Medicare insurance basics
For a complete understanding of Medicare insurance see the booklet guide to Medicare.
When you near your 65th birthday you will be eligible for Medicare insurance. 3 months prior to your 65th birth month, during your birth month, including three months after your birth month you will be eligible for Medicare insurance. Most people apply for Medicare A and B before their birth month. For insurance you will have the choice of Medicare advantage or Medicare supplement.
Medicare advantage is a plan where you pay no premium and prescriptions are included in the plan. The cost of Medicare part B can be taken from your social security check, or you can pay the cost of $99.90 per month in 2012.
If you continue working after age 65 and do not have insurance through work, or choose Medicare insurance over your work plan, you must pay the part B cost out of pocket. Medicare Advantage is most often in an HMO provider format, you must obtain services in your area, and you are not covered outside the service area except for an emergency and urgent care.
Medicare supplement is a premium for coverage like traditional medical insurance covers any doctor nation wide, and covers for foreign travel depending on the plan you choose. Plan F is the most comprehensive coverage. Medicare supplements do not include prescription drugs. You can get prescriptions through several providers, or ‘shop it’ with companies like Walmart, Walgreens, etc.
We are licensed for Medicare advantage with AARP united health care because we believe it is the most comprehensive plan of all the plans available and there is no premium charge to you.
For Medicare supplements, you will be assisted by a financial advisor licensed with United Health Care, United American, and Mutual of Omaha. Medicare supplements for men with Plan F should cost around $243.50/ month in Palm Beach County. For women a cost of around $229/month, and a high deductible f for $74/month is a good marker, and Medicare part D prescriptions with a basic cost of $40/ month. Finding a plan that covers the doughnut hole for $80/ month may be helpful as well.
Long term care insurance is very much an important additional component. You need to find the most attractive package with the best contract and the lowest cost. Something like $200/ day with a 90 day wait and a 2 year benefit as low as $139/ month.
Deciding What To Do
Call to discuss your options and establish a financial plan today. There is no reason to wait, it’s at no cost to you or your loved one. Connect with your Assisted Living Services Of Florida advisor today, call 1-800-758-5822.