There are two main types of Medicare health coverage, Medicare Supplement plans, and Medicare Advantage plans. In both cases you are required to have Medicare Part A and Medicare Part B, (see more below). Both types of Medicare plans are tightly regulated by the Federal Government and there are many things for you to consider before you choose a plan regardless of which type of plan you decide on. We can help you do this and it costs you nothing to take advantage of our services because we are paid by the insurance company that manages your plan not you.
Medicare Supplement Plans
If you are 65 or soon to be, chances are you’ve given some thought about Medicare. However, have you given any thought to what you might do if your healthcare costs exceed your Medicare allowances? Generally, the government supplies Medicare which covers about 80 percent of your healthcare costs. Medicare Supplement plans can cover the other 20 percent. These plans have a monthly premium and you have to qualify by having both parts of Medicare. When you turn 65 Social Security determines your eligibility and notifies you. Another way to qualify for Medicare is to be on full disability as determined by the state of California for 2 full years at which time you will qualify for Medicare.
- Medicare Part A: Which covers hospitalization and in some cases, (where the hospital doctor wrote the prescription), prescriptions are also covered. The Federal government provides Part A free of charge to those who qualify, (see below).
- Medicare Part B: Which covers doctor visits, prescriptions that are not covered under Part A, exam, tests, and more. Part B must be paid for and costs about $104/month. NOTE: When you sign up for Medicare at age 65, you are not required to sign up for Part B, but if you don’t and want to sign up later, you will incur a penalty for the time that you did not have the coverage and you will pay that penalty every month for as long as you are on Medicare.
Generally, the government qualifies you for Medicare Part A if you have worked a job for 40-calendar quarters in your life. The time need not be continuous but must equal 40-quarters. Medicare then covers only about 80 percent of your healthcare costs. This is where a Medicare Supplement plan comes in which can cover the the other 20 percent. If you find yourself unable to cover the cost for your doctor visits, prescriptions, etc., then a Medicare Supplement plan may be exactly what you need! When you purchase a Medicare Supplement plan, you must also purchase a separate Prescription Drug Plan or PDP. These plans are offered by several major carriers and we will help you choose the one that suits you best.
You must continue to pay your premiums for Part B, as well as the premium for the Supplement plan. These plans are accepted by any doctor that accepts Medicare. More information is available at http://Medicare.gov or by simply giving us a call!
Shopping for Medicare Supplement plans does not have to be difficult. We are here to help you wade through the confusion and questions that often come along with this task. Call us today, (or fill out the form at the top of this page), and we will give you a free quote and answer any questions you may have.
Medicare Advantage Plans
These plans are not as robust as Supplement plans, but in most cases they are free of charge! That’s right. no monthly premium! None! That’s because the Federal government pays the insurance company for your plan. To qualify you must have Parts A and B as explained above and many plans come with a PDP, (Prescription Drug Plan), included. While thousands of doctors accept these plans, many do not. We will check with your doctor to ensure he accepts the plan before you enroll. These plans do not cover dental care, but you can purchase dental care for less than $22/monthly. Many of the major insurance carriers offer these plans and we are appointed to do business with them.
Shopping for Medicare Advantage plans does not have to be difficult. We are here to help you wade through the confusion and questions that often come along with this task. Call us today, (or fill out the form at the top of this page), and we will give you a free quote and answer any questions you may have. We are the Medicare Mavens and we are here to serve you.
Richardson Insurance Services is located in the San Fernando Valley and serves Studio City, Sherman Oaks, Encino, and Woodland Hills. However we are statewide with clients from San Diego to Sacramento. Call Thom now! 818 212 5402