Maximize Your Medicare Newsletter January 23, 2015 Pre-Medicare Spouse or Family? www.jaesinsurance.com has important rules of thumb for those that are not eligible for Medicare. February 14th is an Important Date It is now the Medicare Advantage Disenrollment Period. It ends on February 14th. Remember that if you have purchased a Medicare Advantage plan privately (not a group-provided plan, which has unrestricted rights to change), then you can return to original Medicare. “Original Medicare” means that you are returning to Medicare Part A and Part B, and you have the right to purchase a standalone prescription plan (Medicare Part D). If you want to also elect a Medigap policy, that is possible, but it is very important to note that you may subject to medical underwriting. That is why it is important to act sooner rather than later, because you will want to make certain that you have coverage in case you require medical services or are hospitalized. There are exceptions. If it is the first time that you have elected a Medicare Advantage plan, and within the first 12 months of
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From a client: Dear Mr. Jae Oh, My husband and I are so thankful for your help. We were in need of a special insurance program and could not figure out how to meet the government’s December 7 deadline without finding ourselves locked into the same program we had last year. You phoned after I had searched the Internet for an answer, heard my distress, and created a course of action to solve our concern. This was amazing since you know you would not receive any financial reward for this kindness. We are grateful to you. Thank You! Sincerely, Robert and Phyllis Nulty Northville, MI
FREE ANDROID APP: You enter Date of Birth, and check some boxes. Depending on your answer, out comes a checklist of issues to consider. A perfect place to start for those new to Medicare.
Maximize Your Medicare Newsletter January 23, 2015
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February 14th is an Important Date (cont) selecting that plan, then you can return to original Medicare at any time during the 12-month Trial Period. In this situation, you have a Guaranteed Issue right to be accepted into a Medigap policy without medical underwriting. If you are covered by a Medicare Advantage plan that is provided by an employer, then you do not have this same restriction. You have the right to cancel that plan voluntarily (or involuntarily due to cancellation by the employer) and revert to original Medicare. In this situation, you have a Guaranteed Issue right to be accepted into a Medigap policy without medical underwriting. If this seems unlikely, read on….
An Example of Weakening Employer Plans If you think that you are “stuck” with your existing plan that is provided by your previous employer, then this is a fundamentally incorrect conclusion. Let’s take a look in Michigan, where retired public school educators are covered by a number of options. You can see the grid online: http://www.michigan.gov/documents/ R379C_135126_7.pdf
SEND JAE YOUR PERSONAL QUESTIONS and REQUESTS Jae [at] maximizeyourmedicare [dot]com or CLICK THE ICON FREE ANDROID APP: You enter Date of Birth, and check some boxes. Depending on your answer, out comes a checklist of issues to consider. A perfect place to start for those new to Medicare.
Maximize Your Medicare Newsletter January 23, 2015
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People don’t know how Medicare works. People you know may not discuss it with you for personal and private reasons. This should NOT be mistaken as: “My friend doesn’t talk about it, so he/she get it.” Help them: share this.
An Example of Weakening Employer Plans Michigan Public School Employees Retirement System You can elect a PPO or one of 4 HMOs. The PPO has a $850 deductible. When you consider the premium and then add it to $850, then you will receive an average premium which is comparable to certain Medigap plans. Under the PPO, there are additional out-of-pocket expenses after you meet the deductible. The prescription drug benefits are good in that there is no Coverage Gap, and a low out-of-pocket maximum ($1000) for prescriptions. That said, the running cost of refills will be higher than many Part D plans. It’s Common We can expect weaker retiree plans going forward for a variety of reasons. Private and public employers: it doesn’t matter, both are attempting to deal with larger retiree numbers, and limited financial resources, along with higher healthcare costs. Guaranteed Issue The question then becomes: can you change? The answer is yes. A. You can choose a different Medicare Advantage plan without restriction. You will need to be careful to avoid a lapse in coverage. B. You can elect both a Medicare Part D and a subset of Medigap plans. It is important to note that you have Guaranteed Issue rights for Medigap plans A,B,C, F, K, and L. For other plans, you may be subject to medical underwriting. (read more)
SEND JAE YOUR PERSONAL QUESTIONS and REQUESTS Jae [at] maximizeyourmedicare [dot]com or CLICK THE ICON FREE ANDROID APP: You enter Date of Birth, and check some boxes. Depending on your answer, out comes a checklist of issues to consider. A perfect place to start for those new to Medicare. And...It’s FREE.
Maximize Your Medicare Newsletter January 23, 2015
Connect and Share Maximize Your Medicare everywhere:
People don’t know how Medicare works. People you know may not discuss it with you for personal and private reasons. This should NOT be mistaken as: “My friend doesn’t talk about it, so he/she get it.” Help them: share this.
An Example of Weakening Employer Plans Are there complications to consider? Yes, and the answer to these can be the deciding factor. 1. Some employer-provided plans will allow you to switch back and forth. Some will not. 2. Some employer plans will allow your spouse to stay covered, even if you opt out, and some plans do not. These are the two most obvious and there are more, so you should consider carefully. That said, the difference in costs and coverage can make it very worthwhile, especially if you are facing substantial medical attention.
The “Advisor” Fallacy If you don’t get healthcare cost planning correct first, it is difficult to rest easy. The problem: wealth management, stock brokers, etc usually have no idea how healthcare cost planning and Medicare work, how much it costs, nor the resulting risks that follow. They leave it to you to figure it out, by yourself. Healthcare cost planning affects your household risk, which means that it would fundamentally alter your investment and entire retirement plan. My (very biased opinion): get healthcare cost planning right FIRST, and then you can pursue all other objectives. You can find out more at the new, cleaner www.jaewoh.com.
SEND JAE YOUR PERSONAL QUESTIONS and REQUESTS Jae [at] maximizeyourmedicare [dot]com or CLICK THE ICON FREE ANDROID APP: You enter Date of Birth, and check some boxes. Depending on your answer, out comes a checklist of issues to consider. A perfect place to start for those new to Medicare.