You may be quite familiar with Medicare — as a payee. But when retirement approaches, you gain a new perspective: You’ll be the beneficiary.
The decisions you make now could affect your financial health in years to come. Medicare, as you know, pays only 80% of Medicare-approved hospital, physician, and miscellaneous health care costs.
How will you take care of the difference?
Ask your retired colleagues and many will say yes. Here’s why.
The first step for obtaining any Medicare coverage is to enroll in Original Medicare (Parts A and B). Part A is usually fee free, but there is a monthly premium for Plan B, usually deducted from Social Security or other government-sponsored pensions. If you don’t enroll when you’re first eligible, you may be subject to a late enrollment penalty.
When you become 65, your acceptance for a Medicare Supplement insurance policy is guaranteed during the six months after your birthday, assuming you are also enrolled in Medicare Part B.
There’s an important caveat: If you enroll in a Medicare Supplement insurance Plan outside of an Open Enrollment Period, you may be subject to medical underwriting and the insurer can …
If you’re considering Medicare Supplement insurance after the initial enrollment period has expired, ask the insurer about their medical underwriting policy. Some companies may guarantee issue beyond the original period.
The good news is, there is some flexibility in enrollment periods. If, for example, you continue to practice beyond age 65 and are covered by a group plan, you may qualify for guaranteed issue when your group coverage ends, whether you’re enrolled in Part B at age 65 or deferred enrollment until your actual retirement. A licensed insurance agent/producer can walk you through these types of exceptions.
Medicare Supplement insurance plans typically include these benefits:
Some plans also include benefits for foreign travel medical emergencies, Part B Excess charges, and Part B deductibles, but plans including benefits for Part B deductibles are available only to those who became eligible for Medicare prior to January 1, 2020.
When you’re considering Medicare Supplement insurance plans, here are some things to remember:
Whether retirement is a few years away or just around the corner, it pays to learn all you can about Medicare, Medicare Supplement insurance plans, and Part D Prescription Drug coverage from the viewpoint of the beneficiary, rather than the payee. With 35 years in the business, we’ve helped thousands of physicians like you with insurance protection for your family, your home, your automobile, and more. Now, we are looking forward to helping you make sure your hard-earned assets are safe from unexpected health care costs when you retire. Just ask.
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Medicare Supplement insurance plans administered by AMA Insurance are the only ones sponsored by the American Medical Association. Experience our highly personalized Physicians Signature Service®. When you have questions, need assistance, or want your claims handled with the utmost care, efficiency, and attention to detail, AMA Insurance will be there for you. Physicians are not just our top priority; they’re our only priority.
For Medicare Enrollment
Your 65th birthday month +/- 3 months
Medicare Supplement Open Enrollment
65th birthday + 6 months
Medicare Open Enrollment
Oct. 15–Dec. 7 every year
(New coverage begins Jan. 1.)
Medicare Advantage Open Enrollment
(Only for those currently covered by Medicare Advantage)
Jan. 1-March 31 every year
(New coverage begins July 1.)
Not connected with or endorsed by the U.S. Government or Federal Medicare Program.
* Important Information:
Kentucky: IN ORDER TO QUALIFY FOR A MEDICARE SUPPLEMENT INSURANCE PLAN DURING OPEN ENROLLMENT YOU MUST BE TURNING 65 OR OLDER. IF YOU ARE UNDER 65 AND ENROLLED IN BOTH MEDICARE PART A AND PART B AND YOU QUALIFY FOR A MEDICARE SUPPLEMENT INSURANCE PLAN, THE COMPANY MAY PERFORM UNDERWRITING IF YOU ARE NOT ELIGIBLE FOR A GUARANTEED ISSUE PERIOD.
Missouri: In order to qualify for a Medicare Supplement Insurance plan during open enrollment you must be turning 65 or have part B. A Medicare Supplement Insurance Plan may also be available to people under age 65 with certain disabilities and people of any age with End-Stage Renal Disease (ESRD). Persons who are covered by a Medicare Supplement Insurance plan may move to another company within 30 days of their annual policy anniversary date and the company must issues, on a guaranteed issue basis, a policy which is the same as the plan under which the insured was most recently covered.
New York: MEDICARE SUPPLEMENT INSURANCE IS ALWAYS GUARANTEED ISSUE AND OPEN ENROLLED IN NEW YORK.
Texas: Open enrollment is the 6 month period beginning on the first day of the month in which you are enrolled in Medicare Part B. If you are on Medicare under age 65, you will also have a 6 month open enrollment period when you reach age 65.
** Arkansas, Connecticut, Idaho, Massachusetts, Maine, Minnesota, New York, Vermont and Washington are community rated and do not allow age banded rates.
OUTLINE OF COVERAGE AVAILABLE UPON REQUEST.
Medicare Supplement insurance products underwritten by Transamerica Life insurance Company (TLIC), 6400 C Street SW, Cedar Rapds, IA 52499 or Transamerica Financial Life Insurance Company (TFLIC), 440 Mamaroneck Avenue, Harrison, NY 10528. TFLIC is licensed to conduct business new New York. TLIC is authorized to conduct business in all other states.
In some states, Medicare Supplement insurance plans are available to qualified individual under age 65.
To maintain these valuable benefits, AMA is reimbursed for administrative expenses incurred in connection with this program. No portion of AMA membership dues is used by AMA Insurance Agency, Inc. to support the marketing efforts of the AMA-sponsored Medicare Supplement Insurance Program.
EB3 2567908 V 10/23