Medicare is an amazing program, covering preventative costs, emergency visits, short-term care needs and more. According to the Kaiser Family Foundation in 2013, 6 in 10 Americans believe the program is working well, with 8 in 10 seniors giving it a positive review.
Despite its popularity, however, Medicare does not offer exhaustive coverage. Gaps exist in areas like traveling abroad and prescription drug coverage.
In order to rectify these short-fallings in essential health benefits, several Medicare Supplement insurance plans, or Medigap insurance, exist to help.
Below are reasons you may want to consider Medigap insurance:
If You Have Cancer
Cancer is a very difficult disease. It is especially difficult on the finances of the family. With Original Medicare, most of your inpatient and certain outpatient procedures may be covered; however, you may still experience a hefty co-payment on many necessary procedures.
Medigap insurance can help alleviate some of that burden, covering some of your co-pays and allowing you more options for the sort of medical attention you want.
If You Plan To Travel Abroad
For many seniors, retirement is the reward for a life of working and contributing to society. The so-called golden years are your chance to focus on your loved ones, see the world, pursue a passion, or generally relax. That said, if you do plan on seeing the world, it is important to know that your Medicare will not cover many medical expenses abroad.
The six standard plans that offer coverage for emergency care while traveling abroad are: Plans C, D, F, G, M, and N. These plans will ensure that you are covered in the case of an extreme emergency, but you still must plan ahead for your prescriptions.
Medicare Supplement options can go a long way to ease the burden of certain medical conditions and broaden your coverage but they are by no means the end all be all in managing health care expenses. Talk to your insurance agent to see what programs might be best for you.
Disclaimer: 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.
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While both Medicare Advantage Plans and Medicare Supplement Insurance plans are both designed to provide additional coverage that Original Medicare doesn’t account for, they are in fact two very different plans and should not be confused with each other.
The biggest difference is that Medicare Advantage Plans are designed as an alternative to Original Medicare. Those who enroll in these types of plans are still in the Medicare program, but the new Advantage Plan is where the benefits come from. There are also requirements that must be met in order to enroll in a Medicare Advantage Plan, including having Original Medicare Part A and Part B.
On the other hand, Medicare Supplement Insurance works alongside Original Medicare and is designed to provide coverage to fill the gaps where Medicare doesn’t cover. These costs include deductibles or co-payments.
Unlike Medicare Advantage Plans, if you buy a Medicare Supplement Insurance plan, you must still be enrolled in Original Medicare. The original plan will provide all hospital and medical coverage and the supplement plan will cover those some cost-sharing expenses.
Another benefit of having certain Medicare Supplement Insurance plans is that some of them will help cover other costs, such as medical coverage for those outside the U.S.
When determining which options is right for you, it is important to think about the different benefits of each plan. For those considering adopting a Medicare Supplement Insurance plan, you will have the option of choosing from a variety of plans and private providers.
Bankers Fidelity offers various plans in multiple states. Before you decide what is right for you, speak with an agent to better understand exactly what benefits a Medicare Supplement Insurance plan can have.
Even though we often associate beauty with youth, a recent Gallup survey indicates that we may have it backwards. According to Gallup, 66% of Americans aged 65 and older agreed that they always feel good about their physical appearance. But when it came to younger adults, only 61% of individuals between the ages of 18 and 34 could say the same thing (1).
Today, when people are not satisfied with their physical appearance or the signs of aging, they often have the technology and resources available to make a change. Over the past decade, the number of cosmetic surgeries performed on women increased by over 538%. Among men, that number increased by 325%. According to the American Society of Plastic Surgeons, men and women spent a combined $13.5 billion on plastic surgery in 2015 (2). Where is this money coming from?
Insurance is intended to cover the health care expenses of essential medical procedures, but health insurance policies can vary in terms of what they choose to cover. Nonetheless, most insurance providers adhere to a set of guidelines and definitions when deciding which procedures are considered necessary and which are considered elective. Typically, cosmetic procedures and plastic surgery are elective, but there are exceptions.
