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.

What Is Supplemental Security Insurance?   

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.

What Is Supplemental Security Insurance?   

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.

What Is Supplemental Security Insurance?   

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.

What Is Supplemental Security Insurance?   

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.

What Is Supplemental Security Insurance?   

How to Choose the Medicare Supplement That's Right For You

Which is better, Medicare Supplement (Medigap) or Medicare Advantage? This is a question that many people turning 65 will be asking themselves. In my opinion, all things considered equal Medicare Supplement Plan F would be the best option. Plan F covers the Part A and Part B co-insurance and Part A and Part B deductibles. Therefore, most if not all out-of-pocket costs will be paid by Original Medicare and Medicare Supplement Plan F. However, Plan F will probably be the plan with the highest premium.

A Medigap does not include Medicare Prescription Drug benefits. This means that you would have to purchase a separate Part D plan (PDP) which will add to your monthly cost for health insurance.

Medigap plans are standardized which means that Plan F will offer the same benefits regardless of which insurance company you purchase it from. The other Medicare Supplement plans are A, B, C, D, F, High Deductible F, G, K, L, M and N. All insurance companies that sell Medicare Supplements must offer Plan A. Rates, plans and insurance companies selling Medicare Supplements vary from state to state.

A Medicare Advantage plan could be a good alternative to Original Medicare. Many of the plans include the Part D. Premiums for Medicare Advantage plans are generally lower than Medicare Supplement Plans. Some Medicare Advantage plans have zero premiums. Medicare Advantage plan benefits vary from county to county. Many Medicare Advantage plans offer additional benefits that Medicare doesn't cover such as dental, vision or a free membership to a gym.

When considering Medicare Advantage HMO, PPO and POS plans you have to check to see if your doctors are contracted with the plans and what your out-of-pocket expenses will be for each covered service. Technically you can go to any doctor under a PPO plan. But if the doctor doesn't take the PPO you would have to pay the doctor his fees and get reimbursed by the plan later. If it's a PFFS plan, you have to check with your doctors to see if they would accept it. Keep in mind, that a provider can refuse to accept a PFFS plan at any time, even if they have accepted it before.

Everyone's situation is unique and their needs are different. I believe that it is important for seniors to do plenty of research, consult with people you trust and try to make the best decision for you.

What Is Supplemental Security Insurance?   

Supplemental Accident Insurance

Supplemental accident insurance may not be something you have ever considered, but maybe now is the time to check into how a policy like this can help you. No matter how careful people are, accidents do still happen. It is a fact of life that accidents happen when you least expect them, and usually when you can't afford for them to happen.

Money is on the minds of every family today because the economy has driven prices up and salaries down. And although you might not be able to make more money right now, you can protect what money you have by having a supplemental accident insurance policy.

If you are one of the breadwinners of the home and you get hurt, this can result in less finances coming in to help with the month's expenses. When you have a supplemental accident policy it can help pick up the slack to pay bills and keep the family functioning.

These type of policies differ in some ways, but they all have come common benefits that people love. They offer a lump sum amount following an accident, and most have a high daily allowance for hospital confinement. Other great benefits can be explained to you by a licensed insurance agent. A professional can locate just the right policy for you, and one that will fit all members of your family.

Accident insurance is not meant to replace your health insurance, only to supplement it. Health insurance will cover illness and accidents and you need that to cover your family in every way. The reason accident insurance is so popular is because an accident is usually more debilitating than an illness. In times like these that extra money really helps to keep things moving along normally.

Benefits from your policy can help supplement deductibles, lost income, and other out-of-pocket expenses. Insurance statistics show that one out of four people will have some kind of accident during their lifetime. Supplemental accident insurance will help protect you and your family during these times. Be prepared and purchase accident insurance before you have an accident.

What Is Supplemental Security Insurance?   

Medigap Supplemental Insurance

Are you starting medicare, as you can imagine there are many choices for you when it comes to coverage. With the large influx of people starting Medicare everyday, most are looking for a way to cover the gaps that are in Medicare like deductibles and co-insurance. It is easy to get overwhelmed with the choices that are in the market, we have found that Medicare Supplemental Ins plans have allowed people to cover these gaps in a cost effective way.

