Medicare is a complex system. There are multiple rules and enrollment periods and if you make a Medicare mistake the penalties can last the rest of your life. Additionally, having a gap in your coverage can be financially catastrophic if you have a serious health event during that timeframe.
Below are a number of situations which can cause you to make a mistake with your Medicare. Agents at New Jersey Medicare Brokers can help answer your questions so that a Medicare mistake doesn’t happen to you.
A Medicare insurance agent can help you by addressing any concerns and ensuring you fully understand your policy. However, that is not where an agent or broker's job ends when assisting you.
In New Jersey and other states, those with Medicare and a high income find themselves having to pay higher costs. It's possible that you are seeing higher premiums than you anticipated on your Medicare Part B and your prescription coverage under Medicare Part D.
There are a multitude of potential Medicare plans and options, each customized based on affordability, healthcare needs, and risk tolerance. Medicare supplement or Medigap plans are one of the most popular options and fill in the gaps that Medicare doesn’t cover.
What if you sign up for one Medigap plan but realize it's not the perfect fit you needed? That could happen for multiple reasons: needing more or fewer benefits, or wanting to find a cheaper policy. The good news is that changing Medigap plans in New Jersey or any other state is easier than you think. Ensure that you receive an acceptance letter to the new supplemental plan before canceling your current coverage.
You might already have some questions about how policies and premiums are going to change for Medicare in 2020. On October 1st the 2020 Medicare Advantage and Prescription Drug plan details will be released but the financial structure the plans follow was recently announced.
- The maximum deductible for drug plans is going from $415 to $435.
- Threshold to enter the coverage gap (donut hole) is changing from $3,820 to $4,020
- Threshold to get out of the coverage gap and into catastrophic coverage is being significantly increased from $5,100 to $6,350.
- The average drug plan premium is projected to decline.
It’s very important to get a physical from your doctor every year to make sure your health hasn’t changed. When scheduling your Medicare physical exam it is important to ask for a “Wellness Exam” and NOT a physical. This is because Medicare does not pay for a Physical Exam, but does pay for a “Wellness Exam” annually. A physical exam is more comprehensive than a Wellness exam because it includes bloodwork a check of your vital organs, whereas a Wellness Exam does not.
What Can a Medicare Broker Do for You?
A Medicare broker provides unbiased, informed advice on your options and decisions when you need help with Medicare. The brokers we work with are contracted with multiple carriers and will listen to your situation before giving you an explanation of the options available to you. They will help you can put compare the benefits:
- Advice on policies across multiple carriers;
- Determining whether your current policy is still the best one for you, both in terms of coverage and how much it costs you; and
- Options for changing your plan and when to do it.
What is Republicans Medicare Plan? With all candidates across both aisles almost always preparing for elections, everyone wants to know their ideas about Medicare, especially when it could have a major impact on the care you can afford and receive.
Whether you are a new resident of New Jersey or a NJ native, once you turning 65 you are aging into eligibility for Medicare. There's a wealth of information available and it can get overwhelming with all the options and how to navigate all the possible routes your healthcare plans can take.
New Jersey has prescription drug help available for residents with a limited income. This program is called PAAD, Pharmaceutical Assistance to the Aged and Disabled. If the NJ PAAD application seems cumbersome advisors through New Jersey Medicare Brokers LLC can help you fill out the application and assist you with the enrollment process at no charge.
There are a number of Democratic candidates for President and each of them have different ideas on what to do with the Medicare program. Some of the Democrat's Medicare proposals are explained in more details.
Many Democratic presidential candidates are campaigning on changing the healthcare system that we know today to Medicare For All. Some candidates want to keep Medicare as it is now but expand it as an option to the rest of the population. Other candidates want to have Medicare be the single payer of healthcare and eliminate private insurance carriers. What will ultimately be seen greatly depends on who's elected and how negotiations pan out.
Many of the 2020 presidential candidates will be discussing Medicare for the campaigns. President Trump has repeatedly said he would not touch Medicare, but has cut budget funding to Medicare for 2020 with hopes of making the money back by reducing spending. There is no public plan available about Trump's Medicare stance going forward though that may be subject to change as healthcare will be a big talking point.