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Medicare Insurance Brokerage …

When one turns 65 years of age, one of the first things that creates concern is how you can ensure that you are well protected health-wise and financially the moment you stop earning a regular income. Retirement in America is not an alien concept, so it is easy to dismiss the thought of preparation because it is so largely discussed. Unfortunately, despite so the constant reminders to start getting ready early, so many still find themselves without the protection they need when the leave the workforce and enter their twilight years.

One specific point is healthcare. If you are reading this right now, then it means that you are interested in finding a way to shield you from the potential financial burden of dealing with health issues when you retire. This is where Medicare and Medicare Supplements step in—to save the day or at least remove a significant chunk of the stress when a health-related problem does arise. One of the insurance companies that offer such services is Independence American Insurance.

A Medicare Supplement policy is an insurance plan designed to help fill in the gaps that the Original Medicare program does not cover, including costs related to coinsurance, copayments, and deductibles. It is sold through private insurance agencies, though their benefits are the same regardless of your location in the United States. This is the federal government’s way of ensuring that all senior citizens get the same coverage no matter where they are located and where they purchased their policy.

As a rule, all Medicare Supplement plans should follow state and federal laws, which are designed to protect policyholders. Usually, the only difference among Medigap plans sold is the cost—because the government allows private insurers to set their own premium pricing. However, the name of the policy, the letters, and the benefits within should be uniform across the country.

A Medigap plan differs from a Medicare Advantage plan (as with a PPO or HMO) because the latter are ways by which one can acquire Medicare benefits; whereas, the former only supplements or helps with the expenses that are not shouldered by Medicare. Take note that Medicare will not pay for the cost of a Medigap plan and the monthly premiums will come out of your own pocket. If you decide to purchase a Medigap policy from any insurer, then be prepared to pay for a monthly fee in addition to what you are already paying for your Medicare Part B.

Comparing Medigap Plans under Independence American Insurance Company

As mentioned earlier, IAIC is offering four out of 10 Medigap plans: A, F, G, and N. Here’s a comparison of what each offers.

Independence American Insurance Company Medicare supplement products, as with any other Medigap plan, do not cover the following:

• Vision or dental care
• Eyeglasses
• Hearing aids
• Private-duty nursing
• Long-term care (like non-skilled services from a nursing home)

Hence, if you are interested in expanding your policy to include the above, you can simply consult with your Independence American Insurance agent, or we can provide assistance in finding out which products are available. Note that companies that carry Medigap plans are not required to carry all of the 10 government-designed Medicare Supplement plans. In this case, the IAIC has four.

Here are some of the things you should know prior to purchasing any Medigap policy from Independence American Insurance (and any other agency):

• You must already have Medicare Part AND Part B
• You pay the IAIC a premium for your chosen Medigap plan in addition to what you’re paying for Medicare Part B
• If you have an HMO or PPO and want to return to Medicare, you may apply for a Medigap plan prior to your coverage’s expiry; this way, you get continuous coverage
• When you purchase your Medicare Supplement plan during your Open Enrollment Period (OEP), then you can buy any plan you want from ANY company that’s authorized to operate in your state
• A Medigap policy covers just one person, so if you and your spouse want one, then you will have to purchase it separately