If you purchase your Medigap policy when you are first eligible for Medicare, you can purchase any policy sold in your state without having to go through underwriting. This means if you have any health problems, you can purchase a Medigap policy at the same rate as a healthy person, if you purchase it within your open enrollment period. Each person’s open enrollment period will start the first day their Medicare Part B is effective and it will last for 6 months. If you decide to change your Medigap policy outside of your open enrollment period, typically you will go through underwriting. This means, if you have some health problems, the insurance companies could either deny coverage or charge you more due to certain health conditions. Keep in mind, even though Medigap policies are standardized, the health questions are not. So, just because you may not qualify for one carrier doesn’t mean that you will be turned down for another carrier. Check with our advisors to see if there is an option that fits your needs. If you are about to lose your group health coverage, you might be eligible for Guaranteed Issue, which is another way you can purchase a Medigap policy without having to go through underwriting. There are many different qualifications for a Guaranteed Issue period.
Please click here to learn more about your Medicare rights.
If you’ve listened to the news at all lately, I’m sure you’ve heard some talk about future changes in Medicare. There are many proposals out there that seek to help Medicare beneficiaries in keeping costs down. However, some say that there are also proposals being made that would work against these seniors. One in particular would impose an extra 15% tax on those who have selected a Medicare Supplement Plan F or C. These plans cover all deductibles and co-payments for doctor and hospital visits. The basis of this proposal is that people that choose these plans are not contributing towards health costs as much as those who aren’t on a Plan F or C. To me, it sounds similar to the concept of the “Cadillac Tax” that is scheduled to take effect in 2018 for certain plans under the Affordable Care Act.
What in the world is IRMAA?
Do you make over $85,000 (single)/$170,000 (married) per year? Did you know that if you're considered a high income earner you could be assessed an Income Related Monthly Adjustment Amount (IRMAA)? This can be a shocking realization once discovered. The initial determination for an IRMAA will be based on the tax return from two year’s prior (so for this year, it would be based on their 2103 tax return). If you have experienced a life-changing event such as divorce, death of spouse, work reduction or stoppage, etc., there is a form you can fill out to let Social Security know about this life-changing event (documented evidence required). Social Security will perform a review to see if you initial determination for the IRMAA needs to be adjusted. There are certain time frames this appeal must fall into and that is outlined in the initial letter from Social Security.
Medicare Supplement Quotes
If you are interested in a quote on a plan other than a Medicare Supplement Plan F, please click HERE. We recommend looking into a Medicare Supplement Plan G. If you have additional questions, please feel free to call us at 1-877-759-5760. We can also be reached by email at seniorservices@morganwhite.com.]]>Health Insurance - What's Not Covered?
Below are list of things that are not covered by a health insurance policy. Some policies may have riders (additional coverage) that provide protection; however, the basic policy does not cover these items.
Medicare Insurance Finders helping you with your insurance needs.
If you are looking for supplemental health insurance contact MWG SENIOR SERVICES at 877-759-5760! We have tools available that will allow us to find plans available in 47 states in less than 2 minutes. Your health insurance is in safe hands with MWG.
]]>For a basic understanding of Medicare we recommend you focus on the Medicare Insurance Finders website for detail specific questions. Our goal here is to free up any questions you may have about how the healthcare law affects your Medigap Plan!
Healthcare Law Affects Medigap Plans
We will discuss the three main topics surrounding Medigap plans and the Affordable Care Act so that we will cover the majority of questions.
For questions on your Medicare Plans and how the Healthcare Law Affects your Medicare Insurance call 1-877-936-2991.
]]>This article will strictly focus on how to lower health insurance premiums by lowering the average age of the group. It will also show you how to provide better coverage for those 65 and older on your current plan.
Seniors on Group Health Insurance (65+ and Retirees)
In case you don't know, those who are 65 or older are eligible for Medicare. This is the federal health insurance program that covers roughly 80% of your healthcare expenses. Upon turning 65 you receive Medicare Part A and can elect to receive Medicare Part B for a premium.
However, some individuals are still working and there are other considerations for those individuals. In example seniors on group health insurance need to know:
What options do employers have to help their seniors on group health insurance while not kicking them off the plan?Employers can implement a group retiree health insurance plan! A group retiree health insurance plan is not just for those individuals who have retired from the group. Below is a list of the seniors that can enroll in these group retiree health insurance plans:
Benefits can be substantially better while saving the employer large amounts in their premiums. The other day we were working with a group that was able to offer a "Modified Plan F" to their retirees and employees that were over the age of 65 and lower his premiums at the same time. A Modified Plan F is basically 100% coverage minus small co-pays for doctors visits. If you would like to see a similar plan you can visit Benefits Association Retiree Package to see how their benefits are structured.
This is a great way for employers to save on their group health insurance and help their older employees at the same time. For more information on how to offer Retiree Health Insurance call 1-877-936-2991.
Medicare Insurance Finders helping you with your insurance needs.
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