Navigating the world of Medicare can be a daunting task, especially with all the specific terms and jargon that come with it. To help you make informed decisions about your healthcare coverage, we’ve compiled a list of essential Medicare keywords you need to know. Understanding these terms will empower you to choose the right Medicare plan that suits your needs and ensures you get the best healthcare possible:

• Premium: Your monthly premium is the amount you pay to enroll in a Medicare plan. It’s similar to a subscription fee, and it allows you to access the benefits provided by the plan.
  
• Deductible: Before your Medicare plan starts covering costs, you must first meet your deductible. This is the initial amount you pay out-of-pocket for healthcare services and prescriptions within a given period, usually a year.
  
• Co-pay: A co-pay is a fixed amount you pay for specific medical services or prescription drugs covered by your plan. For example, you might pay a $20 co-pay for each doctor’s visit or a fixed amount for each medication.

• Co-insurance: Once you’ve met your deductible, co-insurance comes into play. Co-insurance is a percentage of the cost of a covered service that you’re responsible for paying. For instance, if your co-insurance is 20%, you pay 20% of the cost while your Medicare plan covers the remaining 80%.
  
• Max-out-of-pocket limit: This is a critical feature of Medicare plans that offers protection against catastrophic healthcare expenses. Your max-out-of-pocket limit is the maximum amount you’ll have to pay in a given year for covered services. Once you reach this limit, your plan takes care of all covered expenses for the remainder of the year.

Aside from these core terms, there are various other important aspects of Medicare that you should be aware of when selecting a plan:

• Medicare Parts: Medicare is divided into different parts, each covering specific services. Part A provides hospital insurance, Part B covers medical services like doctor visits, and Part D offers prescription drug coverage. Some plans may also include Part C, known as Medicare Advantage, which bundles Part A, B, and often Part D benefits together.

• Medigap Plans: Medigap, also known as Medicare Supplement plans, are private insurance plans that help fill the gaps in coverage left by Original Medicare (Parts A and B). These plans can help pay for out-of-pocket expenses like deductibles and co-insurance.

• Medicare Advantage Plans: Also referred to as Part C, Medicare Advantage plans are an alternative to Original Medicare. These plans are offered by private insurance companies and often provide additional benefits such as dental, vision, and hearing coverage.

• Enrollment Periods: Medicare has specific enrollment periods when you can sign up for or make changes to your coverage. Understanding these periods is crucial to ensure you don’t miss any deadlines.

• Prescription Drug Coverage: If you require prescription medications, it’s essential to choose a plan that includes comprehensive drug coverage under Part D. Different plans may cover different medications, so it’s essential to review each plan’s formulary.

Navigating through all these intricacies can be overwhelming, but you don’t have to do it alone. Medicare Info is here to help. Our service connects you to licensed insurance agents who can guide you through the process of selecting the right Medicare plan for your unique needs. With their expertise, you can rest assured that you’ll have the coverage you need for a healthy and worry-free future. Connect with Medicare Info today to get started on securing your coverage. Being informed is the first step toward making the best choices for your health and well-being.

Medicare is a complex healthcare program that provides essential coverage for seniors and disabled individuals. However, there are several misconceptions surrounding Medicare that often lead to confusion. In this blog post, we aim to debunk some common myths and provide clarity on important aspects of Medicare coverage.

Myth #1 – Medicare Part B is free:

One of the most prevalent misconceptions is that Medicare Part B is free of charge. However, this is not the case. Just like Medicare Parts A and C, Part B requires enrollees to pay a monthly premium, along with a deductible, copays, and coinsurance. It is essential to understand these costs when budgeting for your healthcare needs.

Myth #2 – You can enroll in Medicare whenever:

Contrary to popular belief, you cannot enroll in Medicare whenever you please. There are specific enrollment periods and qualifications that must be met. While there are exceptions for certain circumstances, such as disability or certain chronic conditions, most individuals are eligible to enroll during the Initial Enrollment Period (IEP) around their 65th birthday. Open enrollment, which typically takes place annually, allows individuals to make changes to their existing coverage or enroll in a Medicare Advantage plan.

Myth #3 – Medicare costs the same for everyone:

Medicare costs can vary depending on the coverage plan you choose. Medicare offers different parts and additional plans, such as Medicare Advantage (Part C) or prescription drug coverage (Part D). These plans have varying premiums, deductibles, copays, and coinsurance. It’s crucial to compare plans and understand the costs associated with each to find the best fit for your healthcare needs and budget.

