Hi Lenore here with Medicare Plan
Discounts. Are you turning 65 and about
to enroll in Medicare? If the answer is
yes...then this message is for you. Stay
tuned, because I'm going to share with
you, "5 Things You Should Know Before
Choosing a Medigap Policy." Stay tuned,
today I'm going to share with you, "5
Things You Should Know Before Choosing a
Medigap Policy." Remember to subscribe to
our YouTube channel in the lower right
corner and also feel free to LIKE,
COMMENT, or SHARE if you receive value
from this video. So let's get started! The
first thing you need to know is...What's a
Medigap policy. Medigap policies, also
known as supplemental plans, are private
health insurance plans that help pay
some of the health costs Original
Medicare doesn't cover. Gap or
supplemental plans fill in the gap or
supplement traditional Medicare. The
second thing you need to know is...What
does the Medigap plan cover and what
does it not cover. Medigap plans were
designed to pay for Medicare approved
expenses. things like...your Part A
inpatient hospital deductible, the Part A
hospice care coinsurance, and skilled
nursing facility coinsurance, your Part B
deductible, the Part B coinsurance, and
co-payments. Part B excess charges, and
foreign travel emergency expenses are
things that are designed to be covered
under Medicare plans. Medigap plans don't
cover long-term care, vision, dental care,
hearing aids, eyeglasses, and private duty
nursing. Ok! So, that brings us to the
third thing you need to know about
Medigap policies...What types of policies
are not Medigap plans. This is important.
There's a few different options out
there for people to choose from and you
need to understand the differences in
the types of plans and what's a Medigap
plan and what's not a Medigap plan.
So, the first plan that's often
confused with Medigap is Medicare
Advantage. Medicare Advantage plans - also
known as Medicare Part C - are plans that
are designed as HMOs,PPOs, and Private
Fee For Service plans (PFFS) these plans are
Geographic in nature they go by a
specific zip code or county. Typically
you would need to stay within a network
of doctors and providers and you may
need referrals.
Medigap plans are also not employer
plans. So, like our union plan an employer
federal or state health benefit plan is
NOT a Medigap plan. TRICARE and Veteran
Benefits are not Medigap plans.
Prescription drug plans and Medicaid are
NOT Medigap plans. The fourth thing you
need to know is...What should I know if I
want to buy a Medigap policy? Good
question? So, there are a couple of things
you need to know. The first and most
important that is you must be enrolled
in Medicare Parts A and B if you want to
choose or pick up a Medigap plan. So,
Medicare has Parts A, B, C, and D. And,
Medigap has plans
lettered A through N, and they're different.
Medigap plans are standardized. As I said
before, lettered A through N by CMS. The
standardization is actually a good thing
for you because it allows you to compare
apples to apples. So, you can plan
compare every plan A, B, C, D, and so forth
from one company to another. The
standardization also allows you to
understand the levels of coverage under
each plan. This is the chart put out by
Medicare. You can see the benefits on the
left you can see each plan lettered and
what's covered on the Medicare pretty
easily here in this chart. Plan F is
starred you can see that it covers 100%
right down the line of what Medicare
doesn't cover. So if you're going to pick
up a Medigap plan there's three plans
that we really recommend or three plans
that you'll want to consider. Plan F, Plan
G, and Plan N. Plan F is the most popular
plan. It's the most comprehensive plan.
It's also the most expensive plan.
Therefore we recommend people to look at
a Plan G, because plan G is exactly the
same as F in every way except for one
small difference...Plan G doesn't pay the
Part B deductible - which in 2017 was $183.
So, you most likely will get a
better rate with Plan G and still have
the same exact coverages as Plan F, but have to
meet
small Part B deductible one-time
annually. Plan N is also another great
option. It's usually priced a lot lower
than F and G. There is some cost-sharing
under Plan N. You may have to pay up to $20.00
for a doctor visit and up to
$50.00 for an emergency room
visit, if you're not admitted but you'll
never pay a penny more than twenty or
fifty. The thing about all these
supplemental plans is that they allow
you to go to any doctor, hospital, or
provider as long as they accept Medicare.
So you don't have to worry about
referrals or networks. And, they travel
with you anywhere in the United States
again as long as the doctor or provider
accept Medicare. So, some other things to
know about Medicare or Medigap plans are
that during Medicare open enrollment you
can buy a Medigap policy from any
insurance company licensed in your state.
And we're going to talk about enrollment
in buying a plan in a few minutes.
Medigap policies are guaranteed
renewable regardless of your health
problems as long as you pay the premium.
That makes it really easy. You just
pay the premium. It's kind of like you
set it and forget it.
The plan levels don't change, you just
paying the premium and it makes it
pretty simple. Different insurance
companies can charge different premiums
for the SAME EXACT PLAN. This is a really
key feature of Medicare supplemental
plans and it's important to know so that
you can compare apples to apples. So if
you're shopping for Plan G for instance.
You want to look at Plan G under
different insurance companies. But,
company A,B,C,D can charge a different
rates and company X,Y,Z just because they
can. But, the Plan G is the Plan G
regardless of the carrier. Medigap
policies on individual policies. So what
does this mean? Well, if you're married or
if you're living with someone who is
Medicare eligible you will both have to
purchase separate Medigap plans there's
no such thing as a family Medigap plan.
