medicare supplement plan Archives - Page 2 of 6

Everything You Need to Know About Renewing Your Medicare Supplement Plan

Are you thinking about purchasing a Medicare Supplement Plan, or have you already signed up for one? Great choice: while Medicare covers most of the medical services you’ll need, there are still out-of-pocket expenses for beneficiaries, including a 20% Medicare Part B coinsurance and Parts A and B deductibles. This can add up to a lot of money, so having a Medicare Supplement Plan to fill the gaps in Original Medicare is definitely the way to go! But if this is your first time dealing with one of these plans, you might be unsure exactly how they work: are they like individual plans in that you have to choose a new one every year? Do you have to renew your plan or does it renew automatically? Do the rates go up? Can you change plans if you aren’t renewing it? Fortunately, there are simple answers to all of these questions!

green check mark — *When your Medicare Supplement Plan renews, you are approved regardless of your health status.*

Guarantee Renewable

When it comes to renewing your Medicare Supplement Plan, there’s actually nothing you need to do except pay your monthly premiums: these plans renew every time you pay your premium, and there’s nothing you need to do annually to renew them. And not only that, but the plan cannot drop you: Medicare Supplement Plans are what’s known as “guarantee renewable,” so you can keep your plan for as long as you like, regardless of your health, your location, or any other factors that can change in your life.

Rate Increases

One thing that many Medicare beneficiaries are unaware of is that the rates for Medicare Supplement Plans typically increase every year. Your insurance company will notify you of any rate increases 30-45 days before the new rates go into effect, so look for any information as the end of your plan year rolls around; if you find that rates are increasing too much for you, you do have other options.

Changing Medicare Supplement Plans

If you’re unhappy with the price of your plan, or if your circumstances change and you find you need a different level of coverage, you have the option to change your Medicare Supplement Plan under certain circumstances. You can switch plans:

plan a scratched out, plan b scratched out, and plan c left — *If your plan doesn’t suit your needs, EZ can find you a better plan that does.*

During your 6-month Medicare Open Enrollment Period.
If you lose your plan through no fault of your own.
Within 30 days of enrolling in your current Medicare Supplement Plan. You have a 30-day “free look period” to test out your plan and make sure it’s right for you.

If you want to switch plans outside of these circumstances, you will have to go through the underwriting process and answer some health-related questions, such as:

Do you have diabetes with major complications?
Have you had a heart attack in the last year?
Have you been diagnosed with major heart conditions or cancer in the past 2-3 years?

If you have any health conditions like the ones asked about above, you could be denied coverage, or be charged more for your premiums.

If you are looking for a Medicare Supplement Plan, or want to change your current plan, come to EZ.Insure and speak to one of our knowledgeable agents. We understand that you want to find great coverage at an affordable rate, especially if you’re living on a fixed income, so we’ll compare all available plans in your area to find the right one for you. We work with the top-rated Medicare Supplement Plan insurance companies in the country and can find you a plan that could save you hundreds of dollars each year! To get free quotes, simply enter your zip code in the bar above, or to speak with a licensed agent, call 888-753-7207.

Can I Have A Medicare Supplement Plan & A Medicare Medical Savings Account?

As a Medicare beneficiary, you have options when it comes to filling the gaps in your coverage, including Medicare Supplement Plans and Medicare Medical Savings Accounts (MSA). Both can help you save money on your medical expenses, and you might be wondering if you can have both at the same time, since you are probably looking to save as much money as possible! Unfortunately, depending on the circumstances, you might not be able to have both at the same time; to better understand how you can get optimum savings, you first have to understand how these two plans can save you money in different ways, which is a better fit for you, and how you can make them work together.

