beneficiary must also pay copays and deductibles. So expect some out of pocket expenses.
Supplemental plans were rolled out to cover some costs that the original plan did not pay for. Health insurance companies sell these plans, and the come in a variety of standard choices. Since they come from insurers, they also come with a premium. These are also called medigap plans or medsups.
Another choice, apart from the original plan, could be Medicare Advantage (MA). MA plans work by themselves, and not to supplement the original plan. They are partially funded with the tax money that would have funded the original plan. Sometimes a member must pay a premium, but sometimes they do not require an additional premium.
Some people mistake MA plans for supplements. They are different. An Advantage plan will provide all coverage, and that plan will be used instead of Part A and Part B.
Part D is the newest option. This refers to a variety of prescription health plans on the market. They are sold by private insurers, but still partially funded with tax money. These are the new prescription drug plans.
How can you decide which plan is right for you? Every beneficiary has unique needs. You must look at the choices, and then balance them against your own budget, lifestyle, and health needs.
Visit us to Compare Medicare Health. Become an informed consumers so you can pick the best plan
Medicare Supplements – How to Shop For a Policy
By David Hecker
The best time to buy a Medicare supplement policy is during your Medicare open enrollment period because companies must sell you any plan they offer without considering your medical history or pre-existing conditions. Don’t be afraid to shop around. Supplement policies are standardized by the federal government, so the benefits from company to company are the same, but prices can vary widely.
While price is important, it should not be your only consideration. Especially in today’s economic environment, you should check the company’s financial strength. Find out the financial rating of the insurance company by companies such as A.M. Best. Customer service is another area to investigate. Call your state’s Insurance Department to find the number of complaints filed against the company. Your family and friends, as well as a trusted “independent” insurance agent, can be other sources of information about a company’s customer service.
You only need one Medicare supplement policy. It is illegal to sell you more than one Supplement policy. There are other policies that may offer benefits that may overlap your supplemental coverage. These include cancer, hospital indemnity, and long-term care policies. If there is any duplication of benefits, it must be disclosed writing.
Protect Yourself. Don’t let an agent rush you. Take your time and understand what you are getting. Find an agent that you can trust, preferably somebody who specializes in Medicare products, and can answer all your questions. Make sure that the agent is properly licensed by your state’s insurance department. Don’t be afraid to take notes when the agent is talking. You can even have a trusted friend or relative present. When filling out the application, answer all of the questions truthfully and accurately. Falsifying information could cause denial of claims or cancellation of the policy. It is very important that you read what you are signing before you sign it. Never sign a blank application form. Do not make a check payable to the agent, only the insurance company, and make sure you get a receipt. Make sure that you get the agents name, address and phone number so you can contact him if you need to. When you get your policy, read it carefully and make sure that all the information is correct. You can return a policy for any reason and receive a full refund within 30 days.
To sum up, when shopping for a Medicare supplement, do your research on the company and the agent. Read everything carefully and do not get pressured into making a quick decision. Make sure that you understand everything, and that you have an agent willing to help!
David Hecker is a Licensed Insurance Agent based in Longview TX. He specializes in Insurance for Seniors. He is licensed in Texas, Louisiana and Arkansas. He can be reached at (903) 918-9091. E-mail: [mailto:dhecker@cablelynx.com]dhecker@cablelynx.com or on the web at: http://davidheckerindependentagent.com/
To receive your “Free” e-mail newsletter about Medicare Supplements, send an e-mail request to: [mailto:dhecker@cablelynx.com]dhecker@cablelynx.com
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