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What is Medicaid?

Medicaid is not to be confused with Medicare, although the two often get mixed up. Medicaid is funded by federal and state governments, helps low-income individuals and families and is really an assistance program. Also, it is for all individuals of all ages.

Each state has different qualifications for Medicaid eligibility, but one thing is constant, income levels do determine eligibility. For seniors to be eligible for Medicaid, they must pass an income, medical necessity and asset test. Should they qualify, they find that Medicaid may actually offer some benefits that Medicare does not, such as routine hearing, dental and vision care, and prescription drug coverage. There are no extra supplement plans needed if you quality for Medicaid.

If at any time you are not certain which program is for you ask a qualified insurance agent, check with the Medicaid and Medicare government websites if you are computer savvy and ask your friends. The more information you have, the better informed your health insurance choices.

Posted on Friday, November 16th, 2018. Filed under Health Insurance.

Many confuse the two government health care plans – Medicare and Medicaid

Right now it is more important than ever to understand the differences between Medicare and Medicaid. Under the new administration, things are changing so rapidly, it is hard to keep track. It may be necessary for you speak to an insurance agent to understand what are the changes may affect you.

Medicare is a federal program for all seniors 65 years of age or over. Medicaid is jointly funded at federal and state levels and is usually intended to serve lower income individuals and families.

To find out what program is right for you, you will need to speak to a highly trained health insurance agent who knows the industry, as well as their products. An insurance agent can help you choose what best suits your needs. While it is confusing, with the help of a qualified insurance agent, the choices are much easier to understand.

Posted on Tuesday, November 13th, 2018. Filed under Medicare.

Medicare offers a lot, but it has limitations

Although Medicare does offer beneficiaries a great deal, there are gaps in the coverage. In order to fill those gaps, seniors will have the opportunity to take advantage of Medicare supplement plans. While Medicare pays 80 percent of all medical costs, patients pay the other 20 percent. The 20 percent can easily be covered by supplemental Medicare plans. These plans can also cover all deductibles, co-insurance and co-payments associated with your Medicare coverage.

It is important to note that Medicare does not offer coverage for hearing, vision or dental. You would need additional coverage for those specific services.

Given that the whole process of getting enrolled in Medicare and choosing Medicare supplement plans is time-consuming, it is best that you make sure you do get enrolled on time. Waiting until the last minute to try and sort out what you need and what is best for your particular situation can cause undue stress and you stand the chance of ending up with something you did not want or need. Always ask a qualified health insurance agent for help if you are struggling with the process of getting enrolled. They are there to help you find what suits your needs and your budget.

Posted on Wednesday, October 31st, 2018. Filed under Medicare.

The skinny on Medicare

Medicare, the federal program, offers health insurance to adults 65-years-old and older. With this program, most people who paid Medicare taxes while working for at least 10 years, are automatically enrolled when they turn 65. If you have not worked for 10 years, then you could possibly be eligible for Medicare through your spouse.

Medicare offers health coverage for basic needs and breaks down into Parts A through Part D. Hospital insurance is Part A and means you are covered for stays in hospitals and for medically necessary needs while there. Part B handles outpatient needs, such as doctor visits. Part C, also known as Medicare Advantage, allows those enrolled to get all the benefits of Parts A and B (there are some limitations). Part D handles prescription drugs.

If you do not know what you need to suit your lifestyle, ask your health insurance agent or broker. They are trained to know every detail you could possibly want to know.

Posted on Tuesday, October 16th, 2018. Filed under Medicare.

Rising Premiums Discourage Americans From Obtaining Insurance

While paying higher insurance premiums has discouraged many Americans from opting in to health insurance, in truth not having health insurance means a person would pay the full cost of medical care if they were hurt or ill.

Americans demand the very best in health care. While medical technology is developing rapidly, with the advancements, the price of medical care is going up. Currently, the price of insurance is built into what the hospital/medical professional is charging for services.

Here is how that works. Health insurance carriers work with a network of medical facilities and physicians to negotiate fees for office visits, prescription drugs, various procedures and other costs. In order to take advantage of the negotiated rates, individuals need health plans. Health insurance plans will cover some or most of any medical costs for insured individuals. However, those who do not have health insurance pay full price for all medical expenses.

Anyone opting out of health insurance because they may think they are healthy does not allow for protection from sudden, unexpected accidents or illnesses. Medical costs escalate quickly and unforeseen medical events can ruin a person’s financial health.

In any situation that requires medical care, it is best to have some form of insurance to help defray expenses. If an employer does not offer medical plans then the individual marketplace is the best place to source affordable options. If you are self-employed, a small business owner, a student or entrepreneur, the individual insurance market is the best option to find a plan that suits your circumstances.

As the current administration has been implementing changes to the health care system, it is difficult to know what kind of policy will suit your situation and budget best. When in doubt, reach out and talk to an experienced insurance agent who can help you choose what type of health insurance policy will protect you at a price you can afford.

Posted on Friday, June 29th, 2018. Filed under Health Insurance.

Buying High Deductible Health Insurance Plans is Trending

Low deductible health insurance plans were once very popular, offering low out-of-pocket expenses in the event of a major medical claim or an emergency. Low deductible health insurance plans still exist, but the trend now is to buy high deductible plans instead.

There are a number of ways to buy a high deductible health insurance plan, with the most common way being to buy a Health Savings Account (HAS). Customers with families are able to save several hundred dollars per month by opting to buy a Health Savings Account plan. HSAs offer one deductible for the family with no co-insurance and once the deductible is met, those on the plan are 100 percent covered.

Many people have difficulty with HSAs and are not able to utilize the full benefits offered. Often, many people do not invest their savings into the account. Regularly adding money the account means the funds in it are tax deductible and any interest earned is tax deferred. HASs are a good investment in you and your health. Perhaps the biggest benefits for account holders is their account can pay for any medical bills. Additionally any funds left over will roll over each year.

When buying a high deductible health insurance plan it is best to add supplemental benefits. In fact the two most often bought plans are the Accidental and Critical Illness plans. Having extra coverage is a smart thing to do as roughly 59 percent of all medical claims filed are for critical illnesses and approximately 19 percent are filed as a result of an accident. It is also important to remember that a health savings account plan covers all wellness exams 100 percent. Wellness exams include immunizations, pap smears, PSA exams, mammograms and colonoscopies.

With the current administration the health insurance marketplace is in flux, if you take the time to research your options, you will find plans that suit your lifestyle and budget.

Posted on Friday, June 1st, 2018. Filed under Health Insurance.