Medicare Plans Archives

What Is A Medicare Medical Savings Account

Medicare Medical Savings Accounts (MSAs) are a special type of Medicare Advantage plan that combines a high-deductible health plan (HDHP) with a medical savings account. The HDHP portion is a type of health plan where you have to pay a large annual deductible before your coverage benefits kick in. Specifically, you are responsible for the full cost of any Medicare covered services until you meet your deductible. After you meet the deductible, your plan covers 100% of all covered services.

The savings account portion is a savings account set up by your insurance company. Medicare annually deposits a predetermined amount into the account. The amount varies depending on the plan you select but is always less than your HDHP’s annual deductible.

Just like other Medicare Advantage plans, MSAs are offered by private insurance companies that are approved by Medicare. These accounts are tax-free and allow for tax-free withdrawals for medical expenses. While similar, these plans differ from regular Medicare Advantage plans in several ways, which we will get into below.

How MSAs Work

You can immediately pay for medical services with your MSA. You are not required to wait until you meet your HDHP’s annual deductible to access it. In fact, money you use from the account on Medicare approved health services will actually help you meet that deductible. For instance, say you have an MSA plan with a $4,000 deductible and Medicare deposits $2,500 annually into your MSA. If you spend your $2,500 on Medicare-covered medical expenses, you’ll meet your deductible. Now suppose you spend the $2,500 in another way. Such as $1,500 on dental expenses and $1,000 on medical costs. Only the $1,000 will count towards your deductible. This means you now have to pay an additional $3,000 before your deductible is met.

However, there are some rules to the MSA account that you should keep in mind. For one you don’t deposit funds into this account, but you can withdraw them at any time. The account will accrue interest, and any money you don’t use will carry over into the next year. While funds you use for medical services are tax-free, any non-medical expenses could cost you. You may face a 50% tax penalty for non-qualifying medical expenses, and the money will be considered taxable income.

Qualifying Medical Expenses

While all qualifying medical expenses are exempt from federal income tax, not all of them count towards your deductible. Keep in mind that if you use your MSA for expenses that don’t count towards your deductible, you may have to pay more out-of-pocket before your HDHP provides coverage.

Qualifying medical expenses that count towards your deductible are generally inpatient and outpatient services that Medicare Parts A and B cover such as:

Hospital stays
Doctor visits
Durable medical equipment (DME)
Home health care
Skilled nursing care

Expenses that don’t count towards your deductible are:

Dental care
Vision care
Part D or other prescription drug coverage cost-sharing (premiums, deductibles, copayments, coinsurance)
Non-medical expenses (groceries, rent, utility bills etc.)

MSA Eligibility

To enroll in a medical savings account plan there are some eligibility requirements. First you have to enroll in Medicare Part A and Part B. This can be easy if you are receiving social security benefits because then you will automatically be enrolled in Parts A and B. Also, if you are eligible for Social Security or Railroad Retirement Board benefits (RRB) you don’t have to pay a premium for Medicare Part A. So basically, if you qualify for Medicare you can enroll in an medical savings account. You can enroll in an MSA plan unless:

You have health insurance that covers the Medicare MSA deductible. This includes benefits from an employer or union sponsored retirement plan.
If you get benefits TRICARE or the U.S Department of Veterans Affairs.
You’re a retired federal employee and participate in the Federal Employees Health Benefits Program (FEHBP).
You’re eligible for Medicaid.
You have End-Stage Renal Disease (ESRD), However you can still enroll in an MSA plan if you formally had a Medicare Advantage Plan and left Medicare and you haven’t joined another Medicare Advantage Plan yet.
You currently receive hospice care.
If you live outside of the U.S for more than 183 days a year in total, either consecutively or not.

Pros and Cons Of MSAs

Deciding whether or not to use an MSA is highly personal. You have to consider your current financial situation as well as any medical needs you need or anticipate needing in the future. Take a look below at the pros and cons list to help decide if this is the best plan for you.

Pros

If you are unable to afford the higher premiums of a traditional plan, the HGHP plans can prove to be a more cost-effective alternative. An MSA refuses total costs, creating a Medicare plan with several advantages, especially if you are in good health. You do not pay into this account so there are no additional enrollment fees. Additionally, funds roll over annually. So if you are in good health you have the opportunity to continue saving your MSA funds year after year. Thus creating a large healthcare fund for any emergencies. Finally, there is no tax penalty on funds you use for qualifying medical expenses. This allows you to spend the money on medical expenses without having to report it as income.

Cons

The most significant disadvantage of an medical savings account is the high deductible. If you don’t reach this deductible within the year you could be left with large medical bills that you have to pay out-of-pocket. Additionally, if you use the funds for non-medical expenses you face a severe tax penalty. Meaning you have limited financial flexibility in the event of a non-medical emergency.