How A Medicare Medical Savings Account Works

Medicare Savings Account plans are two things: a special bank savings account and a type of high-deductible Medicare Advantage plan. Here’s how they work:

The plan will deposit money it receives from Medicare into a bank account for you each year.
You will be able to manage the money in the account and use it for qualified medical expenses before you meet your high annual deductible – essentially, you’ll be paying 100% of your medical costs upfront from the account until you reach your deductible. You should be aware that your deductible could be more than what you get in your bank account, so you should be able to cover the difference.
Once you meet your high deductible, your plan will cover 100% of qualified expenses.
You can choose to see any provider that accepts Medicare patients.
Plans cover dental, vision, hearing, and long-term care, which Original Medicare does not.
There is no premium; you continue to pay your monthly Part B premium to Medicare.
The money you withdraw will be tax-free, and the account might accrue tax-free interest. The money rolls over each year.
You may not deposit your own money into the account, and you will be penalized if you withdraw it for anything other than qualified medical expenses.
In most cases, you cannot have other insurance that would cover medical costs before you meet the MSA’s yearly deductible, but there are certain circumstances when you can.

What Medicare Supplement Plans Cover

hospital bed — *Medicare Supplement Plans can help cover hospital bills, and any other medical bills.*

A Medicare Supplement Plan is a more traditional way to cover gaps in your Medicare coverage; these plans are offered by private insurance companies and work like individual health insurance. There are typically 10 different Medicare Supplement Plans on offer, depending on the state you live in; each offers a different level of coverage at a different price point. These plans cover some medical costs that are not covered by Medicare, including the 20% Part B coinsurance you are responsible for. Depending on the plan, it can help cover the costs of:

Medicare Part A coinsurance and hospital costs (up to an additional 365 hospital days after Medicare benefits are used)
Medicare Part B coinsurance or copayment
The first three pints of blood for a medical procedure
Part A hospice care coinsurance
Skilled nursing facility coinsurance
Part A deductible
Part B excess charges
Foreign travel emergencies

How A MSA & Medicare Supplement Plan Work Together

If you already have a Medicare Medical Savings Account, you cannot buy a Medicare Supplement Plan. However, if you already have a Medicare Supplement Plan, you do have the option of joining a Medicare MSA plan; in this case, you will be responsible for paying your premiums, as well as meeting your MSA plan’s deductible. You should be aware that, if you drop your Medicare Supplement Plan while you have a MSA, you might not be able to get your plan back; however, if it is your first time joining a MSA Plan, and you have had the MSA plan for less than a year, you can get your Medicare Supplement Plan back.

If you, like many Medicare beneficiaries, are living on a fixed income, you know how important it is to save as much money as you can on necessary things like medical expenses. While you might be tempted to get a MSA, you should first look into a Medicare Supplement Plan, since they offer a broader range of coverage. You’ll have 10 plans to choose from, and if you decide to add an MSA at a later date, you can still do so! If you’re not sure where to start, come to EZ: we can compare plans and their costs, as well as go over your budget and medical expenses in order to find a plan that meets your specific needs, while saving you money. To get free Medicare Supplement Plan quotes, simply enter your zip code in the bar above, or to speak to a local agent, call 888-753-7207.

Medicare & Thyroid Tests

Thyroid conditions are very common in people over 60, and chances of developing them increase with age. In fact, an estimated 20% of women over the age of 60 have some form of thyroid disease. Each kind of thyroid condition – hypothyroidism and hyperthyroidism – has different symptoms and treatments associated with it, and being able to identify each of them can help you get the necessary treatment more quickly. But when it comes time to talk to your doctor about a thyroid condition, will Medicare cover the tests?

Thyroid Disorders

picture of man and woman's insides with the thyroid and other functions showing — *The thyroid gland can produce too little or too much hormone in your body, causing abnormal changes*

Your thyroid gland is located in your neck below the voice box, with two lobes on each side of the windpipe. It produces hormones that regulate your metabolism, T3 and T4, which are essentially chemical messengers that control your metabolism and mood. If your thyroid either makes too much or too little thyroid hormone, your body will experience certain changes. There are two different conditions related to too much or too little thyroid hormone:

Hypothyroidism– This is the most common type of thyroid condition in seniors, with up to 1 in 4 patients in nursing homes dealing with it. It is caused by the underproduction of thyroid hormones and results in a low metabolic rate. Symptoms include sleepiness, dry skin, joint and muscle pain, constipation, intolerance to the cold, and weight gain.
Hyperthyroidism- With this condition, your metabolism increases because your thyroid produces too many hormones. Symptoms include mood swings, hyperactivity, swelling in the neck, diarrhea, and muscle weakness.

