How Can I Cut My Unlimited Health Insurance Costs?

Sign Up For A Unlimited Health Insurance Plan-

One of the benefits of signing up for Unlimited Health Insurance with Medicare is that it limits your financial exposure. With Original Medicare, there is no limit to what you can spend in a calendar year. An example of this is chemotherapy. This Medication would be covered under Medicare Part B. Medicare will cover 80% of the cost, and you will be responsible for 20%. Chemo could cost $100,000 or more. Therefore, your cost share could be $20,000+. At the end of the year, the clock will reset, and you will start paying again. With an Insurance plan, The MOOP is the most you would take out of your pocket in any calendar year. Once reached, your cost share will be reduced to $00.00 while the insurance carrier will continue to pay for your coverage. The 2 types of Medicare Health Insurance plans are Medicare Advantage Plans (Medicare Part C) and Medicare Supplement Plans(Medigap). Your MOOP with each is as follows:

Medicare Advantage Plans (Part C)–

Medicare Advantage Plans come with little or no Monthly premium (As Low As $00.00), but there will be copays for everything you do with them. Most people are used to paying copays, and these plans mirror the plans individuals have used for their whole lives. The MOOP with Medicare Advantage Plans can be as high as $7550 in a network, while out-of-network services could be as high as $11,000. These amounts will vary by State and can be lower in some instances.

Medicare Supplement(Medigap)–

Unlike Medicare Advantage Plans, Medigap Plans come with a Monthly Premium. In some States, the Premium it could be as high as $300 but there won’t be any copays at the Doctor’s office or the Hospital. This means that the MOOP will be the Premium paid over the year, equating to $3600. Again, these figures can vary by State.

Summary-

Care should be take when choosing which plan will be the most appropriate for your needs. Consult with your Medicare Advisor about your options.

Choosing the Right Medicare Coverage

Selecting the best Medicare coverage depends on factors like your healthcare needs, budget, and preferred providers. You can choose between:

Original Medicare (Parts A & B): Allows you to see any doctor or
hospital that accepts Medicare but does not include prescription drug
coverage (Part D) or additional benefits.
Medicare Advantage (Part C): Offers bundled coverage with
potential extra benefits but may require using a network of providers.
Medigap (Medicare Supplement Insurance): Helps cover
out-of-pocket costs not covered by Original Medicare, such as
copayments and deductibles.

Key Medicare Enrollment Periods

It is crucial to enroll in Medicare at the right time to avoid penalties and ensure continuous coverage:

Initial Enrollment Period (IEP): A seven-month window starting
three months before your 65th birthday month.
General Enrollment Period (GEP): From January 1 to March 31
each year for those who missed their IEP.
Annual Election Period (AEP): From October 15 to December 7,
allowing you to switch or enroll in Medicare Advantage and Part D
plans.
Open Enrollment Period(OEP): From January 1 to March 31 for
those who missed AEP and want to make certain changes.
Special Enrollment Period(SEP): Can be used anytime during the
calendar year for those that meet certain criteria such as moving to a
new service area.

Finding Help with Medicare

Understanding Medicare can be complex, but you don’t have to do it alone. Licensed Insurance Brokers, Medicare.gov, and state health assistance programs can provide guidance tailored to your specific needs.

By taking the time to explore your Medicare options, you can make informed decisions that ensure you receive the healthcare coverage that best suits your lifestyle and budget.

Do I have to sign up for Medicare?

It depends upon your current coverage. If you are employed and your employer has over 20 employees then you can delay signing up for Medicare and avoid penalties.

Does Medicare cover Prescription Medications?

No, You will have to enroll in a stand alone Part D plan or a Medicare Advantage Plan(Part C) to get coverage.

I want to be able to go to any doctor/hospital, are there networks with Medicare?

There are no networks with Medicare and most doctors and hospitals accept it. However, Medicare does not cover 100% of services so a Medicare Supplement or Medicare Advantage plans is advisable.

Mike Miligi- Owner

For over 10 years, Mike has been assisting Seniors and other Medicare-eligible individuals in understanding the ins and outs of Medicare and Medicare Health Insurance options, including Medicare Advantage Plans(Part C), Medicare Supplement Plans(Medigap), Prescription Drug Plans(PartD), and Dental and Vision programs.

Mike is Licensed in seven States and Certified with 11 Insurance Carriers. He has helped thousands of individuals decide on the best course of action for their particular Health Insurance needs. Because Mike is an Independent Medicare Health Insurance Broker, he works for the client, not the Insurance Carriers, and is able to provide his clients with accurate and unbiased Health Insurance options.

Mike recertifies with CMS(The Centers for Medicare and Medicaid Services) annually, regularly completes Continuing Education Courses required by individual State Insurance Departments, and keeps abreast of industry trends and standards to offer his clients the most up-to-date information.