Cost of MSAs

The premiums for these plans vary depending on your plan. Additionally you have to continue to pay your Medicare Part B premiums. Your out-of-pocket expenses will also vary based on your plan and how you use your MSA funds. Different plans have different deductibles, and Medicare deposits varying amounts of money into your account.

MSAs Vs. HSAs

In some respects, the concept of an MSA plan is similar to high-deductible health plans (HDHPs) and health savings accounts (HSAs). However HSA contributions come from your employer, you, or anyone else who wants to contribute to the account. Whereas MSA contributions come from your Medicare Advantage plan. The money comes from funds that Medicare allotts to you, meaning you cannot contribute to your own MSA.

You can then use the MSA funds to pay for medical expenses throughout the year. Your MSA withdrawals are tax-free as long as you use them for qualified medical expenses. You can also use the funds for non-medical expenses, such as groceries, rent or utility bills. However any non-medical withdrawals are considered taxable income and also have a 50% penalty.

Similar to HSAs, MSA funds that remain unused at the end of the year will roll over into the following year. If you maintain your plan then next year’s deposit will be added to the funds remaining from the previous year.

MSAs Vs. FSAs

An MSA is typically for Medicare recipients, while a flexible spending account (FSA) is typically for employees with optional coverage. Accounts for FSAs have a “use it or lose it” rule. Meaning the funds will not roll over. However, some plan administrators may provide brief grace periods at the end of a benefit year to give employees an extra chance to spend the funds. FSAs are not a great long-term savings option, even for those who can benefit from the tax savings they offer. Additionally, if you change employers, you will most likely lose your FSA. Unlike MSAs, FSAs typically do not allow you to use the funds for non-medical expenses.

When to Enroll

You can enroll in an MSA when you first become eligible for Medicare during your Initial Enrollment Period (IEP). This is the 7-month period that starts 3 months before you turn 65, including your birth month, and then comes to a close 3 months after you turn 65. If you are eligible for Medicare due to a disability, you can enroll 3 months before and after you’ve received at least 25 months of disability benefits. You can also enroll during the fall Open Enrollment Period, between October 15th and December 7th every year. If you enroll during this time, your coverage will start on January 1st.

Let EZ Help

If you’re interested in an MSA, EZ.Insure can help you compare options based on deductibles and benefits, such as vision and dental care. We will assign you with your own personal agent who can answer all of your questions and help you find the best plan while saving you money. Our help is totally free! To get your free instant quotes give one of our licensed agents a call at 877-670-3602 or simply enter your zipcode into the box below. Let us remove the hassle of shopping around and make it simple for you.

How To Maximize Your Medicare Budget

How To Maximize Your Medicare Budget text overlaying image of someone writing medicare on a white board Medicare is an essential program for seniors over 65, however, many of its benefits are underutilized or misunderstood. Consider the annual “wellness” visit. During which a physician will assess your health risks, take your blood pressure and other routine measurements, test for cognitive impairment, and provide personalized health advice. It’s Free! Nonetheless, a surprising number of people do not take advantage of this benefit. This isn’t the only benefit that has gone under the radar. Many healthy seniors ignore a variety of free preventive services, ranging from bone density screening to cancer detection. Other benefits such as home health care, are also frequently unused due to their strict eligibility requirements. Below you’ll find all the ways to make sure you’re using all of your benefits and getting your money’s worth.

Choose The Right Doctor

It is important to choose a doctor who accepts Medicare assignments in order to save money. If a doctor accepts a Medicare assignment, they accept Medicare-approved amounts as full payment, and you cannot be charged more. Most physicians who treat Medicare patients will accept Medicare assignments. Providers who don’t participate fall into two categories:

Non participating providers – These providers can charge up to 15% more than the Medicare approved amount for covered services and leave you responsible for the additional costs
Opt-out providers – These providers can charge whatever they want which is outlined in a private contract with the patient.

To locate physicians in your area who accept assignment, visit Medicare.gov to find doctors and other health professionals section. The search tool displays which physicians accept Medicare payments.

If you have a Medicare Advantage plan, check your plan’s provider directory or website to ensure you’re choosing doctors in the network. Keeping in mind that doctors may be added or removed at any time. Generally, you will pay more to see non-network providers. Make sure that you research different doctors. Confirm that they accept Medicare and are willing to educate you on what is and is not covered so that you are not overcharged.

Understand Your Policy

Medicare provides coverage for skilled services such as nursing, speech therapy, and physical therapy, but there are eligibility requirements. To qualify for these services, you must be homebound. Meaning you are unable to leave your home without assistance or because of a medical condition. Many seniors mistakenly believe that they are covered for these services, only to receive a hefty bill in the end. Before assuming something is covered, carefully read your policy’s guidelines.

