Battling a Down Economy: New Financial Fears for Seniors

Thеrе wаѕ a tіmе when most of us looked tоwаrdѕ retirement wіth аt lеаѕt some mеаѕurе оf joy. Juѕt the wоrd “rеtіrеmеnt” соuld ѕраrk daydreams оf traveling thе world, rеlаxіng with a ѕtасk of books, spending tіmе wіth thе fаmіlу, аnd thе сhаnсе tо do аll thе things уоu couldn’t dо whеn wоrkіng. Unfоrtunаtеlу, thоѕе vіѕіоnѕ аrеn’t thе norm for many ѕеnіоr сіtіzеnѕ tоdау. Cоnсеrnѕ оvеr health саrе соѕtѕ, thе grоwіng nееd for Mеdісаrе Suррlеmеntаl Inѕurаnсе (known аѕ Medigap Plаnѕ), and ԛuеѕtіоnѕ surrounding the country’s есоnоmу аnd ѕосіаl ѕесurіtу have lеd mаnу ѕеnіоr сіtіzеnѕ tо wоrk longer аnd put mаnу of those rеtіrеmеnt drеаmѕ оn hоld.

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A rесеnt rероrt fосuѕіng оn the financial соnсеrnѕ of ѕеnіоr сіtіzеnѕ рut out bу the IASP (Institute on Aѕѕеtѕ аnd Sосіаl Policy) demonstrated thаt over the last ѕеvеrаl years, economic іnѕесurіtу among ѕеnіоr сіtіzеnѕ has ѕtеаdіlу climbed, and according tо IASP, thеѕе іnѕесurіtіеѕ аrе juѕtіfіеd:

“In оnlу fоur уеаrѕ, thе number оf ѕеnіоrѕ аt rіѕk оf outliving thеіr resources іnсrеаѕеd by nеаrlу 2 mіllіоn hоuѕеhоldѕ. Uѕіng thе Sеnіоr Fіnаnсіаl Stаbіlіtу Indеx, есоnоmіс insecurity аmоng ѕеnіоrѕ increased by one-third, rіѕіng from 27 реrсеnt to 36 реrсеnt in рrеvіоuѕ years.”

Dеѕріtе the dіrе оutlооk and rіѕіng іnѕесurіtу, there аrе ѕtіll a numbеr of options out there thаt can аѕѕіѕt seniors іn rеtіrеmеnt. Mаnаgіng assets аѕ a rеtіrеd ѕеnіоr can differ frоm аѕѕеt mаnаgеmеnt whіlе ѕtіll еmрlоуеd, but mаnу оf thе bеѕt рrасtісеѕ remain thе same. Tаlk tо аn еxреrt in thе fіеld аbоut роtеntіаl іnvеѕtmеntѕ (and the rіѕkѕ involved wіth thоѕе investments), bаѕіс budgеt cutting techniques, аnd dеvеlоріng an оvеrаll fіnаnсіаl ѕtrаtеgу thаt fіtѕ уоur раrtісulаr dеѕіrеѕ аnd уоur раrtісulаr financial situation. Mоѕt importantly, mаkе sure you’re dеаlіng with ѕоmеоnе уоu truѕt and whоѕе mаіn gоаl іѕ tо wоrk within your раrаmеtеrѕ. Bе ѕurе tо аѕk plenty оf ԛuеѕtіоnѕ аnd do уоur duе diligence. Thеrе іѕ nothing more frustrating thаn uѕіng оr hіrіng ѕоmеоnе whо іѕ оnlу іn іt tо mаkе money frоm уоu. Then уоu соuld end up worse оff thаn bеfоrе уоu began dоіng уоur homework.

Thе сurrеnt economic ѕіtuаtіоn in the соuntrу hаѕ people of аll аgеѕ соnсеrnеd. Onе of thе bеѕt thіngѕ уоu саn dо as a senior сіtіzеn іѕ tо ѕtау іnfоrmеd аnd tо bесоmе familiar wіth аll оf thе fіnаnсіаl options out thеrе for уоu.” Infоrmаtіоn is уоur best weapon to оvеrсоmе thіѕ tough fіnаnсіаl time we аrе in.

Why Medicare Advantage Plans Were Created

When Medicare was first announced in the law some years back, insurance agents created Medicare Supplements, or Medigap plans, to help people insure against the various cost-sharing for which they would be responsible under the new federal health insurance program for seniors. These plans, as originally designed, help consumers cover the expense of Medicare Part A & B deductibles and co-insurance. For many years, these were the only type of supplemental plans available. As part of the Balanced Budget Act of 1997, though, the government created a whole new type of program called Medicare Advantage (MA). Any of the plans are not Supplements, though, and they operate very differently so it’s important that you understand the difference before making a decision on which kind of plan would be right for you.

