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Insurance & Investment Products
Medigap (Medicare Supplement) refers to various private supplemental health insurance plans sold to Medicare beneficiaries that provide coverage for medical expenses not or only partially covered by Medicare.
Medigap plans may cover things like:
Part A coinsurance and hospital cost up to an additional 365 days after Medicare benefits end.
Part B coinsurance or copayments
Part A hospice care coinsurance or copayment
Skilled nursing facility care coinsurance
Part A deductible
Part B deductible
Part B excess charge
Foreign travel emergency care
Some plans also limit your overall out-of-pocket costs. Not all Medigap plans cover all of these things, and some include just a portion of these expenses.
It’s important to know that you can only use a Medigap plan if you have Original Medicare (Parts A and B). As of 2020, there are eight different Medicare Supplement plans sold to new beneficiaries: A, B, D, G, K, L, M, and N. Each Medicare Supplement plan must include the same standardized benefits regardless of carrier and location.* However, different types of Medicare Supplement plans offer different levels of coverage. (For example, Plan N offers different coverage levels than Plan G). Medigap policies are guaranteed renewable, which means—as long as you pay the premium—they can’t be canceled for health reasons.
Call us today for an extensive explanation of Medicare benefits and the additional coverage that are available to you.
Medicare Advantage & Part D
Medicare Advantage (like an HMO or PPO) is another Medicare health plan choice for 65 and older individuals or individuals under age 65 with certain disabilities. Medicare Advantage Plans, sometimes called “Part C” or “MA Plans,” are offered by private insurance companies approved by Medicare.
Centers for Medicare and Medicaid Services (CMS) requires Medicare Advantage plans to provide the same coverage as Parts A and B, so you don’t have to worry that you’re going to miss certain benefits if you opt for Part C instead of Original Medicare.
Part C plans may also include:
Dental, vision and hearing benefits
Coverage for long-term care
Prescription drug coverage, such as what you might get through a Medicare Part D plan
Member discounts and other perks
Medicare Part D plans are prescription drug plans, also known as PDPs. You can purchase a Part D plan from a private insurance company in addition to the Original Medicare. Most Medicare Advantage plans include Part D coverage, as well.
Annuities (Lifetime Income)
There are generally two types of annuities sold - fixed and indexed. Annuities typically offer tax-deferred growth of earnings, lifetime income and may include a death benefit that will pay a beneficiary a specified minimum amount. Most investors know that the stock market can be volatile. Annuities offer a viable method to safeguard your future.