Insurance Group LLC
The Medicare process can be confusing for most people. There are a lot of terms, deadlines, and different options that can make it especially tricky. We’ve compiled some information that will help you understand and feel more comfortable with the process. As always, we’re only a phone call, email, or text away—so don’t hesitate to ask any questions!
We’re an independent insurance agency, which means we work with many different insurance carriers, rather than just being tied to one. We’ll meet with you (in-person, by phone, or online meeting) to explain how everything works between the government and the insurance carriers in different scenarios with the aim figure out what may work best for your current health, financial situation, and risk comfort. Learning about your specific doctors and prescription medications is an important part of the process, as they can determine which plan will be most suitable and which can be eliminated as poor options (e.g., doctors are out of network, drugs aren’t covered on formulary).
We know what we’re doing. We have helped a lot of clients through the years and know Medicare coverages, options, and processes inside and out. We take an educational approach and never try to sell anything. This will make the process easier and faster for you to learn all the options and how different pieces of the puzzle fit together (or don’t). There is no charge to work with us – all the insurance carriers pay us a commission to write policies, so you never have to pay us anything! Going through our office does not change the coverages, premiums, or policies in any way except to provide a local agent as another layer of support and guidance. The worst part of working with us is having to listen to our bad jokes.
It can be tricky to find the best Medicare plan for yourself. Many people rely on family or friends to help them decide, but their plan isn't necessarily the right fit for you. A comprehensive review of your doctors and prescriptions is the best way to discover the Medicare plan that will work best.
Part A helps pay for hospital stays and inpatient care while Part B helps pay for doctor visits and outpatient care. Part D, or drug coverage, must be purchased separately. Only having Parts A & B leaves you with gaps in your health insurance and potentially a large out of pocket cost. A supplement plan or Advantage plan can help cover some of the gaps.
Medicare Advantage Plan
Combines Part A (hospital) and Part B (medical) in one plan
Usually includes prescription drug coverage
May offer additional benefits not provided by Original Medicare
Medicare Supplement Insurance Plan
Helps pay some of the out-of-pocket costs that come with Medicare
That's great! Many of these plans provide excellent benefits. Over time, though, the plans may change or costs may increase leaving you with a larger bill. It never hurts to compare your retiree plan to other options available. We'll be honest and tell you if your existing plan is the better option for you. It never hurts to look!
If you don’t have other qualifying health insurance (typically an employer-based plan) or fail to sign up for Medicare during IEP you could pay a late enrollment penalty for life.