If you experience any of the symptoms above, talk to your doctor so that you can get tested for a possible thyroid condition. In order to test for a thyroid condition, your doctor will take a blood sample, which can be done at their office or at a laboratory. If the lab work reveals that you do have a thyroid condition, you can get the proper treatment to help control it and decrease your chances of any other conditions developing or worsening.

Medicare Coverage For Thyroid Tests

Thyroid disorders that occur in older individuals can disguise themselves as other conditions, so in order to confirm or rule out a thyroid disorder, you need to get tested. Medicare covers thyroid testing and screening: anything that is done on an inpatient basis will be covered by Medicare Part A, and anything done in an outpatient setting will be covered by Medicare Part B, if your doctor orders the test. The criteria you will have to meet in order for Medicare to cover thyroid testing include:

Having symptoms that could be linked to your thyroid.
Your doctor confirming that it is medically necessary
Getting the test done at a Medicare-approved laboratory.

If you are not at risk for any thyroid conditions, a test can be performed 2 times per year. If you are at risk, have had thyroid cancer, or are adjusting to thyroid medications, your doctor can request more than 2 tests per year, and Medicare might cover it. If your doctor orders thyroid testing, Medicare Part B will cover 80% of the cost, leaving you responsible for meeting your Part B deductible and paying the 20% that Medicare does not cover.

Extra Coverage

Over time, the 20% coinsurance that you have to pay with Medicare Part B can really add up, especially if you have any chronic conditions that need to be managed. But, if you have a Medicare Supplement Plan, any coinsurance that you have to pay (the 20% not covered by Medicare) will be covered by the plan. All you will have to do is pay a monthly premium for the plan, and the plan will handle your coinsurance and other medical expenses.

If you are interested in exploring your Medicare Supplement Plan options, EZ can help you. Our agents work with the top-rated Medicare Supplement insurance companies in the country, and we can provide instant free quotes in minutes to you. We will go over your needs and each Medicare Supplement Plan to help determine which is right for you. We can help you save hundreds of dollars each year with a Medicare Supplement Plan. To get free instant quotes, simply enter your zip code in the bar above, or to speak to one of our licensed agents, call 888-753-7207.

How To Deduct Medicare Expenses On Your Income Taxes

Tax season is here! Are you still working on filing your taxes? And are you, like most people, looking for ways to get the biggest refund? If so, you should know that itemizing your deductions on your income taxes is the best way to get some money back; you should also know that medical expenses are one of the many things you can itemize. This is true for you even if you are enrolled in Medicare, as long as you know the restrictions and exactly what you can deduct.

Expenses You Can Deduct

tax deductible written in red with a red rectangle box outside of it — *There are multiple Medicare expenses that you can deduct from your income taxes.*

If you didn’t know that you can deduct the cost of your Medicare premiums from your taxes, then you’ve been missing out on getting some of that money back. But that’s not the only Medicare expense you can deduct! If you want to deduct medical expenses, simply choose to itemize your deductions, and you can begin to claim:

Dental and vision expenses, including premiums, deductibles, and copayments
Lab tests
Hospital stays
Copayments
Any medication prescribed by your doctor
Medicare Part B premiums
Medicare Part A premiums only if you voluntarily enrolled in Medicare Part A and are not covered under Social Security.
Long-term care insurance premiums

Note that you can only deduct medical expenses that are more than 7.5% of your adjusted gross income, or AGI, for the year.

Medicare Supplement Plan

So, what about Medicare Supplement Plans? Can you claim the cost of these back? Having one of these plans can save you hundreds of dollars a year, but many taxpayers don’t realize that they can save even more money by deducting the cost of their Medicare Supplement Plan as a medical expense. The same note applies to these deductions: you can deduct any amount that exceeds a certain percentage of your adjusted gross income, usually 7.5%.

