The Benefits Of Owning A Medicare Supplement Insurance Plan

The annual changes in the benefit structure in some Medicare Advantage plans can wreck havoc on your health care budget. Many have found their out of pocket expenses climbing while their benefits go downhill. On the other hand. Medicare Supplement Plans assist you in meeting your health care costs. Your Supplement Plan will automatically adapt to the changes in Medicare deductible and co-insurance from year to year.

Choose Your Doctors and Hospitals

You have complete freedom of choice for your doctors and hospitals when you have original Medicare along with a Medigap Insurance Plan. You do not have to deal with provider networks or get a referral if you need to see a specialist. Your are free to go to any provider, any time.

Other health plans may have local networks. Providers can leave and join the network. This could prevent you from receiving care from the people you've grown to know and trust.

Coverage is Guaranteed Renewable

MA Plans may revise their contract with the government every year. Every year plans are discontinued totally. Displaced members now must go through the process of finding another plan. Medicare Supplement Insurance Plans are guaranteed renewable. The only way that you can loose your plan is if you fail to pay the premium.

Any Provider or Hospital that Accepts Medicare Will Accept Your Medicare Supplement

All providers and hospitals that accept Medicare will also accept your Medicare Supplement Plan. This is not true with MA plans. A provider may choose not to participate in an MA Plan and even participating providers may choose not to accept new patients. Make sure to consult with your providers when you are considering a health plan.

Totally Portable Coverage

Original Medicare covers you anywhere in the country. Your Medicare Supplement covers you anywhere that Medicare does. In fact there are even some plans that will cover emergency medical expenses abroad. You can enjoy peace of mind while traveling and a change of venue does not require a change in insurance.

What About Guaranteed Issue?

There are circumstances that can afford you with guaranteed issue rights in regards to securing Medicare Supplement Coverage. This means that you can apply for any Medicare Supplement plan you wish and no health questions will be asked. You have this right when you are in your Open Enrollment Period, when you are first eligible for Medicare. There are other times as well,for instance, If you move out of your plan's coverage area or if the plan stops offering coverage in your area, if you are on a group retiree health plan and coverage is discontinued, and if you currently are enrolled in a Medicare Advantage Plan and it is your first time in an MA Plan and you choose to return to original Medicare. As long as you were in the MA Plan for less than a year. These are a few examples.

These are just a few of the advantages of choosing original Medicare along a Medicare Supplement Policy. Even if you have pre-existing health conditions, you may be able to qualify for a Medicare Supplement.

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Benefits to Covering Your Phone With iPhone 5 Insurance

The iPhone is potentially one of the most sought after phones on the market and, at the time of writing, the exciting arrival of the iPhone 5 is imminent. If you are purchasing this latest model upon its release, then you may wish to give some consideration to iPhone 5 insurance.

Depending on your needs, there are many benefits to taking out iPhone 5 insurance. Here are some of the factors you may wish to consider.

There is no getting away from the fact that while iPhones are a popular brand of phone, they typically do not come cheap! Therefore, when weighing up whether to buy mobile phone cover you may wish to give some thought to the cost for a replacement. Without insurance to rely on, this cost typically has to come out of your own pocket; How might you manage without a phone? If your phone is stolen, accidentally damaged or it broke down outside of the manufacturer's warranty period, you may be at a loss without it, but may not have funds to go out and purchase a new one.

If you can relate to the above factors, iPhone 5 insurance may be worth taking out. So what might a policy cover?

Accidental damage

A typical insurance policy for the iPhone 5 may provide cover in the event that your gadget was accidentally damaged. Some providers may even offer liquid damage in with their accidental damage phone insurance.

Breakdown outside of manufacturer's warranty period

You may find that the insurance policy for an iPhone 5 covers your mobile phone in the event that it breakdowns outside of the manufacturer's warranty period.

Theft and unauthorised calls

With some mobile phone insurance policies, they may typically provide protection against theft of your phone and any calls made after it was stolen. If a successful claim is made, under the guidelines of the policy, the insurance company typically replaces your phone and covers the cost of any calls made (subject to any excess and any limits).

Optional cover

Some insurance providers may offer you the option of adding on optional cover which may include loss of your iPhone. As phones may be easily lost due to their size and how light they are, this extra form of protection may provide even more peace of mind for your iPhone.

