Category: Retirement Planning

Medicare: It’s as easy as A B C…and D

Posted on September 13, 2016 by - Medicare, Medicare Supplement, Retirement Planning, Uncategorized

The Jackson Five’s number one hit single in 1970 takes the convoluted topic of love and boils it down to a few letters. Sweet simplicity. “All you gotta do is repeat after me,” Michael sings, “It’s as easy as A B C.”

 

Well, I figured if the Jackson Five can make love easy to understand, the least I can do is attempt the same thing with the complexities of basic Medicare. So here goes nothing. Medicare: it’s as easy as parts A B C…and D.

 

Part A (Inpatient Coverage)

Part A is hospital insurance. A.K.A inpatient care. A.K.A healthcare coverage for any care received while you are officially checked in at a hospital. Beyond that definition, Part A also covers limited home health services, hospice care, and skilled nursing facility care. If you paid into Social Security for more than 40 quarters (10 years), then good news! Part A is provided at no cost to you.

 

Part B (Outpatient Coverage)

Part B is exactly the opposite, covering care received while checked out of a hospital. It covers services such as outpatient surgeries, diagnostic tests, lab tests, x-rays, and a laundry list of preventive services that are covered in full. Unfortunately, Part B does have an associated premium of $121.80 per month (in 2016), a fee which is adjusted for those of higher income (don’t worry…this applies to very few people).

 

Part C (Medicare Advantage)

Part C is a whole different ball game. So pay attention, it could get a bit messy. Although Part C is offered as a Medicare associated program, it actually replaces Medicare Parts A and B as the payer of your claims. As opposed to being offered by Medicare, it is offered by private insurance companies who have contracted with Medicare. It covers everything that Parts A and B covers and may even provide additional benefits such as drug coverage. However, you usually have to pay a separate premium to receive Part C.

 

Part D (Drug Plan)

Part D helps cover the bills for your pills! In other words, it is your prescription drug coverage. Like Part C, it is offered through private insurance companies. And like Part B, the premiums are sometimes (but rarely) adjusted for those of higher income. The cost is difficult to pin down because it varies so drastically from company to company. But—just to give you an idea—the average cost of a Part D drug plan is $34.10 (in 2016).

 

At Seniormark, we believe that the transition to Medicare does not need to be confusing and stressful. We would love talk to you about your options to get you in the right plan for your needs. Medicare may not be as easy as the Jacksons’ suggest, but that does not mean it cannot be made simple with the help of our trusted experts. So sit down and relax! Let us spell it out for you.
Not sure what to do next? To get you started, download our free guide, “Introduction to Medicare”. 

 

Call Seniormark today at 937-492-8800 for a free consultation!

Three Reasons to Start Medicare Planning NOW!

Posted on September 7, 2016 by - Medicare, Retirement Planning

Every last one of us is pretty much the same in this respect: we don’t take now for an answer. When the task is daunting, overwhelming, or complex, we always manage to escape doing it now by putting it off for tomorrow. We’re like a gaggle of Houdinis. Just when you think time constraints have us trapped, we magically free ourselves into an enchanted tomorrow land of channel flipping, Internet surfing, and power naps.

 

But some things are just too important to put off. Even for one more day, one more catnap, one more rerun of I Love Lucy. Medicare planning is one of these things. Not convinced?

Here are three reasons why you should start the Medicare planning process now:

 

Reason #1 Mistakes Happen

Glitches. Mistakes. Goofs. If there is a way something can go wrong, Lord knows it probably will. Just like a customer service call can turn into several hours of God-awful hold music, a small slip-up in the Medicare process can turn a five minute solution into a month long ordeal.

This is because you are just one of the 10,000 people turning 65 everyday. Medicare has a lot to handle; little things can slip through the cracks. Even if you are fortunate enough to not make any mistakes, you still have to plan in advance for theirs.

 

Reason #2 You’ve Got a Ton of Decisions to Make

Do you need a med sup? Or should you go the Medicare Advantage route? Should you sign up now? Or wait until you are done working? When are the deadlines? What are the penalties? What is a donut hole and how do I navigate it?

Take these questions along with deciding between 24 drug plans, 11 supplements and a legion of Medicare Advantage options, and you’ve got yourself a to-do list you can’t leave until the last minute.

Reason #3 Your Hairdresser Is Not a Retirement Advisor

Getting advice from your family or friends over coffee at church or in-between hands of euchre won’t cut it. And no, your all-knowing, gossip-savvy hairdresser won’t do either. Although your loved ones and acquaintances may have your best interests at heart, they simply do not know the ins and outs of Medicare. What was right for them may not be right for you. And what they overheard at the grocery store is (gasp) probably not watertight advice.

This is why seeing an expert is a great (dare I say the only) way to make sure you are on the right track, ensuring you a smooth, penalty-free transition to retirement. But you may find it difficult to schedule an appointment if you wait last minute. We will still help you out, of course, but it will save you a lot of stress to plan an appointment weeks or months ahead.

