Medigap – Keeping It Simple
Medicare is for people 65 years or older
People under age 65 with certain disabilities
People of any age with End-Stage Renal Disease (ERSD)
People of any age with End-Stage Renal disease (ESRD) (Permanent Kidney failure requiring dialysis or a kidney transplant
Just turning 65 and overwhelmed? Being bombarded in the mail? Your phone ringing off the hook? Don’t know who to trust or where to go? Do you know the difference between a Captive Agent and an Independent Broker and how they can help you with your Medicare Supplement needs? Take just a minute and read about the differences and then we will review some key elements to Medicare
What is a Captive Agent?
A Captive Agent works for one particular insurance carrier, such as BC/BS or Humana, etc. A Captive Agent cannot sell anything but that one carrier. When your policy renews after 12 months of coverage, that Captive Agent has no where else for you to go. They cannot shop for you a better rate because all they have is that one plan.
What is an Independent Agent or Broker?
Our Team at BeniPro Solutions, LLC agents, who watch the Medicare Market daily and who are always looking for the best value. We are Independent, meaning we are not employees of one carrier and we are free to pick and choose the best companies, the industry has to offer. Our goal is pin point focused and that is to find the best value, for each and every client. Unlike Captive Agents who may turn you over to Customer Service after the sale, we at BeniPro Solutions are there for the long haul. We are there for you should you ever have a question or a problem. We are your advocate, your “go to” person, for all your Medicare questions and needs. There’s no need to go shopping when you have us. We do the shopping for you.
What is the difference between Medigap policies?
Medigap policies come in two varieties. A Medicare Supplement and a Medicare Advantage.
A Medicare Advantage plan, frequently called a “Part C”, depending on where you live, is very inexpensive or may cost nothing at all.
Why so cheap?
Because it works very much like a group plan. With a MA plan you do not have Medicare and a supplemental plan, you only have the one plan, through the insurance company.
You pay your premium and Medicare is combined with the insurance plan, as is your Part D coverage (prescriptions). It works very much like a group plan, in that you pay one flat premium, and then you pay co-pays at the time of service, up to an out of pocket maximum which can be quite large. If your healthy and you do not have to see many doctor’s, MA can save you money. But if you are a high utilizer, going often to the doctor, receiving frequent care, a MA plan can co-pay you “to death”, leaving you with a large out of pocket cost.
What is a Medicare Supplement?
A Medicare Supplement is a plan that you buy from an insurance company that will pay what original Medicare Part A & B don’t pay. (You must have Part A & Part B to purchase a Medicare Supplement). A Medicare Supplement will not cover Part D drug costs. With most Medicare Supplement plans there is no co-pays and when you see a physician, you usually do not owe anything and your out of pocket costs are greatly reduced, if not almost completely eliminated. Page 80 of your Medicare Supplement guide for 2018 shows you the Medigap plans available by letter name, A – N. Plan F and Plan G are by far the most popular. No matter what company you buy from, Plan F is Plan F. There is no difference between the plans. Only the premium is different from insurance company to insurance company.