How To Deduct These Expenses

a hand with a pencil in it pointing at a receipt with a calculator next to it — *First, you will need to collect all of your receipts and add them up.*

In order to deduct your Medicare expenses from your taxes, you will need to itemize deductions, not choose the standard deduction. To do this, gather all of your receipts for the year so you can determine how much you spent on medical expenses. Next, calculate 7.5% of your adjusted gross income, so you know how much you can deduct: remember, you can deduct any amount above that calculated amount. For example, if you have an adjusted gross income of $50,000, 7.5% of that amount is $3,750. That means, if you have a total of $7,000 in medical expenses, you can deduct $3,250 ($7,000 – $3,750 = $3,250).

Finally, once you have done all of these calculations, you will need to enter your qualified medical expenses on lines 1 through 4 on IRS Form 1040 or 1040 SR.

Medicare is great, but the truth is that it does not cover your medical expenses 100%. This is why the majority of seniors who enroll in Medicare also choose to purchase a supplemental insurance plan such as a Medicare Supplement Plan to cover what Medicare does not. These plans help older adults like you save hundreds of dollars each year, and you can deduct the premiums from your income taxes! If you are interested in finding out more about Medicare Supplement Plans, EZ can help. To compare plans for free, simply enter your zip code in the bar above, or to speak to one of our trained local agents, call 888-753-7207.

Celiac Disease & Medicare

Many of us have friends or family members who follow a gluten-free diet, and Celiac disease might be the reason behind it. Celiac disease is an immune reaction to gluten, a protein found in wheat, barley, and rye. If you have Celiac disease, eating gluten will trigger an immune response in your intestine, which can often be painful, causing diarrhea, bloating, constipation, weight loss, fatigue and more. Unfortunately there is no cure for this condition, but because May is Celiac Awareness Month, we want to shed light on how older adults with Medicare can get help if they are struggling with this disease. There are currently limits to what Medicare will cover in regards to Celiac disease, but fortunately, there is now a proposed legislation that would make it easier for Medicare beneficiaries to get treatment.

Celiac Disease Explained

a field of wheat — *People who have celiac disease have to avoid eating gluten, which is a protein found in wheat.*

Celiac disease, as mentioned, is a sensitivity to gluten. It affects 1 in 100 people worldwide, and it is estimated that almost 3 million Americans might have it without even knowing! People with Celiac disease might develop nutrient deficiencies and malnutrition because their body limits the absorption of nutrients. There is no cure for the disease other than to avoid eating gluten, which can be hard for many people without doing extensive research or getting help from a registered dietitian.

The Medicare Nutrition Therapy Act

Currently, Medicare does not allow beneficiaries to access help from nutritionists for Celiac disease; only diabetes and renal disease qualify for medical nutrition therapy under Medicare Part B. So, unfortunately, this means that many older adults do not have access to a registered dietitian who can explain to them what they can eat and should avoid. However, a new bill that has been introduced in Congress, the Medicare Nutrition Therapy Act, is aiming to change things and allow beneficiaries to get treatment from registered dietitians.

“The only treatment for Celiac disease is the diet. And the person that’s best trained to help that patient navigate a gluten-free diet is a dietitian,” says Anne Lee, EdD, RDN, Instructor in Nutritional Medicine at the Celiac Disease Center at Columbia University in New York.

She says providing insurance coverage is the right thing to do, “because it ensures better healthcare for our patients. Many patients can’t afford the additional cost of a dietitian visit on top of the physician visit, on top of the cost of the gluten-free food, on top of the additional costs of just having Celiac disease.”In addition, the current Senate version of the bill would allow physician assistants, nurse practitioners, clinical nurse specialists and psychologists to refer patients to nutritionists. This would mean that Medicare beneficiaries would not have to rely on their primary care physician to refer them. Making it easier for older adults to get consultations with a dietitian is extremely important, as a regulated diet is currently the only treatment available for those with Celiac disease.

Medicare Supplement Plan Coverage

If you have an autoimmune condition such as Celiac disease, you should consider a Medicare Supplement Plan, because you will need as much coverage as possible to help cover the cost of treatment. Seeing a registered dietitian can be costly, but a Medicare Supplement Plan can help with medical expenses so you will not have to worry about how to pay for your treatment.

