Medicare Insurance
Understanding Your Options Can Lead to Cost Savings and Enhanced Health Benefits!
As licensed Medicare insurance specialists, we are committed to guiding you through the complexities of Medicare. However, our role extends beyond that of a typical insurance agency; we are your community members—actively living, working, and giving back in the neighborhoods we serve. Are you questioning whether the Medicare Program is your sole choice? Are you worried about the implications of the Late Enrollment Penalty? Do you seek guidance on the application process or have queries regarding your group coverage as you approach age 65?
If you have inquiries that require clear and straightforward responses, contact Hillcrest Insurance to schedule an appointment today!
Approaching your 65th birthday?
This significant milestone brings with it a valuable opportunity: eligibility for Medicare.
As you celebrate this special occasion, you are also gaining access to a comprehensive healthcare program tailored to assist you during your retirement years. Medicare covers vital services, including hospital admissions, physician consultations, preventive care, and much more. It serves as a crucial safety net that provides reassurance, ensuring that you receive the necessary medical attention without incurring excessive costs.
However, navigating the complexities of paperwork, deadlines, and information can be challenging for many. To ensure a smooth transition into this new phase of healthcare coverage as you turn 65, reach out to Hillcrest Insurance for dedicated assistance in simplifying the process.
Are You Currently on Medicare?
We have provided below general answers to Important Questions for individuals currently on Medicare.
What are my options during the Annual Enrollment Period (formally known as Open Enrollment)?
Beginning on October 1, you will have access to information regarding the Medicare Advantage and Part D drug plans available in your vicinity. You can make changes to your plan between October 15 and December 7, with an effective date of January 1 of the following year. As a current Medicare beneficiary, you typically have three choices:
- Option 1: Your existing plan may automatically transition into the next year’s coverage. If you decide to remain with your current plan, no action is needed. However, to prevent any unexpected costs or issues, we highly recommend consulting with a Licensed Insurance Agent who can advocate for your best interests in the upcoming year. Reach out to us for assistance!
- Option 2: After evaluating both your current plan and other available options in your area, you have the ability to switch either your Part D Prescription Drug plan or your Medicare Advantage plan. This process might feel daunting, but we are here to guide you through each step.
- Option 3: You also have the choice to revert back to Original Medicare along with a Stand Alone Part D Prescription Drug plan. Please note that acceptance into a Medicare Supplement plan may be subject to medical underwriting and could result in denial. However, once enrolled in a Medicare Supplement plan, it is guaranteed renewable; thus it cannot be canceled due to health status changes. These plans are designed to help shield beneficiaries from significant out-of-pocket healthcare expenses.
I’m already on Medicare due to disability, however, I will soon be turning 65.
As a current Medicare beneficiary, you will be granted a new personal Open Enrollment period upon reaching the age of 65. This provides you with additional and enhanced choices! You have the opportunity to enroll in a Medicare Supplement plan, a Part D Prescription Drug plan, or a comprehensive Medicare Advantage plan.
We are committed to helping you navigate these options effectively! Contact Hillcrest today.
Medicare for Veterans and Public Employees
Eligibility and How it Works
Veterans Affairs (VA) advises against Veterans canceling or opting out of Medicare or any other health insurance programs solely based on their enrollment in VA health care. Unlike Medicare, which provides uniform benefits to all participants, the VA categorizes enrollees into different priority groups determined by various eligibility criteria, including service-related conditions and income levels. There is no assurance that Congress will allocate adequate funding for medical care in future years, which could potentially restrict access to VA health care for some Veterans, particularly those in lower-priority groups. Therefore, maintaining a secondary insurance option may be advantageous for Veterans.
Having Medicare increases your health care delivery options and in many cases is more convenient for Veterans, especially those with lower priority groups. The VA may not cover medical services provided by non-VA physicians and in non-VA facilities. Medicare will not cover medical services provided by the VA.
Important Dates to Remember:
Prevent expensive errors!
When it comes to your Group and Health insurance choices, it’s crucial to follow the specific timelines set by the Medicare Program.
This will help you steer clear of Late Enrollment Penalties and avoid incurring extra premiums.
Turning 62: For those with a higher net worth, contact your accountant and financial planner.
Turning 64: Start preparing for Medicare Insurance now to learn important timelines, coverage, costs & penalties.
Sept. 30: Annual Notice of Changes to your current plan mailed to beneficiaries. Contact your Licensed insurance agent to review these important changes.
Oct. 1 – 14: Pre-Annual Enrollment Period. This is your “First Look” opportunity to view next years plans with your licensed insurance agent
Oct. 15 – Dec. 7: Annual Enrollment Period for Medicare Advantage and Part D Prescription plans
Jan. 01 – Mar. 31:
Medicare Advantage Open Enrollment Period. If you are already in a Medicare Advantage plan, you can make one change during this time to another Medicare Advantage plan, with our without drug coverage, or go back to Original Medicare and enroll in a Part D plan. This is also the same time frame as the General Enrollment Period for Part A and Part B if you did not enroll during your initial enrollment Period and do not have another valid election period available. Coverage takes effect the 1st day of the month following enrollment.
Quarterly: Medicaid and Extra Help Beneficiaries may have the option to make quarterly changes to their Medicare Advantage and Part D drug plans from Jan 1 – Sept 30th.
Yearly – Oct. 1: For many beneficiaries, this is the Lock in period for Medicare Advantage plans and Part D drug plans unless your situation qualifies you for a Special Enrollment Period.
25th Month of Disability: Generally Eligible for Medicare Part A & Part B, Medicare Part C Advantage Plans and Medicare Part D Prescription Drug plans.
Turning 65 Soon – Generally Eligible for Medicare Part A & Part B, Medicare Part C Advantage Plans, Medicare Part D Prescription Drug Plans and Medicare Supplements (Medigap).