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Medicare & Medicare Supplements

Medicare is health insurance for people who are 65 or over.  Turning 65 in the next 90 days?  Happy Birthday!  You will soon be qualified for Medicare. Our experts are here to help answer questions and provide assistance towards establishing the right plans to meet your medical needs. Explore the various parts of Medicare available to you below.  Have more questions or needs assistance?  Simply click the “Book an Appointment” button to setup a time to chat with our professionals.

 

Note: If you are not receiving Social Security you need to contact Social Security 90 days before you turn 65, in order to avoid possible penalties or delays in your health coverage.

 

Unfamiliar with basic Medicare vocabulary?  Click here to review our simple list.

Scope of Appointment Protection

The Centers for Medicare and & Medicaid Services (CMS) provides protection for seniors from unethical sales agents who may say they want to talk to you about Medicare, but then switch to another insurance product.  If you are not currently a client of Bancorp Insurance, we will not call to sell you a Medicare Supplement, Advantage, or Drug plans. If you would like to speak to one of our professionals, please give us a call or schedule an appointment.

Express permission is given by filling out a scope of appointment form (SOP). The SOP form outlines what you want to talk about. Therefore, if you want information on a Supplemental Plan and nothing else, that is what we will talk to you about. Without your written permission, we are not allowed to talk about anything else during that scheduled appointment. Of course, if there is expressed interest in another product this agency sells, we can set up an additional time to speak directly on those other options.

If you call our office and ask to specifically talk to a professional and our staff is unavailable, we will return your call.

Medicare Part A (Hospital Insurance)

Medicare Part A is coverage for hospitalization and related hospital charges.

Part A is free of charge when signing up for your Social Security for those that have paid into applicable taxes throughout their life. However, if there is an intentional delay in receiving Social Security benefits, one can still receive Part A.  Those who are currently insured under an employer’s plan you should still look into signing up for Part A when turning 65.   For every year delayed in signing up for Part A,  a penalty will be assessed and added to the premium each month, for the rest of your life. One can sign up for Part A starting 90 days prior to their 65th birthday.

Medicare Part B (Medical Insurance)

Medicare Part B is for Medical Insurance Coverage

Under this plan, the insured is allowed to see any provider that accepts Medicare. This coverage includes doctor visits and other health care providers, as well as durable medical equipment and home health. Some preventive services are included to help maintain a healthy life and prevent certain illnesses from getting worse.

Note, Medicare generally does not provide coverage outside of the United States. Temporary Medical Coverage for travelers is available for those with travel plans outside of the United States.

Still working and covered under an employer’s health insurance plan?  It could still benefit you to check out Medicare. Often Medicare can provide more coverage for less premium and overall out-of-pocket expense.  How much you could save can only be know by pricing out Medicare plans versus the employers plan. Turning 65 is an excellent time to shop for the right health plan to meet you needs.

Medicare Part D (Prescription Drug Coverage)

Medicare Part D helps cover the costs of prescription drugs.

Part D is another benefit to consider when turning 65.  It also holds the same potential penalty for each you do not sign up after 65,  just like Part B does.

In summary, an agent can assist in providing an analysis of Part D coverage and answer any questions to help evaluate what plans benefits are needed.

Medicare Part C (Advantage Plans)

Medicare Part C offers health plan options run by Medicare-approved private insurance companies. Medicare Advantage Plans are a way to get the benefits and services covered under Part A and Part B. Most Medicare Advantage Plans cover Medicare prescription drug coverage (Part D). Some Medicare Advantage Plans may include extra benefits for an extra cost.

Medicare supplements are offered by private insurance companies separate from Medicare. Typically, Medicare will be billed first and supplemental plans would be billed secondary. Supplemental plans can pay 20% cost sharing of Medicare Part B approved charges and some plans will pay the additional charges up to 15% over approved charges.

OUR CUSTOMERS SAY IT BEST!

patti-starkey

Patti Starkey

Medicare Specialist
Valerie Best

Valerie Best

Medicare Specialist