Short Term Insurance
If you are caught in a situation where you lose employer provided health insurance, retire early, or otherwise have a gap before your Medicare benefits will begin, a Short Term Insurance plan may a great solution. We have options for limited benefit coverage that provides the safety net at an affordable cost. Plan have options for different levels of coverage for terms from one to twelve months.
For those of us already receiving Medicare Benefits, it can be a little unnerving with the barrage of advertisement telling us we need to look at all our options. Basically we have two options for Medicare Plan Categories and the premium cost basis.
OPTION 1 is Medicare Advantage which is for those who are basically healthy, featuring reduced premiums with deductibles and co-pays. Co-pays and deductibles are paid as needed not paid if services are not needed. Typically saves you money because monthly premiums are usually as low as $ 0 (yes I said zero) to around $45.00.
OPTION 2 is the Medical Supplement plans that cover various expense gaps in original Medicare. Premiums are determined by how many gaps are covered according to age and they increase each year until you reach 80. The Med Supplement plans are normally chosen when health issues require more frequent trips to doctors and access to medical facilities. Premiums are paid whether you need services or not.
Dental & Vision Insurance
In case you were wondering, The Berry Insurance Group does offer a very good dental insurance plan with a vision option, through Spirit Dental using the Ameritas Dental Network. Spirit Dental has next day coverage for all plans, 3 cleanings per year paid at 100%, no waiting period for services and options for $1200 and $3500 total annual benefit. One of the unique features is that the % of coverage for basic, major and orthodontia services increases as of the 1st day of January for each plan year. We may want to talk about a strategy if you are going to need crowns, implants, or extractions in the near future. For more information and plan costs click on the icon below.
Call (317) 439-3026 to talk to a Health Benefits Advisor.
Prescription Drug Information:
Prescription Drug Considerations
Medicare makes it very painful to not have a "qualified" drug benefit either through your employer or previous employer, or by enrolling in a medicare program. Penalties will be assessed if you do not have a qualified plan at any time after becoming eligible. A penalty of about 1% for each full month that you were eligible and didn't have coverage and the penalty is added to each months premium thereafter.
- Part D with Medicare Advantage (Part C) premium may be as low as zero.
- Stand Alone Part D (Often with Med-Sup) premium typically $45.00 to $120 per month.
Choosing the right supplemental insurance plan is more complicated and confusing than I expected. Jerry was a real asset in guiding both me and my wife to the plan that was best for us. He has proven to be very accessible to answer questions and sending us in the right direction.
- Douglas Detrick