Things You Need to Know About Before Purchasing a Medicare Supplement Plan

Posted by Johnson in Tips on Jan 1st, 2020 | 0 comments

By buying Medicare Supplement Plans in Texas, you can fill in the gaps in your medical insurance coverage. With the Original Medicare (Part A and Part B) plan, for instance, you don’t get coverage costs for copayments, coinsurance, and deductibles. A Medicare Supplement, however, will cover them.

While it makes sense then to get Medicare Supplement Plans Texas, here are a few things you need to know before making your purchase:

There Are Several Letter Plans

Currently, out of the available ten Medicare Supplement plans, the most affordable ones are Plan G, Plan N, Plan C, and Plan D. However, you should stay alert about the extensive Medicare changes that 2020 will usher in.

In the new year, you will have no out-of-pocket medical expenses if you get Plan C and two other first-dollar coverage plans. However, if you become eligible for Medicare after Jan. 1, 2020, you can no longer buy Plan F and High Deductible Plan F. These plans will remain available, though, if you already have them or if you become 65 before January.

There Are Monthly Premiums

You will have to pay monthly premiums on the Medicare Supplement Plans. The amount you must pay will depend on how old you are, what your gender is, and where you live. However, the exact cost can differ from insurance carrier to insurance carrier. Also, they may follow the Issue-Age, the Attained-Age, or the Community-Rating pricing methods.

With the first, your premium amount will depend on how old you were when you bought the plan. With the second, the premium amount will increase as you grow older. And, with the third, it will vary according to location. So, what you pay in Texas will be different from what you might have to pay in Wisconsin.

Medicare Supplement Plans in Texas That Are Available in 2020

In 2020, you should consider buying Plan G, Plan N, and Plan D. These are the three most affordable letter plans in the new year. Let’s look at what they offer:

Plan G

With this plan, you can fill in the 20% coverage that you won’t get with your 80% Medicare Plan. It provides coverage for your copayments and coinsurance. Additionally, it will cover for the Part A deductible. There is no yearly payment for this deductible, by the way. You will need to pay only according to the times of hospitalizations in one year. For instance, if you were admitted to a hospital once in one year, you will only have to make one payment.

Having Plan G is also essential if you are going to travel abroad in the coming year. The full insurance coverage policy will provide medical emergency coverage and cover any excess charges you might incur by seeing a medical provider whose fees exceed the Medicare-approved amount. Plus, the premiums are quite low. You must only pay for the Part B deductible every year. There is no need to pay for the services that Medicare covers.

Plan N

Here is another decent plan to back up your 80% Medicare coverage and also to cover any medical emergencies that might occur while you are out of the country. If you visit a doctor’s clinic, the plan will provide $20 in copayment and $50 if you go to the emergency room. However, it does not provide for any payments for hospitalization or if you have excess medical charges.

The issue of excess charges is not much of a concern in the United States, though, as it is illegal in most of the states, and only about 3% of the medical practitioners in the country charge more than what Medicare considers acceptable. And, on the positive side, you will have to pay lower premiums with Plan N.

Plan D

You should consider Plan D if you need a solid support plan after your traditional Medicare plan. It covers both the hospital and hospice cover and coinsurance costs that Part A offers and the copayments and coinsurance you would get with Part B. Furthermore, you are also covered for medical emergencies abroad. The only issue with Plan D is that it doesn’t cover excess charges and the Part B deductible.

Factors to Keep In Mind While Selecting Health Insurance

Posted by Johnson in Tips on May 14th, 2019 | 0 comments

Health insurance is a way to manage medical expenses and everyday healthcare costs in an economical manner. In lieu of the premium, you will pay to a health insurance company, you will get to enjoy certain benefits that can help offset the costs of some of your medical expenses.

But you can enjoy the full benefits of your health insurance plan only when you select the right one. With so many options now available, it can get overwhelming to select a health insurance plan that is just right for you.

Consider these factors when selecting a health insurance plan for you.

Services on Offer Vs your Requirements

The most important factor in choosing health insurance is to check if the services on offer align with your requirements. For instance, not all policies offer coverage for prescription drugs. When looking for a policy, you will need to check if a provider offers coverage for the prescription drug you need on a regular basis. Now, this is just one example.

You could be planning to start a family in the near future and would ideally want a plan to cover the medical expenses for it. Perhaps you need benefits for any specific healthcare need. So, you need to carefully assess if a plan (however good) is right for you. Even the best health insurance plan may not be ideal for you if it doesn’t offer you the coverage you need.

One of the best ways to find the right healthcare plan is to work with a reliable insurance agency in your local area. For instance, if you need health insurance in San Antonio TX then it is best to choose a reputed local agency to help you find the right solution for the coverage you need or want. The agency executives can offer you solutions catered and customized for your needs. Many professional insurance agencies do not even charge anything for this kind of service. You can work with one such agency in your city and buy the best health and cancer insurance plan for you and your family.

Networks

When selecting health insurance, you need to choose a network with the participating doctors as per your needs. If you seek services from doctors outside of your network, you end up spending more on your healthcare/medical costs. It is a good idea to check the list of doctors available for your network every time you reenroll.

