If you are looking for a plan that guarantees predictable costs, consider a Medicare Advantage health plan. A recent online article noted that several large companies are considering canceling employer-sponsored health coverage in exchange for paying their government fines. If the price of providing employer-sponsored health insurance to your employees is higher than the total fine, what options do they have? They eliminate employer-sponsored coverage, pay the federal government a fine, and advance financially. But where does that leave your employees? No benefits!
Since many employers feel an ethical, if not just legal, obligation to offer benefits to their employees, they must resort to voluntary access by employees. The workplace can easily become the golden child for the insurance industry. By taking the time to understand what each part of Medicare covers and where it is exposed in everyone’s coverage, a solid position has been provided to plan a solution that works for your unique situation.
The health insurance options for those with Medicare are very confusing. For those who first enroll in Medicare, the deadline is three months before their 65th birthday until the end of the third month after their 65th birthday. It is during this time period. Anyone wishing to enroll in a Medicare supplement plan or benefit plan can do so without worrying about medical conditions. If you attempt to apply after this open enrollment window, you may be denied acceptance to a Medicare supplement plan and will have to wait until the next annual open enrollment period to obtain an Advantage plan or prescription, which is November 15 to December 31 of each year. To make things more confusing, there are specific periods of time for the respected senior citizen to apply for coverage. There are also other plans called tariff plans or services. They are not as popular as the first two plans.
Unfortunately, this article in its attempt to simplify things is weak in detail; meanwhile the details are very important. It was the writer’s attempt to try to create a basic scenario for the respected elderly (R.E) so that he can approach his decision with fundamental knowledge. I strongly urge anyone who makes the decision to answer all questions before continuing. An independent insurance agent can be of great help because he has the opportunity to offer all plans and can clarify the differences. Advantage plans usually include coverage for additional services not covered by Medicare, such as: vision, dental, hearing, and sometimes gym memberships When you have a fixed income, these benefits can make a big difference.