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.
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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
High Deductible Plan F is a rendition of standard Plan F where you consume the early costs.
Once you hit the deductible, the plan works just like regular Plan F. Individuals who have had high-deductible or health savings account plans in their workplaces are generally interested in this plan.
Medicare adjusts the deductible each year, so it rises a bit over time.
First, Medicare pays its share. Then, you consent to pay the first $2,340 of your share (in 2020). That’s your maximum out-of-pocket on this plan.
For example, if you had a hospital stay earlier this year, Medicare Part A will cover that except for the Part A deductible ($1,408). Because you have a $2,340 deductible on your Medicare Supplement plan, you’ll pay the $1,408.
If you have other charges during the year, you’ll pay your share only until you’ve hit the $2,340 limit. After that, this plan will cover all of your share on all Part A and Part B services.
After you reach your annual deductible, your coverage is the exact same as Medigap Plan F. AFTER you pay the first $2,340, everything below is correct:
A plan with a $2,340 deductible might seem unappealing at first. However, a high deductible comes with lower premiums, which intrigues people who have immense retirement savings. Typically, these folks can afford to spend some money out of pocket in a year of greater healthcare usage.
Ultimately, you’ll save a lot in monthly premiums than what you would’ve paid if you had enrolled in standard Medigap Plan F.
If you wish to dive further into these pros and cons, reach out to Cornerstone Senior Advisors. Our agents can guide you through potential spending and help you determine if this Medigap plan would truly be a good fit for you. Call (316) 260-3331 today.