Some companies do offer discounts
for married folks, significant others, or
if you're living with a parent, maybe
who's on Medicare you may actually
qualify for a discount and you should
ask for that. This is important
to is that you have to pay your Medicare
Part B premium and your Part B premium
is being paid to Medicare. It's
oftentimes taken out of your Social
Security check directly. But your Medigap
premium, Medigap is different from
Medicare Part B, is paid to private
insurance companies. You cannot have a
Medigap policy and a Medicare Advantage
plan at the same time. Although, it
might sound attractive to have double
triple coverage...no such thing. Medigap
and Medicare Advantage cannot you can't
have both at the same time. If you
have a Medicare Advantage plan and
you're thinking about moving to a
Medicare supplement. Well you can dis-
enroll there are special time frames to do
that, but you will have to dis-enroll during
those time frames and move back to
traditional Medicare. And then you can
pick up the Medigap plan. If you want
Part D - which is usually a good idea -
that's your prescription drug plan. You
can enroll in a standalone prescription
drug plan offered by private insurance
companies. There's typically about twenty
to twenty-five different plans that will
be offered in your area. So most folks
elect to pick up you have to have
traditional Medicare A and B. They pick
up a Medicare Supplemental plan and then
they pick up a prescription drug plan to
make sure their coverage is complete.
That brings us to the fifth
thing about Medigap plans. When's the
best time to purchase one? Well you
really want to purchase a Medigap plan
during what's known as your Medicare
open enrollment period. Open enrollment
is when you're turning age 65 or you're
coming off of a health plan and first
enrolling in Medicare Part B. There is
a Medicare open enrollment and a Medigap
open enrollment. Medigap open enrollment
starts 6 months before you enroll in
Part B and last 6 months after you
roll in Part B. During open enrollment
this is why it's so important to enroll
in during open enrollment the insurance
company can't decline or if used to sell
you a policy it sells. They can't make you
wait. There's no such thing as
preexisting conditions during open
enrollment and they can't charge you
more for your health problems.
Enrolling during open enrollment can
really save you a lot of money and a lot
of heartache. Another good time to
purchase a Medigap plan is during what's
known as a guaranteed issue period.
Guaranteed issue is a little bit
different than Medicare open enrollment.
You have a guaranteed issue right if
during the first year when you signed up
for Medicare Part B you signed up for an
Advantage plan or or PACE Program and
you say, "Okay it's not for me I want to
switch back to Original Medicare" you can
do that within your first year that's
known as a guaranteed issue right. Also,
if you're enrolled in a Medicare
Advantage plan and the company moves out
of your area, goes bankrupt, and it's
not your fault.
You can actually move into traditional
Medicare and pick up a Medigap plan. When
you come off a group health plan and
you're already signed up for Part B some
folks would like to pick up Part B and
they're still covered through their
company's plan or a spouse's plan.
You decide that you want to pick up a
Medigap plan. You're coming off that
group health plan. That's known as
guaranteed-issue now. During a
guaranteed-issue period unlike open
enrollment insurance companies offer you
certain plans. They have to offer you A, B,
C, F, K, or L, if they sell one of those
plans and if it's offered in your state.
That's important to know about
guaranteed-issue. There's no medical
underwriting during the guaranteed-issue
period. That's really key is that you
know you don't have to worry is my
health going to make the price go up or
are they going to deny me based on
health if I'm guaranteed-issue. So
if you don't enroll during open
enrollment and you don't enroll during a
guaranteed-issue period. Don't despair.
You can still pick up a Medigap plan. It
just means that you may have to go
through the medical underwriting. You may
have a pre-existing waiting period and
you may have to pay a little bit more a
lot more depending upon your health
for the plans. Some bonus tips...
Things that you really should know about
Medigap plans.
The first is remember that all Medigap
plans are standardized. We said this
before. Standardization allows you to
pick the right plan and benefit for you.
It's a beautiful thing! You can
decide okay I want to Plan G and Plan G
with Company A is the same as Plan G
with Company B. It allows you to shop the
rates. Tip number two as I said before is
different insurance companies can charge
different premiums for the same exact
policy. Tip number three is to find a
license insurance broker this is really
important finding a licensed broker
someone who works with more than one
insurance company and they can help you
compare the rates of each different
company out there for Plan G, Plan F,
Plan N - whichever plan you choose. It
doesn't cost you extra to work with a
broker and working with a broker will
often save you time and give you
reassurance that you're picking the
right plan and the right company. Which
brings us to tip number four. If you buy
the policy make sure you're working with
a reputable broker or someone who is
going to shop the rates for you every
year. Because, every year the rates for
the Medigap plans do go up about 2% to
3% and you want to make sure
that you're not being overcharged for a
plan and a good broker will help you
shop the rates. So, let's recap. You know
what. If you're buying a Medigap plan you
need to figure out which plan you want
which plan meets your needs. You need to
find out which company makes sense for
you, because when you figure out the plan
whether it be F, G, N - whatever plan it is
you choose. Then you need to figure out
which insurance company sells the plan and
which insurance companies offer the most
competitive rate. Finally, finding a
licensed broker will help you compare
the rates. They can shortcut that for you
and they can shop the rates for you
every year. If you still have questions
please don't hesitate to call us we're
here to help you.
Hi, Lenore again with Medicare plan
discounts dot com. We covered a lot of good
information but there's still a few
pieces missing in the Medicare puzzle.
Having worked in the benefits industry
for almost three decades for companies
like Kraft Foods, Coca-Cola, and Graybar
Electric. I know how confusing benefits
can be for people. Medicare is "especially"
confusing! That's why we put together our
7 part mini-video course...Medicare
The Inside Scoop." These short
easy-to-understand videos will help you
get all your ducks in a row. So, you can
confidently make the right decisions for
Medicare. Just click on the button to my
right or the link in the description
below this video and you'll get instant
access to "The Inside Scoop" on Medicare.
Please feel free to LIKE, SHARE, and COMMENT.
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