Look Into Medicare Advantage

Medicare Advantage plans are offered by private insurance companies and offer the convenience of having Part A, Part B, and Part D services all bundled into one plan. Whereas traditional Medicare has you sign up for each plan individually. Medicare advantage plans may also include coverage for routine dental, vision, and hearing exams. Which are not available under Original Medicare. However, the biggest benefit of Medicare Advantage is the annual out-of-pocket maximums for seniors excluding

prescription drug plans. Which as of 2023 is $8,300. With Original Medicare, there are no annual out-of-pocket maximums.

However, you should also be aware of the disadvantages of Medicare Advantage. Original Medicare is widely accepted by physicians and hospitals all over the country. Whereas a Medicare Advantage plan will have a smaller network of providers. So, it’s possible that your doctor isn’t in their network. Next, you may be required to get a referral before seeing a specialist. Which is not the case for Original Medicare enrollees. There are also certain covered services that Parts A and B that may have a high copayment under a Medicare Advantage plan. Meaning you would have higher out-of-pocket costs with Medicare Advantage than you would with Original Medicare.

Consider Medicare Supplement Plans

If you have a chronic or serious health condition and will likely visit the doctor frequently, you may want to consider a Medicare Supplement Plan. Medicare covers the majority of eligible medical expenses for seniors, but you are still responsible for 20%-25% of the total cost of care. Medicare Supplement Plans were designed to help cover a substantial portion of the medical expenses that come from having Medicare Part A and B, that you would otherwise be responsible for.

As with Part D, private insurers offer Medicare Supplement Plans and with Part D, there are a variety of plans to choose from. So you should shop around carefully to find the plan that fits you best. While yes, Medicare Supplement Plans do have premiums and can increase your monthly expenses, the additional coverage could give you peace of mind and eliminate some of the uncertainty that comes with your out-of-pocket Medicare costs.

Save On Medications

Even if you have Medicare Part D prescription drug coverage, your out-of-pocket costs can be astronomical, in part because Part D does not have a limit for out-of-pocket expenses. After you reach the catastrophic coverage threshold of $7,400 (as of 2023), the majority of people will continue to have to pay 5% of the cost of covered drugs. In certain instances, you can reduce drug costs by forgoing your Part D plan and paying cash. Big-box stores such as Costco and Target offer a variety of generic prescriptions for much cheaper, whereas many Part D plans have a high standard copay to fill a prescription. The only problem with paying in cash and not using your coverage is that the expense won’t count towards your deductible.

If you stick with your Medicare Part D plan’s list of “preferred” pharmacies you will typically pay less for your prescriptions. Also most Part D plans separate their drug formularies (list of covered drugs) into 5 tiers: preferred generic, generic, preferred brands, non preferred, and specialty. With preferred generics being the lowest cost-sharing tier and the most affordable for enrollees. If you find a drug that is approved for your condition on a lower tier than the one you currently take, ask your doctor if you can switch to the more affordable one.

Review Your Quarterly Summary

Your quarterly Medicare summary displays services and supplies for which Medicare was billed. This summary will also indicate whether or not any claims have been denied; if so it is important to contact the provider of the denied claim. If you believe the claim is unjust, you can appeal the claim denial by following the instructions on the summary’s final page. When admitted to the hospital, for instance, you will receive a notice outlining your Medicare rights. You may request an appeal of the decision and a review of your case if you believe you were discharged prematurely.

Use Your Preventative Care

Many Medicare recipients don’t realize that there is a long list of services that they can get for free. Medicare provides numerous screenings and annual wellness visits at no cost to you. These free preventative measures are important for detecting serious illnesses early. The screenings may include depression, cardiovascular disease, and other conditions. There are free counseling sessions for tobacco and alcohol abuse, as well as free vaccinations for flu and pneumonia. Additionally, you are eligible for a free “welcome to Medicare” preventive visit within the first 12 months of receiving Medicare Part B. During this initial appointment, you can also receive free assistance planning for end-of-life care. And your physician can help you draft an advance directive that outlines all of your wishes.

Utilizing these freebies can aid doctors in detecting major health problems before they worsen, thereby preserving your health. You might also have access to free wellness benefits if you have a Medicare Advantage plan. Some Advantage plans, for instance, include SilverSneakers membership at no extra charge. This program provides a basic gym membership and access to senior-specific group exercise classes.

Plan Yearly Expenses With The Out-Of-Pocket Maximum In Mind

Individuals’ Medicare costs can vary widely based on their circumstances and the type of coverage they have. Original Medicare typically covers 80% of a beneficiary’s Part A and Part B expenses. Such as doctor visits, hospital stays, and lab work. Individuals are responsible for remaining 20% of out-of-pocket costs, with no annual cap. Medicare Advantage plans offer predictable copayments and an annual limit on out-of-pocket costs. Once you reach your plan’s out-of-pocket maximum, all Medicare-covered services for the remainder of the year are covered in full. This cap can provide peace of mind if you have a sudden illness or are preparing for a major medical procedure.

