How Does Part B Cover Preventive Health Services?
While Medicare Part A does not cover preventative care, Part B covers a large number of preventative procedures that are especially of concern to seniors.
What Kinds of Services Are Covered?
The number of services and screenings offered by Part B are actually fairly extensive. They range from screenings for life threatening ailments like HIV and Cancer, to more long-term ailments like Chronic Obtrusive Pulmonary Disease, Diabetes, and Glaucoma; some programs are even geared towards mental illnesses like depression.
Reality: This one's incorrect for two reasons. One, Medicare Supplement insurance plans cover only a single person. If both you and your spouse want to obtain more coverage through a Medigap plan, each of you will have to buy your own policy. Two, Medigap plans do not provide coverage for prescription drugs. Even if you have Medicare Part A (hospital coverage), Part B (medical coverage), and a supplemental plan, you will not be covered for these prescriptions. To get that coverage, you'll need to sign up for yet another policy --Medicare Part D (or, alternatively, a Medicare Advantage plan to replace parts A, B, and D).
If you're feeling confused, that's pretty normal when trying to learn the Medicare ABCs.
MYTH: There are only certain times of the year when you can change Medigap plans.
Reality: You actually have the ability to change your Medigap plan at any time of the year. However, it's possible for an insurance carrier to medically underwrite you, which could potentially cause you to be declined for coverage if you have certain conditions. However, if you're in overall good health and don't have any preexisting conditions, you probably won't have any problems changing plans.
MYTH: Purchasing a Medigap policy from an agency is an unnecessary expense.
Reality: Using an agent to purchase a plan will probably end up saving you money because you'll actually find the plan that works best for your medical needs and your budget. Rather than paying for services you don't need and being stuck with out-of-pocket expenses, an agent can help match you with the right Medigap plan. Because this process can be so overwhelming, that peace of mind can go a long way.
Still have questions about Medigap plans? If you're a senior in need of better Medicare coverage or Medicare Supplement insurance, Bankers Fidelity is here for you. To find out more, contact us today.
Purchase Life Insurance Now To Simplify Your Retirement
If debt and daily living costs encompass the entirety of your financial priorities, you are probably not building a retirement fund. Look at your spending budget and see if you can find room to purchase a life insurance policy. You should also speak with your employer to see if they offer retirement fund matching plans in addition to your 401K. Again, while it may be difficult to manage, adding a life insurance plan will prevent this stress later on.
Make The Future Easier On Your Loved Ones
When someone passes away, their remaining debt is handled by their estate. This means that the person's executor will do whatever is necessary to pay off the debt. This could include selling valuable objects and property. While policies vary depending on the specific type of debt, sometimes creditors won't have a solution if your executor runs out of options. In cases such as mortgage payments, however, the debt falls onto the living spouse. This situation creates a potentially significant financial burden for your loved ones.
Are Millennials Buying Life Insurance?
Health insurance policies can be extremely complicated, especially in these polarizing times. Sadly, in 2014, according to the U.S. Centers for Disease and Prevention (CDC), there were roughly 3.7 million people without healthcare insurance. It's important to stay up-to-date on how to live a healthy lifestyle in the best way possible and what the best available health insurance policies are.
Yahoo! Finance reports that during March 2017, according to the 2017 National Medicare Supplement Price Index, costs for Medicare Supplemental Insurance showed little or no increase.
"In many places, costs for Medigap protection did not change and that's good news for the 10,000 Americans who turn 65 every day," said Jesse Slome, director of the American Association for Medicare Supplement Insurance (AAMSI).
Medigap policies typically cover only one person. If an individual and his or her spouse wanted Medigap coverage, they'd have to buy separate policies, which can lead to even more insurance complications.
"Individuals mistakenly assume that all Medicare insurance options including prices are standardized," added Slome. "One can pay more than double for virtually identical coverage.”
CBS Money Watch reports that the Medicare Supplement Price Index compared various insurance rates for the top 10 metropolitan areas in the United States.
Slome did note, however, that the study did not factor in available discounts like household discounts, which have the potential to significantly reduce insurance costs.
The research found that monthly premiums during 2016 for the average 65-year-old man were about $444 a month in Manhattan (highest monthly premium). The lowest monthly premium was $126 in San Antonio.
Compared to the 9.7 million in 2010, there were approximately 13.1 million Americans that owned insurance in 2016. The Association study examined monthly rates for 65-year-olds purchasing various insurance policies.
As more and more Americans reach their mid-60s each year, a stronger emphasis will be placed on the importance of insurance coverage. These surveys are great for keeping Americans knowledgeable about what's going on in the health and insurance industry, which does or will directly impact nearly everyone in the country.
If you want to learn more about quality health insurance policies and Medicare Supplemental Insurance, contact Bankers Fidelity today.
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Understanding Medicare Supplement
Neither Bankers Fidelity Life Insurance Company® nor its Medicare Supplement policies are affiliated with or endorsed by the U.S. Government, the federal Medicare program, or the Centers for Medicare and Medicaid Services. This is a solicitation of Medicare Supplement insurance and an independent agent may call on you. The Medicare Supplement products issued by the Company are insurance policies. Policy form series B 21092 is issued by Bankers Fidelity Life Insurance Company®, Atlanta, GA; policy form series B 21492 is issued by Bankers Fidelity Assurance CompanyTM, Atlanta, GA. Limitations and exclusions apply; actual policy provisions control. Rates subject to change on a class basis. Individually underwritten; application to determine eligibility required.
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