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Medicare Basics update 11 22 2020

Turning 65?

Want to change Gap plans?

Need help navigating Medicare? 

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marc cuniberti

 

Medicare time is upon me and as a licensed insurance agent I can write the policies myself. Although Medicare is part of my continuing education for my life and health certifications from the Department of Insurance, the brief material on Medicare was not enough for me to make an educated selection. I therefore joined up with an insurer who offers the supplements and I am now knee deep in materials.

Many people reach the qualifying age of 65 since I am approaching that age I ask folks what Medicare plans they have selected.

To my surprise, many don’t know what exact Medicare options they have selected. That being said, it makes me wonder why so many people don’t understand what they have.

Either they are not taking adequate time to learn Medicare or whoever they are asking for help from are not explaining the options very well. Whatever the case may be, understanding the basics and what is available is time well spent.

Medicare has gone through many changes. There are the government basic plans offered direct through the government and then the supplemental plans called Medi-Gap and Medi-Advantage.  These fill in the holes not offered by Plans A and B. Different plans and options can address individual situations.

To begin with., all plans are designated by alphabetical letters.

Medicare part A and part B are the government offered coverages and everyone starts with these.

Generally speaking, A is for hospitalization needs and generally covers inpatient hospital stays, skilled nursing care, hospice care, and limited home health-care services.  B is for Doctor needs and helps pay for services from doctors and other health care providers, outpatient care, home health care, durable medical equipment, and some preventive services.  A is free for the most part but can have some payments required such as deductibles. B is not free but dependent on one’s income and like A, can also have required out of pocket expenses.

Then rest of the parts of Medicare you must procure through private insurers.

These insurers, of which there are many, must adhere to certain guidelines set by the government.

These insurers sell plans called “supplemental” plans commonly referred to as Medi-Gap plans. These gap plans cover things that Plans A and B do not. There is also is the hybrid Medicare part C, called Medi-Advantage, which stands alone on how it works.

In simple terms, once you get plans A and B, you either get a supplement plan(s), or Medi-Advantage part C, but not both.

Which plans and options one can choose is also dependent on where one lives.

If it sounds confusing, that’s what I thought. And truth be told, it’s probably why the many folks I talked to didn’t know exactly what it is they bought.

And although the government stipulated plan benefits must be identical no matter what insurer you buy it from, they authorities did not stipulate they all have to offer them to you at the same price. In other words, you could pay more for the exact same plan depending on the insurer you buy it from.

Depending upon how many ills one might have, how often you go to a doctor, how many prescriptions you may have, if you want to keep your current medical providers or not and balancing your monthly premium desires with your out of pocket expenses expectations, this will all lead you in the direction of selecting the best plan for your situation. To select the best and most affordable plan for your situation it will likely require some hours spent in front of the computerAlthough special circumstances will mean automatic enrollment and age exceptions for some, in general, there is an enrollment period that starts 3 months prior to your 65th birthday and ends 3 months after the month of that birthday.

Missing this enrollment period can lead to problems for some so don’t overlook it. You likely won’t have to be reminded as your mailbox will likely start to fill with offer after offer from Medicare providers as you approach your 65th birthday. As always watch for scams and double check everything before you buy as changing plans later can have restrictions. Newbies can start by visiting www.medicare.gov. . Finding a Medicare specialist insurance agent will also help in your final selections,

This article offers the opinions of Marc Cuniberti only and does not necessarily represent those of any news media, its staff, members or underwriters. Content or statements are not guaranteed. Mr. Cuniberti holds California Insurance License #0L34249. His website is moneymanagementradio.com. He can be reached at (530) 559-1214.

 

 

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There are many financial products in the market, and so choosing the ones that best meet an individual client’s needs can be complicated.  Informed decisions about the products in any portfolio are best made after an assessment of individual needs. After speaking with Marc, you are better informed when the time comes to choose from a comprehensive lineup of products and services the markets offer investors and with Marc's help you can select those that address your unique situation.

 

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Insurance is essential to any comprehensive financial security plan. If tragic events like death, disability or critical illness strike, insurance can protect you and your family from undue hardship. Some life insurance policies also provide tax-advantaged savings that you can draw on to achieve goals like buying a house or retiring comfortably.

I have access to a variety of insurance products that can help meet your financial security planning needs. No matter your personal situation—if you’re single or in a family; a professional or a seasonal employee; an executive or small business owner—we will work together to design a customized plan.

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Life insurance

In the event of death, life insurance offers surviving family members increased financial security. As a tax-free lump sum payment, it can pay for final expenses and debts, as well as provide income for the deceased’s dependents.

The advantages of life insurance include:

  • An instant estate for your loved ones at a time when funds are most needed
  • Death benefits that are almost always non-taxable for named beneficiaries
  • Avoid probate costs if you name a beneficiary other than your estate
  • Potentially offer your loved ones creditor protection through some life insurance plans
  • Build tax-advantaged capital for retirement purposes or provide liquid savings through some permanent life insurance plans

I can help you select coverage from a variety of life insurance options to meet the needs identified in your financial security plan.

Life insurance can play a vital role in your financial security plan - contact us today to find out how.

 

Long-term Care, Disability and Critical Illness insurance, Lifetime income strategies

Help protect one of your most valuable assets – your income – from unexpected events through long-term care, disability and critical illness insurance.

Income is important for both current financial obligations (e.g. grocery bills and mortgage payments) and for future financial security (e.g. planning for your children’s education or for retirement). Just think what might happen if you suddenly lost your income stream through a long-term illness or disability.

Long-term care and disability insurance products help protect your ability to earn an income, which can be affected if you are afflicted by a disability or other condition.

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  • Helping maintain your financial independence, lifestyle and long-term financial security plan in the event your income is impacted by disability
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  • Support the buy-out of a disabled partner’s share of a business

I can help you tailor your financial security plan so it protects your income through long-term care and disability insurance. Contact me today to find out how.

 

Critical illness insurance and Medicare Policies

Suffering a critical illness is distressing for both you and your family. Help ease the burden through insurance that will reduce financial stresses and can complement disability and life insurance protection needs. By helping pay for the additional expenses often associated with a critical illness or condition, insurance offers you, your family, and if applicable, your business, added financial security—so you can focus on recovery.

The advantages of critical illness insurance can include:

  • Coverage for up to 22 critical illnesses or conditions
  • An initial lump-sum benefit you can use however you wish—from making mortgage payments to seeking medical treatment outside Canada
  • Home-care costs during illness and recovery periods
  • Even if you’re not disabled from working, you may receive payment
  • The ability to provide a return of premium benefit (optional)
  • Individuals who cannot obtain disability insurance in some cases still qualify for critical illness coverage (e.g. a non-income earning spouse)
  • Medicare Policies and information. Let me walk you through the best options for your situation

Contact me today to determine whether critical illness insurance fits into your financial security plan.

 

There are also new “hybrid” plans available that combine the benefits of life insurance or annuities with long term care coverage and at a cost that may be more affordable than you think. Contact me today so we can assess your needs and develop the best strategies for your specific situation to give you the peace of mind you require and protect your family and loved ones.

 

Mark Cuniberti- California Department of Insurance License # OL34249

 

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