Sep 28 2012
Extend
Health, operator of the nation's largest private Medicare exchange
and a Towers
Watson company, announced today the availability of two free guides
designed to help seniors who are turning 65 - and becoming eligible for
Medicare for the first time - navigate the complexity of their health
care options to make informed choices about Medicare coverage:
- Understanding Your Medicare Options - Basic explanations of the ins and outs of Medicare
- Medicare Enrollment Guide for 2013 - Specifics on enrolling in Medicare in 2013
Extend Health also issued an invitation today to all seniors to call
Extend Health toll free at 1-866-322-2824 and speak with a licensed
benefit advisor to learn more about original Medicare and Medicare
supplemental plans (also known as Medigap plans). These personal
consultations are also free to seniors.
"A
recent Extend Health survey of seniors 65 and older showed that when
it comes to concerns about making ends meet in retirement, twice as many
seniors said they were concerned about not having enough money for
out-of-pocket medical expenses than five years ago," said Bryce
Williams, founder of Extend Health and Managing Director of Exchange
Solutions for Towers Watson. "In fact, the high cost of health care and
out-of-pocket expenses not covered by Medicare are seniors' biggest
financial concerns today."
5 Things About Medicare That Matter Most
"Many seniors about to turn 65 don't realize that the first time they
choose Medicare coverage is the most important time because more options
are available to them then than at any other time," said Brady Thorup,
Manager of Extend Health Benefit Advisor Training and Development. "If a
senior is aging in to Medicare, he or she needs as much information as
possible about the options available to make the best possible choices.
Our benefit advisors help seniors build a Medicare coverage profile
based on the status of their health, the prescription drugs they take
and the doctors and hospitals they use. With original Medicare as a
foundation, our benefit advisors work with seniors to find Medigap plans
available on the Extend Health exchange from carriers in their region to
ensure that they have coverage that meets their needs at a price they
can afford."
According to Thorup, there are five top things about Medicare that are
important to seniors turning 65:
1. When seniors are eligible to enroll in Medicare
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Seniors turning 65 are eligible to enroll in original Medicare three
months prior to their 65th birthday.
-
This is the time seniors should take stock of their medical picture to
determine:
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How original Medicare serves their needs
-
How to bridge the gaps in what's covered (most seniors supplement
original Medicare with a private plan)
-
What's available when they turn 65 if they have coverage through
their plan or their spouse's employer or another group (this is a
good time to speak with them)
-
Seniors over 65 and already enrolled in Medicare (original and the
private plans are covered below) can enroll in different plans during
the 2013 Medicare Annual Open Enrollment Period, which runs from
October 15-December 7, 2012.
2. What Original Medicare Covers - And What it Doesn't
-
The free Extend Health guide, Understanding
Your Medicare Options, offers a clear explanation of
the benefits and requirements of the various parts of original
Medicare, including Part A (hospital coverage) and Part B (physician
and outpatient coverage). The guide also explains what original
Medicare does not cover and how to fill those gaps by explaining
private Medicare coverage options, including Part C - known as
Medicare Advantage, Part D - prescription drug coverage, and Medigap
plans.
-
The Extend Health Medicare
Enrollment Guide for 2013 provides information about how all
parts of Medicare compare to one another.
3. What Medigap and Medicare Advantage Plans Cover
-
Medigap and Medicare Advantage coverage is delivered through private
plans that can help bridge the gaps in what original Medicare covers.
See the Extend Health guide, Understanding
Your Medicare Options, for plan explanations.
-
A worksheet is provided in the Extend Health Medicare
Enrollment Guide for 2013 to help seniors evaluate whether
Medicare Advantage or Medigap plans would meet their needs better.
4. How to Get Prescription Drug Coverage
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Seniors choosing Medigap plans may also want a Part D plan to provide
drug coverage. Medicare Advantage Prescription Drug (MAPD) plans
already include prescription drug coverage.
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Seniors with Medicare Advantage cannot purchase separate Part D plans.
5. Enrollment Requirements for Original Medicare versus
Medicare Advantage and Medigap Plans
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Enrollment requirements for original Medicare and Medigap plans are
different.
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In a senior's first enrollment period, Medigap plans are guaranteed
issue, which means people over 65 cannot be denied coverage due to
their health status or pre-existing conditions. After this first
eligibility period, Medigap plans may cost more or coverage could be
denied.
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For example, if a senior chooses a Medicare Advantage plan first and
then wants to switch to original Medicare in combination with a
Medigap plan, it may be more expensive to enroll later.
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Seniors can switch into a Medicare Advantage plan or a Medicare Part D
prescription drug plan with a 5-star rating at any time during the
year.