Medicare Part A- This is the portion of Medicare that you automatically receive from working 10 years or more at a job in the United States. Medicare Part A covers the hospital portion of any medically necessary situation. Medicare Part A has some large gaps in it however, as of 2011 there is a $1132 deductible associated with Medicare Part A, this deductible is a per benefit period deductible meaning that it needs to be paid for every separate accident or illness that may occur. If you have an accident or illness that you are going back into the hospital for within 60 day of the first occurrence of the accident or illness you will not have to pay the deductible twice, only if you are going outside of that 60 day window. I know that this may sound confusing but think of it like this the great majority of the time that you go into the hospital you will be responsible for a $1132 (2011) deductible. You will also be responsible for co-insurance or co-pays to the hospital that Medicare does not cover. This is one of the main reasons why we see so many people that are starting Medicare choose to have a Medigap type of plan. There is also another large gap in Medicare, this is Medicare Part B.

Medicare Part B- This is portion of Medicare has a cost associated with it, this cost has many factors, however we find the average cost is around $115.00 per month, having a Medigap plans will not pay this amount. Part B of Medicare is for your doctors and preventative care services. Medicare Part B has a $162 (2011) deductible. Unlike Part A of Medicare this is an annual deductible meaning that once the $162 deductible is paid all that you are responsible for is the 20% of expenses that are not covered by Part B of Medicare. Many people that are currently on medicare have chosen to have a Medicare plan to cover the above gaps.

Now its time to talk about these Supplements to Medicare. Things you need to remember about Medicare Supplement Plans are simple. They cover gaps that Medicare does not. However remember that there are many different plans, all of these plans cover different portions of the gaps in Medicare. Even the most affordable Medicare Supplement Plans will cover the Part A & B coverage gaps. If you spend a little bit more you will be able to cover the Part A deductible of $1132 per benefit period, and the Part B deductible of $162 annually. Covering these gaps can make a huge difference in out of pocket costs for Medical expenses. One of the most popular choices for a Medigap plan would be a Plan F. Having a Plan F will increase your coverage amounts to paying for additional nursing care, foreign travel and excess Part B charges. Having a Medicare Plan will drastically reduce your out of pocket expenses for medical care, also budgeting can be easier because you know that the amount of your monthly premium will typically be the limit of your costs.

I would imagine you see the benefit of having a Medicare Supplement Plan. It has certainly helped people maintain a budget and low out of pocket expenses. We definitely recommend them.

What Is Supplemental Security Insurance?   

What Is Medicare Part B and How Can You Get It?

Medicare Part B is one of the insurance plans under Medicare that provides cover for healthcare on an outpatient basis. Whether it is the services of a doctor that you require, care at an outpatient center or at home, the Part B covers the expenses you incur, including the cost of any medical equipment you may require.

Medicare Part B Expenses

After understanding what Medicare Part B is, it is important to clarify another aspect: the expense you incur on this. Medicare Part B cost depends on your income, with some people having to pay a premium that is greater than the standard amount. If you fall into this category, you will receive information from Social Security. There is another situation when you may have to pay greater premium and that is if you enroll late for Medicare Part B although you were eligible for it previously.

What it Covers

Generally, Part B covers the following:

Preventive services which refer to the care you require to avoid contracting an illness or the tests you may require to detect a disease or disorder early on. Examples include flu shots, pap smear tests and other screening techniques for cancer detection. Medical necessity services that denote the materials or services necessary to diagnose the presence of a medical condition or treat it in keeping with the norms of medical treatment. This includes services such as X-rays, laboratory tests, imaging tests and physical therapy. Ambulance facilities Health care at home Physician visits on an outpatient or inpatient basis at a physician's clinic, the hospital or any other facility providing healthcare.

Part B Deductible

When you have Part B, it is important to realize that you do not receive this coverage free of cost. You have to pay a monthly fee and this is generally drawn out of your retirement benefits or the payment you receive from Social Security. Besides, you also have to pay a Medicare Part B deductible and it is only after you make this payment that you become eligible for the benefits.

Anyone who qualifies for Medicare is also eligible for Medicare Part B. This plan is important because it covers the services that are not covered under Medicare Part A. Having this plan is therefore very important especially for those persons who do not require hospital care, but may need preventive services, or healthcare services at home or on an outpatient basis. Information about your Part B coverage will be available on your Medicare card and in the event you do not have it, it is easy to apply by paying the late enrolment penalty.

What Is Supplemental Security Insurance?   

Senior Health - Making Sure Seniors Are Protected

Senior health is far more volatile than most of us would like to admit. Whether you are a senior citizen yourself or you have one you want to take care of, finding proper protection in old age is vitally important to the protection of life in general. The easiest way to get protection is to find a health insurance plan that will accommodate all of the senior's needs and more. The information below will show you how to go about doing that so you can make sure your health or the health of someone you love is protected at all times.

