How to determine which Medicare plan is right for you!
When it comes to choosing a Medicare plan, you have several choices. This is a good thing
Medicare is a national health insurance program for folks who are 65 or older, certain younger people with disabilities, and those with end-stage renal disease.
If you’re turning 65 soon, you’ll have some critical healthcare decisions to make.
Known as Medigap Plans, Medicare Supplement Plans fill in the “gaps” of medical costs that aren’t covered by Original Medicare, such as coinsurance, copayments, and deductibles.
Medicare Advantage Plans, or Medicare Part C, can be used to substitute Medicare Part A and B, as well as offer prescription drug coverage.
Medicare Part D is coverage for prescription drugs that you get from a retail pharmacy. With this program, you can access medications at more affordable rates. Plus, it provides insurance against unfavorable drug costs.
It can be challenging to figure out which Medicare plan will fit your budget and healthcare needs. However, our agents specialize in Medicare, and we want to help you compare your options. Regardless of your budget, there’s a plan available for you!
Annuities are essentially financial cushions that help alleviate financial concerns. An individual will pay an insurer a certain amount of money, and in return, the insurer will pay the individual back with a lump sum or through payments at a later date.
Medicare can be confusing and overwhelming. At Cornerstone Senior Advisors, we walk people through the process of Medicare every day to find the right plan at the right price.
At Cornerstone Senior Advisors, we specialize in helping you find the best Medicare supplement for YOUR needs. If you have a question, comment, or concern, we want to hear from you!
There are a few ways to get in touch. You can fill out the contact form, send us an email, or call our office.
As independent insurance agents, we have acquired an abundance of knowledge, and we’re eager to share this expertise with you in the form of articles and blog posts.
The Cornerstone blog covers a wide range of topics — from Medicare Advantage news to retirement planning tips, and much more.
When it comes to choosing a Medicare plan, you have several choices. This is a good thing
Most folks are eligible for Medicare at age 65, whether you’ve retired or not.
You may qualify for Medicare coverage at 65 (or older) if you’re a U.S. citizen or a permanent resident and you’ve lived here continually for 5 or more years. There’s a 7-month term, known as the Initial Enrollment Period, where you can enroll into Medicare.
Also, you can qualify for Medicare under these conditions when you’re under age 65:
Below, we explain the eligibility requirements for each of the four parts of Medicare.
If you or your spouse has worked for a minimum of 10 years in the U.S., you’re eligible for Part A at age 65.
You can still purchase Part A if you haven’t worked the mandatory 10 years. Just contact Social Security to see what the cost is. In some cases, there are partial premiums for those who have worked more than 30 but less than 40 quarters.
You could be automatically enrolled in Medicare Part A when you turn 65 if you’ve already enrolled in Social Security income benefits. Your Medicare card will typically come in the mail about 4 to 6 weeks before your 65th birthday.
You’re eligible for Medicare Part B at age 65, too. But you have to pay a monthly premium for Part B. If you’re turning 65 and you still have health insurance through your employer, you can delay your enrollment into Part B without receiving a late penalty.
If you defer enrollment into Part B, contact an agent at Cornerstone Senior Advisors. We can go over the special election periods that you must use later so you won’t face a late enrollment penalty.
To be eligible for Medicare Part C (Medicare Advantage), you must be enrolled in both Medicare Parts A and B. You can’t drop Part B. Also, you must live in the plan’s service area, which is based on the address you have on file with Social Security. You have to select a plan that runs in that same county. Some plans will be limited to just one or two counties, while others may cover the entire state.
Lastly, you must not have End-Stage Renal Disease. This is the only medical question on a Medicare Part C application.
You’re eligible to enroll in a Part D plan if you’re enrolled in either Part A or Part B (or both) and you live in the plan’s service area. Know that if you don’t enroll in Medicare Part D and you have no other suitable coverage, you may acquire late penalties when you enroll at a later date.
Sometimes it’s difficult to determine your Medicare eligibility. While the process may seem overwhelming and confusing for you, our agents manage the system everyday. We’re here to guide you through the process and make it easier for you and your loved ones. Call Cornerstone Senior Advisors in Wichita, KS at (316) 260-3331.