Currently there is over 10,000 people becoming Medicare eligible each day. This is what many of us know as the baby boomer explosion. Millions of people will become Medicare eligible each year which has caused a major increase in baby boomer insurance plans. More and more insurance companies are offering Medicare Supplement plans along with their traditional life and health insurance products.
Major companies like Cigna and Aflac recently entered the market because the realize that in 15 years 20% of the population will be Medicare eligible. Think about that over 80 million people will be Medicare eligible and just about everyone is looking for reliable information that they can count on to guide them through their Medicare decisions. If you are one of those individuals that needs help with your Medicare choices we hope this article and the other articles throughout our website can help you make the right choice for your baby boomer insurance.
Baby Boomer Insurance
As you probably know not all baby boomers are eligible for Medicare at this point. However, most baby boomers will experience the different options they have with this federal program at one point or another. Below we have tried to break down your baby boomer insurance options in a concise and easy to understand manner.
- Medicare Parts A & B – this is Original Medicare and what you get when turning 65. Medicare Part A is free if you have worked 40 quarters and Medicare Part B comes with a premium.
- Medicare Supplement Plans (Medigap Insurance) – this is supplemental insurance that you get to fill in the gaps of Medicare. All companies offer the same benefits so a Cigna Medicare Supplement does not offer better benefits than lets say an AARP Medicare Supplement. However, price varies between companies so make sure to compare. Click here for Medicare Supplement Rates.
- Medicare Part D Plans – this is the prescription drug plans that you are required to get when becoming Medicare eligible. If you have creditable coverage you do not have to purchase a plan; however, if you do not have drug coverage that is equal to the standard Part D plan you will receive a 1% penalty per month that you are not enrolled.
- Medicare Advantage Plans – these plans take over the Original Medicare and make a Medicare Supplement useless. Make sure to review these plans carefully before enrolling because a lot of providers do not accept these plans or only accept certain companies. Also these benefits are not standardized which make comparison very important.
That sums up the basics of baby boomer insurance. For more questions in making the right insurance decisions contact Medicare Insurance Finders at 800-800-1397 option 6.