Why did Congress create Medicare Advantage plans? Well, they came about as the result of several factors.  Get a quote at

First, there were was the increasing costs for Medicare itself and for Medigap plans. Over the years, the Medicare deductibles and co-insurance increased with inflation, as does the cost of most things in America. Since many Medigap plans cover these costs for insured members, the monthly premiums for those same plans also continued to increase.

Furthermore, at the same time, many Americans on social security to be their entire retirement income, and sometimes they didn’t realize until it was too late that this income was not nearly enough to meet all their living expenses. The outcome was that a fair amount of people over age 65 could not afford the cost of Part B and the premium for a Medigap plan. This problem was compounded by the fact that Medicare did not cover for retail prescription drugs, so citizens had to pay for these entirely out of their own pockets. The turmoil from Medicare receivers was clear: many had to make choices between healthcare costs and groceries or rent.

When some beneficiaries decided to forego Medicare supplements and just take their chances, an epidemic of tragedies soon followed. Someone healthy at age 65 might have decided not to buy insurance. However, they later created a health condition requiring, for example, an open heart surgery. The congress feared these individuals that would be denied care because they couldn’t pay.

The Difference Between Medicare Advantage And Medicare Supplement Insurance

Medicare is the federally administered nationwide social security fund of the US government, which was founded in 1965. Americans who are 65 years or older are guaranteed access to health care through this program. However, younger people with disabilities or end-stage renal disease are covered by Medicare. Medicare benefits are divided into four categories as follows:  Get a quote at

  • Part A – Hospital insurance
  • Part B – Health Insurance
  • Part C – Medicare Advantage plans
  • Part D – Prescription drug plans

Part A covers all hospitalizations that are required, while Part B covers the doctor’s visits and any medical equipment that the patient may need. Consequently, there are gaps in these coverages that can be covered by either a Medicare Advantage or Medicare Supplement Plan.

Medicare supplement plans 2019

Private companies offer plans that work with Medicare and often include a prescription. They may be HMOs, PPOs, or private services, but they will not adversely affect you despite the Medicare benefits. Secondary health insurance policies related to Medicare coverage are known as Medicare supplements. They are also referred to as “Medigap” policies that are standardized by the federal government. As with Medicare Advantage Plans, Medicare supplements also work with Medicare.

Words such as co-payment, deductible, family allowance, preventive vs. Routine grooming often adds confusion when you really try to understand what is being offered. Health insurance in general is difficult to understand and often leads us to believe that we are being manipulated, let alone in the next generation of health insurance, Medicare.

Both types of plans are similar in certain areas, but there is also a considerable difference between them and many different options. They offer additional coverage for your existing Medicare, but one of the key differences is that Medicare Advantage premiums are usually lower than Medicare supplement plans. They include benefits and prescription drugs that your original Medicare does not cover. The expenses out-of-pocket are also higher.

There are certain services that do not cover Medicare supplements, and there is no provider network with supplement plans, while there are plans with Advantage. Although there are provider networks, you pay extra costs when you leave the provider network.

Another significant difference between Advantage insurance and supplementary insurance is that Advantage plans limit the times during which you can sign up for one of their plans.

Conversely, you can sign up for supplement plans at any time throughout the year. Finally, you must have both Medicare Parts A and B to register for Medicare Advantage and Medicare Supplement plans. For more information on both types of plan, visit the official website of Medicare. You should consult with a licensed professional from an independent insurance broker before making any decisions.

For each plan, the options must be weighed. The pros and cons should be analyzed with a cost analysis to determine which scenarios are most likely to occur in your life. Medicare Supplemental Insurance plans are different enough that a plan should best suit your Medicare health insurance needs.


Do you need a Medicare Supplemental Insurance?

If you are 65 years old, you are entitled to Medicare Part A & Medicare Part B. This also means that you are eligible for Medicare Supplementary or Medigap insurance. Medicare Part A covers you for hospital care; however, you would still be responsible for such things as the Part A deductible. Medicare Part B covers you for doctor visits and tests. However, Medicare Part A & Part B covers only about 80% of your total medical costs. Medicare supplement plans are designed to cover what Part A and Part B do not cover.

