Helping you fill the gaps in your Medicare Plan

2007 has brought about some big changes. Our job is to help you understand your Medicare coverage as well as what Medicare Supplement Plan will best suit your needs.

Medicare covers only those benefits listed under Part A (Hospital Care) and, when selected, Part B (Doctor Bills & Other Expenses), this leaves you with several expenses such as: Part A and Part B deductibles and other costs.

Let Grage Financial Group fill the holes that you will either pay out-of-pocket or with private Medicare Supplement Insurance.

We are hear to help you understand what Medicare pays for and what they don't pay for. We will help you choose a plan that best suits you needs and your budget.

What is Medicare?

Medicare is a federal program that provides health insurance to retired individuals, regardless of medical condition. Any individual who is receiving Social Security benefits will automatically be enrolled in Medicare at age 65 (age of eligibility). If you are not receiving Social Security benefits prior to age 65, you will be automatically enrolled when you apply for benefits at age 65. If you decide to delay retirement until after age 65, remember to enroll in Medicare at age 65 anyway, because your enrollment won't be automatic. Individuals who will be automatically enrolled in Medicare will receive notification by mail from the Social Security Administration, usually several months before your 65th birthday. Most people become eligible for Medicare upon reaching age 65 and becoming eligible for Social Security retirement benefits. Additionally, you may be eligible if you are disabled or have end-stage renal disease.

Coverage

Medicare coverage consists of two parts--Medicare Part A (hospital insurance) and Medicare Part B (medical insurance). Medicare Part C (Medicare+Choice) is a program that allows you to choose among several types of health care plans.

Medicare Part A (hospital insurance)

Generally called "hospital insurance", Part A covers services associated with inpatient hospital care (i.e., the costs associated with an overnight stay in a hospital, skilled nursing facility, or psychiatric hospital, such as charges for the hospital room, meals, and nursing services). Part A also covers hospice care and home health care.

Medicare Part B (medical insurance)

Generally called "medical insurance", Part B covers other medical care. Physician care--whether it was received while you were an inpatient at a hospital, at a doctors office, or as an outpatient at a hospital or other health care facility--is covered under Part B. Also covered are laboratory tests, and physical therapy or rehabilitation services, and ambulance service.

Medicare Prescription Drug Coverage 2007

The Medicare Part D program provides beneficiaries with assistance paying for prescription drugs. The drug benefit, added to Medicare by the Medicare Prescription Drug, Improvement, and Modernization Act of 2003, began in January 2006. Unlike coverage in Medicare Parts A and B, Part D coverage is not provided within the traditional Medicare program. Instead, beneficiaries must affirmatively enroll in one of many hundreds of Part D plans offered by private companies.

The Annual Enrollment Period for Part D runs from November 15 – December 31. During this period people with Medicare can enroll in a plan or change their enrollment from one plan to another. Individuals who are already in a plan should decide whether it will be right for them in 2007; if they do not choose to switch they will remain in their current plan.

All plans will have different costs and benefits in 2007 from what existed in 2006, thus it is advisable for all beneficiaries to consider their options and make the best choice they can for the coming year.

Grage Financial Group has access to several quality insurance companies that have a wide array of coverage options. Call us today for a consultation and unbiased advice on what plan(s) may be best for your particular situation.