5 Things Your Broker Wants You to Know About Medicare

5 Things Your Broker Wants You to Know About Medicare- Call us at iHealthBrokers at 888-410-0344. Our services are 100% FREE!

★☆★ABOUT THIS VIDEO★☆★

0:00 Intro
0:44 Defer Medicare Part B
1:51 Review Your Plan Annually
2:24 Medicare Avantage Plans
3:32 Long Term Care
4:49 Medigap Plans
5:47 Bonus!

Defer Part B
You can and should defer Medicare part B if you are working past the age of 65. Many people are putting off retirement until a later age. If you are working past the age of 65 and receiving creditable through your employer, you should defer Medicare Part B. There is a premium for Medicare Part B and if you currently have health insurance through your employer, there is no need to pay twice.

If you choose to defer Part B, make sure to follow the instructions on the back of the card and send it back. If you keep the card, you will keep Medicare Part B and you will be charged for it.

There is an added bonus to deferring Part B. If you choose to enroll in a Medicare Supplement Plan, your best best is to enroll during your IEP. This is the 6 months after you turn 65 and enroll in Medicare Part B. During this time, you will not be subject to medical underwriting. If you wait past this point you may be subject to medical underwriting and could therefore be charged more or denied outright.

Review Your Plan Every Year
If you choose a Medicare Part D plan or Medicare Advantage, make sure to review your plan every year during the AEP. Benefits and networks and prices can change. You don’t want to be roped into a plan that no longer meets your needs or is too expensive. It’s also a good idea to review other available plans as there may be a new one better suited to your needs.

Proceed with Caution for Medicare Advantage
Many Medicare Advantage Plans advertise themselves as “free”. They claim to offer additional benefits not offered by Original Medicare such as dental, vision, hearing, prescription drug and more at not additional charge. These claims are misleading. At the very least you will still have to pay for Medicare Part B. Although you may think you’re getting a steal with all these added benefits, remember that you are giving up the ability to see almost any doctor and use almost any hospital.

Nursing Homes are Not the Same as Long Term Care
Medicare Part A covers skilled nursing facility care. This is not the same as any type of long term or custodial care.

Also, if you have had care in a hospital and need care such as help eating or getting dressed, even if this is as a result to your hospitalization, you would not qualify for SNF without the need for skilled medical treatment.

Medigap Plans Don’t Have Networks
If you choose to purchase a Medigap Plans you may see many familiar big name carriers like Aetna, United, Humana, etc… you may be inclined to purchase a plan with a familiar carrier.
However, regardless of who your carrier is, if your doctor accepts Medicare, they will accept your supplement plan. So, it doesn’t really matter who your carrier is as long as they have a history of low and stable premium increases. A broker can help you with this.

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