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Medicare in combination with the right supplement plan is actually a great cover and often you have better coverage than what you had with your employer or family plan. In fact, with the right plan, you can actually be paid for any deductibles, co-insurance and co. Seniors find it easier to budget for a monthly premium because they do not have to worry about unexpected treatment costs throughout the year.

There are currently 11 different Medicare supplement plans. These plans have a different letter to identify each plan, such as Plan F, G, and C. Seniors often find it very confusing to figure out which plan works best for them.

Medicare typically covers 80%, and the recipient must take over the remaining twenty percent alone. Medigap Supplementary Insurance Plan N would be one of the many Medigap plans that cover these additional costs. In addition, Plan N covers Part A annual deductible.

That’s why it’s so important to find a large independent agent specializing in Medicare Supplemental Insurance. A good agent will be able to show you all the plans of the big insurance companies. You will also spend the time analyzing what your current health benefits are and those needs with the plan that best suits you.

There are many benefits to a Medicare supplement plan such as:

  1. No Network – You can go to any doctor or hospital you like. If you accept Medicare, you accept the supplement plan.
  2. Benefits will not change and you can keep the plan for life.
  3. Cover in other states.
  4. International Travel Emergency Insurance (available on some plans)
  5. Limit the burden of high maximum costs.

So, with a Medicare supplement, you can see more doctors and feel comfortable that most, if not all, medical bills are paid. You may not have the dental and facial discounts and you have to buy a part D separately, but you can be sure that medical bills are not responsible for losing your budget or savings.

There’s really no reason to worry about your Medicare options. Find a quality agent who specializes in Medicare Supplemental Insurance and that professional not only save you a lot of time but also money. It’s also important to check your benefits with an expert every year or two to make sure you get the best coverage for the money. Plans and prices often change, so having a relationship with a Medicare Supplemental Specialist to turn to will be a big deal.


Difference between Medicare supplements and Medicare Advantage plans

Medicare Advantage Plans are health plans offered by insurance firms which have a contract with Center for Medicare and Medicaid, CMS. Persons who enrolled for Medicare Part A and B are qualified to select a Medicare Advantage plan. There are special plans for people with certain health conditions, but moreover, general health-based plans must not be rejected except for very specific reasons.

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If a person is enrolled in the plan, they will not lose their Medicare. You may cancel your Medicare Advantage plan, and you can return to your original Medicare the following month. If you signed up for Medicare Advantage, you will need to use the Medicare Advantage plan in place of the Medicare card.

These plans may not cost the participants anything or very little, although many still need the Part B amount. However, a Medicare Advantage Plan is not free. The plans receive a monthly contribution from CMS rather than the tax dollars going to the original Medicare. So the bulk of the plan is paid out of taxpayers’ money.

Medicare Advantage plans were traditionally conceived as HMO plans whereby an insured participant can use the plan to cover doctors, hospitals, and other medical providers. Many Medicare Advantage plans are HMO plans. Mean while, PPO Medicare Advantage plans are also available. Service Fee Medicare Advantage Plans or plans that cover all healthcare providers who accept the insurance are aggressively marketed today.

Your own medical needs and preferences determine which plan is good for you. If your present healthcare provider has a contract with the HMO plans, you can be really comfortable with a comprehensive coverage with very small additional payments. If you have a wider choice and the region’s doctors accept a free-for service plan, then you can consider a plan for “Any Doctor”. Be aware that not all doctors work with the free-for-service plans, although the insurance company claims that it will work with any doctor! A big compromise is offered by PPO plans. You will get the best coverage at the lowest price within the network, but you will still covered by other healthcare providers.

Most, but not all, Medicare Advantage plans also include Part D, or prescription drugs. Medicare Advantage Plans may have a very low or no premium for insured persons beyond the normal Part B premium. Some plans even refund the Part B cost. Even Medicare Advantage Plans may not allowed to choose based on health, so they may be a good choice for applicants who are less healthy.

A typical Medicare supplement is much different from Medicare Advantage. For Medicare supplements, you will still maintain your original Medicare card while adding your Medicare Supplement health card. The plans are offered by insurance companies also, but they only supplement the coverage gaps and deductibles that were not provided by Original Medicare Part A and Part B.

If you have Medicare Part A and Part B, your Medicare supplement plan will pay for the portion of your medical bill that Medicare will not pay. Of course, Medicare supplement plans differ, and you need to know exactly which parts a Medicare supplement plan will pay before you sign up. For example, Medicare may be 80% of your hospital bill and your supplement will offset the other 20%.

