On July 30, 1965 President Lyndon B. Johnson made Medicare law in Independence Missouri. Former President Harry S. Truman was issued the very first Medicare card. In 1965 the budget for Medicare was 10 Billion Dollars, 19 million individuals signed up that year. In 2014 the outlay for Medicare was 505 Billion Dollars or 14 percent of the Federal Budget (49,435,610 enrollees).
Medicare was created because people over 65 found it virtually impossible to get private health insurance coverage. Medicare has made access to health care a universal right for Americans once they reach age 65. This has helped improve the health and longevity of older Americans for over 50 years. Over the years Medicare has changed to include Home Health Services, Hospice, Prescription Drugs, ALS, and the ability of Private Insurance carriers to offer supplemental coverage's.
Medicare is a federal government program that those 65 years of age and those with certain disabilities pay their medical bills and prescription drug costs. The program is divided into four parts: Part A, Part B, Part C, and Part D.
Part A is also known as hospital insurance and covers some expenses incurred at the hospital as well as help with skilled nursing. (more Info)
Part B, medical insurance, pays some doctor and outpatient medical care costs including some home healthcare costs. (more info)
Part C is also called Medicare Advantage. It is run by private insurers and Medicare Managed Care plans (such as an HMO that provides Medicare-covered services as well as other coverage). (more info)
Part D covers some prescription drug costs. There are many plans to choose from based on your state. (more info)
- Be aware of Medicare Deductibles (more info)
Medicare and additional coverages can be confusing. Individuals have a choice of registering online or contacting a Licensed Professional Medicare specialist for assistance. Call (866) 374-0002 or email for more information.
Government Medicare Website (click here)
Medicare Advantage Plan
Medicare Advantage Plans may offer extra coverage, like vision, hearing, dental, and/or health and wellness programs. Most include Medicare prescription drug coverage (Part D). In addition to your Part B premium, you usually pay a monthly premium for the Medicare Advantage Plan. (more info)
More information on Medicare Supplement Insurance (Medigap) (click here).
In every state, a US Citizen has a guaranteed right to purchase a Medicare Supplement-Medigap policy for six months. During this "grace period" an insurance company is not allowed to turn you down or charge you more because of a pre-existing condition (Diabetes, Heart, Cancer, etc.). During this period it is "Guaranteed Issue."
When can you sign up?
There are 3 times you can sign up for Medicare:
Initial Enrollment Period—You can sign up when you’re first eligible for Part A and/or Part B. People turning 65 (or Older) If you’re eligible for Medicare when you turn 65, you can sign up during your Initial Enrollment Period.
a. The initial enrollment period is a 7-month period that begins 3 months prior the month you turn 65,
includes your 65th birth month, and ends 3 months after the month you turned 65.
b. Sign up early to avoid a delay in coverage. To get Part A and/or Part B the month you turn 65, you
must sign up during the 3 months prior to your 65th birthday. If you wait until the last 4 months of
your Initial Enrollment Period to sign up for Part A and/or Part B, coverage will be delayed.
c. If you sign up during the 3 months prior to you 65th birthday for Part A and/or Part B, your coverage
start date will depend on your birth-date:
You can buy the plan directly from an insurance company. Or you can work with a reputable local insurance broker who has over 20 years experience. Call (866) 374-0002 or Contact us.
Medicare Supplement - Medigap Insurance (they are standardized)
"Every Medigap policy must follow federal and state laws designed to protect you, and it must be clearly identified as "Medicare Supplement Insurance." Insurance companies can sell you only a "standardized" policy identified in most states by letters.
All policies offer the same basic benefits but some offer additional benefits, so you can choose which one meets your needs. In Massachusetts, Minnesota and Wisconsin, Medigap policies are standardized in a different way.
Each insurance company decides which Medigap policies it wants to sell, although state laws might affect which ones they offer. Insurance companies that sell Medigap policies:
• Don't have to offer every Medigap plan
• Must offer Medigap Plan A if they offer any Medigap policy
• Must also offer Plan C or Plan F if they offer any plan"
(As per Medicare.gov)
* How do plans differ?
Medicare Supplement Insurance plans are sold by private insurance companies.
Each insurer has theoption to price its plans differently. When determining which plan to buy, you need to consider several factors.
- Your age and how an insurance company sets its prices.
- The way that an insurance company prices its Medicare Supplement Plans
- History of price increases even if the cost is initially low the premiums you pay later on may increase substantially.
Community-Rated: No age rated plan, all enrollees pay the same premiums regardless of age. Age is not a factor, same rates
for all ages. Premium may go up due to factors other than age.
Issue -Age - Rated: Based on issue age when you enroll. Premiums are lower for individuals who purchase at a younger age.
Premium may go up due to factors other than age.
Attained - Age- Rated: Rates are based on your current age. Your premium goes up as you get older.
Do you have questions? Do you want to connect with a knowledgeable, experienced licensed Insurance Broker who is qualified to answer your Medicare questions and discuss which Medicare plan is right for you?
Call (866) 374-0002 or contact us to schedule an online or in-person consultation.
- Due to many Insurance Companies selling Medigap and Advantage policies we are unable to advise until we are aware of your needs.