By Ulla-Undine Merritt (Dee) National Producer Number (NPN) 8853366
Medicare general Annual Election Period also known as AEP is every Oct 15-Dec 7 with January 1st effective date. In 2019 we had a new Open Enrollment Period where you could have made one Medicare Advantage Plan change or went back to Original Medicare and you could have bought a standalone Part D drug plan. You can also enroll in a plan during the year if you have a special election period, such as moving out of the plans service area this can sometimes be as short of a distance like Collier to Lee County. If you lose coverage as an example you came off your employers group plan. If you are considered low income you may also qualify to change plans mid plan year. Most people don’t know that a Medicare Supplement Plan can be changed all year long if you medically qualify. Generally, most carriers do not require a physical but a set of questions that may disqualify you if you have pre-existing conditions.
Individual/Family Medical Converge – Multiple Options are available
• Affordable Care Act/Obama Care – This is comprehensive coverage that covers pre-existing conditions and has no cap on coverage. If you are between 100%-400% of poverty level than you may qualify for government subsidy to help pay for your coverage. From 100%-250% you may also receive help with cost sharing (your payment for services). There is an Open Enrollment each year which is currently from November 1st to December 15th with the 1st of the year effective date. If you lose coverage or have other life events you may qualify for a special enrollment period. If you do not qualify for subsidy and have no preexisting conditions this coverage may be costly. In 2019 there will be no penalty for not having this coverage.
• “NEW” – 1-year policies that can be applied for up to 3 consecutive years also knows as Tri-Term Medical Plans. This policy would be good for someone that does not have pre-existing conditions. Coverage with deductibles starting as low as $2500.
• Short-Term Policies – which you can buy from 1-month to 360 days. Pre-existing conditions will not be covered and you may be denied coverage. There are knock off questions and if you were to answer yes, the coverage would not be available for that person. The plans have deductibles starting at $1,000 up to $15,000 per person.
• Indemnity Plans – these plans have some 1st dollar coverage but they have a maximum that they will pay for a specific situation. I generally do not recommend them because they normally do not have enough coverage if you had a major medical condition.
• Supplemental Plan – these are separate policies that help pay your deductible, Copays and coinsurance and generally are paid direct to you. So, you decide what you want to do with the money. The ones I normally recommend are Accident, Cancer and other Critical conditions. Also, policies that are NOT a one-time payout but will continue to help you for prolonged or reoccurrence.
International Medical Converge including Travel Insurance
International Medical Insurance is a good option for individuals that live abroad at least 6-month of the year weather you are traveling for business, have a home outside of the USA or like to do Air B&B. In 2019 you will no longer be penalized for not having creditable coverage. There is short term Travel Medical Insurance for when you are planning a trip, even a cruise. Did you know that most Medical Insurance does not cover you outside of the United States? Coverages are available up to 2 Million dollars and the coverage is much less than you think. Example 66-year-old male non-smoking 6 days in Europe $40.73 for no deductible and $2,000,000.00 in coverage.
Long Term Care – Living at home or in a facility is not covered by your Medical Insurance
It seems almost everyone knows someone or is caring for a loved one that needs help with the ADL (Acts of Daily Living). Aging in place is the most preferred option for many people as they are getting up in age. This insurance help provide caregivers or nurses so they can live comfortably and safely in their home. It also helps with the cost of Assisted Living Facilities. These faculties in our area run a month approximately as low as $2400 to over $6,000 a month. You still need your Medical Insurance and may also still need a caregiver to also help assist you. When should you start looking at this insurance? At 40 years old, but it’s never too late to look in most cases, as well. The healthier and younger you are the better to keep the premium cost down. Your other options for paying for these services are cash pay, Veterans Benefits also Aid and Attendance for spouse, and Medicaid or Long-Term Care Insurance.
All your insurance should be reviewed annually, things change, and you could be paying too much. Work with a local agent that is licensed in these special fields that you can become comfortable with and trust. Do your due diligence and check them out. If you are not comfortable with them, use your instincts and make a change. There are reputable people that would be more than happy to help. Most insurance professionals do not charge for their services because they are paid by the insurance company when they sell you a product. I recommend meeting an agent in their office so that you know they are invested in their profession. Letting any stranger into your home is never recommended as well as someone calling you or you are calling someone you have not or will never meet.
We are happy to help, we have agents from Bradenton down to Marco Island, our headquarters are in Fort Myers and we also have an office we use part time in Naples.
To learn more schedule an appointment contact:
Logical Insurance Solutions – Dee Merritt www.Logicalinsurance.com
HDQ 2365 West First Street, Fort Myers, FL 33901
Local Agents – Marco Island, Naples, Bonita Springs, Fort Myers, North Fort Myers