Senior Insurance Services - Mediare Supplements

Quotebroker offers affordable insurance products and services to seniors. As an independent insurance broker, we represent most major insurance companies. This unbiased approach to shopping for insurance on your behalf provides you with affordable insurance options to choose from. 

We also offer Medicare Advantage and Supplement insurance products. Changing from an individual health insurance plan to Medicare is confusing. We will assist you with the information you need to know in order to acquire your Medicare Supplement insurance plan. Although you can change coverage at any time, the open enrollment stage is also the Guaranteed Issue period. You cannot be turned down for any medical reason if you apply on time.  

Contact our senior insurance specialists to discuss any of the following insurance and financial services. You can also click on any link to learn more about our available products. For an instant medicare supplement quote click here

Understanding Medicare (Part II)

What is Medicare?

Medicare is a Federal health insurance program that pays for hospital and medical care for elderly and certain disabled Americans.

The program consists of two main parts for hospital and medical insurance (Part A and Part B) and two additional parts that provide flexibility and prescription drugs (Part C and Part D).

Medicare Part A, or Hospital Insurance (HI), helps pay for hospital stays, which includes meals, supplies, testing, and a semi-private room. This part also pays for home health care such as physical, occupational, and speech therapy that is provided on a part-time basis and deemed medically necessary. Care in a skilled nursing facility as well as certain medical equipment for the aged and disabled such as walkers and wheelchairs are also covered by Part A. Part A is generally available without having to pay a monthly premium since payroll taxes are used to cover these costs.

Medicare Part B is also called Supplementary Medical Insurance (SMI). It helps pay for medically necessary physician visits, outpatient hospital visits, home health care costs, and other services for the aged and disabled. For example, Part B covers:

• Durable medical equipment (canes, walkers, scooters, wheelchairs, etc.)
• Physician and nursing services
• X-rays, laboratory and diagnostic tests
• Certain vaccinations
• Blood transfusions
• Recommended dialysis
• In patient hospital procedures
• Some ambulance transportation
• Immunosuppressive drugs after organ transplants
• Chemotherapy
• Certain hormonal treatments
• Prosthetic devices and eyeglasses.

Part B requires a monthly premium ($96.40 per month in 2010, the same as 2009, except for those in a higher income level, which will require a payment of $110.50 ), and patients must meet an annual deductible ($135.00 in 2009) before coverage actually begins. Enrollment in Part B is voluntary.

Medicare Advantage Plans (sometimes known as Medicare Part C, or Medicare + Choice) allow users to design a custom plan that can be more closely aligned with their medical needs. These plans enlist private insurance companies to provide some of the coverage, but details vary based on the program and eligibility of the patient. Some Advantage Plans team up with health maintenance organizations (HMOs) or preferred provider organizations (PPOs) to provide preventive health care or specialist services. Others focus on patients with special needs such as diabetes.

In 2006, Medicare expanded to include a prescription drug plan known as Medicare Part D. Part D is administered by one of several private insurance companies, each offering a plan with different costs and lists of drugs that are covered. Participation in Part D requires payment of a premium and a deductible. Pricing is designed so that 75% of prescription drug costs are covered by Medicare if you spend between $250 and $2,250 in a year. The next $2,850 spent on drugs is not covered, but then Medicare covers 95% of what is spent past $3,600.

What about services that are not provided through Medicare?

Supplemental coverage for medical expenses and services that are not covered by Medicare are offered through MediGap plans. MediGap consists of 12 plans that the Centers for Medicare and Medicaid Services have authorized private companies to sell and administer. Since the availability of Medicare Part D, MediGap plans are no longer able to include drug coverage.

Who is eligible for Medicare?

To be eligible for Medicare, an individual must either be at least 65 years old, under 65 and disabled, or any age with End-Stage Renal Disease (permanent kidney failure that requires dialysis or a transplant.)

In  addition, eligibility for Medicare requires that an individual is a U.S. citizen or permanent legal resident for 5 continuous years and is eligible for Social Security benefits with at least ten years of payments contributed into the system.

Who pays for services provided by Medicare?

Payroll taxes collected through FICA (Federal Insurance Contributions Act) and the Self-Employment Contributions Act are a primary component of Medicare funding. The tax is 2.9% of wages, usually half paid by the employee and half paid by the employer. Moneys are set aside in a trust fund that the government uses to reimburse doctors, hospitals, and private insurance companies. Additional funding for Medicare services comes from premiums, deductibles, coinsurance, and co-pays.

Medicare Supplement plans are offered through private insurance companies to fill the "medi-gap" of expenses not covered by medicare. (Explained in Part III). For a free Medicare Supplement quote, visit the Quotebroker Health Insurance website

Medicare Expansion Plan Dumped

The new Medicare expansion plan would have allowed people 55 and older to buy into Medicare. The bill would have increased health care spending and reportedly contained unrealistic expectations to save money on Medicare.