The same thing goes for Medicare and Medicare Supplement Insurance. While it may not seem like a large audience, the Gallup poll shows that there are those seniors who do not feel good about their appearance. There are also those seniors who need reconstructive surgery as a result of an accident or deformity. This makes it important to know what kind of procedures Medicare and Medicare Supplement Insurance will cover.
Health insurance companies and Medicare Supplement Insurance policies are more likely to cover reconstructive procedures than cosmetic ones. In other words, they will determine if the surgery is essential to bodily function or quality of life.
The American Medical Association’s (AMA) definition of reconstructive surgery is “surgery performed on abnormal structures caused by congenital defects, developmental abnormalities, trauma, infection, tumors, or disease.”
The AMA defines cosmetic surgery as “the reshaping of normal structures on the body to improve the self-esteem or appearance of a patient.”
Most insurance providers do not cover the health care expenses associated with cosmetic surgery because, by its very nature, this type of procedure is optional and is not necessary for normal bodily function.
Examples of cosmetic procedures that are not routinely covered include liposuction, breast augmentation, eyelid surgeries, or facelifts.
Some procedures that are typically performed for cosmetic purposes may be covered if the individual’s health is affected by a particular issue. Examples include:
”Nose job” – Some people get plastic surgery to change the shape of their nose simply because they don’t like the way it looks. Others alter their nose because the natural shape makes it hard to breathe. In this case, the surgery becomes necessary rather than cosmetic and may be covered by insurance.
Breast surgery – If a woman’s breasts are causing her pain or discomfort because of their size, her insurance company may consider covering the health care expenses of a reduction surgery.
Abdominal surgery – Though liposuction and tummy tucks are not usually covered by insurance, they may be considered if the issue is causing certain health problems like sores, rashes, or back pain.
Before any kind of surgery, you should always check with your health insurance company to make sure your health care expenses will be covered. Contact your insurance provider directly and get the details of your coverage in writing so that there are no surprises when your bill arrives.
Similar to other types of insurance, such as life insurance or health insurance, there are many different Medicare Supplement Insurance plans. While it is often talked about as a single entity, Medicare Supplement Insurance actually consists of ten different plans. The differences can be insignificant for some, but there are also some larger differences that should be considered when deciding what policy is best for you.
Here are some discrepancies between different policies:
For seniors looking to cover themselves while traveling, Medicare Supplement Insurance is a great choice, but not all policies include the foreign travel exchanges. This is a major reason for many seniors deciding to get supplement insurance, so don’t overlook the fine details and assume all plans offer the travel exchange.
Skilled Nursing Facility (SNF) Care
Certain conditions must be met for SNF care to be covered, but if it is, some Medicare Supplement Insurance policies can help cover prolonged stays with coinsurance. If SNF care is a major factor in getting supplemental coverage, be sure to look at each policy carefully to make sure it is included in the policy you choose.
When it comes to deductibles, the different Medicare Supplement plans vary in what they cover. Some plans cover Part A deductibles, but don’t cover Part B deductibles or excess charges, while others only cover a portion of some and not others. As far as discrepancies go, this is the area where there are the most differences, which makes it very important to understand what you are looking for in a Medicare Supplement Insurance plan before you buy one.
Getting a supplemental insurance plan can be a great source of additional coverage for seniors. Combined with Original Medicare, it provides a wide-reaching net to make sure there are no surprise charges for your health care. Being covered for something you don’t need or not being covered for something you do need is a real concern though.
Choosing the correct Medicare Supplement Insurance plan is a big decision and one you shouldn’t make without some research. To find out which plan could benefit you, give us a call at Bankers Fidelity. Our team of experts can help you choose the right plan for you to make sure you are covered when you need it.
