As October approaches, like clockwork the Medicare commercials begin on TV. As if Medicare isn't confusing enough already, none of us need the bombardment of hype from insurance marketing organizations, like AARP. Nevertheless, it's here and will be with us until early December. One area of confusion for many seniors has to do with the Annual Enrollment Period (AEP), which begins 15 October and ends on 7 December. The insurance companies inundate all of us with their commercials letting us know how important it is to compare rates and choose the best company. It's all fluff and no substance that's carefully designed to scare seniors and get them to make a call. What most people are confused about is what plans AEP covers. The annual open enrollment period has nothing to do with Original Medicare or Medicare supplements. The AEP is only for Part D prescription drug plan coverage or Medicare Advantage plan coverage. Medicare Advantage and Medicare Part D are private health … [Read more...]
Medicare For Those With Disabilities
Medicare is not only for those 65 and older. If you are disabled due to injury or disease you may qualify as well. It's to your benefit to begin looking into Medicare disability benefits as soon as possible. Facts About Medicare for Those with Disabilities Your first step is to apply for Social Security disability benefits. Once this is approved the next step depends on your condition. Under most circumstances, once you have had Social Security or Railroad Retirement benefits due to disability for twenty-four months you will be automatically enrolled in Medicare. About three months before your twenty-fifth month of disability benefits your Medicare card will be mailed to you. If at this time you don't want to pay the premium and receive Medicare Part B, you should follow the instructions on the card. You should be aware, however, that if you decide later that you need it, you will have to pay the penalty of 10% of the cost of the premium for every 12 month period you could have had … [Read more...]
What Gaps in Medicare Mean To You
In dictionaries the word gap means a break, a separation, an incompleteness or deficiency. In Medicare it means the same thing, but it refers specifically to something that is missing from your health insurance coverage. Many seniors make a critical mistake when they buy into government literature that explains how Medicare pays for eighty percent of your healthcare. This is not true. What they really mean is Medicare pays for eighty percent of major medical expenses. As a result, millions of Americans are totally unprepared to deal with the true cost of their health and wellness in retirement. Medicare Costs Original Medicare Part A (hospital insurance) and Part B (medical insurance) creates a number of cost gaps. In fact, every deductible, copayment, and coinsurance is a cost gap, because it's a break in your coverage, and you must pay the gap out of your own pocket. One way to fill this gap is with Medigap, also known as Medicare supplement insurance. Medigap is insurance … [Read more...]