Currently, Plan G is the most popular Medicare Supplement Plan on the market because it offers the most coverage, but there are 10 different Medicare Supplement Plans that can be tailored to your needs, each with different coverage options at different price points. If you are interested in a Medicare Supplement Plan, EZ can compare plans in your area at no cost. Our licensed agents are ready to help you save money and get you the most coverage for your buck. To get free instant quotes, enter your zip code in the bar above, or to speak to a licensed agent, call 888-753-7207. No obligation.

Medicare & Hearing Aids

May is ‘Better Hearing and Speech’ Month. Approximately one in three people between the ages of 65 and 74 has hearing loss, and nearly half of those older than 75 have difficulty hearing. Studies have shown that older adults with hearing loss can become depressed, and have a greater risk of developing dementia or other types of cognitive decline. Because of this, it is important to get checked regularly so you can catch hearing loss early on, treat it with a hearing aid, and hopefully reduce your chances of cognitive decline. Currently, Medicare covers only certain things pertaining to hearing loss and hearing aids, but there are some changes under way.

Medicare Coverage

a caucasian doctor looking at a caucasian man's ear. — *Medicare will cover hearing exams, but generally will not cover hearing aids, unless they are BAHAs.*

With age comes many health issues, including hearing loss, which is also known as presbycusis. We begin to lose our hearing as we age because of changes in the inner ear and auditory nerve, which eventually make it hard to tolerate certain sounds or hear what others are saying. When it comes to getting checked for hearing loss, Medicare Part B will only cover exams for hearing issues as recommended by a doctor. It does not cover hearing aids or hearing aid fittings. As with most covered medical expenses, Medicare will only cover 80% of the cost of a hearing exam, leaving you to pay the remaining 20% out-of-pocket.

While Medicare Part B does not cover traditional hearing aids, it does cover bone-anchoring hearing aids (BAHAs), because they are considered durable medical equipment. BAHAs are actually prosthetic devices, which are implanted surgically to help transmit soundwaves through bone conduction, stimulating the cochlea.

A Proposed Medicare Bill

Medicare Parts A and B unfortunately will not cover hearing aids, but there is currently a bill in the works in Congress that would allow them to be covered. HR 3 was passed by the House in 2019; if signed into law, this bill would allow Medicare to negotiate prescription prices, and would also allow hearing aids to be included in those negotiations.

the top of Congress building — *There is a couple of bills in motion that are trying to get hearing aids covered under Medicare.*

This bill has not yet passed the Senate, but there is another bill, currently sponsored by 9 Senators, which would allow Medicare to cover more services related to hearing. The Medicare Audiologist Access and Services Act has been endorsed by The American Academy of Audiology (AAA), the Academy of Doctors of Audiology (ADA), the American Speech-Language-Hearing Association (ASHA), and the Hearing Loss Association of America (HLAA), who are all encouraging members to reach out to legislators to support the bill.

Getting More Coverage

If you need more coverage than you currently have with Original Medicare, a Medicare Supplement Plan can help with coinsurance, copays, and other things not covered by Medicare. Depending on which plan type you have, you could end up saving hundreds of dollars a year. There are 10 different Medicare Supplement Plan types to choose from, each with different coverage options and prices.

Losing your hearing can be inevitable as you age, and it is important that you seek help and get hearing exams regularly to catch it. Medicare does not currently cover the cost of hearing aids, but don’t lose hope that the bills currently in Congress will pass! In the meantime, if you sign up for a Medicare Supplement Plan, you will be able to purchase a hearing aid on your own with the money that you save.

If you are interested in finding an affordable Medicare Supplement Plan that will cover your medical bills and will fit in your budget, EZ can help. Our agents are highly trained and work with the top-rated Medicare Supplement Insurance companies in the country. They will be able to compare plans in minutes for free, and help guide you to your best option.

To get free instant quotes, simply enter your zip code in the bar above, or to speak to a licensed agent, call 888-753-7207.