Category: Medigap

5 Things You Can Do During Medicare AEP

10/20/2021

In the Medicare world, the fall season is a very important time. Why? Because it’s AEP time!

AEP stands for “Annual Enrollment Period” and it’s the time of year when Medicare beneficiaries can make changes to their current coverage. Because this only happens once a year - from October 15th to December 7th - it’s important to make the most of it!

Below are five things you can do during the Annual Enrollment Period. Schedule an appointment with Leonard Financial Solutions for Medicare help in New Jersey.

1. Drop Medicare Advantage and switch to Original Medicare.

Medicare Advantage plans are appealing. They’re affordable and often include coverage for dental, vision and hearing. However, the grass isn’t always greener on the other side. Advantage plans also have a lot of pitfalls that can actually end up costing you more. If you want to switch back to Original Medicare, you can do this during AEP.

2. Switch from Original Medicare to an Advantage plan.

On the other hand, you may be interested in switching to an all-in-one Advantage plan. You’ll get Part A and Part B benefits, and sometimes Part D benefits as well. You may also get additional benefits like eyeglasses, dental care and wellness programs. To try an Advantage plan, talk to your financial advisor.

3. Change your Part D prescription drug plan.

Another thing you can change during Medicare AEP is your Part D prescription drug plan. Here are some questions to think about as you compare Medicare quotes in NJ:

What medications are you currently taking? Are they covered under the plan?

Do you prefer taking generic drugs? Look for a plan that has a tiered pricing system.

What if you’re not taking any medications? It’s possible that a low monthly premium is the best option. You will still have prescription drug coverage if you need it.

Are you on a strict fixed income? To keep drug costs steady, consider a low or no deductible plan.

4. Elect to change to a different Advantage plan.

Perhaps you prefer to have an Advantage plan but are looking for something different. Because Advantage plans come from private companies, you can shop around and compare plans. Use the Annual Enrollment Period to find an Advantage plan that better meets your needs and budget.

5. Drop or add Part D prescription drug coverage.

Medicare Part D is not mandatory. Therefore, not everyone wants or has this coverage. If you’re currently without Part D, now is the time to compare quotes and pick a plan. If you don’t want Part D, you are free to drop this coverage during AEP. However, we believe in keeping Part D because it gives you peace of mind.

Whether you’re looking to compare Medicare quotes in NJ or drop/add/switch Medicare coverage, contact Leonard Financial Solutions today. We’ll help you make an informed decision for your needs and budget so that you have the proper coverage come 2022.

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5 Types of People Who Can Benefit from a Medigap Plan

10/4/2021

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Medicare supplemental insurance, also known as Medigap, pays some or all of the costs that Medicare doesn’t cover. While the cost of a Medigap plan doesn’t have to be substantial, it is something you’ll pay extra for. Therefore, you want to be sure that this plan is worth it for you!

Fortunately, supplemental insurance gives you the peace of mind that your healthcare expenses will be mostly covered. So is Medicare supplemental insurance something you really need? Let’s find out!

Here are five situations that we recommend having a Medigap plan for.

1. Chronic Health Problems

Do you have chronic health problems that require you to visit the doctor frequently? It’s a good idea to have supplemental insurance, as Medicare does not cover all healthcare expenses.

Generally, you are responsible for paying a portion of the cost after your deductibles. Medigap plans can help eliminate these out-of-pocket costs by paying your portion of coinsurance and copays. You’ll appreciate this extra contribution if you’re used to receiving lots of medical bills!

2. Traveling Abroad

Are you someone who likes to travel abroad? Some Medigap plans cover emergency care when you travel outside the United States. Talk to your financial planner about which plans offer coverage for emergency health care and supplies when you travel outside the country. Original Medicare, on the other hand, only covers treatment in the U.S. and a few outside countries.

3. Long-Term Care

While no one can predict the future, you should plan accordingly for a number of situations that may arise. And for some people, this can mean a long stay in a hospital or skilled nursing facility. Original Medicare only covers a limited time in these facilities, while Medigap provides some long-term care coverage.

4. Dental, Vision or Hearing Problems

While Medigap plans will NOT cover dental, vision or hearing, we did want to take a moment to talk about insuring yourself for these healthcare needs. It’s important to get regular eye exams, dental cleanings and hearing screenings.

The reason why Medigap plans do not cover dental, vision and hearing is because Original Medicare does not. Medigap is meant to supplement this insurance, not provide new coverage.

Talk to your financial advisor about what’s best for your situation: paying for dental, vision and hearing out of pocket, taking out DVH (dental, hearing, vision) coverage or switching to a Medicare Advantage plan.

5. Doctor Choice

Medicare supplemental insurance usually lets you keep your doctors. This is important if you have a great team of doctors. Still, it’s important to check with your doctors, specialists, hospitals and medical facilities to make sure they accept the exact Medigap insurance policy you’re considering.