One of the first things you need to think about as a senior is what you will likely need the senior health insurance for. Some policyholders need their plans to cover doctor's visits extensively, emergencies, and others need to get good deals on prescription drugs. Assess your needs so that you may be able to find a policy that is most fitting for them. Chances are you will opt for some kind of Medicare plan. When you do, you can look into supplemental insurance plans to cover those special needs. You should be able to setup an affordable insurance plan that works for you.

When you have an idea of the kind of plan you want to get, the next thing you need to do is generate some quotes online so you can see how much money you may have to pay. Then you can get the policy right there so that you are protected as soon as possible. You can change supplement plans or even insurance companies if you find a better deal out there. Just make sure you check everything before you sign up so that you know you are getting the coverage you need.

Senior health may be a little more fragile than the health of younger generations, but that does not make it harder to insure. There are plenty of insurance providers out there that are willing to work with seniors, even those on a fixed budget. You should never assume that you are out of options for your insurance plan because there is always a new one out there to take into consideration. With a little bit of research, you should be able to find a plan that is tailor fit to your needs. You can reap the benefits of your protection after that.

What Is Supplemental Security Insurance?   

Medicare Supplement Plans: Purchase at the Annual Enrollment

Medicare Supplement Plans are the most excellent kind of insurances for health available to adults over the age of sixty five.

People who buy these supplemental quotes can visit almost any specialist, hospital, or doctor, and often pay very less or nothing at all for these kinds of purchases. The only difficulty with Medicare Supplement Plans is the agencies that offer this kind of Medicare supplemental quotes have under-writing guidelines, which might make it difficult to qualify if you have preexisting circumstances. Using definite issue guide-lines to buy one of these plans might make a big difference in the worth of care you get and you're other expenses for physician and hospital services.

The most frequently used assured issue period is the period of preliminary enrollment, which starts on the first-day of the month where you are both registered in Medicare (Part B) and over the age of sixty five. This time extends for 6 months and you may register in any plan with any agency during this specific time without responding to any of the health queries. A lot of seniors buy Medicare (Plan F) in the initial registration period, however over the past few years a lot of people have been influenced to buy Medicare Advantage Plans that offer lower coverage.

The second most liked assured issue period happens when adults choose to work after their sixty fifth year of age. During this period they are frequently covered by company plans that offer higher coverage to normal Medicare. Though, when they finally leave when they retire their company plan, they have a sixty three day assured issue period where they might register in the insurance plan of their selection. This assured issue period in addition includes people who have left, although are still covered on their earlier companies plan.

Medicare Supplements Plans approximately always offer higher exposure to Medicare-Advantage-Plans, which is why a lot of people are opting to register in normal Medicare and buy supplemental-insurance. A lot of seniors over the years have received correspondences informing them of their coverage with the current benefit plan will be finished at the end of the current year. These insured adults have a special assured issue time frame, where they might register in any kind of plan with any agency without giving explanations to any of the health questions. People who have physical conditions and issues should utilize this period to buy a Medicare Supplemental quote.

What Is Supplemental Security Insurance?   

Understanding the ABC's of Medicare

Although the majority of the seniors that I assist with purchasing a Medicare Supplement or Advantage Policy are well educated, they all make a comment about being totally confused by their choices. A big part of the problem is Medicare lingo. Once you understand the basics you realize it is not that complex. Medicare is a federal health insurance program that pays for much, but not all, of the medical expenses for people 65 and over. It also covers individuals under 65 with certain disabilities.

These are the four parts:

•Part A helps cover inpatient care in a hospital, skilled nursing facility, hospice and home health care. If you or your spouse paid Medicare taxes while working, you will pay nothing for Part A. •Part B helps cover doctor's services, hospital outpatient care and some preventative services. For individuals new to Medicare in 2011 the average Part B premium is $115 per month. This amount is higher for singles earning more than $85,000 or couples earning over $170,000. •Part C is Medicare Advantage Plans (also known as Medicare Health Plans). These plans are another way to receive your Medicare benefits and are sold by private insurance companies approved by Medicare. They combine the benefits of A, B and often D. To be eligible for a Medicare Advantage Plan you must be enrolled in both A and B. •Part D is Medicare prescription drug coverage. Starting this year, 2011, high income earners will pay a surcharge for this coverage. If you currently are not taking prescription drugs, you may be tempted to not purchase a plan. However, if you neglect to purchase a drug plan when you are first eligible you will have to pay a higher premium if you decide to purchase one at a later date. Financial assistance is available through government programs to low-income individuals.

