Need Medicare?

If you are transitioning from a group health plan or individual coverage and need Medicare information, we can help.  MWG Senior Services is a part of Morgan-White Group, and advises those 65 and older on how handle the new normal of health insurance.

Most people start trying to learn more about Medicare several months before they retire.  They realize that Medicare is going to be their health insurance plan for years to come so it is important to understand the ends and out.  In this article we will briefly touch on the basics of Medicare. Continue reading

Group Health Insurance for Retirees

Group Health Insurance for Retirees

Have you heard of group health insurance for retirees?  Have you wondered if your employer offers it or why they don’t offer it?  Group Health Insurance for Retirees is simply a health insurance plan setup for those who are over the age of 65 and retired from a company.  These plans can also be formed for an association and that association allows members to enroll in the Guaranteed Issue Supplemental Medicare Plan!  Check out the Benefits Association website if you are looking for this type of plan. Continue reading

Elderly Activities

Today we are going to review different elderly activities, exercises and hobbies that are common among seniors.  If they are not common in your life you should consider adding a few in so that your overall health will improve according to statistics.

Elderly Activities

First lets kick off with popular elderly activities that can be beneficial and refreshing.  We will name 5 items for each category.

  1. Touring gallery openings or art walks
  2. Volunteering to usher – Whether you are volunteering at church or a local play it lifts the spirits to know you are being helpful.
  3. Be a greeter – Church, Walmart and Bass Pro greeters always bring a smile to your face.  Giving cheer to others is one of the best things you can do to beat depression.
  4. Bingo Halls – Having friends and people you can talk to on a regular basis increases overall health.
  5. Outdoor activities – Outdoor activities such as gardening, walking, and playing with grand kids will not only help you get some Vitamin D but it will increase your energy levels according to statistics.

Beneficial Exercises

Exercising is always important but as we age our body tends to slow down.  We have all heard the expression “if you don’t use it you will lose it”.  This also applies to your muscles!  As we age it is important to include muscle building exercises, flexibility and cardio into our daily lives.

How do these elderly activities benefit me?

  • Muscle building will help keep your muscles strong and keep ligaments and tendons tighter.
  • Yoga or flexibility will help prevent falls.  With over 300,000 broken hips last year alone falling due to losing balance is an important thing to fight against.  Increasing your flexibility can help fight a pulled back and falling over.
  • Cardio does a lot for your heart!  Muscle building exercises are also important but the cardio helps get your heart pumping and establishes comfort levels with moving further than the couch to fridgerator.

Medicare Insurance Finders is here to help with all of your 65 or better Medicare insurance needs! Please contact us at 1-877-936-2991.

Elderly Activities

Medicare Insurance Finders helping you with your insurance needs.

 

High Deductible Plan F

If you are in the market for a Medicare Supplement with lower premiums, you should consider the high deductible Plan F or the Plan N Medicare Supplement.  Both of these plans allow you to go to any doctor or hospital that accepts Medicare, they both limit your out of pocket maximum, and they are standardized plans that are regulated both federally and on a state level.

High Deductible Plan F Benefits

The high deductible Plan F has the same benefits as the Plan F; however, the difference is the $2,110 deductible that is applied before coverage begins.  This should lower your premium drastically usually by 70%.  In the state of New York, we have seen policies go from $300+ a month to around $110 per month with companies like Humana when choosing the high deductible plan F.

Things to consider when applying for medigap insurance

Something to consider would be choosing the Plan N Medicare Supplement over the High Deductible Plan F. Since the premiums are comparable and there are less out of pocket costs with the Plan N it makes it a little easier on the budget when health issues arise.  The Plan N covers the Part A deductible and 20% co-insurance where the Plan F High Deductible gives you a deductible that is for both parts of Original Medicare.

The Plan N only has a deductible of $147 and a $20 co-pay when you visit the doctor.   So in a nutshell, your deductible is reduced by roughly $2,000 dollars and you are only responsible for a $20 co-pay when you see the doctor.  This is less drastic than a $2,100 deductible.  However, the premiums will be roughly $20 – $30 higher per month for this plan ($360 a year on a high guesstimate).

High Deductible Plan F vs. Plan N Example

Here are two examples of Medicare Supplement Rates and the differences between a High Deductible Plan F and a Plan N.

Mississippi Medicare Supplement Rates – Example April 2013

Plan N Medicare Supplement – 65 Female is $73.73 per month

Plan F (High Deductible) – 65 Female is $43.40 per month

California Medicare Supplement Rates – Example

Plan N Medicare Supplement – 65 Female is $90 per month

Plan F (High Deductible) – 65 Female is $46 per month 

High Deductible Plan F

The Plan F and the High Deductible Plan are two very well known Medicare Supplement Plans.