HMOs or health maintenance organization can have a limited number of doctors in the network where you need referrals from your primary care physician in order to see them. PPOs or preferred provider organization most often have a wider network and may be ideal for those who need to travel extensively.

The Costs

The costs for health insurance must be something you can afford without compromising on the kind of policy you want.

You need to account for costs such as premium, out-of-pocket expenses, copayments, etc. You need to be aware of the deductible amount for your policy along with any co-insurance you might need to pay as per your coverage.

The deductible is the amount you need to pay before your coverage can begin. So, if the deductible amount is $1000 then you will have to spend this amount from your end before your policy will cover any expenses. Copayments are fees you need to shell out for specific services depending on your policy. Co-insurance is when you and your provider split the cost of a service. For instance, you might need to pay 20 percent of the cost of the healthcare service you seek and the rest 80 percent is covered by the policy.

It can be quite overwhelming to work out these costs to find the best healthcare policy for you. Your insurance agency can work out these details as per your unique needs and help you find the right policy for you. It is best to work with an insurance advisor before shelling out for a policy that might not offer you full benefits you seek. Your insurance advisor can help you select the right coverage – be it an individual policy or group insurance.

How to Choose Medicare Supplement Plans?

Posted by Johnson in Tips on Jan 14th, 2019 | 0 comments

But like any other insurance program, Medicare is also becoming more and more complex, and people often get confused how to choose the right Medicare Supplement plans Texas.

And it has to be. Medicare Supplement plans are of 10 types, and each plan is represented by a letter (A, B, C, D, F, G, K, L, M, and N) and offers a different level of healthcare coverage. Fortunately, the benefits of each plan within a lettered category are the same despite the location or insurance company. This means Plan F benefits are the same in Texas as they are in New Jersey. So it makes little easier to choose a Medicare Supplement plan. You only have to compare the benefits of ten types of Medicare Supplement plans.

So how to choose the right Medicare Supplement plan for you out of 10 standardized types? Let’s find out.

Here are four tips to pick the best Medicare Supplement plans in Texas for you:

1. Compare Plan coverage

Each plan has a different level of coverage. So, to choose the best policy, first, consider your health status and family medical history. It will help you figure out what to look for.

Medicare Supplement plan generally provides coverage for Part A coinsurance or copayments, Medicare Part B copayment, and Part A hospice care coinsurance. Some plans also provide Part A and Part B deductible and private skilled nursing facility. Compare the coverage of each plan using Medigap policies comparison chart. If you want maximum coverage, plan F is the best option. It covers almost all the gaps in Original Medicare but charges high monthly premium than other Medicare Supplement plans in Texas.

2. Monthly Premium of plan

There are three different methods of pricing premium of your Medigap policy: Community-rated, Issue-age rated, and attained-age rated.

Community-rated policies charge the same monthly premium to everyone who has a policy, regardless of age.

In Issue-age rated policies, the monthly premium is based on the age of Medicare beneficiary. For example, if you enroll at age 65, you will pay a lower premium than if you enroll at age 75. However, a further increase in the price of the policy depends on inflation.

In Attained-age policies, the premium is based on your current age but increases as you get older. Your monthly premium may start low but increase within a few years. You can expect the increase in the rate every year.

3. Out-of-pocket limit

If you want to put a cap on your out-of-pocket costs, choose a plan with a maximum out-of-pocket limit. Only plan K and L have a maximum out-of-pocket limit. Once you reached out-of-pocket maximum, your Medigap policy pays for 100% of your Medicare-covered costs.

4. Consult with an independent insurance agent

Once you know what you want, consult with an independent insurance agent. Unbiased expert input is always helpful in making the right decision. Also, Medicare Supplement plans have the same standardized benefits for each letter category and premium varies from company to company. Therefore, it is always in your best interest to contact an independent insurance agency before purchasing Medicare Supplement plans in Texas.

Some additional facts about Medicare Supplement Plans

• Medicare Supplement plan does not include Part D coverage. If you want Medicare prescription drug coverage (Part D coverage), you have to buy a stand-alone Part D plan. No Medicare Supplement plan provides prescription drug coverage to Medicare beneficiaries.

• A Medicare Supplement plan is different from Medicare advantage plan. You cannot buy Medicare Supplement plan with Medicare Advantage plan. It is illegal to sell a Medigap policy to Medicare beneficiary who has enrolled in Medicare Advantage plan.

• Unlike Medicare Advantage plans, Medicare Supplement plans cannot be used as a replacement for Original Medicare. You must have Original Medicare to avail the benefits of Medicare Supplement plans in Texas.

• A Medicare Supplement plan can cover only one person. If you spouse want Medigap coverage, he or she has to purchase a policy separately.

• Medicare Supplement plans in Texas is sold by private insurance companies approved by Medicare. You have to pay the monthly premium for your plan to a private company.

Medigap Plans – How You Can Choose the Right One

Posted by Johnson in Tips on Aug 30th, 2018 | 0 comments

Medigap is only for those who have the original Medicare and it cannot be applied to an advantage plan. If you are keen on buying a Medigap plan, here is what you need to know in order to choose the right one.

