Medicare & Long Term Care

Medicare & Long Term Care

Medicare

Are you turning 65 and eligible for Medicare? Fill the gaps with extra benefits. Learn what Medicare Supplement plans will work for you.

​You may be asking yourself the question:

What is a Medicare Supplement plan?

Medicare Supplement, or Medigap, insurance plans fill in “gaps” in basic benefits left behind by Original Medicare, Part A and Part B, such as deductibles, coinsurance, and copayments.

What to do in those 3 months BEFORE turning age 65:

1. Three months prior you can begin applying for your Medicare Part A (Hospital Insurance) and Part B (Medical Insurance). You can do this quite easily online at ssa.gov or if you prefer, you can contact your local Social Security Office for assistance on the enrollment.Part A (Hospital Insurance) is free. Part B (Medical Insurance) you must pay a monthly premium so you can turn that down, if you’d like.If you chose not to enroll in Medicare Part B when initially eligible, your coverage may be delayed and you may have to pay a higher monthly premium for as long as you have Part B.This will not apply if you are coming off an Employer Sponsored Group plan.
2. Once you submit your application to the SSA, you will receive a Medicare ID number. Once you have that ID number, you can begin to apply for your Medicare Supplement and PDP (RX) plan or a Medicare Advantage plan.
3. The application for your Medicare Supplement/PDP or Medicare Advantage plan should be completed 30-45 days prior to the month you turn 65 so that the insurance carrier can process the application. This will allow ample time to receive your ID cards and Welcome Packet before the coverage actually begins.

Long Term Care

Long Term Care could be one of the best purchases you decide to make for yourself and your loved ones.

 About 70% of people over age 65 will need Long Term Care services in their lifetime with expenses that could easily reach over $250,000+ in out-of-pocket costs.

Most health and disability income insurance policies will not cover Long Term Care expenses, nor will Medicare. As people age, they begin needing assistance with daily tasks like getting dressed, bathing, eating or transferring to a wheelchair. This is where a Long Term Care policy becomes so important.

 The key to protecting your assets from this potentially devastating financial burden on your family is to PLAN AHEAD. By securing a Long Term Care policy when you are in your 50’s or 60’s can allow you and your family to have peace of mind knowing that you can help spare your family from this major outlay of costs in your elder years when you begin to need assistance.

Long Term Care includes In-Home Care, Assisted Living, Nursing Facility/Residential Care. Policies have an Elimination Period of 60/90/180 days, a daily maximum benefit for up to a certain duration of time (3 years/5 years) and a maximum policy benefit.