Most individuals will purchase a Medicare Supplement and a drug plan or a Medicare Advantage Plan that includes drug coverage. The government handbook, "Medicare and You" is designed to help you make this choice. If you already know you want a Medicare Supplement (also known as a Medigap Policy) the government handbook, "Choosing a Medigap Policy" will help you decide which policy is your best choice. The government web site, http://www.medicare.gov, assists Medicare beneficiaries in choosing Medicare Advantage and drug plans with an on-line analysis that is based on their zip code and prescription drugs. North Carolina residents can call SHIIP (Seniors' Health Insurance Information Program) at 1-800-443-9350 when they have questions about Medicare Plans.

Although you can spend days doing the research by yourself and make the purchase without assistance, an insurance broker with a Medicare Supplement License can do the research for you. To maintain their license and company appointments they are required to be up to date on this ever changing environment. Since these agents are compensated by the companies they represent, you will not pay an extra fee for using them versus doing all the work yourself.

What Is Supplemental Security Insurance?   

What Does a Medicare Supplement Cover?

A Medicare Supplement, also referred to as a Medigap Policy, is basically an insurance plan that is secondary to original Medicare. You must be enrolled in Parts A and B in order to be eligible to enroll in a Medicare Supplement Plan.

Original Medicare has four parts. Part A is hospital insurance with a deductible of $1156.00 for 2012. Part B is medical insurance with a deductible of $140.00 for 2012. Part C is known as a Medicare Advantage Plan. Medicare Advantage Plans replace your original Medicare insurance. They include hospital insurance, medical insurance, and some plans include prescription drug coverage. Part D is prescription drug coverage. If your Part C plan does not include prescription drug coverage, you can enroll in Part D.

If you choose to keep original Medicare (Parts A and B), most of your expenses will be covered by also having a Medicare Supplement Plan in place. Currently, the Medicare Supplements to choose from are labeled as Plans A, B, C, D, F, F (high-deductible), G, K, L, M, and N. All plans require paying a premium and some require paying additional deductibles before any coverage is provided.

Depending on the plan, each benefit below is either fully or partially covered:

Medicare Part A Co-insurance and hospital costs up of an additional 365 days after Medicare benefits are used up Medicare Part B Co-insurance or Co-payment Blood (first 3 pints) Part A Hospice Care Co-insurance or Co-payment Skilled Nursing Facility Care Co-insurance Medicare Part A Deductible Medicare Part B Deductible Medicare Part B Excess Charges Foreign Travel Emergency (up to plan limits)

Detailed plan coverage for each benefit is provided in the official Medicare publication, 2012 Choosing a Medigap Policy: A Guide to Health Insurance for People with Medicare.

All Medicare Supplement Plans must follow federal and state laws and must be identified as Medicare Supplement Insurance. Insurance companies can only sell standardized policies. In other words, they must all provide the same basic benefits but some plans offer additional benefits so you can choose the one that fits your needs. Usually the only difference between the policies is price so it pays to compare apples to apples through different insurance companies when shopping for a particular plan.

Current Medicare Supplement Plans do not cover your prescription drugs. To receive this coverage, you must enroll in Part D by contacting Medicare at 1-800-633-4227 or through the Medicare website during an open enrollment period.

Plans E, H, I, and J have been discontinued. If you currently have one of these plans, you can keep it but if you change plans, you will no longer be able to get one of these plans.

What Is Supplemental Security Insurance?   

Help With Your Medicare Supplement Choices

Your 65th birthday can be one of the best but also one of the most confusing. As you are aware there are many decisions to be made such as:

What Medicare Supplement is right for me?

What about all the talk of Medicare Advantage Plans?

Does the plan I am looking at include Part D coverage?

Maybe having Part A and B is just fine?

It would take 5 articles to go through answering all of these questions or you can look a bit deeper into this on our site. We are going to focus on the best way to find great advice on these subjects. If you are talking to an agent make sure that they are licensed. Also there are some other ways to get great advice.

#1 Old reliable Google.

Its amazing but you can Google "Medigap" or the like and find lots of information about all of these subjects.

#2 Go to Medicare's official site medicare.gov

If you want to find a ton of information on Medicare this is the place to start.

#3 Talk to your friends.

If you have people you know that have worked with someone and like the experience you can rest assure that you will feel the same way. Remember getting bad advice can be very detrimental.

#4 Make sure the person that you are getting advice from has the ability to sell all of the plans in your state.

The first question you should ask your broker is how many options that they have to offer. You do not want to be in situation where you are trying to get the best plan and your advisor does not sell that "best plan" for you. This can be avoided by making sure that they sell for every company in the state.

No matter which method of the above you choose make sure that you get some help, at our sire listed below, we routinely talk to people that assume that they have found the best situation for them, only to realize that they are spending sometimes thousands more than what is necessary.

What Is Supplemental Security Insurance?