Medicare Insurance

Medicare Insurance

So you are looking at some big changes ahead for you.  It is the big 65 headed your way. You may be considering some options for yourself. How are you going to handle your health insurance in the future? What do you need to know? What are all these new words to learn? You are not the only one aware of these upcoming events and changes.  You will soon be bombarded by phone calls and mailings offering assistance with Medicare Insurance.

We know this time can be overwhelming.  Many of our clients have come into our office with massive piles of brochures and pulling out their hair with frustration. Don’t worry we here at BEW Financial Solutions are here to help with your Medicare Insurance needs!

First of all, we have been a presence in town for over 12 years. We are an independent, family run agency. Our primary goal is to treat our clients like family too! We want you to feel comfortable in this new stage of life you are approaching.  Let’s spend some time here going over the basics.  Please do not get overwhelmed.  This is just some information for you to read but we will be there for you now and down the road to answer questions, help you with our guidance and generally be on your side as we walk together down the road.

Once you are ready call us for an appointment to sit down, have a cup of coffee and relax while we will work together with you to find the best Medicare Insurance for you.

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What is Medicare?

Medicare is a federally administered health insurance program providing health coverage to Americans above the age of 65 and other individuals who are eligible due to certain illnesses or disabilities.

Who Can Get Medicare?

Medicare is available to a US citizen or legal resident for at least 5 years AND is one of the following:

  • Age 65 or older
  • Younger than 65 with a qualifying disability
  • Any age with a diagnosis of end stage renal disease or ALS

Medicare Insurance is not one size fits all.  These are the basics options you have available.  While this is a general overview there are distinct differences and details that need to be discussed in an individual appointment.

  • Original Medicare, which includes Part A for hospital stays and Part B for doctor visits.

  • Original Medicare with a stand-alone prescription drug plan and/or a Medicare supplement insurance plan.
  • Medicare Advantage (Part C), which often includes a prescription drug (Part D) plan plus extra benefits in addition to hospital stays (Part A) and doctor visits (Part B).

How Does Medicare Work?

The basics of Medicare can be very confusing.  There is original Medicare, parts, plans, Federal government involvement, independent insurance companies as well.  So many working parts no wonder you are confused. You are entitled to original Medicare if you meet basic criteria, but is that enough to cover all your needs? Is the cost of your health going to drain all your savings? Can you rest and enjoy retirement while knowing you are fully covered?

Well that is where we come in. Here at BEW Financial we will sit down with you and answer your questions, calm your fears and work with you to find your best option.  We realize your need to understand and make an informed decision with confidence.  We want to partner with you in your planning.

Let’s Slice the “Medicare Pizza!”

Medicare Insurance has several parts, and sometimes it’s confusing to remember how Medicare works.  A great way to visualize the different parts of Medicare is to think of it like a pizza!

So here goes the A B’s and C’s of Medicare and throw in some knowledge about the D’s too. Imagine a pizza sitting in front of you. Now let’s slice this pizza.

Medicare Insurance

The first 2 cuts are explained as such:

PART A covers care you receive while an inpatient during a stay at a hospital or skilled nursing facility
PART B covers doctor visits, clinic services and care you receive as an outpatient

This is half of the pizza also known as Original Medicare. Next, we are cutting another slice.

PART C combines Part A and Part B into one plan. This plan is also known as a Medicare Advantage Plan. They are offered through private insurance companies. They offer the same or better than original Medicare. Many plans offer additional benefits including hearing, vision and wellness programs.

The bonus letter in our Medicare explanation is D which covers your prescription drug plan.

PART D covers many generic and brand-name prescription medications. Each plan creates a list of drugs that it will cover.

** Important information you need to know about adding a drug plan.  If you do not have what Medicare considers a qualified drug plan you will be penalized. This penalty comes to 1% per month.  This may not seem like a big deal but yearly that becomes 12% which over only 5 years becomes 60%.  This penalty remains in effect for the rest of your life.

When Do I Apply for Medicare Insurance?