Myth #4 – Medicare Covers Everything:

While Medicare provides essential coverage, it does not cover all healthcare expenses. Medicare Part A primarily covers hospital stays and inpatient services, while Part B covers doctor visits and outpatient care. However, certain services such as prescription drugs, dental, vision, hearing services, and fitness are not covered under Original Medicare. To fill these coverage gaps, individuals can explore Medicare Advantage plans or standalone prescription drug plans (Part D).

Myth #5 – Medicare and Medicaid are the same things:

Medicare and Medicaid are both government programs, but they serve different purposes and target different populations. Medicare is primarily designed for seniors aged 65 and older, as well as individuals with disabilities. On the other hand, Medicaid is intended for individuals with limited income and resources. Additionally, Medicare is operated by the federal government, while Medicaid programs are administered by individual states. It is possible to be eligible for both Medicare and Medicaid, known as “dual eligible.”

Understanding the facts about Medicare is crucial for making informed decisions about your healthcare coverage. Dispelling common myths surrounding Medicare Part B’s cost, enrollment periods, coverage differences, and the distinctions between Medicare and Medicaid is essential for navigating the complex world of healthcare. If you need assistance in selecting the most suitable Medicare plan for your needs, reaching out to licensed insurance professionals can provide personalized guidance and ensure you make the best choices for your healthcare future. Don’t hesitate to connect with them today to get started on securing the coverage you need.

This year Medicare beneficiaries can switch plans and get a lower price on diabetes treatment.

Insulin is a medication required by many diabetic medicare recipients. With this new $35 insulin benefit, many will be able to get the insulin recommended by their doctor at a price they can afford for the first time.

In August of 2022, the law that created this new monthly copay cap was established; however, this was after the premiums and copays for 2023 were already decided on. There is no better time than now to reach out to one of our licensed insurance agents to help find a plan that may be right for you. With so many insulin products on the market, it can be overwhelming to know which plan covers the medications you need. In addition to insulin, many diabetic Medicare recipients take other prescription drugs. Consumers need to consider the cost of all their medications when picking a Medicare plan that suits their needs. It’s not only the insulin copay cap that needs to be factored in, but the monthly premium plan charges too.

Medicare beneficiaries who need insulin and were not able to get coverage before will now have until the end of 2023 to switch plans. In addition, Medicare enrollees who did not review their coverage now have the opportunity to compare Medicare Advantage and Part D (prescription drug) plans and see if they can save money.

Before this new insulin benefit, medicare recipients had to pay an exorbitant amount for their insulin medication. The prices ranged from a few hundred to a thousand dollars a month, making it an expensive product necessary to so many people.

Insurers will have until the end of March 2023 to ensure their Medicare beneficiaries are not paying more than the allotted $35 a month for insulin. If, however, you find that you are paying more than $35 a month for covered insulin, you have 30 days to be refunded from your insurer. For specific information on how to do this, beneficiaries should reach out to their plan provider to find out how to get reimbursed. 

We’ve pulled together five ways to help you save time and sanity during your search.

65 years old and counting? That’s a lot of life lived, and you still have more to go.

The key to living out the rest of your life is good health. The first place to start with that is to find the right Medicare plan that will support your lifestyle and whatever lies ahead. Without the right strategy, you might find yourself spending thousands of dollars needlessly.

With all the Medicare information accessible, it can quickly become overwhelming to find the right plan for you. 

Below, we’ve pulled together seven ways that may save you time and money on a Medicare plan. That way, you can get back to living a happy and healthy retirement.

1. Browse online. In a computer-savvy world, you’re able to browse Medicare options in a matter of minutes all in the comfort of your home. The best part is, you’re able to compare prices and coverage to make sure you’re getting the plan you really need.
   
2. Talk to a Licensed Insurance Agent. Medicare Info can make that happen. Some people like using a combination of online resources with a human touch. Have questions or need clarification on coverage? A licensed insurance agent is there to help you make the right choice for you.
3. Save time by knowing what you want. Do you have a provider you’d like to stay with? Are you planning to retire to another state? These are all good questions to have an answer to. Medicare plans vary by state and different networks have different doctors to choose from.
   
4. Maintain a budget you want to stick to. Are you expecting surgeries in the future? Maybe money is tight and you need to keep your monthly premiums down. Being mindful of what you need and what your budget are important to finding the right plan for you.
   
5. Save money on prescription medication. Switching to generic drugs can be a cost-effective alternative to higher-priced brand-name drugs. Although people may be hesitant to take generic drugs, the Food and Drug Administration (FDA) must prove that it is the same as their name-brand counterparts in safety, strength, quality, and effectiveness. 

