Knowing which type of insurance agent you want to work with is an essential step in getting the health coverage that best fits your needs and budget. Captive agents work for one insurance company and are typically very knowledgeable about the plans that the company offers. Independent agents represent many different health insurance companies and should be able to offer you a wide selection.
Medicare Advantage plans are a great, affordable option for many people with Medicare. There are several types of Medicare Advantage plans, including HMOs, PPOs, and SNPs. The cost and coverage for each plan vary greatly, so it’s important to do your research and work with an agent experienced in Medicare plans in your area.
It’s important to understand when to enroll in a Medigap plan. There can be significant consequences for failing to enroll in a Medigap plan at the correct time. When you first become eligible for Medicare and during certain special circumstances, you can enroll in a Medigap plan without having to health qualify. If you apply for a Medigap plan outside those enrollment periods, you may be denied coverage or have to pay more for your plan.
The relationship you build with your agent should last for a long time. Don’t be afraid to ask them questions. The perfect agent for you will be a mix of your unique needs and values.
Having an agent who has been in the industry forever or has every plan memorized is unnecessary. Instead, find someone who communicates well, listens to you, and understands your situation and needs.
Similarly to gas prices and rent, healthcare costs are rising. In 2022, CMS announced the largest Part B premium increase in the program’s history. Seniors are feeling the pinch as prices sharply increase. Fortunately, there are programs designed to assist with the rising cost of healthcare.
An election period is a specific time when you can make changes to your insurance plan.
Medicare Advantage and Part D members have two periods each year to review their current coverage and change to a different plan if desired.
Each year the Centers for Medicare and Medicaid Services (CMS) releases updated rates for Original Medicare (Part A and Part B).
The Part B premium will be lower for 2023, the first time in over a decade that rates fell rather than increased.
Each year Medicare members can make changes to their Medicare Advantage or Part D plans during a period known as the Annual Election Period (AEP).
This election period is for individuals enrolled in a Medicare Advantage or Part D plan. If you have a Medigap (also called a Medicare supplement) plan, AEP is when you can change your Part D plan or switch to a Medicare Advantage plan.
Healthcare costs consistently rank among the highest household expenses. However, choosing a health plan is often complicated and confusing.
This series will look at costly mistakes to avoid when you are new to Medicare.