Senate democrats backed off this Medicare expansion plan as a compromise in exchange for the government operated insurance option in health care reform. Republicans and several Democrats complained that Medicare is a budget busting program that under pays for medical services and this new bill leave the insured with fewer doctors willing to provide service as many had expressed their intention to opt out of the Medicare practice. It's back to the drawing board in 2010.

Meanwhile it's "Open Enrollment" for individuals that wish to participate in any Medicare Supplement plans, also known as Medi-Gap policies. For more information or to receive an instant Medicare Supplement quote from America's finest companies, visit QuoteBroker Insurance Services online or call (800) 783-0802

Comparing Medicaid with Medicare

What Is Medicaid?

Medicaid is often confused with Medicare, which is a federally funded health insurance program for people aged 65 and over as well as some people with disabilities. Unlike Medicaid, Medicare is not limited to those with low incomes and resources. Medicare Supplement plans, or medi-gap plans are are designed to fill the gap's in the Medicare program. For more information or to receive a Medicare Supplement quote, visit QuoteBroker

Medicaid was created  by Congress in 1965, Medicaid is a public insurance program that provides health coverage to low-income families and individuals, including children, parents, seniors, and people with disabilities. Medicaidinsurance is funded jointly by the federal government and the states.

It is actually the State that operates its own Medicaid progra. Because the federal guidelines are broad, states have a great deal of flexibility in designing and administering their programs. As a result, Medicaid eligibility and benefits can and often do vary widely from state to state.

In 2008, Medicaid is projected to provide health coverage for nearly 63 million low-income Americans over the course of the year, including 31 million children, 17 million adults (mostly low-income working parents), 6 million seniors, and 10 million persons with disabilities. Children account for about half of all Medicaid enrollees, one quarter of Medicaid enrollees are seniors or persons with disabilities.

Important Medicare News and Update

Important Medicare News and Update:

QuoteBroker wants to remind seniors that Medicare Open Enrollment Begins Next Week. Open enrollment period is the best opportunity to choose Medicare drug and health plans for 2010.

November 15th marks the beginning of Medicare’s open enrollment period, QuoteBroker wants to remind seniors to compare their current Medicare drug and health plans with others that are available and choose the one that best fits their needs. People in Medicare have until December 31 to add, drop or change prescription drug and health care plans for 2010.

What is Medi-Gap Insurance?

Medi-Gap Insurance, aka Medicare Supplement Policies cover the costs Medicare doesn't.

Medicare provides beneficial coverage for Seniors health related expenses but, at the same time, leaves gaps that you either pay for out-of-pocket or with private insurance. A Medicare supplement insurance policy (also called Medigap) is a health insurance policy sold by a private insurance company to help fill in those gaps.

With Medicare supplement insurance:

• There are no restrictive networks; you control and choose the physicians, specialists, and hospitals that you trust for your care

• You can go directly to the physicians you choose without pre-certifications and pre-approvals

• The benefits offer predictability and stability as the plans are standardized by the government
• You have coverage that helps with deductibles, copayments, and coinsurance
• There are 12 standardized Medicare supplement plans that offer varying amounts of coverage – with Plan (A) providing basic benefits and Plan (J) offering more comprehensive coverage.

Medi-gap - Medicare Supplement plans can be shopped online. This is the easiest way to compare plans, features and prices offered by health insurance companies competing for your business. QuoteBroker offers free insurance quotes from several different Medicare Supplement carriers in your area.

Medicare Presciption Drug Plan Enrollment Begins 11/15/09

What is Medicare prescription drug coverage? Medicare prescription drug coverage is insurance that covers both brand-name and generic prescription drugs at participating pharmacies in your area. Medicare prescription drug coverage provides protection for people who have very high drug costs or from unexpected prescription drug bills in the future.

Everyone with Medicare is eligible for this coverage, regardless of income and resources, health status, or current prescription expenses.

You may sign up when you first become eligible for Medicare (three months before the month you turn age 65 until three months after you turn age 65). If you get Medicare due to a disability, you can join from three months before to three months after your 25th month of cash disability payments. If you don't sign up when you are first eligible, you may pay a penalty. If you didn't join when you were first eligible, your next opportunity to join will be from November 15, 2009 to December 31, 2009. Medicare supplement plans, Medi-Gap Plans and Part D Medicare Prescription Drug plans can be purchased online at QuoteBroker.com

Your decision about Medicare prescription drug coverage depends on the kind of health care coverage you have now. There are two ways to get Medicare prescription drug coverage. You can join a Medicare prescription drug plan or you can join a Medicare Advantage Plan or other Medicare Health Plan that offers drug coverage.Whatever plan you choose, Medicare drug coverage will help you by covering brand-name and generic drugs at pharmacies that are convenient for you. Like other insurance, if you join, generally you will pay a monthly premium, which varies by plan, and a yearly deductible. You will also pay a part of the cost of your prescriptions, including a copayment or coinsurance. Costs will vary depending on which drug plan you choose. Some plans may offer more coverage and additional drugs for a higher monthly premium.

For more information write to info@qbcmail.com, or call (800) 783-0802