How to choose the right plan

Consider the types of plans offered: There are a total of 10 plans offered which are identified by letters A, B, C, D, F, G, K, L, M and N. All the plans are standardized and are offered by different companies. The only thing that differs in the plan is their cost and the premium. All plans have the same benefits and they are guaranteed renewable which means that the policy will exist as long as you pay the premium on time. It is ideal to choose a company that has a better history and stability in terms of premiums.

Keep your health in mind: Before you narrow down on a plan, you need to keep your physical health in mind. You are already covered under the original Medicare, but you need to consider what additional coverage you might need. There are different plans offering you the extra cover and you need to choose a plan that is the best fit for your health requirements. When you choose a plan, you need to look for a coverage that is out of the original Medicare plan, only then will you be able to benefit from the same.

Compare the features of the plan: If you look at the comparison chart, you will be able to understand the costs and benefits associated with the same. Some plans cover about 20 percent share of the cost of a doctor visit while some plans cover 20 percent share of the cost of lab tests. There are some deductibles every time you are admitted to a hospital and some also offer coinsurance cost of the hospital stay. There are many other considerations as well. In order to choose the right plan, you will have to consider your personal health conditions and understand what you are looking for in a plan. This will help you understand the comparison and choose the Medigap plans in Texas that are a best fit for you. You need to remember that the Medigap plan will not cover the prescription drugs or dental and other needs which are not covered by the original Medicare plan. Medigap Plan F is one of the most popular plans available currently.

Cost: Cost is an important factor to consider before you invest in a Medigap plan. Most plans cost an average of $183 per month. The premium for any plan will be based on the age, insurance provider and the preexisting conditions. If you buy the policy when you are young, the initial premium will be lower and it will go on to increase as you get older. It is best to ask the insurer the pricing system and understand the same before you buy a policy. This will allow you to be prepared for a higher amount of premium as you age.

It is recommended that you contact the insurance department of your state before you sign up for the policy. Ensure that the insurance provider is licensed by the state and look into their terms and conditions. Changing the policy is a difficult task, hence take your time and understand your needs before going ahead with it.

Why it’s Important to Hire a Great Insurance Agency

Posted by Johnson in Tips on Oct 24th, 2016 | 0 comments

Insurance agents keep themselves up to date about the latest happenings in the sector. You can also consider an agent’s professional qualifications and industry certifications while evaluating his suitability. They also attend industry gatherings and training seminars to understand the new developments in the industry. Many agents specialize in personal or commercial insurance lines. This ensures they are able to advise customers more effectively as they know the ins and outs of the sector.

Save Money on Your Insurance Premiumf

An experienced insurance agent can explain how you can bring your insurance premiums down by advising you on risk management. This is different for various types of coverage. An automobile with anti-theft protection gets a lower premium. You can save on property insurance by erecting security fencing around the area. In this manner, agents are able to help customers in saving money. Many insurers also give higher discounts for agent policies compared to direct lines, because they save a significant sum on marketing and client acquisition by going through the agent.

Insurance Regulations Keep Changing

The insurance sector is governed by Federal and State bodies that set the policy conditions for different states. Changes in the regulations can be confusing for policy holders to navigate. For example, Colorado moved from the no fault system to tort system in 2003. This meant that drivers could be held personally liable for the damage caused to other persons’ property in an accident. The new policies also introduced liability limits with a base minimum. Policy holders can understand their liability limits by consulting an agent. Health insurance has also been influenced by the passing of the Affordable Care Act 2012, which expanded healthcare coverage to millions of new consumers. If you are a resident of Denver, CO, then you will need the services of a insurance agency who can help its policyholders understand changes in policy terms and conditions effectively.

Excellent Customer Service

Insurance agencies can be contacted by telephone, email, fax, on their social media pages or in person. A good insurance agency will be able to take care of customer queries quickly to the customer’s satisfaction. Some agencies have dedicated customer service representatives to deal with customer enquiries. In other agencies, the agent is personally available for customer consultation. Agents can also help policyholders with filing a claim with the insurer. Policy holders can request an amendment in the terms of the policy through the agent if they feel there is a change in the risk factors.

Get Your Queries Answered with Ease

Insurance can be a complicated subject for the layman. Policy terms differ from insurer to insurer and different states have different laws governing the kinds of coverage that are mandatory and optional. Similarly, getting a commercial insurance in Denver, or other US cities such as Sacramento, San Jose, Miami etc. Would have to comply with laws and regulations of the Colorado state. A good insurance agency has skilled and certified professionals who can easily answer their customers’ queries about the various facets of the policy.

You Don’t Have to Pay Commission to the Agency

The insurance agency is compensated by the insurer and the commission is built into the premium that the agency collects from the policy holder. So customers do not have to make a payment to the agency for the services rendered to them. However, the agency is still bound by its fiduciary duty towards the policyholders as they collect payments and process renewals. This means that they have to carry on their operations with financial probity and keep the customer interests uppermost. Insurance agencies are bound to act ethically towards policyholders or they could face punishment from regulators.