Medicare

Medicare is a federal program that offers health insurance to American citizens and other eligible individuals ( click HERE for eligible individuals) . The program is often called Original Medicare. It has two parts—Part A and Part B.
Medicare Part A in general provides coverage for inpatient care, including care received in a hospital, skilled nursing facility, hospice care and home health care.
Medicare Part B in general provides coverage for doctor visits and outpatient services.
Original Medicare (Parts A and B) covers many medical and hospital services, but it doesnt cover everything, including prescriptions. If you need services Part A and B does not cover, you will have to pay for them unless
– You have coverage (including Medicaid) to cover the costs
– You are enrolled in a Medicare Advantage Plan or Medigap plan that covers theses services.

The Cost of Original Medicare varies by the number of years worked and your Modified Adjusted Gross Income click HERE for details.

Medicare and You Handbook – the official US government Medicare Handbook. Click HERE

Ready to enroll in Medicare Part A & Part B click HERE

Medicare supplement plans, also known as Medigap plan may cover some of your Medicare Part A and Part B out of pocket costs, like copayments, coinsurance, and deductibles. A Medigap plan is meant to pay what Part A and Part B of Medicare plans do not cover in full. There are 10 standardized Medigap plans and they are offered in every state except Massachusetts, Wisconsin and Minnesota. The ten plans range from Plan A to Plan N. Each plan is different and offers a unique combination of coverage and deductibles.

• You must have Medicare Part A and B .
• Pay only after Original Medicare (Parts A & B) little or no out-of-pocket cost after monthly premium.
• No Network you can see any provider in the US that accepts Medicare.
• Plans A,B,C,D,F,G,K,L,M,N are standardized benefits with all carriers nationwide.
• Plan F was phased out January 1 2020, making it ineligible for new enrollees unless you were eligible for Medicare before January 1, 2020.  Plans A,B,C,D,F,G,K,L,M,N are standardized with all carriers nationwide.
• Even though benefits are standardized the premium cost may vary by plan , carrier and state.
• If you apply for Medigap coverage after your open enrollment period, there’s no guarantee that an insurance company will sell you a Medigap policy if you don’t meet the medical underwriting requirements.
• Guaranteed Issue Open Enrollment-6 months beginning with Part B effective date at age 65 or older.

Medicare Part D includes:

• Must have Medicare Part A or Part B.
• Coverage is provided through private insurance plans
• Plans have different drug formularies and cost structures.
• Can be purchased either stand-alone or as part of Part C/Medicare Advantage plans.
• No pre-existing condition clause, plans must accept all eligible that enroll.
• Important to enroll when first eligible (unless you have creditable drug coverage), otherwise will incur a penalty for the rest of your life if enrolling later (unless eligible for Low Income Subsidy).

Two ways to get Part D drug coverage:

• If beneficiary has Medicare A & B, they can purchase a stand-alone prescription drug plan
• If beneficiary has Medicare Advantage Plan, Part D is generally included in the plan.

Medicare Advantage includes:

• Medicare Advantage plans, also known as Part C gives you a way to get your Medicare part A and B benefits through a private insurance company that contracts with Medicare. Medicare pays a fixed amount for your coverage each month to companies offering Medicare Advantage plans. These plans must meet federal requirements to provide the same benefits for Medicare Part A and Part B, but they are not run by the government. It is simply a different way of getting Medicare Part A and Part B coverage.
• Must have Medicare Part A or Part B.
• You must continue to pay your Medicare part B premium.
• Coverage is provided through private insurance plans.
• Plan options available in most states HMO, POS and/or PPO.
• Some Medicare Advantage plans have premiums as low as $0 per month.
• Private Insurance plans have Provider Networks required for in-network coverages .
• Plans have yearly limit on your out of pocket costs for Medicare covered medical services. Once you reach that limit, you’ll pay nothing for covered services.
• Most Medicare Advantage plans include prescription drug benefits.
• Most Medicare Advantage plans include extra benefits such as routine dental, vision, hearing and fitness programs

Medicare does not pay for health care outside the U.S and Medicare Supplement Plans have a $50K lifetime maximum- Travel Medical Insurance can help protect you and your family while traveling abroad, ask us about the Senior Hopper Travel Plan.

GlobeHopper® Senior Single-Trip

Short-term, travel medical insurance for travelers age 65+Addresses the insurance needs of U.S. citizens and U.S. permanent resident seniors who need temporary medical insurance while traveling outside the U.S.
Highlights:

• Short-term travel medical coverage
• Coverage for individuals and spouses
• Two plan designs – Single-Trip and Multi-Trip
• Maximum Limits from $50,000 to $1,000,000
• Numerous deductible options
• Available in daily and monthly premium rates
• GlobeHopper Senior Single-Trip is extendable up to 12 months
• Freedom to seek treatment with hospital or doctor of your choice
• 24 hour secure access from anywhere in the world to manage your account at any time

Who the plan is designed for:

• U.S. citizens and U.S. permanent residents 65 years of age or older, who are qualified for Medicare, actively enrolled in Medicare Parts A & B and enrolled in a Medigap Plan or Medicare Advantage Plan

You have enough to worry about when you’re traveling. Don’t let your medical coverage be an uncertainty. IMG has developed two GlobeHopper® Senior plan options that offer a market leading, affordable travel medical insurance that bridges the gap left by other limited domestic plans that do not cover seniors when they leave the U.S. GlobeHopper Senior Single-Trip helps protect travelers who need travel medical insurance coverage from five days up to 12 months while on a single trip. GlobeHopper Senior Multi-Trip offers flexible protection to frequent travelers who prefer to purchase an annual plan to cover multiple trips throughout a 12-month period, with each trip covered up to 30 days maximum.

Additionally, the plans offer excellent benefits and services to help meet your global travel insurance needs. You have access to IMG’s international, multilingual customer service centers, claims administrators who process claims from all over the world, handling virtually every language and currency, and 24 hour access to highly qualified coordinators of international emergency medical services and treatment. You can also choose from a wide range of deductibles, several Maximum Limits, and you have access to more than 17,000 providers through our International Provider

Click HERE for a quote

THE INFLATION REDUCTION ACT (IRA) BRINGS BIG CHANGE

This year’s Medicare Advantage and Part D Annual Election Period (AEP) brings big changes thanks to the Inflation Reduction Act (IRA).

Now more than ever, it’s important to watch for your plan’s Annual Notice of Changes (ANOC) letter. If you haven’t received this letter by the end of September, reach out to your plan.

Standalone Part D plans and MAPD prescription drug coverage may see changes in 2025. Plan adjustments may include:

• Premium changes
• Updated copays on different tiers of drugs
• Drugs changing tiers or being removed from the plan

You can learn more about the prescription drug plan changes from the official website:
https://www.medicare.gov/about-us/prescription-drug-law

*Source: https://www.medicare.gov/about-us/prescription-drug-law “Saving money with the prescription drug law”