65 and Older Life Insurance

If you are looking to purchase 65 and older life insurance there are a few things to know before purchasing a life insurance policy.  First thing to understand is that most insurance agents assume that if you are 65 or better and  looking for life insurance that you are wanting a final expense policy.

Second, thing to know is that you should disclose health information to your insurance agent.  Hiding information from the agent is only going to slow down the process and sometimes will take three times as long.  As an insurance agent if I have all the information I can better advise my client on which plan will work better.

Health Insurance example – Disclose Information to your insurance agent

Here is an example for the health insurance side.  If I have a client with diabetes and high blood pressure I know most insurance companies will not accept this individual if they are outside of their Medigap Open Enrollment Period.  There are a few insurance companies like AARP’s United Healthcare Product and the BAI Guaranteed Issue Retiree Plan that will offer coverage to this individual.  However, if the client never tells me when I ask them about health conditions we may waste a month or more applying with different insurance companies that will never consider this individual.  The same type of example can apply to 65 and older life insurance or any insurance policy for that matter.

65 and Older Life Insurance

When you are 65 or better looking for a life insurance policy, know up front that rates are going to be higher than quotes that you saw at 60 years of age.  65 and older life insurance policies tend to have higher premiums and some insurance companies choose not to write insurance policies for this age market.  However, many carriers like TransAmerica, Prudential, Lincoln and other carriers tend to write a good bit of business in that age range.

Final Expense policies are the most common policies for 65 and older life insurance.  These policies cover final expenses such as medical bills, funeral costs, other minor outstanding debts and other things that the insured may have to their name.  Senior Insurance Plans such as this one usually range in benefits from $5,000 – $50,000 and ask very few health questions.  Some of these plans are even guaranteed issue which means you can’t be declined – expect higher premiums with these plans.

For more information on 65 and older life insurance please contact Medicare Insurance Finders at 1-877-936-2991 for rates and other information.

65 and older life insurance

Medicare Insurance Finders helping you with your insurance needs.

Saving for Retirement

Whether you are 22 years old and just out of college or 55 just getting your kids out of the house, saving for retirement is an important decision.  Also choosing not to make a decision – is a decision.  Nike came up with the “Just Do It” slogan from someone saying “You said tomorrow yesterday”.   Procrastination is a killer in saving for retirement.

In today’s article we will be reviewing the different strategies that people may take when saving for retirement, and in tomorrow’s article we will provide you with different advisors opinions. Continue reading

Group Retiree Medical Plan

What is a Group Retiree Medical Plan?

A group retiree medical plan is a health insurance option that employers can sponsor for their retirees that provides supplemental coverage to Medicare.  These plans can be 100% voluntary or they can be employer funded.  Group Retiree Medical plans can be setup with direct bill to the member/policyholder or they can be put on a group bill.  These plans can be setup many different ways to meet the needs of employers wanting to offer retiree benefits.

Benefits of a Retiree Plan

Group retiree medical plans usually mimic a Medicare Supplement plan.  These plans are not Medicare Supplements but merely copy their benefits.  Medicare plans are standardized and have to file differently than a group retiree medical plan.

Retiree plans usually have deductible options starting at $0 and ranging up to $2,000 or more. The 20% coinsurance is usually covered at 100% (minus some co-pays for doctor or outpatient visits).

There are no networks with these plans.  They supplement Medicare so as long as the provider accepts Medicare this coverage is allowed; however, if the doctor does not take Medicare this policy is unable to provide coverage.

How do we start a Group Retiree Medical Plan

To setup a retiree plan you will need to have some basic information on the group and what type of coverage the group will want to provide.  Here are some basic questions you will be asked:

  1. Will this be voluntary or employer paid?
  2. How many retirees would be eligible for coverage (ages 65+)?
  3. Are retirees currently on the group health insurance plan?
  4. Is the current group health plan fully-insured or self funded?
  5. Company information such as name, address, contact and business type will all be asked.
  6. Do you have census data? (Some carriers require Gender, DOB and zip code)
  7. Do you have claims experience?

Some insurance companies will ask more than the questions above and other companies will ask less but this is what you should be prepared to answer when setting up a plan. 

If you need help setting up a group retiree medical plan contact MWG Senior Services at 1-877-936-2991.  We are a branch of Morgan-White Group that handles senior insurance products.

Group Retiree Medical Plan

Need help with Group Retiree Medical Plans – WE CAN HELP!

 

Lower Medigap Rates

If you are looking to lower your current Medigap Rates or purchase a policy with lower Medigap Rates we have a strategy for you.  As of 2013, the Plan F Medicare Supplement is the most popular Medigap policy sold.  However, it is also the plan that receives the highest rate increases across the country as well.

