Medicare is a government funded program that provides amazing benefits for those who qualify.
Medicare part a and part B eligibility
Not everybody in the United States qualifies there are several determining factors that will make you eligible for Medicare part a and or Medicare part B
One of the factors of how many quarters you’ve worked in the United States and paid into the government programs, so if you are from out of the country and have not worked in the United States for the required amount of time you may not qualify for Medicare part a and Medicare part B and will need to look into a private insurance plan to cover your medical and hospital expenses if you do not want to pay out-of-pocket
I’m on disability do I get Medicare supplement insurance?
Not every state provides coverage for those on Medicare part a and part B outside of basic coverage, it’s up to the Department of insurance and the insurance companies to offer Medicare supplemental insurance which will be mandated by state if it is required for an insurance company to provide a Medicare supplement plan under age 65.
Because the government is looking at more skin in the game type programs we suspect in the future that the first dollar benefits for many of the Medicare supplement insurance plans that we have been accustomed to all go away.
In fact we are already seeing they shift in Medicare supplement insurance because the government has said that they’re going to phase out Medicare supplement plan F which is the highest benefit lowest skin in the game plan available today.
I also anticipate that the cost for programs will go up because the benefits brought to you by Medicare will go down overtime making an expense to cover the gap more for the insurance companies.
I also predict other private insurance companies will enter the space because of the demand as the baby boomers turn 65 at a record breaker and over 10,000 people a day entering the program.
Top Medigap insurance companies
Today there are over 150 insurance companies that right Medicare supplement insurance, and to my knowledge at least nine who have filed just this year alone to start offering Medicare supplemental insurance in multiple states. So the face of the industry maybe changing with new carriers but the standardized plans appeared to be staying the same except for the Cadillac plan Medicare supplement plan F
Cost of Medicare supplemental insurance
Insurance companies prices Will vary from county to county and plan the plan based on their negotiated rates with carriers and networks as well as providers and their overall expenses then they had their profit some carriers are willing to take less profit, some carriers want more… And some carriers or nonprofit however plans will vary based on your ZIP Code and your age.
When is the best time to get a Medicare supplement plan?
There is a federally mandated timeframe that allows you to get a Medicare supplement plan without going through any underwriting which is triggered by your part B start date. If you miss this time frame you have to go through underwriting and many of the carriers have strict underwriting so it’s very wise to take advantage of your Medicare supplement in Roman during this time sensitive timeframe.