To review Medicare quotes in NJ, contact Leonard Financial Solutions today. We’ll help you pick a supplemental insurance plan that meets your needs and budget and gives you the peace of mind you deserve!

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Not Happy with Your Part D Prescription Drug Plan? You Change it Now!

10/1/2021

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If your Medicare Part D prescription drug plan isn’t working for you, rest assured you’re not stuck with it forever. In fact, you can change it right now, as long as you’re reading this during Medicare’s Annual Enrollment Period (AEP) that runs from October 15th to December 7th each year.

Comparing prescription drug plans can be a challenge, which is why it’s helpful to work with a financial advisor in NJ who specializes in Medicare. Leonard Financial Solutions will be happy to provide you with several Medicare quotes. We’ll also walk you through each plan and make sure you choose the best one for your needs.

The time to change your Part D prescription drug plan is during the Annual Enrollment Period. Schedule an appointment with Leonard Financial Solutions and let’s find a plan that works for you!

When Can I Make Changes to Medicare Part D?

Each year, Medicare opens enrollment from October 15th to December 7th. This is the time to make changes to your Medicare plan, including switching, adding or canceling any of your plans. Any changes made during this time will go into effect January 1st.

If you have a Medicare Advantage plan that doesn’t include drug coverage and you also have a Part D plan, you can make changes during the Medicare Advantage open enrollment period, which runs from January 1st to March 31st each year.

To take advantage of Medicare Advantage’s open enrollment period, you will need to do one of the following:

Change your Medicare Advantage plan to one that includes drug coverage

Switch from Medicare Advantage back to Original Medicare, then purchase a separate Part D prescription drug plan

As long as you like your Advantage plan and only want to change your Part D plan, it’s best to make changes now.

Choosing a New Part D Prescription Drug Plan

Insurance is confusing - we get it! That’s why we’re available for Medicare help in New Jersey. To help you find the best prescription drug plan, we recommend considering the below factors:

Know the drugs you are currently taking. This way, you can look up each plan and make sure they cover your drugs and their specific formulas.

Decide if you’re willing to take generic drugs. Some plans offer tiered pricing systems that offer breaks on generic medications.

Start with a low deductible if you’re not on medication. At this point, there’s no reason to pay a high deductible, though you’ll have the peace of mind that your medications will be covered if you need them.

For balanced costs, choose a plan with a low or no deductible. We recommend this plan for those who need to budget carefully each month.

Medicare’s Annual Enrollment Period only happens once a year! To make changes to your Medicare plan, contact Leonard Financial Solutions today.

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Democrats Want to Expand Medicare Benefits: Everything You Need to Know

8/3/2021

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Health expansions may soon be coming to Medicare. One of the biggest health policy goals of this year for Democrats is the expansion of Medicare benefits. They have introduced a bill to include dental, vision and hearing coverage for Medicare beneficiaries. These benefits are not included with Original Medicare and subscribers are often surprised to learn that they’re on their own for these costs.

If Medicare enrollees want such benefits, they must switch to a private Medicare Advantage plan or supplemental coverage. Will adding in these benefits be the right move? Let’s get the facts on this bill and what to expect if Medicare benefits are expanded.

The Argument for Expanding Medicare Benefits

Millions of senior citizens have teeth rotting in their mouths or difficulty hearing or seeing because they can’t afford supplemental coverage. As this article points out, “It’s a cruel irony that older Americans do not have coverage for these benefits at the time when they need it the most.”

For those in favor of expansion, the argument is simple: expanding Medicare benefits will provide essential coverage to older Americans. According to a 2018 Commonwealth Fund report, vision, hearing and dental benefits are out of reach for many beneficiaries.

Forty three percent who have trouble seeing did not have an eye exam in the past year, 75 percent who need a hearing aid did not have one and 70 percent who have difficulty eating because of their teeth had not visited a dentist in the past year. Expanding Medicare would help these beneficiaries get the care they need.

Concerns Over Medicare Expansion

Of course, everything comes with a trade off. Expanding the Medicare program will be expensive, and to offset some of these costs, Democrats will allow Medicare to negotiate drug prices. This is a very controversial idea, but it may be necessary to afford the $358 billion spending over a 10-year period.

If Medicare negotiates the price of certain prescription drugs, this would reduce spending by $345 billion over a decade. The other Medicare change Democrats are looking at is lowering the eligibility age from 65 to 60. This would cost $200 billion over a decade. However, simply expanding Medicare eligibility does not guarantee affordable policies.

Find the Right Medicare Coverage for YOU

So is a Medicare-for-all approach going to be the future? It’s too early to tell how everything will play out as there are many pieces in motion. For now, we recommend speaking with Leonard Financial Solutions to learn about your options for Medicare. We highly recommend taking out a Medigap policy to fill in the gaps - this includes vision, dental and hearing. Contact us today for customized Medicare quotes in NJ.

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What is Covered and Not Covered by Medicare?

