Medicare 101 Journey Masterclass

Medicare Part B - Medical Insurance

Be sure to watch the video where we address areas of Part B

Also, there is a PDF summary for Part B

Bonus: PDF summary for Part B premiums

Medigap and Medicare Supplement mean the same thing. It isn't a government program. It is private supplemental insurance you can choose to buy separately to reduce your costs in the the traditional Medicare program. As we discussed, Parts A and B have many co-pays and deductibles that this plan will pay depending on the specific policy you buy.

This section will discuss the ins and outs of the ten Medigap policies and how to compare them.

A PDF Medicare Supplement Summary is attached.

Bonus: Medicare Supplement plans

An alternative to Medigap (Medicare supplements) is the Medicare Advantage program. You can't do both. Here, we will discuss the benefits through the private health plan, such as a HMO or a PPO. Medicare Advantage plans are an alternative to traditional Medicare. Accepting a Medicare Advantage plan means you must accept its terms, conditions, and specific costs.

A PDF Medicare Part C summary is available.

Medicare Part D prescription drugs can be a complicated benefit. In this section, we will discuss the four phases over the course of a calendar year that a beneficiary could possibly experience. We will also go over enrollment periods for Medicare Part D and how Part D is coordinated with either a Medigap plan or a Medicare Advantage program.

Don't forget to download your Medicare Part D summary.

Bonus: Medicare Part D Graph

Extra Bonus: Medicare Part D Premiums Graph

Although Medicare covers a lot of medical services, it definitely has some gaps, deductibles, and copays. Medicare is not free. Matter of fact, Medicare is said to cover only half of beneficiaries total health costs if they have no extra insurance.

Before you watch the video, here are a few important terms:

Premium: A premium is an amount you pay each month to receive coverage.

Deductible: A deductible is an amount you pay before coverage kicks in.

Co-payment or coinsurance - This is the amount what you pay as you share the cost of each service that you receive.

The timing of Medicare enrollment is so critical. Keep in mind, Social Security Administration automatically enrolls you in Medicare Parts A and B if you are already receiving Social Security disability or retirement payments by the time your IEP rolls around.

But if you are not getting these benefits, you need to apply for Medicare. YOU probably fall in this category!

In this section, we will discuss so many factors affecting your IEP and neglecting your deadline for Part D.

Be sure to download your IEP graph.

This video will discuss Part D that has its own set of rules on enrollment. There is some flexibility, if you are getting drug insurance from another source (for example, a current employer), you may not need to sign up quite yet for Part D. We will discuss this Creditable drug coverage concept so that you will not receive a penalty if you lost this coverage in the future.

We will also take a deep dive into Preexisting conditions. People get this topic confused on so many levels. Preexisting conditions will not affect your ability to get Original Medicare. However, it CAN affect your ability to get a Medigap plan outside the special Medigap Open Enrollment Period. Medical underwriting will apply in most states if you miss this window.

THIS webinar is very important!

In this webinar we will take a deep dive into how a Medicare Advantage Program works. You cannot cancel your Part B even when you enroll in the Medicare Advantage program. We will also answer the question, why would you want to consider getting your Parts A and B benefits through a Medicare Advantage plan?

Then switching gears, a HUGE and deep dive into comparing the OEP and AEP enrollments. They are very different. An Annual Enrollment Period (AEP) and an Open Enrollment Period (OEP) sound like you can make any changes you want. This is not the case and these two enrollment periods need to be understood!

Finally, there are two routes you can take:

1. Original Medicare Parts A and B, a Medigap plan, and a standalone Part D prescription drug plan.

2. A Medicare Advantage plan which will include Part D prescription drug plan.

Most doctors will accept Original Medicare, but not every doctor will accept Medicare Advantage plans. This webinar discusses research that you will need to do ahead of time, especially if you see more than one doctor to determine if they do participate in the plan that you have selected. A list of questions will be addressed in this video.

Also, we will discuss annual decisions you will need to make depending on whether you chose the Medigap or Medicare Advantage route.