Comparing Medicare Supplements With Other Plans

A Medigap policy is the same as supplemental Medicare insurance. It is a private health insurance that is offered by a private insurance company with many health insurance benefits. This is a very good plan used to fill in the gaps left by original Medicare. Therefore, it is the most supportive option to keep you safe and secure, and then you have to pay some of the healthcare costs that are not covered by Original Medicare. Well, if you want to secure your life on the long-term, then you have to sign up for it from private health insurance.

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To successfully protect your life, you need to apply for some good plans that will be of use to you if you cannot work. Today, reliable private insurance companies offer “modernized” or standardized health insurance, marked with the letters A to N. You should stop thinking about the advanced and standardized plans that should have the basic benefits of top insurance companies, but the only difference is the cost. Therefore, health insurance companies set the rules and regulations as well as the price by raising their monthly premium. Of course Your choice may be Medicare Supplemental plans.

The price of Medicare insurance plans can be very different. There can be a big difference in the premium with many private insurance companies, but the basic benefits of Medicare Plan A through L will be the same. Therefore, the basic benefits are the same, but the cost will be different for each plan. This plan also covers some additional benefits that Medicare does not cover. If you have this plan, you can sleep blindly by securing your life with this plan. Before you apply for these plans, compare Medicare supplements with other plans for price, value, and reliability.

Medicare supplements is a basic policy for health insurance for the elderly and senior citizens provided through the private insurance companies. It’s gaining popularity around the world because old people do not want to spend more from their pocket if they want to spend more money on health issues. As a result, the Medicare Supplemental Insurance plans are sold by the private insurance companies with many good benefits to protect your life successfully. These plans are becoming very popular around the world because they offer good security, reliability and benefits. Therefore, these plans are the most successful for older people from around the world so far.

Medicare supplements offer better coverage of medical services and a larger network. Many Medicare supplements cover most or all of your gaps in Medicare and typically cost less than $ 150 per month in most states and your network is the Medicare network, which is a fairly extensive statewide network of medical facilities, that work with Medicare insurance. When a doctor takes Medicare, he usually takes your Medicare product (regardless of the company you bought it from). Your Medicare Part A & B are still your primary cover. So, Medicare still makes the decision as to whether its medical expenses are covered and the supplement only has to pay the difference.


The Benefits of Owning a Medicare Supplement Insurance Plan

The annual changes in the benefit structure in some Medicare Advantage plans can severely damage your budget for health. Many have had their expenses increasing while their benefits go downhill.

Medicare supplement plans on the other hand help you cover your healthcare expenses. Your supplement plan will automatically be adjusted from year to year to reflect changes in Medicare co-insurance and deductibles.

Choose your doctors and hospitals:

You have complete freedom of choice for your doctors and hospitals if you enrolled for an Original Medicare along with a Medigap insurance plan. You do not have to engage with provider networks or receive a referral if you need to visit a specialist. You can always go to any provider.

Other health plans can have local networks. Vendors can leave the network and join this network. This could prevent you from being looked after by the people you know and trust over the years.


Coverage is guaranteed to be renewable:  Enroll @

MA plans can revise their contract with the government each year. Each year, plans are completely discontinued. Displaced members now have to find another plan. Medicare supplement insurance plans are guaranteed renewable. The only way you can lose your plan is if you do not pay the premium.

Any hospital or provider will accept your Medicare supplement if they accept Medicare.

All hospitals and providers that accept Medicare also accept your Medicare Supplement Plan. This does not apply to MA plans. A provider may choose not to participate in an MA plan, and even participating providers may choose not to accept new patients. Be sure to consult with your providers if you are considering a health plan.

Fully portable cover

Original Medicare covers you all over the country. Your Medicare supplement covers you wherever Medicare does. In fact, there are even plans that cover medical emergencies abroad. You can enjoy tranquility during the trip and a change of venue does not require an insurance change.

What about warranty problem?

There are circumstances that you can afford with guarantee issue rights in terms of Medicare Supplement Coverage. This means that you can apply for any Medicare Supplement plan and no health issues are asked. This right is valid when you are in the Open Enrollment Period and when you first qualify for Medicare insurance. There are also other times, for example, when you move out of the coverage area of ​​your plan, or when the plan stops offering coverage in your area, when you are on a group retiree health plan and coverage is discontinued and if you currently signed up for an Advantage plan and it’s your first enrollment in an Advantage plan and later you decide to revert to your previous Medicare plan. So long as you have enrolled in the Advantage plan for not up to a year. These are a few examples.

These are just some of the benefits of selecting Original Medicare together with a Medigap plan. You may qualify for a Medicare supplement even if you have pre-existing medical conditions.