Shop Around Every Year

Original Medicare, which includes Part A (hospital insurance) and Part B (medical insurance), is relatively simple. There is no need to shop around for Parts A or B because they come in a universal package. Where you should shop around is your Medicare Part D plan and your Medicare Supplement Plans. Medicare contracts with private insurance companies that offer Part D and Medicare Supplement Plans to provide seniors with a variety of coverage options. Moreover, these coverage options and their costs can change from year to year. This means that the plan you have this year might not be the best for you next year. The worst thing you can do is automatically enroll in your previous year’s plan without comparing options. This could result in higher out-of-pocket costs and for Part D could mean less coverage for prescription medications.

Get Help From EZ

If you’re looking for a Medicare Supplement Plan or Medicare Advantage Plan, you must compare the costs and benefits of each. This requires extensive research. Which can be time-consuming, as you will need to contact multiple insurance companies to obtain rate quotes. However, if you work with one of EZ’s agents, you can compare prices in half the time. Working with a licensed agent provides you with access to a variety of carriers and plans.

In addition to providing price comparisons, your agent can explain the differences between each plan. And explain the differences between each plan. In addition, your agent can assist you in determining which plan will be the most cost-effective for you in the long run by comparing out-of-pocket costs and premium costs. Call us today at 877-670-3601 or enter your zip code in the bar below to begin comparing.

Most Common Medicare Mistakes

Most Common Medicare Mistakes text overlaying image of a older man worried Medicare is the nation’s health insurance program for seniors 65 and older. It also provides coverage for younger people who meet specific eligibility criteria. Medicare Parts A, B, C, and D cover a large variety of your major medical expenses. It’s a great program but it can be difficult to read through all of the plans, options, and rules. This can make it difficult to choose the right plan on time. Below we’ve outlined some of the most common Medicare mistakes so you know what to avoid and not wind up with penalties, coverage delays or gaps.

Signing Up Late

Medicare has specific deadlines to enroll. Your Initial Enrollment Period (IEP) happens when you first become eligible for Medicare. It starts 3 months before your 65th birthday, including your birth month, and then ends 3 months after you turn 65. This gives you 7 months to enroll. If you’re receiving Social Security benefits then you will be automatically enrolled and you don’t have to do anything or worry about the deadlines, Social Security handles enrollment for you. However, if you are not automatically enrolled you have to apply yourself during your IEP. If you miss the IEP you do have another opportunity between January 1st and March 31st called the General Enrollment Period (GEP).

Missing these enrollment periods is one of the most common and costly mistakes people make. If you miss both enrollment periods you can face late enrollment penalties for Medicare Parts A, B, and D. It’s important to note that there is a way to avoid these penalties. If you qualify for a Special Enrollment Period (SEP) then you will be able to enroll in Medicare penalty free with all the same benefits as when others enroll during the IEP.

SEP Types

Qualifying life event – If you have a qualifying life event then you qualify for a 2-month SEP where you have 2 months to enroll in Medicare. The most common qualifying events are:
- You moved out of your current plan’s service area
- Your plan no longer serves the area you are in
- If you decide to switch from Medicare Advantage to Original Medicare within 12 months of enrolling in the Medicare Advantage plan.
- You move into or out of a facility such as a nursing home
- If you’ve lost Medicaid eligibility

Working past 65 – If you decide to continue working past 65 and have creditable coverage through your or your spouse’s employer’s health plan then once you leave your job you will open an 8-month SEP. This SEP does have a stipulation, if you want Part D you have to enroll in it within the first 2 months of your 8 month SEP, otherwise you still face penalties. Your 8 months begin the day you no longer have credible health coverage.

Medicare Part A Penalty

Some people qualify for Part A premium-free. If you’ve worked and paid into Social Security and Medicare taxes for at least 40 calendar quarters, then you are eligible for Railroad Retirement benefits (RRB), or have a spouse that qualifies for premium-free Part A then you will get Part A for free. However, if you don’t and have to pay for Part A, then you can face a 10% increase on your premium for missing the IEP. This penalty stays with you for twice the number of years that you were eligible and didn’t sign up. For instance, if you were eligible for Part A for 3 years and did not enroll, you’ll have the penalty for 6 years.

Medicare Part B Penalty

If you miss your enrollment period and don’t qualify for an SEP, you will face a Part B penalty. This penalty is a 10% increase for every year you did not sign up. For example, say you waited 2 years to enroll. You’re looking at a 20% increase in your premium, 10% for each of the 2 years you delayed. The standard Part B premium for 2023 is $164.90, plus adding the 20% will bring your premium up to $197.88 which will be rounded up to the nearest $.10, making it $197.90 for part B. That’s $32.98 extra every month that you could have saved by enrolling on time. Now that might not seem like a lot, but if you look at it on a yearly basis that is $395.76 a year!