Ready to get covered? MedicareInfo.org does all the hard work for you by offering information and resources to help you make informed decisions. Don’t wait! Connect with a licensed Medicare specialist in your area today.

The first thing to know about Medicare’s Open Enrollment Period is the date – it runs from October 15 through December 7. The changes that you make to your Medicare during this time will take effect on January 1, 2023. 

What Changes Can You Make During Medicare’s Open Enrollment Period?

Some of these changes include adding, dropping, or making changes to your Medicare Advantage or Part D prescription drug coverage. Some additional changes include switching from Orignal Medicare to Medicare Advantage, or vice versa. Some states also offer the option to buy a Medigap policy during the Open Enrollment Period. 

Use Medicare Open Enrollment Period as a Time to Review Your Current Coverage

Before getting switching up your coverage, it’s important to look at what coverage you currently have and see if it’s supporting your lifestyle. A good thing to note in particular is the changes to the plan’s costs, the plan’s benefits and coverage rules, and the plan’s formulary. The formulary is the list of drugs that are covered in your plan. If you’re making any changes to your Medicare Plan, make sure your drugs are still going to be covered, and that your providers and pharmacies are still in the plan’s network.

How to Make Changes to Your Medicare Coverage

Services like MedicareInfo are here to help people understand these products and provide licensed insurance agents to assist in the decision-making process.

Have Additional Questions? Avoid Confusion, Know Your Medicare Plan Options

The number of Medicare Supplement, Medicare Advantage (Part C), and Medicare Part D Prescription Drug plans available in a given area can be overwhelming. The purpose of this website is to give you access to a licensed insurance agent who can help provide you with information to make good decisions.

If you are a Medicare recipient, you may know that October is the time to switch up your coverage during the Open Enrollment Period. With so much information available, we put together a checklist of three ways to be prepared for open enrollment.

Important Dates for Open Enrollment

This year, Medicare Open Enrollment runs from October 15 through December 7. Any changes you make will take effect starting January 1, 2023. If, however, no changes are made, your plan will remain as-is throughout the year.

In addition to Medicare Open Enrollment, there is also a Medicare Advantage Open Enrollment period, which is from January 1 to March 31, 2023. This is for those individuals who already have a Medicare Advantage Plan and are looking to make changes to their plan.

Have You Reviewed Your Plan Notices?

It’s important to pay close attention to your mail this time of year for this is when Medicare Advantage recipients receive their Annual Notification of Change (ANOC) pamphlets in the mail. This pamphlet shows if your current plan is expected to change. Some of these changes can be adding benefits or moving a prescription drug to a higher tier, which could make it more expensive.

Is This Your First Time Enrolling?

If you are enrolling in Medicare for the first time, your Initial Period (IEP) is the seven months surrounding the month you turn 65 years old. It’s around this period when you have the choice to enroll in Original Medicare or a Medicare Advantage plan.

Wondering if You Need Medicare Supplement Insurance?

Basic services are covered by Medicare Part A and Part B. There is a high hospital copayment with both plans. You should consider getting a Medicare Supplement plan if you are new to Medicare because the premiums are based on age and inflation will be at its lowest. Since you are also new to Medicare, insurance companies can’t deny you a policy or place conditions on it.

This coming year, if you are a Social Security recipient you can expect to receive an annual cost-of-living adjustment (COLA) of 8.7%. This increase will boost the retiree’s monthly payment by $146 in 2023, the biggest adjustment seen since the ’80s. This increase aims to help Social Security recipients combat the high inflation that has been plaguing the US since last year. 

While it is still too early to tell if this adjustment will be enough to keep up with inflation, it is certainly a good starting point.

In addition to this increase in cost-of-living payments, the Centers for Medicare and Medicaid Services announced last month that Medicare recipients will also benefit by seeing their Medicare Part B premiums decrease by 2023. This is the first time in over a decade that a decrease like this has happened.

While the annual increase is good news, the benefits have not kept up with the rising cost of living over the years. In March, for instance, a study released by The Senior Citizens League said that Social Security payments lost 40% of their buying power since 2000. Many Social Security recipients could not afford food, housing, and other necessities. 

The downside of such a large increase as this comes at a cost, one that might mean some people are pushed over the threshold to receive other benefits such as Medicare Extra Help, Medicaid, food stamps, and rental assistance. Some Social Security beneficiaries may also need to start paying taxes or owe higher levies on their Social security benefits if their income is over a certain amount.

The end of the year quickly approaches if you’re like many Americans in need of a Medicare plan, now is the perfect time to connect with one of Medicare Info’s licensed insurance agents.

Enter your ZIP code below, fill out a form and find Medicare options today!