MEDICARE AND YOU
At LifePlan Financial, Inc. we have experienced and certified Medicare Advisors who can answer all of your questions. Our Medicare Advisors will expertly guide you through the process and help you choose a Medicare product that fits your unique health care needs and lifestyle.
What is Medicare?
It's a health insurance program for people who are:
Aged 65 or older
Under 65 and deemed disabled
A person of any age
when in End-Stage
Renal Disease
Does Medicare cover the same things that my own insurance plan covers?
Medicare is comprised of different parts:
Part A
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Mostly hospital and inpatient coverage
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Usually no premium cost to you because you or your spouse have paid for it through payroll taxes
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It has a deductible
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Coinsurance (benefit periods apply)
Part B
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Mostly outpatient and physician coverage
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Carries a minimum premium which is determined by your prior income (rules apply)
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Has a deductible
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Coinsurance
Part D
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This is Medicare prescription drug coverage that you must obtain through a private insurance source. You may or may not pay a premium depending upon whether you are eligible for Low Income Subsidy (Extra Help) that you can apply for at any time.
What can LifePlan Financial, Inc.'s Medicare Advisors do for me?
Our certified Medicare Advisors can analyze your financial risks and review your options such as Medicare Supplement plans, Medicare Advantage plans (aka Part C), Part D plans and Dual plans (Medicare + Medicaid). Our Advisors will get to know you and your healthcare needs, to find a plan that works best for you. Our Medicare Advisors take the time to truly understand your needs, shop across a variety of insurance companies, and determine cost effective health care coverage choices for you.
Medicare does not pay for everything. This can leave you open to financial risk.
Medicare Part A has a deductible and hospitalization is further defined as having a Medicare hospital benefit period for admission. That benefit period has a direct impact on what you would pay for services. With Medicare Part B, there is a deductible and then a 20% coinsurance based upon Medicare allowable rates. This coinsurance does not have a stop loss and the deductible is applied every calendar year. With Medicare Part D, you can obtain prescription drug coverage separately or within a Medicare Advantage plan. You may or may not have a deductible for your Part D plan.
Why would you need anything other than Medicare for insurance?
I'm still working and have insurance through my employer.
Do I have to have Medicare?
Every person has unique circumstances. You can find out from your human resources representative what is offered to you when you age into Medicare. Then speak with one of our Medicare Advisors.
I own a business with Medicare age workers whom I insure. What can your Medicare Advisors help me with?
Our Medicare Advisors will analyze your current plan with our Business Advisors and determine the most cost effective method of offering insurance to your Medicare age.