Medicare Part D Penalty

The amount of the penalty depends on the length of time that you did not have Part D or a creditable prescription drug plan. Medicare determines the penalty amount by multiplying 1% of the national base beneficiary premium ($32.74 in 2023) by the number of full months you went without drug coverage. The penalty amount is then rounded to the nearest $.10 and added to your monthly premium. The national base beneficiary premium can vary from year to year, so your penalty will change with it.

For example, say you waited 14 months to enroll in Part D and didn’t have creditable drug coverage for any of that time. You’ll have to pay a 14% penalty. For 2023 that would be $4.58 rounded up is $4.60 extra on your premium.

Assuming Spouse Coverage

Assuming your spouse is covered by Medicare because you have it or vice versa is a big mistake. It could leave you or your spouse without insurance. Medicare doesn’t work the same as an employer group plan. Meaning it won’t cover your family, it only applies to the individual who enrolls. If you worked and paid your Medicare taxes for the last ten years then at most your spouse who is 65 will be eligible for premium-free Part A. If your spouse is under 65, they need to find their own coverage elsewhere, such as a plan from the Health Insurance Marketplace, their own group plan, or COBRA. Additionally, if your spouse is under 65 they still may be eligible under certain conditions. Medicare is available to anyone who receives Social Security Benefits for at least 24 months, has End-Stage Renal Disease (ESRD), or Amyotrophic Lateral Sclerosis (ALS).

Not Weighing Your Options

There are many options to choose from with Medicare. There’s Original Medicare, Medicare Advantage, and Medicare Supplement Plans. It’s important that you know the differences and their benefits. If you make the mistake of not weighing your options you can leave yourself with large gaps in your coverage or end up paying far more than you need. Below we’ve outlined these plans to give you a starting point.

Original Medicare

Original Medicare, also known as traditional Medicare, consists of only Parts A and B. Medicare Part A is hospital insurance, and it covers hospital inpatient care and skilled nursing facility care. Part A coverage typically includes the following:

Semi-private hospital rooms
Hospital meals
Inpatient lab tests and X-rays
Operating room and recovery room services
Drugs and medical equipment used while in the hospital or skilled nursing facility
ICU care
Skilled nursing services
Hospice care

Part B of Medicare covers your general medical expenses. Such as doctor’s visits, urgent care, and specialists. Typically Part B covers:

Doctor visits and services
Some preventative screenings and services
Ambulance services
Outpatient surgery services
Mental health care
Some durable medical equipment
Some medically necessary tests such as X-rays, MRIs, CT scans, and EKGs

Medicare Advantage

Medicare Advantage, commonly known as Part C, is a type of Medicare plan that is offered by private insurance companies. These companies have a contract with the Medicare program that ensures the plans they offer comply with Medicare’s regulations. Medicare pays a set amount to the insurers for each participant enrolled in the plan. Additionally, you will pay your medical bills directly to your insurance company while your insurance provider must follow Medicare’s regulations. They are allowed to set their own rules for out-of-pocket expenses as well as decide if you need a referral to see specialists.

Medicare Supplement Plans

Medicare Supplement Plans are plans that you can buy to supplement your Original Medicare. These plans fill in any gaps in coverage, ensuring you get the most coverage for all the medical needs you specifically have. You do have to pay a monthly premium for these plans, and you must enroll in both Part A and Part B to be eligible for a Medicare Supplement Plan. However you may end up paying less than you would overall with your Original Medicare because Medicare Supplement Plans all have benefits that cover a lot of the out-of-pocket costs for Part A and B. One of the biggest advantages with Medicare Supplement is the variety. There are 10 plans to choose from and all of them cover different benefits at different amounts. It’s important you look through these plans and compare to tailor your coverage specifically to what you need.

Working With EZ

In order to save as much as possible during your Medicare journey, it’s important to keep all of these mistakes in mind. You can rely on EZ if you have any questions or need help choosing your plans. Whether you’re looking for help enrolling, or just need some information. Give us a call today at 877-670-3608 to speak to your own Medicare Agent or you can get free instant quotes by entering your zip code in the box below.

Medicare Myths Debunked

medicare myths debunked text overlaying image of wooden blocks spelling out the words myths and facts Your Initial Enrollment Period (IEP) is an important time if you’re considering your Medicare options. It’s natural that everyone has their own opinions regarding Medicare and the best coverage. While advice from family and friends can be helpful, when it comes to Medicare, there are a lot of myths passed around. Maybe you’ve come across information on social media or in conversation and wondered “Is that really true?”. You deserve accurate information about your coverage options so we’ve compiled a list of 10 common myths that we’d like to debunk for you.

Medicare Myths

1.Medicare is free.