The first time you can enroll in Medicare Insurance is called Initial Enrollment period (IEP).  This time is seven months long includes the three months before your birthday month, your birthday month, and the three months after. During this time, you need to go to your local Social Security office to enroll in original Medicare.  If you enroll by the month before your birthday your benefits start on the first day of your birthday month.  If you wait until your birthday month or later your benefits may be delayed.  If you are under 65 with a qualifying disability you are automatically enrolled after 24 months of receiving SSI benefits.  If you are under 65 and diagnosed with ALS, you are enrolled in the first month you receive benefits.

Once you are enrolled you have the opportunity to change your Medicare Insurance coverage during Special Enrollment Period (SEP) if you have certain life changes such as:

  • You retire and leave a health care plan offered by your employer or union.
  • You move out of your current plan’s service area.

Once you choose your Medicare coverage you can make changes once a year during Annual Enrollment Period (AEP). This occurs every year from October 15th to December 7th.  BEW Solutions can always help throughout the year but during AEP is an excellent time to review your coverage with us. As time goes by your needs and situations can change. For example, you may have new medications, changed doctors, new ailments.  In addition to your situational changes the plans can also change. This time is an opportunity to review your options and confirm you have the best fit for your circumstances currently.

Key Medicare Terms to Know

  • Co-Pay – The fixed amount you pay at the time you receive a covered service. For example you might pay $20 at your doctor visit or $13 to fill a prescription.

  • Deductible – A set amount paid out of pocket for covered services each year before your plan begins to pay

  • Out-of-Pocket Maximum – The maximum amount you will pay during a policy period (usually a year). This amount does not include your premium or the cost of any services that are not covered by your plan. After you reach your maximum , the plan pays 100% of the allowed amount of covered services for the rest of the policy period.

  • Premium – The fixed amount you pay the health insurance company for your Medicare coverage. You may pay this to Medicare, a private insurance company or both, depending on your coverage. Most premiums are paid monthly.

Now that some of your general questions may have been answered the next step is to make this more personalized for you.  BEW Financial is your solution to all your Medicare needs.  We will sit with you to make your initial decisions and continue to help you with any questions or issues that come up.  BEW is an independent agency and we work with all the major carriers in the Medicare field.  We are always on top of changes and education available to us to assure you are always covered with your changing needs.  Call us directly or request a quote online to start your Medicare journey with us.

Get Started Today

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BEW: The Right Fit

Since insurance is such an important part of our life planning you should speak to someone who knows the information you need to know.  You need to talk to someone who understands how important this is to you and your family. You need someone who can treat you like family.

Knowledge and compassion fit are what BEW is about. We have been in the business for over twenty years. We are a local small business that has been a part of our community for many years. We have raised a family and helped many local families as well.  We love to educate our clients about the different aspects of insurance and find what is best for them.  We want you to understand and are always here to help.

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Medicare Insurance

Client Feedback

Great people, very kind and will go above and beyond to help with whatever you need.
Dani Kay
15:16 09 Dec 19
Bruce and Ellie's caring and understanding for our clients, along with their expertise is why we are confident in recommending BEW Financial Solutions again and again.We ourselves use their services for our business and our families.~~ Sensible Daily Money Managers, LLC
Sensible Dmm
20:24 13 Nov 19
Very helpful and friendly. Even offered us hot tea or coffee when we came in for help for health insurance. Highly recommend.
ChristinA Mendoza
18:53 10 Dec 17
Great people, very kind and will go above and beyond to help with whatever you need.
Dani Kay
15:16 09 Dec 19
Bruce and Ellie's caring and understanding for our clients, along with their expertise is why we are confident in recommending BEW Financial Solutions again and again.We ourselves use their services for our business and our families.~~ Sensible Daily Money Managers, LLC
Sensible Dmm
20:24 13 Nov 19
Very helpful and friendly. Even offered us hot tea or coffee when we came in for help for health insurance. Highly recommend.
ChristinA Mendoza
18:53 10 Dec 17
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