Points to bear in mind

You may wish to bear in mind as with any insurance product, terms and conditions, exclusions and limitations will apply and you may wish to read these carefully to ensure you understand them before taking out iPhone 5 insurance. You may also want to check if the insurance provider offers a fast replacement in the event of you making a successful claim. Some providers may replace your iPhone 5 in as little as 48 hours following your claim.

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Senior Health - What You Should Know About Hospice

Talking about hospice care is probably at the top of the list of the things you never ever want to speak about or even think about. However if you have a senior health plan called Medicare it is imperative that you understand your benefits. The same holds true if you love and care for someone who has Medicare. After all, you have been paying the health insurance premiums for years and you should know and understand the benefits. It is also important to know and understand the benefits so you and your family may make informed choices and decisions.

Hospice provides comfort and support for the terminally ill and for the families that care for their loved ones. A lot of times what happens is that an elderly person will be told that they have six months or less to live. Someone will probably suggest that the family "make arrangements". What does "make arrangements" in this case actually mean? It means that there is help available for your loved one at a very difficult time. It's called hospice and your senior health plan will cover almost all of the costs. Hospice is generally given in the home but may also be received at an inpatient hospice facility. Some large hospitals may also have special "hospice" wings.

After a person has been given over to hospice a specially trained medical team will take over providing all medical care. Services may include drugs, physical care, counseling, equipment and supplies for the terminal illness and related condition(s). Hospice care is given in two ninety day periods of care followed by an unlimited number of sixty-day periods. At the start of each period of care, the hospice medical director or doctor must re-certify that you're terminally ill.

If your health improves or you go into remission you have the right to stop hospice care at any time. You may return to the same senior health plan you had before you chose hospice, such as treatment to cure the terminal illness. If you are eligible you may go back to hospice care at any time. For more information always consult a licensed insurance agent that specializes in senior health plans.

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Medicare Supplement Plan G: The Not So Bad Looking Sister of Plan F

You ever see twin sisters hanging out together and just by looking at one of them you can tell one of them is a little more put together? She just carries herself a little better, seems to have more confidence, a little more charisma. Then you meet them and you realize that the one that carried herself a little better seemed a little more high maintenance than her sister.

Meet Medicare supplement plan F and Medicare supplement plan G. At first glance, plan F is the clear cut winner. They both provide excellent coverage of gaps in regular Medicare coverage. In fact, plan F covers all the deductible, coinsurance, co-pay, and excess charge gaps in Medicare so that with this plan you should not have to pay out-of-pocket for medical expenses. Plan G, works nearly identically (hence the twin analogy) but does not cover the Medicare part B deductible, which is your outpatient services (doctors visits, etc).

So, why would someone want to go with plan G over plan F? Easy. It costs less. In fact, in many cases you can save enough over the course of the year to be able to cover your part B deductible ($162 in 2011) and still come out ahead by up to $100 a more for the year.

Also, as you get older the difference in price tends to get a little more noticeable. You could eventually see a $200 or more saving each year on a plan G (after you've met the Part B deductible).

So, you might not have the absolute best equipped Medicare supplement with plan G but you'll get the best value from plan G (combination of benefits and premium) in most cases.

As you go down the lesser travel path in researching the viability of plan G you might be shocked to find that you, more often than not, come out ahead with plan G. More bang for the buck. You might realize that even after paying the part B deductible yourself you end up saving $100 or more with plan G. That might not seem like a lot to a lot of people but when you're retired and on a fixed income every hundred dollars counts.

So, the next time you're looking to compare Medicare Supplement Insurance plans be sure to not leave plan G out of your research because she just doesn't look as good as plan F. She might ultimately be more of a keeper.

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What Is Medicare Part D Donut Hole And How To Avoid It

Donut Hole is the term used to describe the out of cover prescribed drug expenses in Medicare Part D. Part D is the US Government insurance initiative that covers prescribed drug costs of its policy holders. But, when the claimed prescribed drugs cost is beyond the plan's credit limit or out of the prescribed drug formulary, the excess cost has to be fully borne by the policy holder. This gap [out of pocket expenses], which the plan does not cover is referred to as Medicare Part D Donut Hole or Medicare Part D Coverage Gap.

In formal insurance terms, Donut Hole is defined as the difference observed between the plan's initial coverage limit and the catastrophic coverage entry. The Medicare beneficiary is responsible for paying the difference from the initial coverage limit described in the Part D program until the point of eligibility for the catastrophic coverage. When the beneficiary enters the catastrophic coverage Medicare will take over and pay the bills until the end of that particular year.

