Understand Medicare & More
Medicare Supplement
Also known as “Medigap”, is a private insurance plan that works alongside your original Medicare coverage that covers the 20% that Parts A & Part B don’t cover. There are (10) standardized Medicare Supplement plans offered by private insurance companies. This quote is directly from the Medicare & You Handbook, “Every Medigap policy must follow federal and state laws designed to protect you, and they must be clearly identified as ‘Medicare Supplement Insurance.’ Insurance companies can sell you only a “Standardized” policy identified in most states by letters A through D, F, G and K through N. All policies offer the same basic benefits, but some offer additional benefits, so you can choose which one meets your needs.” You typically pay a monthly premium plus the annual Part B deductible which, for 2022, is $233.00. Medicare Supplement plans don’t vary in coverage from company to company, they’re ALL mandated by the Federal Government to cover exactly the same benefits, the only difference is cost.
Medicare Advantage & RX
A form of private health insurance that provides the same coverage as Medicare Part A and Medicare Part B, and may include additional benefits such as dental, vision, and prescription drug. They bundle all the parts of Medicare Part A, Medicare Part B, a Supplement & Prescription Drug plan into one plan that is providing your health care through an Insurance Company of choice.
These plans include the same standard benefits as original Medicare; you must be enrolled in Medicare Part A and Medicare Part B to join. Keep in mind that you are by-passing Medicare to join this plan. The fact of the matter is, you’ve paid into the Medicare system your entire working life, & now you are giving up your rights & options for Medicare by enrolling into a plan that takes the place of Medicare (they DO include all the same benefits as Medicare Part A and Medicare Part B however).
Ancillary Medicare
The great new is that there are solutions to all the areas that Medicare does NOT cover.
LONG TERM NURSING CARE FOR MORE THAN 100 DAYS.
- Skilled Nursing vs. Unskilled needs
- A skilled need: A task that requires the skill of a nurse or physical therapist or speech pathologist.
- An unskilled need: Something that anyone could do (ex. Assisting an elder adult to bathe, dress, groom etc.
What is the difference between Skilled Nursing Care vs. Custodial Care?
Ancillary Forms
Life Insurance
Life insurance most simply put is a tax free dollar amount that becomes available to a beneficiary once an insured person dies. There are two categories of life insurance, one is term life insurance. The other is permanent life insurance. Within those categories, there are several types, for example, permanent life insurance has whole life, and universal life. Within each of those types there are different versions, such as final expense whole life and fully underwritten whole life. Or even with universal life, which could be set up as fixed, variable, or indexed.