Why Does Plan F get higher rate increases?

The Plan F receives higher rate increases since it is a Guaranteed Issue Plan (no health questions) and because it is what most people enroll in when turning 65.  Then several years later when the rates have increased they are unable to switch due to health conditions.

If you are thinking, “Aren’t all plans guaranteed issue when your turn 65?”  All plans are guaranteed issue when your turn 65 this is called the Open Enrollment Period.  However, there are several plans (A, B, C, F) which are guaranteed issue in situations where someone is losing coverage.  An example would be if John Doe at the office retired at 69 after having a heart attack.  He could get the Plan F without any health questions even if he enrolled in Part B when turning 65.

So how do we protect ourselves from getting these rate increases?

Lower Medigap Rates

Medicare Insurance Finders and MWG Senior Services recommends choosing a Plan G Medicare Supplement to keep your rates down for the long haul.   These plans have lower rate increases than most plans and will typically be 10% – 15% cheaper than the Plan F at your initial purchase price.

PLAN F vs. PLAN G Rates

A prominent Medicare Supplement Company released their rate increases today (April 13, 2013) for their Medicare Supplement Plans in North Carolina. The Plan G received a 7.9% rate increase while the Plan F received an 18.3% rate increase.

The insurance company is one of the 20 largest health insurance companies in the world and is an “A” rated carrier.  This shows that financial strength does not mean that the insurance company will not give large rate increases.  This is why we recommend the Plan G to lower Medigap rates.

Compare Plan G Medicare Supplement Rates

How should I compare Plan G Medicare Supplement rates?  There are several ways to compare these plans and we have listed them below:

  1. Go To the Medicare Supplement Quote Engine offered by Medicare Insurance Finders to get quotes in your zip code.  These rates are displayed online for you to see – it is not a lead form that has agents from all over the country calling you. 
  2. Call 1-877-936-2991 to speak with a certified Medicare Supplement Advisor that can help you Lower Medigap Rates and provide you with southern hospitality.
Lower Medigap Rates

Providing advice on Medicare Supplements for individuals with health issues

Gerber Medicare Supplement

Gerber Medicare Supplement Insurance is offered in many states across the country.  In order to find out if they are offering plans in your state you can click on Medicare Supplement Rates and you will be directed to our Medicare Quote Engine.

Gerber Insurance Company has been around for over 100 years.  They are a prominent name in the insurance industry and are a household name because of the baby products they have offered for years.  Most everyone who reads this article will not only know who the insurance company is but will probably have also eaten their baby food as well as fed their children Gerber Baby Food.

It was a very good idea for this company to begin offering Gerber Medicare Supplements.  They are trustworthy, well known and are a household name that is easy to relate with.  Medigap Insurance is a standardized product so it is not like they are offering plans that have better or worse benefits than other carriers.  They never have to worry about being the “lesser of two companies”.

GERBER MEDICARE SUPPLEMENT INSURANCE

Gerber Medicare Supplement plans must follow the same state and federal laws that other Medicare Supplement companies have to follow.  An easy to outline of coverage is laid out below:

Gerber Medicare Supplement

Medicare Supplement Insurance Outline of Coverage

Medicare Supplement RATES

Gerber Medicare Supplement Rates are not as competitive as they were several years ago when they hit the market.  They still provide excellent customer service and guaranteed renewable benefits; however, if you are looking to pay the least for your Medicare Supplement Insurance our advisors can help you compare plans.

Call 1-877-936-2991 to compare Medicare Supplement Plans today.  Our advisers have years of experience in the senior market and our company has been in business for over 25 years.  We are here to help provide you with excellent benefits.

Best Medicare Plan

Do you want to make sure you get the best Medicare plan when you turn 65 and are eligible for Medicare?  If so there are several things to consider:

  1. The Best Medicare Supplement Plans can be different for different people!  Some individuals prefer the Medigap Plan F coverage which has no co-pays, deductibles or coinsurance.  Others enjoy the Plan G which only has a Part B deductible and is usually 10% cheaper than the Plan F.
  2. The Best Medicare Plan for prescriptions is usually going to be the one that covers your prescriptions with the least out of pocket costs for the year.  Insurance Agents are not allowed to say “the Best Part D plan or best Medicare Advantage Plan.” So what we say is the most cost efficient plan for your according to the Medicare.gov website for the next plan year is XYZ Insurance Company Preferred Plan with a premium of $00.00.
  3. The Best Medicare Advantage Plan is a little tougher to calculate.  You must take into calculation the providers in network/out of network with the plan, does it offer drug coverage and does it cover your prescriptions, what are the plan deductibles, co-pays and coinsurance, and many other questions.  Medicare.gov is a good resource. Continue reading