There’s a misconception that since Medicare is a government benefit, seniors don’t have to pay for it because it has already come out of their taxes. While that would be great, it’s unfortunately not entirely true. Medicare Part A, or hospital coverage, doesn’t have any premiums. That is as long as you have paid your Medicare taxes for at least 40 calendar quarters. Even so, you still have a deductible and copays. So that part of the myth is kind of true.

However, Part A is the only Medicare product with no premium. Part B, medical coverage, has a monthly premium of $164.90 as of 2023. It’s important to note that the premiums are adjusted annually, meaning some years they increase and some years they’ll decrease. These premiums might also be higher for enrollees with higher income. The good news is that if you’re on Social Security, your Part B premium can be paid directly from those benefits, so while you may not be paying directly out of pocket, you are still paying for it. Additionally, if you choose the Medicare Advantage route you may also have to pay a monthly premium.

2. Medicare covers all healthcare costs.

Medicare does cover a large portion of your healthcare but not everything. Between Part A and Part B most of your hospital and basic medical expenses are covered.

This includes:

Hospital care
Skilled nursing facilities
Hospice
Lab tests
Surgeries
Home health care
Doctor visits
Outpatient care
Durable medical equipment
Some preventative services

Even with the services it does cover you are still responsible for deductibles, coinsurance, and copays. As you can see there are still several services that you may need that aren’t covered. Such as hearing, vision, and dental care. There is also no prescription drug coverage in Original Medicare (Part A and B). Typically to get those things covered most people will enroll in Medicare Advantage, Medicare Part D (prescription drug coverage), or a Medicare Supplement Plan. Any of those options do provide coverage for the gaps in your Medicare coverage.

3. You are automatically enrolled in Medicare.

This is another myth that is only partially true. If you have been receiving Social Security benefits or Railroad Retirement Board Benefits (RRB) for at least 24 months after you turn 65, then you will automatically be enrolled in Medicare Part A and B. Be aware that even after automatic enrollment, you are responsible for enrolling yourself in either Medicare Advantage, Medicare Part D or any Medicare Supplement Plans.

Now, if you’re not receiving Social Security or RRB, then enrolling is entirely up to you. The best thing to do is to enroll during your IEP, which will begin 3 months before you turn 65 and will end 6 months after your 65th birthday.

4. I can enroll in Medicare at any time.

This is completely false and can be one of the most detrimental myths to believe. If you don’t enroll during your IEP, you can face enrollment restrictions as well as a penalty. You will then have to wait for the next eligible enrollment period, which is known as the General Enrollment Period (GEP). The GEP lasts from October 15th to December 7th every year. The penalty for waiting is a premium increase of 10% for twice as many years that you were eligible and did not enroll. To make that simpler, If you did not enroll in Part A for 2 years after your IEP then the penalty would apply to your premium for the next 4 years. For Part B, the increase only lasts for the amount of time you did not enroll, so it would only apply for those first 2 years.

Now having said that, another way that you can avoid these penalties, aside from applying on time, is if you qualify for a Special Enrollment Period (SEP). To trigger an SEP you would have had to still be working and have credible health coverage through your employer or through your spouse’s employer during your IEP. Once you leave your job or lose the group plan coverage, you then have 8 months to enroll without penalty. Another way you can get an SEP is if you are under 65 and eligible for Medicare due to illness or disability, but have health insurance through a caregiver or spouse’s employer-sponsored health insurance. However, this only applies if their company has at least 100 employees.

5. Medicare costs the same for everyone.

While Medicare offers the same benefits to everyone, the cost is not universal. How long you worked and paid Medicare taxes, as well as your gross income determine your premiums and deductibles. The more you make, the more you will end up paying just like with regular health insurance. Additionally enrolling in Medicare Advantage, or Part D, or any Medicare Supplement Plans will change how much you pay for Medicare. So it varies greatly from person to person depending on their specific circumstances.

6. I can only enroll if I’m healthy.

This is a huge myth, Original Medicare cannot deny your coverage due to illness or a pre-existing condition due to implementation of the Affordable Care Act. If you have certain medical conditions like End-Stage Renal Disease (ESRD) or ALS, you are eligible for Medicare even if you aren’t 65 yet. Once you turn 65 or retire you are eligible for Medicare Parts A and B, period. Also,there are no penalties or premium increases for pre-existing conditions. If you have certain medical conditions like End-Stage Renal Disease (ESRD) or ALS, you are eligible for Medicare even if you aren’t 65 yet.

7. Medicare Advantage and Medicare Supplement Plans are the same thing.

This is not true at all. They are similar in that private companies offer them but they are entirely different. Medicare Advantage is an alternative to Original Medicare. It may include prescription drug coverage. Medicare Supplement Plans are additional coverage you can buy to fill in the gaps left by your Original Medicare. Additionally, you can buy one or the other but not both.

