Working past traditional retirement age used to be uncommon. The Department of Labor Statistics estimated that about 15 percent of people over 65 still worked in 2006. Today, the number of people who wait to retire until between 66 and 74 years of age is expected to top one in four. At over the age of 74, almost 10 percent of the population may be still be at work. Medicare used to be only thought of as retirement health insurance, but many who qualify may not be retired at all.
Topics: Part B, Medicare, Medicare Part A, Medicare Part D, Part A, Medicare Part B, how medicare works, Part D, Retirement, medicare eligibility, COBRA, What is COBRA?, Employer Insurance, group coverage, Medicare Coverage, creditable coverage
Medicare Advantage has become a popular alternative to just having original Medicare Part A and Part B coverage. As you may already know, Medicare Advantage (MA) plans serve as an alternative to traditional Medicare, and they are supposed to provide plan members with coverage that is “as good or better” than original Medicare.
Topics: Medicare, Medicare Part A, Medicare Part D, TSS, Medicare Part B, Medicare Part C, medicare solutions, how medicare works, medicare advantage, Original Medicare, What is Medicare?, What is Medicare Advantage?, What is Original Medicare?
Did you know that Medicare covers a full range of preventive services? We want all of our friends and clients to stay healthy and to help with that we wanted to take some time to make sure our readership is aware about the preventative services offered to them through Medicare.
Topics: Part B, Medicare, medicare advantage, Medicare Supplements, Medicare Part B, Medicare Part C, Health, Medigap, Medicare explained, medicare solutions, how medicare works, explain medicare, Part C, preventative care
Topics: www.medicare.gov, Medicare, Medicare.gov, Medicare explained, medicare solutions, how medicare works, Halloween, explain medicare, What is Medicare?, Medicare Premiums, Medicare Coverage, what does medicare cover?, medicare costs
Each Medicare prescription drug plan has it’s own list of covered drugs called a formulary. All formularies are similar because they are based on the same federal guidelines, however they may not include the exact same medications. The federal government requires the plans to include most of the types of drugs used by Medicare beneficiaries. The difference in the drug formularies will be important to you because you will want to be certain that the prescription drugs you take will be on the plan’s list you are planning to enroll in. We break it all down here.
Topics: how medicare works, What is Medicare?, what is a formulary?, medicare formulary, Prescription drugs, discounts on prescriptions, prescription drug coverage, Prescription Drug Plan, Prescription drug plans
The General Enrollment Period, GEP, for 2017 is almost over! This enrollment period is especially important for those who did not get signed up for Medicare when they were first eligible. Medicare provides a General Enrollment Period every year from January 1st to March 31st, and this is generally the only opportunity during which Medicare eligibles can enroll in Parts A and Part B if they failed to do so during their Initial Enrollment Period, IEP.
Topics: General Election Period, General Enrollment Period, What is Medicare Part B?, Medicare Part B, Part B, Penalties, Part B Penalties, applying for Medicare, Medicare, how medicare works, medicare penalties
The vast majority of retirees in the U.S. qualify for Medicare because either they or a spouse have enough work credits. This means that these qualified individuals pay no premium for Part A and a modest premium for Part B. However, some people don’t qualify, and this is usually because they immigrated to the United States as elderly people and lack work credits. The question arises if there are any alternatives for these people to get health benefits.
One traditional way for Medicare beneficiaries to control the large gaps in coverage left by Part A and Part B of traditional Medicare has to been to purchase a Medigap policy, also called a Medicare supplement. One good thing about these policies is that they have been pretty standard in most states since the last big overhaul in 1992. Only three states have their own plan levels and don’t use the standard ones set by CMS. Still, there has been some talk recently of overhauling the standard Medigap plan levels again.
Topics: Medicare Supplement Plans, Medicare, health insurance, Health, medicare supplements explained, applying for Medicare, Medigap, how medicare works, medicare supplemental insurance, explain medicare
Medicare Special Needs Plans, also called SNPs, are similar to Medicare Advantage plans. However, they are only open to people who satisfy for the specific criteria of the plan. The idea behind these plans is that they are tailored for Medicare beneficiaries with specific issues, so these plans may serve people with those unique needs better.
CMS finalized their updates to Medicare in April of 2015, they have also been able to release some projects for 2016. The official 2016 Medicare Advantage Fact Sheet is posted on CMS.gov.