Call today — to review Medicare Advantage & Medicare Supplement benefits + discuss the best plan for your situation!
Call today — to review Medicare Advantage & Medicare Supplement benefits + discuss the best plan for your situation!
I call the regulations SS issues for MediCare "rules". They state — you:
-> Become "eligible" for coverage the first day of the month when 65.
-> Can sign up for Part A at anytime
-> Can only sign up for Part B during specific enrollment periods — [The steps to take to sign up are described on this page!]
Two exceptions to the basic rules — A person who :
-> started to receive SS benefits more than four months before 65 is automatically enrolled in Part A & B the month eligible.
Note: These individuals can opt out of Part B if on an employer medical plan. Thus, they do not have to pay the employer plan contribution plus Part B's monthly cost..
-> is under 65 and qualified for SS disability becomes eligible for Part A & B after 24 months of receiving benefits!
* The Local office is usually better since surveys report Individuals received incorrect information when calling SS's main 800 # !
When calling the SS office tell them you want to talk to a Retirement person then ask about:
● completing your application for Part B and activating Part A.
● the options on how to pay your share of Part B's monthly cost. It's $170.10 a month in 2022.
[Note: It will be a little lower in 2023 - $164.90.]
You pay a share of Part B! Some Background:
● The base monthly payment is 25% of MediCare Part B's overall costs across the US divided by the number of individuals participating.
● 2022's base amount is $170.10. It drops to $164.90 in 2023 but will be higher if the AGI on your IRS 1040, from two years ago, is above 91k for Single & 182k for Joint. There are five income levels above the base 91k,. Each level has a higher monthly cost!
When to start SS benefits? SS has good info on selecting a good age to start. This summary may be useful.
A back and forth conversation with a SS Retirement person about signing up has many advantages. However, you can also sign up on this SS page Note: Online sign up is:
● Somewhat complicated so I recommend being careful.
● Not recommended when leaving an employer plan after 65! — Call if any questions on why. .
Note: When the application is complete and coverage is available - MediCare then calls you "entitled" [not enrolled ] tor:
● Part A — inpatient care in a hospital.
● Part B — medically necessary outpatient services.
Entitled is on your MediCare ID card above the date your Part A & B medical coverage started!
Note:
● The number on the ID card is called your — Medicare Beneficiary Identifier (MBI) and:
- ● It has — 4 upper case letters & numbers — 3 more — and 4 more.
● To avoid confusion with certain numbers and letters it does not use the letters S, L, O, I, B, and Z e.g. number “0” and letter “O”.
This page has a picture of the ID card and info explaining the new style ID card.
There are lots of Medicare Advantage plan ads on Local TV from marketing companies during the Oct 1 to Dec 7 Annual Election Period (AEP):
Most ads direct from a Medicare Advantage company follow Medicare's marketing rules. One company, with a lot of Local ads, does not have any plans in New London County! Regretfully the ads do not indicate the counties where available.
● However, ads from marketing organizations saying — call to get better "new benefits"! — do not follow all the rules. For example:
+ Not mentioning certain benefits are only available to lower income individuals eligible for MedicAid!
+ Ads running in most of the year do not follow Medicare's marketing rules to be focused e.g. should say — call if you will soon be eligible for MediCare!
Ads can not imply anyone can call but they do!
Note: The red link below has factual information on the two types of Medicare Health plans and the times — called federal enrollment periods — when people can sign up.
Another ongoing TV ad about retirement mentions Medicare and says - Buy their Medigap plan! [a Medicare Supplement] But:
+ This companies plan is not approved in CT!
A survey of individuals over 65 found:
- > 29% do not understand Medicare Advantage Plans
- > 23% do not understand Medicare Supplements
- > only 48% said enrollment was easy.
Another survey found ― 55% of people report being confused!
Tip: Call John C Parker at (860) 451-9793. [Google Voice #] — If you have questions about how:
● MediCare works
● the sign up periods work!
Note: Calling is just a commitment to talk to John - not to enroll!
● First — If currently covered by your or spouses employers medical plan — or were in past 63 days — you will be eligible for a Special Enrollment Period. (SEP)
Second — Call the Local SS office — ask to talk to a Retirement person. Tell them the date you will be leaving employer coverage and you want to:
● Start Part B at that time.
-> FYI. They will also activate Part A but it will be backdated six months from the date you get for Part B.
● Review the options to pay your share of Part B's monthly cost. [$170.10 in 2022 & will be $164.90 in 2023 ] :
-> it's deducted from SS when receiving benefits.
Third — To confirm you had employer medical coverage your employer has to complete a CMS-L564 which you take to SS to implement the SEP.
-> You can also find CMS-L564 on this link.
-> You can also get the application for Part B, CMS-40B on this link.
When the CMS-L564 is signed and returned to SS it:
-> confirms you have medical coverage and approves your SEP.
-> means you avoid B's late enrollment penalty
BTW — If you did not have employer medical coverage you can't just sign up for Part B whenever you want! <—> Federal regulations limit sign up times when past 65 to these periods.
Let's look at:
● What you would pay for treatment/services if just using Part A & Part B! (called original Medicare)
MediCare — does not pay MDs or other outpatient providers 100% of the approved amount for the treatment or services they provide!
● How MediCare's system works — It:
— Reviews all medical treatments and services and "assigns" ** an approved amount for each.
—Asks MDs and other outpatient providers, who agreed to participate, to accept just 80% of the approved amount. Thus, providers have to accept "assignment".
** Discounted, often deeply, from retail!
Thus, if you were to just use "original Medicare" and go for — any:
● Outpatient treatments or services you pay 20% of the amount MediCare's approved! You also pay, at the beginning of each year, Part B' deductible — It's $233 in 2022.
Bottom line — so many medical treatment and services are outpatient today so paying 20% could quickly be a Big Risk to your income & savings!
● In hospital treatment: When admitted Part A's coverage is very extensive and MediCare pays all medically necessary treatments / services — You would be responsible to pay Part A's deductible each time admitted. It's $1,556 in 2022.
Buy one of the two types of special medical related insurance which I call — Medicare Health Plans! Buying this special financial protection is like — putting up an umbrella over your income & savings!
Note: If you don't buy — all the bills for your 20% share will come in the mail like a rain storm!
These two red links take you to information on each type and how they work with the MediCare system when you have medical treatment / services:
● Medicare Advantage Plan in New London CT or a
● Medicare Supplement in CT
There are options for different level of coverage in each to meet your situation / interest / budget.
It would be nice to not have a change in health — but in every life we know:
● No one can say an accident won't happen!
● The possibility of an illness with complex treatment is high, which means paying 20% for all outpatient treatment = significant costs!
What that means — because of what may happen in your life it's important — to buy either a:
-> Medicare Advantage (MA) Plan approved for New London County
-> Medicare Supplement approved in Connecticut
When you own either option it:
+ + protects your income & savings from big expenses
+ + puts you in control
+ + provides peace of mind which is priceless!
Note: You can change your Medicare Health Plan once a year and a Med. Supp. can be changed at any time!
Whether you'll soon be 65 — or planning to leave an employer plan after working past 65 call/text John C Parker's Google Voice today (860) 451-9793)
When meeting to talk & eMail we can:
● Review your situation / interest / budget and which type will be best!
● Increase understanding of plan details and how they work in our area.
Note: Whatever time you need will be available to help you.
> I am told this is a big Help!
● Meet again after you think about what will be best for your situation to sign up!
Then too it's OK to say — now is not the right time!
You can also send questions to me about signing up for a Medicare Advantage Plan or a Medicare Supplement:
● Using the form below or
● To — John@MedicarePlansSECT.com