8. Medicare doesn’t have as many options.

You may believe that Medicare is a one-size-fits-all program because it’s a government program. However, this is another one of those pesky Medicare myths. Medicare typically provides significantly more health insurance options than your employer’s group coverage. Whereas you may have had only a few plan options to choose from when enrolling in employer coverage, Medicare provides you with dozens of options. Medicare allows you to tailor your coverage to your specific needs.

9. Medicare will notify me when it’s time to enroll.

Obviously you don’t want to be late enrolling in Medicare. Nobody wants to have a penalty added to their premium. Unfortunately, Medicare does not give you an enrollment reminder when it’s time for you to enroll. The good news is that if you have Social Security Benefits or RRB before you’re 65, you will automatically enroll in Medicare Parts A and B. On the other hand, if you don’t have those benefits you have to remember to enroll on your own. So, it’s important that you note the specific times when you can enroll.

10. I am on COBRA so I don’t need to sign up for Medicare Part B.

COBRA does not count as active employment. To delay Part B enrollment without incurring a penalty, you or your spouse must be actively employed and covered by a group health plan. Additionally, if you are already on COBRA and your Medicare begins, your COBRA status will change when you turn 65. Meaning your COBRA coverage will end. You won’t be eligible to delay Part B without incurring a penalty. You may even experience a delay in the start of your Part B coverage, which could result in a serious coverage gap.

EZ Can Help

Now that you have all the facts it’s time to enroll with the help of EZ. EZ is able to help you enroll in Medicare, purchase a Medicare Supplement Plan, or just help you weigh your options. Our insurance agents collaborate with some of the most reputable insurance providers in the country. They are able to provide you with a free analysis that compares all of the plans that are available in your region. We will discuss your medical and financial needs and then assist you in locating a plan that is tailored to meet those requirements. To start, enter your zip code into the box below. Or give one of our licensed agents a call at 877-670-3602 and we’ll get the ball rolling for you.

Stressed About Finding A Medicare Plan? Let EZ Help You

Turning 65 can feel like hitting a milestone. At this point in your life, you’ve lived a long life and made a lot of memories and are looking forward to making more! And one of the best ways to keep going strong is to have a good insurance plan that will protect your health. Fortunately, turning 65 also means you can finally benefit from Medicare, which you’ve been paying into your whole working life, so you will have some pretty good coverage to help you do this. But Medicare alone is not enough. You’ll also need something, like a Medicare Supplement Plan, to fill the gaps in your coverage.

You might be seeing a lot of commercials about different Medicare plans available to adults 65 and older to help you fill those gaps. And it can all be confusing as to what direction you should go, but this is where EZ can help you. We will go over everything you need to know and provide you with quotes for all the plans in your area at no cost to you, so you can get fully covered and get back to living your life!

Medicare Supplement Plans

So why do you need an insurance plan if you already have Medicare? Well, while Medicare Part B covers outpatient medical services, including durable medical equipment, there are quite a few out-of-pocket expenses associated with it. You will have to pay a monthly premium and meet your annual deductible, as well as cover your 20% coinsurance for each service you receive, since Part B only covers 80% of costs.

To fill these gaps in Part B, you’ll need a Medicare Supplement Plan. For one low monthly premium payment, Medicare Supplement Plans cover things like deductibles, copays, and coinsurance, and can even offer extras like coverage for when you’re traveling.

Save Time

There are around 10 Medicare Supplement Plans available, meaning you have a lot of options. But it also means that looking into all the various plans available, and what each plan entails, while trying to figure out if these plans will suit your specific needs, can be very overwhelming. Working with one of our agents will save you the time and frustration of searching through all the different plans available in your area.

We will also save you time by sitting down with you and discussing your medical needs and your budget, to find only the plans that will work for you. We’ll show you which plans cover your current providers, and any other necessities you would like, such as travel insurance. Then we will go through all available options with you and explain each one so that you get a full understanding of the coverage options and the costs.

Finally, we will save you time by helping you enroll in the plan in a matter of minutes when you are ready.

Save Money on Medications

One of the most nerve-wracking things is trying to find a plan that keeps your prescriptions affordable. It is no secret that many Americans, especially seniors, struggle to pay for medications, but working with an EZ agent will allow you to see all of your options for prescriptions coverage and save the most money.

Find A Medicare Plan That Fits Your Budget

If you’re retired and living on a fixed income, you’ll need to budget carefully for your daily expenses, and you’ll need a plan that fits into that budget. We can help you find a plan that will do just that, giving you the ability to save money for other things that matter in your life, such as traveling or your grandchildren.