If you are the sole or primary breadwinner in your family, it is imperative that are covered by a life insurance policy. Going through life without life insurance is not only irresponsible, it could lead to financial ruin for your spouse and children. If they were dependent on your income for their survival, they would be left destitute if you were to die suddenly. If you still owed money on your house, they would lose that as well. Having life insurance prevents these horrific scenarios from occurring by giving your surviving family members money to support themselves. You might also consider getting medicare supplement insurance. This type of policy helps to pay for some of the costs not covered by Original Medicare, such as deductibles, coinsurance and copayments. Here are some of the benefits of being covered by a life insurance policy.
It Protects Your Family
The primary purpose of life insurance is to provide the means for a family to live comfortably when the main or primary breadwinner is no longer around to support them. Along with paying for the mortgage, rent, groceries and utilities, life insurance can also be used for college tuition and the estate taxes that the families of deceased people will need to pay.
You Can Use the Money While You Are Alive
If you need money for some reason while you are still alive, you will be able to take out a loan against your life insurance policy's value. One of the really great things about borrowing money in this manner is that the interest rates are much smaller than those that are charged by banks, credit unions or various online lenders. You will have the option to repay the amount of money you have borrowed in installments or all at once.
Premiums Do Not Change
This is true in the case of term life insurance. When you are covered by this type of policy, you do not need to worry about your provider raising the price of premiums. You will be locked in at a set rate for the complete length of your agreed upon term.
If you would like to learn more about medicare supplement insurance, or any of the other policies offered by Bankers Fidelity Life Insurance Company, visit https://bflic.com/ or call them today at 1-866-458-7504. Once of their knowledgeable representatives will be happy to answer any questions you have.
If you're a senior, it's important to have comprehensive medical insurance coverage. But with so many options available to you, it's hard to know if you're making the right choice. Since around 10,000 Americans over the age of 65 enroll in Medicare for the first time every single day, it's important to be armed with accurate information about these plans. Otherwise, you could be stuck with an expensive plan that doesn't cover what you really need.
For many folks, Medicare supplement insurance is a must. Also referred to as Medigap insurance, there are several Medicare supplement insurance options available to you. But whether you go with an original Medicare plan or choose to work with a supplement insurance company in addition to your base policy, there are certain mistakes you need to avoid making. Here are just three of them:
Not understanding the differences between plans
If you're new to Medicare, grasping the differences between certain types of plans can be a challenge. But original Medicare is quite a bit different from a Medicare Advantage plan. With an original Medicare plan, you'll be signing up for a fee-for-service type of policy. Some seniors will cover the gaps in this type of plan with a Medicare Advantage or Medicare supplement insurance plan. Original Medicare plans will allow you to visit any doctor who takes this type of insurance, but a Medicare Advantage plan will typically let you visit only a certain network of doctors. The Medicare website is a very helpful source in dissecting the differences between the plans available to you.
Picking a random plan out of frustration
Granted, picking a medical insurance plan can be overwhelming. But the last thing you want to do is choose a plan at random just to get the process over with. Make sure you give yourself enough time to really compare plans and choose one that makes the most sense for your needs. If you're too hasty in choosing a plan (or choose one just based on cost), you'll likely end up paying more and won't have the coverage you really need. To reduce stress, start the process early and ask for assistance if you need it.
Assuming you're covered
Medicare plans may cover a lot of services, but they may not cover exactly what your specific circumstances require. The majority of original Medicare plans won't cover dental or vision, and long-term care and assisted living expenses aren't usually covered either. To fill in the gaps, most people find it worthwhile to get a Medicare supplement insurance plan, which can be particularly helpful for copayments and deductibles. Be sure to do your research and know exactly what your plan covers (and what it doesn't). Otherwise, you may be stuck with medical bills that are higher than they need to be.
If you're a senior or soon-to-be senior in need of supplemental Medicare insurance plans, Bankers Fidelity is here to help. We can help you choose a supplement plan that works for your financial and wellness needs. For more information, contact us today.
Grandparents.com, via Huffington Post
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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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