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
Also called Medicare Supplement Plan N, Medigap Plan N was made for people who want to pay a lower premium as a substitute for paying a small annual deductible and some copays.
All Medigap Plan N policies are the same, regardless of which insurance company you choose. You can locate Plan N policies in many states.
This Medicare supplement covers the 20% that Part B doesn’t. Also, it pays for your hospital deductible and all your hospital copays. On the flipside, you’ll pay your own excess charges, Part B deductible, and a few small copays at the doctor’s office and the ER.
Before you enroll, you can ask your Medicare agent for a coverage outline that will provide in-depth details.
Medicare fully covers your standard preventative care, like screenings for diabetes and cancer, plus annual physicals, vaccines, and other tests.
In addition, Plan N coverage will include doctor’s visits for injury and illnesses, ambulance rides, surgeries, durable medical equipment, lab work, home health, and many other services. Remember that if Original Medicare covers it, then your Medicare Supplement will cover it, too. Medicare pays 80% and then transfers the bill to your Medigap plan.
Medigap Plan N offers identical benefits to Plan F, but you agree to pay a portion of a few items that you wouldn’t pay with Plan F. First, you say yes to paying the small annual Part B deductible, which is $198 in 2020. You’ll also pay copayments up to $20 for doctor’s appointments. Visits to the ER involve a $50 copay.
Lastly, people with Medicare Supplement Plan N pay excess charges to various medical providers. These providers may charge 15% more than what Medicare grants. This is called an excess, or extra charge. Plan F or G would cover this for you, but Plan N does not. Excess charges can occasionally result in small bills.
With that being said, you can avoid these charges by asking your providers if they accept Medicare assignment. If they answer yes, you don’t need to worry about excess charges. Another option is an alternative to Plan N — Plan G, which is only a little more expensive.
You’re eligible to enroll as long as you have Medicare Parts A and B, and you live in the plan’s services area. It’s best to enroll in Plan N during your Medigap open enrollment period, which begins with your Part B active date. During this six-month window, no insurer can reject your application for health reasons.
If you need Plan N quotes or you have additional Medigap questions, Cornerstone Senior Advisors can help. Call our office in Wichita, Kansas at (316) 260-3331.