04/23/2021
If you are new to Medicare (or have existing coverage), here’s why you should rely on a licensed Medicare professional for help, and why your advisor should be local.
Your turning 65 and you have probably heard a lot of about Medicare by now and how overwhelming it is. While learning the basics of Medicare can be especially mind-boggling for those first transitioning to Medicare, a person’s Medicare options are a constant moving target each and every year, making it more and more complicated to understand and maximize the benefits that Medicare beneficiaries are entitled to.
For example, you may have seen commercials telling you that Medicare does not cover everything, urging you to call for an Advantage Plan. According to the Kaiser foundation, the average Medicare Beneficiary has nearly two dozen different Advantage plan options to choose from. While it may be tempting, calling that number on TV may limit you to a few plans offered by one carrier.
Another example, Advantage Plans are not the only option beneficiaries have for covering costs not paid for by original Medicare; they could purchase a Medigap plan. Medigap plans seem pretty straight forward because they are regulated by the Federal Government and, accordingly, the benefits of each plan (Plans A through N) are all the same. But what you might not know is that premiums vary greatly between carriers for the same plan, because the rates are calculated by variables related to location, age and sometimes, your health history. And, as the rules of Medicare are constantly changing, the majority of Medigap plans do not cover the Part B deductible of your Original Medicare, and as of January 2020, plans that do cover the Part B deductible (F & C) cannot be offered to new beneficiaries enrolling in Medicare.
When it comes to learning about Medicare, there are a lot of resources on the internet to help you. However, having a personal Medicare advisor, broker or agent goes beyond Medicare education.
-First, they understand the rules and deadlines for avoiding penalties. Also, while original Medicare does not require Medical underwriting, some other Medicare options do. Your advisor will be able to help you understand which plans you may quality for.
-Next, they treat your health insurance as an investment. They will ask you questions about your healthcare needs and about your financial goals. They work to protect your retirement savings as part of the overall picture.
-Additionally, note a local agent will know the costs and understand the upside and pitfalls for all Medicare options in Connecticut because they must be licensed by the State, and appointed by the various insurance companies they represent. Each year they go through an annual certification required by Medicare, which means they are constantly updating themselves on new plan options, and changes to existing plans, as well new rules and regulations that may emerge. They are well prepared to help you find the right Medicare option that is well suited for your needs.
Lastly, you’ll never pay for your advisor’s service. They are compensated through the insurance carrier, and premiums are the same whether you use a broker agent or not.
Attached to our post preview of our Medicare Options Chart. Too see the full chart, visit our website at https://dgshealth.com/medicare-options-comparison and learn more about your Medicare options.
