Should I Let My Medicare Part C Plan Automatically Renew?
Medicare Part C, also known as Medicare Advantage, is set for automatic renewal when you sign up
Medicare Supplements are available to individuals who receive Medicare. This type of supplemental insurance is also known as Medigap. Medicare Supplement Insurance helps members of Original Medicare to ‘fill in the gaps’ of their coverage.
Many people have questions about whether Medicare has any dental, vision, and hearing plans. The unfortunate reality is that Medicare doesn’t cover basic examinations for any of them. What’s worse is that Medicare doesn’t cover copays that deal with the health of your ears, smile, and eyes. So, it is important to seek out coverage for these essential health costs.
And there are plenty of affordable policy options available.
Individual health insurance policies are those that you buy on your own. They are not part of employer health plans. These plans can cover a single person or an entire family.
The landscape of Individual health insurance policies changed in 2014 with the passing of the Affordable Health Care Act (ACA). The ACA standardized and increased the benefits provided by these policies and offered Americans more policy options. This law also guaranteed coverage for individuals and offered subsidies to help people afford the insurance coverage they deserve.
Cancer plans can literally be a lifesaver.
Being diagnosed with cancer is accompanied by many unexpected expenses, including examinations, medical care visits, and expensive treatments. So, while you and your family face severe emotional challenges, financial stress often adds to this trying situation.
Cancer is a growing problem around the world. And cancer treatment is extremely expensive.
Final expense insurance, also known as burial insurance, provides your loved ones with peace of mind after your death. Money is paid to your beneficiary that can be used to pay for funeral expenses or whatever needs arise.
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Medicare Part C, also known as Medicare Advantage, is set for automatic renewal when you sign up
Medicare Supplement insurance: Plan G basic benefits
Medicare Supplement insurance Plan G includes the following basic benefits:
Medicare Supplement (Medigap) insurance Plan G benefits are the same as those of Medigap Plan F, with one exception. The Medicare Part B deductible, covered under Medigap Plan F, must be paid out-of-pocket in Medigap Plan G.
Once your out-of-pocket expenses reach the Part B deductible amount, you become responsible for paying 20% of the cost of Medicare-approved Part B services.
The majority of Medicare Supplement insurance plans do not cover Part B excess charges. These are additional charges outside of the Medicare-approved charge. For example, Medicare’s allowed charge for a doctor’s appointment could be $100, but the physician could choose not to accept that amount, and instead charge an additional 15% for the appointment. In this example, Medicare will pay 80% of the allowed charge, sending the physician $80. The beneficiary is responsible for paying not only the remaining $20, but also the excess 15% charge, another $15, making the total out-of-pocket cost $35. Medicare Supplement insurance Plan G covers this excess charge.
As of January 1, 2020, Plan G will offer a high deductible option.
The best time for beneficiaries to enroll in a Medicare Supplement Plan may be during their Medicare Supplement Open Enrollment Period, which is not the same for everyone.
This period begins on the first day of the first month that you are both age 65 or older and enrolled in Medicare Part B, and lasts for six months. During this time, private insurance carriers may not use medical underwriting to assess a beneficiary’s health condition.
This means that if you’re enrolled in Medicare Part A and Part B and live within a Medigap plan’s service area, you can enroll in that Medigap plan without fear of being denied coverage or charged higher premiums based on a pre-existing health condition (although waiting periods may apply).
*Medigap plans do not include prescription drug benefits; if you’re enrolled in Original Medicare and want coverage for your medications, you should enroll in a stand-alone Medicare Prescription Drug Plan.
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