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  • Home
  • About Us
    • Meet our Team
    • Client Testimonials
    • Refer a Friend
    • Insurance Carriers
  • Blog
  • Service
    • Policy Review
    • Update Contact Info
    • Life Insurance Application
    • Request a Free Consultation
  • Individual
    • Life Insurance >
      • Term Life Insurance
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      • Final Expense Insurance
      • Individual Life Insurance
    • Medicare
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  • Business
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our Blog

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. 
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Learn More About Medigap Plans Today 

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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 

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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.
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Things to Know about Medigap Plans 

To be eligible for Medigap, you must have Medicare Parts A and B. You can buy one of these policies from a private insurance company licensed in your state. It’s helpful to work with a financial planner in New Jersey who can help you pick the best plan for your needs and budget. 

Once you purchase a supplemental plan, you will pay the insurance company a monthly premium, in addition to paying the premium for Part B. Additionally, keep in mind that a Medigap policy only covers one person. If your spouse wants this coverage, they will need their own policy. 

Find Your Medigap Plan Today 
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If you’re ready to find a supplemental insurance plan, contact Leonard Financial Solutions today. As an independent financial advisor in NJ, we can find you the best policies and rates in your area. You’ve worked hard and paid your dues, so you deserve to get the high quality medical care you need to live a long and healthy life! With the right Medigap plan, you will! 

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3 Tips for Choosing a Medigap Plan in New Jersey

10/5/2020

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Medigap is Medicare Supplement Insurance that fills in the “gaps” in Original Medicare. You have to buy and pay for Medigap on your own, but it’s well worth the price for many people. These are the years when you’re most likely to need medical care, so having complete coverage is important for your health and your pocketbook. 
If you are considering adding supplemental coverage to your Medicare health insurance in NJ, here are some tips to follow. 

1. Understand Your Coverage Needs 

There is no one-size-fits-all Medicare supplement plan, so the first thing to do is understand your coverage needs. Medigap plans can help cover copayments, coinsurance and deductibles so that you pay less out of pocket. To compare your choices, visit medicare.gov. 

Some questions to ask yourself are: 

- Do I want basic coverage or extra coverage?
​- Are there specific out-of-pocket costs I want help with?
- Do I want coverage when traveling overseas? 
- Do I want a high-deductible plan? 

2. Determine Your Budget 

The next thing to consider is what you are comfortable spending each month. Medigap plans are priced differently, though most come with a monthly premium. Most insurance companies use one of these three pricing methods: 

- Issue-age rated. Premiums are based on your current age and will not increase as you get older.
- Community-rated. All plan members pay the same premium regardless of their age.
- Attained-age rated. Monthly premiums are based on your current age, but your premiums rise as you get older. 

3. Choose Your Plan Early 

Signing up for Medigap during your Medicare Supplement Open Enrollment Period gives you the most options. This time period starts on the first month you turn 65 and are enrolled in Medicare Part B. The reasons why you’ll have the best options are because: 

- You have “guaranteed-issue rights,” which essentially means you can’t be turned down for coverage. 
- You can’t be charged more due to pre-existing conditions.
- The insurance companies can’t require medical underwriting. 
- Once this period is over, you can still get supplemental insurance, but it may not be as easy. Insurance companies can refuse you coverage or charge more for pre-existing conditions. 

Find the Best Medigap Plan for You! 
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Need Medicare help in New Jersey? Contact Leonard Financial Solutions for personalized assistance with Medicare and Medigap insurance. 

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Top 4 Questions About Medigap

1/31/2018

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Medicare is a federal health insurance program.  It is generally for people who are of 65 years or older.  There are a few exceptions for younger people if they suffer from certain disabilities or end stage renal disease.   There are 4 different plans for Medicare, namely Plan A, Plan B, Plan C, and Plan D.  Each plan will have different coverage from inpatient and outpatient care, to prescription medicines.  What is common among all plans is the fact they do not cover everything.  This is where Medigap comes in.  The following are the most common questions about Medigap.

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