Medicare has worked out certain ways to patch up the Donut Hole, but not all beneficiaries are aware of this. Until their usage reaches the Part D program limits and their coverage stops, they do not look for the remedy. If you are enrolling into new schemes in Part D, ask the representative what is the Donut Hole in your Part D coverage and also check what are the latest rebates and considerations offered.

The basic three reimbursements offered since 2010 have been listed below.

A minimum of $250 compensation for all those who hit the Part D coverage gap 50% offer on certain drugs in the Donut Hole Up to $700 rebate on generic and few branded drugs in the coverage gap

Medicare is intending to work out complete refund of drugs cost so that the coverage gap is terminated by the year 2020.

How to Avoid the Donut Hole?

Buy drugs that are not very expensive so they will not reach the credit limits soon and make the coverage stop Choose Part D drug plans that help you save money when you are on long term medications Use Medicare Part D plan card every time you buy your drugs through which you can avail discounts Whenever plan cards are used to buy medicines the cost is automatically accounted towards deductibles and will not seize the plan's drug cost coverage What Is Supplemental Security Insurance?   

What You Don't Know About Medigap - Medicare Supplement Plans Can Cost You

As an Independent Broker who specializes in Senior Insurance and Medigap - Medicare Supplement Insurance, I see on a daily basis how important accurate information is. Making a sound decision is wholly dependent on acquiring knowledge about and understanding your options.

Many of my clients have told me that their search for information resulted in an avalanche of calls and emails from dozens of insurance agents leaving them frustrated and even more confused. This can become so overwhelming that they just give up, missing the opportunity to learn about an option that might better their situation and save them money.

Fact 1: There are marketing companies that will sell your information.

When you seek information online or fill in a form to win a prize you may be entering your personal information into a lead service. They will sell your information to numerous agents who contact with them to provide them with the names and contact information of people seeking information about Medigap- Medicare Supplement Plans. This is what starts the avalanche!

You can avoid this by always making sure that you are on a legitimate, licensed broker's website.There should be a toll free number for you to call and an email address for you contact them.

If you are required to give all of your personal information in order to receive a quote you may be in the wrong place.

Fact 2: Although the cost of your Medigap - Medicare Supplement Plan may vary from company to company, the benefits are exactly the same.

There are currently 10 standardized Medicare Supplement Plans. PLAN A, PLAN B, PLAN C, PLAN D, PLAN F, PLAN G, PLAN K, PLAN L, PLAN M and PLAN N. The benefits in each of these plans are approved by the Center for Medicare and Medicaid Services (CMS). All insurance companies who offer Medicare Supplement Insurance Plans must comply with the approved benefits for the supplement plans that they offer.

Even though the benefits in each of the different plans are the same no matter which company is offering the plan, there are big differences in the prices of the plans from company to company.

Knowing this fact and taking the time to compare prices may save you 30% or more on your Medicare Supplement. A few minutes really can save you money.

Fact 3: You are NOT locked into your Medigap - Medicare Supplement Plan until Open Enrollment.

Medicare Supplement Plans are not subject to any annual enrollment periods. You are free to change plans any time of the year.

Knowing this fact frees you to compare your plan options and switch to a different plan or company at any time. If you find that you can get the same plan for a better price from a different company, you can switch and start saving immediately.

Fact 4: You ARE locked into your Part D Prescription Plan until open enrollment.

Part D Medicare Prescription Plans (PDP) are Medicare Approved plans offered by private insurance companies.

They vary in terms of monthly premium, deductible, and co-pays. Each plan has a unique formulary. A formulary is a list of drugs that the plan covers and where the specific drug fall on the plans co-pay tiers.

We did a comparison of 27 different plans available in Florida. We used a sample drug list which contained 5 drugs, 4 generic and 1 named brand. The estimated annual drug cost ranged from $734 for the least out-of-pocket plan, to $2623 for the highest.

Being in the wrong PDP can really impact your bottom line.

Write a reminder on your calendar for October next year and take the time to make sure that you are in the right plan for your specific drugs during the Medicare Annual Enrollment Period. This is the only time of the year that you can change your PDP.

I hope that these 4 important facts about Medigap - Medicare Supplement Plans will help you keep more of your money in your pocket.

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