One unique feature for Medicare Supplement enrollment is the Medicare Supplement Open Enrollment Period. This is not an annual enrollment period, and your Medicare Supplement Open Enrollment Period is uniquely timed to you. During these six months, you can purchase any Medigap plan sold in your state without having to answer any health questions.
Read MoreCategory: Medicare FAQs
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Comparison Shopping Medicare Plans: How to Find the Best Value for Your Money and Time
Can Another Insurance Agent Sell This Medicare Plan at a Lower Price?
No.
Premium costs and benefits for Medicare Advantage, Medicare Supplement, and Medicare Part D plans are approved by the government. No one can offer you a better deal.
It will be exactly the same price whether you purchase your Medicare plan from the insurance company directly, or a captive agent, or an independent agent.
There are also no secret discounts. If your plan has premium discounts for paying premiums by auto-debit or household discounts, those are also the same no matter where you buy your policy.
In this video, we’ll take a quick look at how comparison shopping for Medicare plans works so you can save, not only money, but also time, when looking for the best Medicare coverage option for you.
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How and When Can I Change Medicare Plans? Medigap, Medicare Advantage, and Part D Options Explained!
Most people make changes to their Medicare plan coverage at some point. These are usually not lifelong plans that you buy at age 65 and then keep forever.
There are all kinds of reasons why you might change plans: your health changes, you move, your premium cost goes up, your doctor leaves your plan’s network, your medications change, or you just don’t like your plan anymore.
In this video, we’ll walk through how to change your Medicare Supplement, Medicare Advantage, and Medicare Part D plan.
Because Medicare Part D, Medicare Advantage, and Medicare Supplements have different enrollment rules, we’ll talk about each one separately.
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When Should I Start Looking at My Medicare Coverage Options?
Evaluating your options should ideally start about 3 to 6 months before you enroll in Medicare.
I know everyone doesn’t have the luxury of that much time, but breaking the information into smaller chunks over several months makes it easier to have confidence that you’ve looked at all the possibilities and settled on the best Medicare coverage plan for you.
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Are Medicare Premiums Tax Deductible?
We’re going to look at the general answer to that question as it applies to federal taxes. State tax laws regarding Medicare premiums vary, so for questions on your personal tax preparation, please consult a tax professional in your local area.
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Medicare Part D Late Enrollment Penalty: What is It? How Can You Avoid It?
Medicare Part D Prescription Drug Coverage
Medicare Part D is prescription drug coverage. It is not an automatic or mandatory part of Medicare. You don’t have to enroll in a Part D plan if you don’t want to.
However, if you decide not to enroll when you are first eligible but then decide to enroll later, you may have some steep late enrollment penalties that you will pay every month for as long as you have Part D coverage.
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Medicare Part D and IRMAA
Income Related Monthly Adjustment Amount (IRMAA)
In an earlier video, we talked about how IRMAA, that’s the Income Related Monthly Adjustment Amount, can affect your Medicare Part B premium, depending on your income. IRMAA also affects Medicare Part D prescription drug coverage costs.
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Most people don’t have to pay this amount. However, if your income is above a certain limit, you’ll pay an extra amount in addition to your Medicare Part D plan premium. You’ll also have to pay this extra amount if you’re in a Medicare Advantage plan that includes Medicare Part D prescription drug coverage. -
Medicare Basics: How Does Medicare Work? What Does It Cover? What Other Health Insurance Do You Need?
For most people who have been covered for their entire working lives under employer group health coverage, Medicare is the first time where you really have to go off on your own and figure out which available coverage is best for you, so this video is going to be a brief overview of the Medicare program to help you on that path. Confused about your Medicare coverage options?
For any answers to specific questions regarding your unique situation and your location, because the plans do vary depending on where you live, please give our office a call at 877-312-1414. A licensed, experienced broker will be happy to assist you.
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Planning to Work Past Age 65? How Will That Affect Your Medicare Choices?
What should I do about Medicare if I’m going to keep working past age 65?
Okay, this is a little complicated, but stay with me. I promise we’ll have it explained in under 10 minutes.
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