So—when should you start the Medicare Planning process? If you are within 3 months of turning 65, the answer is…you guessed it…Now!

Well……

Maybe not now, right?

Not sure what to do next? To get you started, download our free guide, “Introduction to Medicare”. 

Aetna increasing household discount!

Posted on June 9, 2015 by - Medicare, Medicare Supplement, Retirement Planning, Social Security

seniormark favicon
logofinal black bagrMedicare Supplement Household Discount Increasing to 7% in OH

Aetna will increase the household discount from 5% to 7% on Medicare Supplement plans issued in Ohio effective June 15, 2015.

No action needed to get the higher discount

Eligible applicants and existing policyholders will receive the increased household discount.

  • For new business, the 7% household discount will apply to new applications written on or after June 15, 2015. All pending applications that qualify for the discount will be issued at the new 7% discounted rate.
  • For existing policies issued with an effective date of July 1, 2015 or later (with premiums already paid AND where eligibility for the household discount was provided on the application), AHLIC will issue a new policy, which will include the higher household discount.
  • All other policyholders who previously received the 5% household discount will automatically receive the 7% household discount on their future premium that have a premium due date of June 15, 2015 or later.

Excess premiums, if any, will be applied to the policyholder’s future premiums.

Is your Medicare Supplement currently with Aetna?  They are offering great rates in addition to this additional discount.  Call our office today (937-492-8800) to see if you might be able to save money with Aetna and Seniormark. 

Medicare Supplement policyholders are paying too much for their coverage!

Posted on July 21, 2014 by - Medicare, Medicare Advantage, Medicare Drug Plan, Medicare Supplement, Retirement Planning, Social Security, State Teachers Retirement

If your parents were like mine, they probably taught you to spend your money wisely. Let me use a story here to make a point. Suppose you are shopping for a new refridgerator. Your first stop is at Sears where you find the perfect Frigidaire XL2014, and at a great price, $2100. But because your parents told you to shop before you buy, you decide to check a few more places. The last stop you make is at Lowes, where you find the same Frigidaire XL2014. Same make, same model, same features…they are IDENTICAL! Only the one at Lowes costs $1500. Do you go back to Sears and buy the one for $2100? Unless you own stock in Sears, or your son is the sales rep, I hope your response is…Absolutely not! Why would you spend $600 more on the same thing. But Retirees are doing that very thing with their Medicare Supplement insurance.

 

But you may ask, “How do I know I’m getting the same benefits?” The answer is simple, our government did something right. Prior to 1992, Medicare Supplement insurance plans were not standardized. What this meant was that each insurance company’s Medicare supplement plans offered different benefits. This made it almost impossible for the Retiree to shop their coverage from company to company. Compare it to shopping for a car today. You can’t really compare cost from one dealer to another because the options are completely different. This one has leather seats, but the other one has On-Star. This one has a DVD player, but the other one has alloy wheels. It is impossible to truly compare cost because you are never comparing “apples to apples.” The same was true with Medicare Supplement insurance prior to 1992. But in 1992 the federal government stepped in and “standardized” Medicare Supplement insurance.

 

They did this because prior to 1992, unethical salespeople were taking coverage away from Retirees in order to save them money, and they weren’t disclosing the fact that they reduced their coverage. So the government stepped in and standardized the plans so this couldn’t happen anymore. They did this by offering 11 plans and giving them the letter names of A through N. In other words, it means you can compare a Plan F with one company to a Plan F with another company and know that the benefits are IDENTICAL. So you no longer have to say, “I know my supplement is expensive, but I don’t want to change it because it pays so well.” As long as you stick with the same Plan letter name, the new company is legally obligated to pay the same benefits as your old one.

 

So what does this mean for you? It means it would be a good idea to know what premium you pay compared to what others your age and in your area are paying for the same plan. This is important because you may be paying hundreds if not thousands of dollars more per year in premium and not be getting any better benefits. For example, the premiums for a Plan F for a 70 year old female range from $130/month on the low end up to $276/month on the high end. That’s a difference of $1,752 per year. And worse yet, the person paying $276/month is not getting any better benefits than the person paying $130. And don’t forget, you can change your medicare supplement policy any time of the year…you don’t have to wait for the Annual Enrollment Period at the end of the year.

 

If you would like to see how your premium compares, you can go to our website at www.seniormark.com and click on the “Supplement Rates” tab. And don’t worry, you will get instant numbers and we won’t collect your personal information. If you are not tech savvy just call us at 877-492-8803 and we will provide you with a free comparison report.

 

I bet your momma never thought shopping would be this easy!

Can Medicare Advantage survive PPACA?

Posted on September 6, 2013 by - Medicare, Medicare Advantage, Medicare Drug Plan, Medicare Supplement, Retirement Planning, Social Security, Uncategorized

Here is a great article about how the Patient Protection and Affordable Care Act (aka Obamacare) may affect the Medicare Advantage program…

Can Medicare Advantage survive PPACA? | BenefitsPro.