12/29/2020

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Has the time come for you to apply for Medicare in New Jersey? You’ll be happy to know that Medicare is good insurance and the majority of people are happy with it. But, during a time with so much change, Medicare is just another thing to adjust to. And this can make it scary, especially when you’re not sure what healthcare services are covered and not covered.

To help you understand your coverage options, you’ll need to know the different parts of Medicare:

Part A provides basic hospitalization coverage.

Part B covers outpatient care like doctors’ visits and diagnostic testing.

Part C (Medicare Advantage) is a private option that combines Part A and B and offers additional benefits.

Part D is prescription drug coverage.

Medicare supplement plans (Medigap) is private insurance that helps cover out-of-pocket costs like copays, coinsurance and deductibles.

Medicare Part A

Medicare Part A covers hospital costs when you are formally admitted with a doctor’s order. The insurance will pay for wheelchairs and walkers, hospice care, some home healthcare services, blood transfusions and limited coverage for skilled nursing.

Medicare Part B

Medicare Part B covers doctor visits and preventive healthcare like yearly screenings and exams. Some of the tests and services covered are:

Cancer and mental health screenings
Ambulance and emergency department services
Vaccinations for flu and hepatitis
Medical equipment and diabetes supplies

Medicare Part C

Also called Medicare Advantage, this private option provides the benefits of Part A and Part B, as well as extra benefits like dental, hearing, vision and prescription drug coverage. You’ll pay a premium for this plan and only be allowed to see the doctors in your network.

Medicare Part D

Medicare Part D covers prescription drugs. This plan is optional, but we highly recommend it because you could face late enrollment penalties later on.

What Doesn’t Medicare Cover?

Medicare does cover a wide range of services, but there are some things it does not provide coverage for such as:

Hearing aids
Most dental care, including dentures
Routine vision and foot care
Long-term or custodial care
Acupuncture
Cosmetic surgeries
Medical care overseas

To ensure you have the coverage you need to be safe and healthy, it’s important to go over all of your options with a financial planner in NJ. Schedule a consultation with Leonard Financial Solutions to learn more about your coverage options and how to lower out-of-pocket expenses with a supplement plan.

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Are Medicare Supplement Plans Really Worth It?

12/4/2020

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If you have Medicare or are about to get Medicare, you’ve probably been told that you need some type of additional coverage. But is this coverage really necessary? This is an important question to ask, as you may have learned by now that Medicare is not free. By the time you pay your Part B and Part D premiums, is a supplement plan really worth it?

While there is no single solution for everyone, Medicare supplement plans are almost always worth it. Going with just Original Medicare (Part A and Part B) is not wise. Let’s cover the reasons why a Medicare supplement plan is in your best interests.

Fill in the gaps in Original Medicare.

The main purpose of supplemental insurance is to fill in the gaps in Original Medicare - hence why it’s called Medigap. Medicare is good insurance, but you’re still responsible for out-of-pocket costs like coinsurance, copayments and deductibles.

Not only can these costs add up, but also there’s no out-of-pocket maximum. All it takes is one long stay in the hospital and you could be out tens of thousands of dollars. Even smaller ongoing medical needs can add up. With Medigap, you’ll get help paying for these expenses.

Protect your financial assets.

Insurance, in all its forms, protects people from significant loss. By paying for a Medigap plan, you can protect your financial assets.

Normal-length hospital stays, regular office visits and a standard imaging procedure might not break the bank, but some medical conditions will. Medicare does provide a solid insurance base, but what it doesn’t cover can be substantial. Having supplemental insurance ensures these added expenses will be covered on your behalf.

Give yourself better care.

When you know that you have good health insurance, you’re more likely to go to the doctor and get regular screenings. Sadly, 1 in 4 Americans skip medical care because of the costs. As difficult as it is when people are young and just starting out, it’s equally challenging when people are older and living off a fixed income.

By having the proper insurance coverage, you can give yourself the best care possible. Between Medicare and supplemental coverage, most of your healthcare costs will be covered. This way, you can seek out the care you need when you need it.

Learn More About Medigap Plans Today

In a nutshell, Medicare supplemental plans are worth it. Even though you’ll be paying another premium, this will help you cover out-of-pocket costs like deductibles, copays and coinsurance. You can manage your finances this way and know that high quality medical care is within reach. With so many Medigap plans to choose from, contact Leonard Financial Solutions to discuss your options.

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How to Compare Medigap Policies Side by Side

11/17/2020

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Medicare Supplement Insurance (or Medigap) helps fill in the gaps in Original Medicare. It is sold by private insurance companies and ranges in price depending on how much coverage you need. Original Medicare pays for much of your healthcare services and supplies, but it doesn’t pay for everything.

Unfortunately, medical care is expensive, and what Medicare doesn’t cover can get out of hand quickly. This is why most people benefit from supplemental insurance. But how can you compare these policies to ensure you are getting the right coverage for your needs?

Side-by-Side Comparison of Medigap Plans

Here is a breakdown of Medigap plans. This is not a complete comparison, but it does give you an idea of what additional expenses will be covered.