No Need to Look Further

As we pointed out above, if you’re a Medicare beneficiary and need help paying for the things that Medicare doesn’t cover, you have the option of purchasing a Medicare Supplement Plan. Your plan can help pay for the things that Medicare does not, including the 20% coinsurance that you will have to pay out-of-pocket for every Part B-covered service. One of these plans could cover 100% of your Part A coinsurance and hospital costs, as well as 100% of Part B coinsurance and copayments, for one low monthly premium price.

There are 10 different Medicare Supplement Plans to choose from, each offering different coverage options and rates. It’s worth looking into a Medicare Supplement Plan to save as much money as you can, so speak to an EZ agent for all of your options. EZ’s agents work with the top-rated insurance companies in the nation and can compare plans in minutes for you at no cost. To get free instant quotes for plans that cover your current doctors, simply enter your zip code in the bar on the side, or to speak to a licensed agent, call 888-753-7207.

How To Handle Medicare When Moving To Another State

After retirement, some seniors decide to embark on a new challenge: moving. You may want to relocate to a warmer place that is more “senior friendly.” A lot goes into planning when moving, and it can be quite chaotic. One major need is your Medicare coverage. You must notify your Medicare plan providers that you are moving, and then make sure your future doctors in the new state participate with Medicare. Make sure the Social Security Administration is updated as well. Aside from this, it is super important to know that if you are enrolled in a Medicare Supplement plan, your policy price may change depending on where you move to. Do not get stuck with extra charges. Make sure to get it all situated before the move.

Map of the United States — *When you are moving across states lines, it is important to make sure your Medicare plan is updated.*

Original Medicare

Medicare is a federal program and does not change no matter where you move to in America. Medicare Parts A and B do not change. Just make sure before you move, research to find doctors who accept Medicare in the new state.

Medicare Advantage

Medicare Advantage plans have networks depending on the state’s county you live in. You will need to change your Medicare Advantage plan. These plans assign specific doctors through their HMO or PPO plans, so you will have to choose a new plan and a new Primary Care Provider within the plan’s network. Some areas do not even offer Medicare Advantage plans. Notify your current plan before moving.

Medicare Supplement

Medicare Supplement plans help pay for the remaining 20% of the Medicare Part B costs. The plan’s price is determined by your zip code because it varies from state to state. In most states, you can keep your Medicare Supplement plan when you move, but you can apply for a different one if you want. Although you can remain on the same plan, your fees may go up (or down) depending on where you go.

If you do decide to change to a different plan, you might have to go through a health exam, also known as medical underwriting, and the plan may not accept your application. After you are accepted into the new Medicare Supplement plan, you have a “free look period” for 30 days to stay with the new plan. You will, however, have to pay for both plans during the 30-day period. If you decide to keep the new plan, then you can call your old plan and ask

Computer keyboard with a key that says "help" on it. — *If you are stressed out, or do not know where to start, then get help from a Medicare agent.*

for your coverage to be over.

If your Medicare Supplement plan increases when you move to a new state, then you can always contact a Medicare agent to help you search for a more affordable plan. EZ.Insure offers Medicare agents that are trained in your area, and within the state you are moving to. Your personalized Medicare agent will go over your current Medicare Supplement plan to make sure it will be a good fit for you in the new state. If it will be too costly, then our agent will go over all the plans within the new state, compare them, and provide you with quotes. There is no hassle and no obligation. To get started, you can enter your zip code in the bar above, or speak to an agent directly by emailing [email protected] or calling 855-220-1144. We promise to help you find, and sign up with the best Medicare Supplement plan that meets all of your needs within your budget.

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How MSAs Work

Qualifying Medical Expenses

MSA Eligibility

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Pros and Cons Of MSAs

Pros

Cons

Cost of MSAs

MSAs Vs. HSAs

MSAs Vs. FSAs

When to Enroll

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Choose The Right Doctor

Understand Your Policy

Look Into Medicare Advantage

Consider Medicare Supplement Plans

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Save On Medications

Review Your Quarterly Summary

Use Your Preventative Care

Plan Yearly Expenses With The Out-Of-Pocket Maximum In Mind

Shop Around Every Year

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Signing Up Late

SEP Types

Medicare Part A Penalty

Medicare Part B Penalty

Medicare Part D Penalty

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Assuming Spouse Coverage

Not Weighing Your Options

Original Medicare

Medicare Advantage

Medicare Supplement Plans

Working With EZ

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Medicare Myths

1.Medicare is free.

2. Medicare covers all healthcare costs.

3. You are automatically enrolled in Medicare.

4. I can enroll in Medicare at any time.

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5. Medicare costs the same for everyone.

6. I can only enroll if I’m healthy.

7. Medicare Advantage and Medicare Supplement Plans are the same thing.

8. Medicare doesn’t have as many options.

9. Medicare will notify me when it’s time to enroll.

10. I am on COBRA so I don’t need to sign up for Medicare Part B.

EZ Can Help

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No Need to Look Further

Original Medicare

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