More Medicare and Medicare Supplements Misconceptions

It's amazing how many people think they can only switch Medicare supplements during the anniversary enrollment period of November 15th to December 31st. This isn't the truth. The reality is that they can switch at any time during the year, so long as they are medically qualified to do so. So make sure that detail is taken care of before trying to switch over.

In other surprising news, Medicare Advantage plans are losing their appeal from the point of view of the government. Well Care and Coventry, two big names in Medicare health insurance, will no longer offer Medicare Advantage as of 2010. They will be totally out of business, as they can't afford to offer the Medicare Advantage plan any longer. Why? The reason is because the government is reducing funds paid out to companies offering Medicare Advantage.

To learn more about Medicare, Medicare supplements, or Medicare supplement insurance visit GoMedigap.com.

Medicare Supplement Realities

It's always best to be cautious about applying for the various benefits older people are entitled to, as many of them have certain restrictions or qualifications that those applying don't know. This is where you take the time to always check the requirements and never assume anything. When in doubt, contact a local Medicare insurance agent who has the inside information.

It's a lot easier to find out what the real scoop is than to find out at the last minute that what you assumed was the case (that you could possibly get Medicare at age 62, like Social Security) is a myth and you have to wait three more years and pay out a lot of extra money for insurance.

To learn more about Medicare, Medicare supplements, or Medicare supplement insurance visit GoMedigap.com.

Read Your Policy

We tell people this all the time, "Read your health insurance policy and make sure you are getting what you think you are getting." Unfortunately many people just take the policy home and put it "someplace safe" and forget about it until they need it.

Most often these same people won't have any problems until one day when they hit the wall regarding something they thought they were covered for, and it turned out that they weren't. That meant they were forking out bucks for medical care and not happy about it. This could have been avoided if they knew what their policy really covered.

To learn more about Medicare, Medicare supplements, or Medicare supplement insurance visit GoMedigap.com.

Medicare and COBRA or Private Insurance

If you've tried to get Medicare at 62 and found out you have to wait until you are 65, think COBRA. COBRA offers temporary continuation of health coverage at group rates. While this may be less expensive than private insurance, it is still a lot higher than those living on a budget may be able to afford. If you're thinking of buying health insurance from a private health insurance company, you may be facing up to $300 per person per month for coverage until you turn 65.

Do the math! For a single senior at age 62, the amount of money they would need to hand out to have health insurance would be up to $10,800 for three years or double that for a couple. Living on Social Security benefits and a pension may not allow people to find that kind of extra money.

To learn more about Medicare, Medicare supplements, or Medicare supplement insurance visit GoMedigap.com.

Medicare Misconceptions

One misconception is you can get Medicare and Medicare supplements at the age of 62, just like applying for Social Security.

Nope – you can't do this. You cannot get Medicare and Medicare supplements at the age of 62. Don't make the mistake of planning your retirement thinking you have those supplements to go along with Social Security. If you do this, you will find yourself stuck between a rock and a hard place.

You are only able to get Medicare and Medicare supplements when you turn 65, no earlier. The problem is people are assuming, without checking, that because they are able to get Social Security at 62, that the same is true for Medicare and Medicare supplements.

To learn more about Medicare, Medicare supplements, or Medicare supplement insurance visit GoMedigap.com.

Medicare and Early Retirement – Check Your Facts

We've seen many cases of couples and individuals who took retirement early thinking they'd have not only Social Security, but also Medicare to help defray the expenses. Unfortunately, those same individuals have found themselves in a real jam having to try and find other insurance to fill in the gap until they reach 65. You just can't get Medicare at 62, no matter what anyone tells you.

While sourcing other insurance isn't usually a problem, the price of the insurance, if you're 65 or over, is another matter altogether. In most instances you'd need the Consolidated Omnibus Budget Reconciliation Act (COBRA) or to buy health insurance from a private insurance company. Always ask your local Medicare insurance agent the real facts.

To learn more about Medicare, Medicare supplements, or Medicare supplement insurance visit GoMedigap.com.

Bigger Medicare Supplement Insurance Companies Have Better Doctor Networks

There is a myth floating around that bigger Medicare supplement insurance companies have much better doctor networks and take more patients on Medicare. This is a myth.

The truth of the matter is that any doctor that takes Medicare will accept any standard Medicare supplement insurance, no matter the size health insurance company offering it. This of course implies that there is non-standard Medicare coverage, something that needs to be discussed with a local Medicare health insurance agent.

There is a big difference in how health care operates with Medicare as compared to how it operates prior to age 65. When a person is under 65 and on a company or individual health insurance policy, they have to worry about seeing doctors within that particular insurance providers PPO or HMO network.

Once they have Medicare and a Medicare supplement it changes considerably. Because of the standardization of Medicare supplement plans, they no longer have to worry about whether one insurance provider is going to provide better access to a larger group of doctors; or if a doctor will choose to take one Medicare supplement insurance company’s plan versus another.

If the doctor accepts Medicare supplements he or she will accept a Standard Medicare supplement policy from any insurance company – whether it be a very large company everyone’s heard of or a very small regional insurance company providing Medicare supplements.

A lot of this has to do with the standardization of plans and claims processing by Medicare. What’s great about this is that, once a person has determined which plan they prefer, they may shop the market to determine who is going to give the best rate. This gives the peace of mind that the plan will work the same no matter from which company it was purchased.

So, go figure out which plan is the preferred one and find a reputable Medicare supplement insurance agent who brokers several companies to help people determine which company will provide the best rate for this standardized coverage.

To learn more about Medicare, Medicare supplements, or Medicare supplement insurance visit GoMedigap.com.