Bill Webb, Vice President of Saratoga Benefits Services, joins Jason to discuss all the basic things you should know about medicare. Bill and Jason explore some questions to ask yourself when applying for Medicare so that you can do what is best for your situation and not only save money but take good care of your wealth.
Tune into this episode to learn:
- The main Medicare deadline that’s coming up in October 2021.
- The mistakes you can avoid when applying for Medicare (personally and in your small business).
- The key differences between the Medicare supplemental plan and the Medicare advantage plan.
[00:30] Who is Bill Webb, Saratoga Benefit Services?
[02:54] What Medicare deadlines are coming up for fall 2021? (open enrollment 2021)
[03:43] What EVERYONE should do every year during the Medicare open enrollment period.
[04:40] Mistakes you should avoid when applying for Medicare.
[06:31] What to consider when planning your Medicare before retirement.
[09:28] What is the difference between part A, part B, part C and part D of Medicare?
[11:48] Should you get the supplemental Medicare plan or the advantage Medicare plan? (OR: The main differences between the supplemental Medicare plan and the advantage Medicare plan)
[17:03] Can you join an advantage plan for now then switch to a supplemental plan later?
[18:15] How can you get in touch with Bill Webb, Saratoga Benefit Services?
- Open enrollment is a time when you can switch your plans. Open enrollment begins on October 15, 2021 and the new coverage starts on January 1, 2021. Revisit your plans every year during the open enrollment period to make sure that they are still a good fit for your current conditions.
- If you own a small business it can be quite useful for you to consult with a benefit service. A benefit service will tell you what you should look out for. This is necessary especially if you don’t have a HR department. There can be lots of cost saving opportunities in doing so.
- Your income can affect what you pay for Medicare. A benefit specialist can review your situation and tell you if you meet the criteria to qualify you for an adjustment to your rate.
- The Medicare supplemental plan is accepted by 96% of medical providers in the US. It is a really good plan that is accepted nationwide. So, for example if you need surgery you can go wherever you want without preauthorization. It also has a low deductible.
- Advantage plans sometimes have no premiums. They have a defined network. The supplemental plan, on the other hand, covers you practically anywhere.
- You cannot switch from a Medicare advantage plan to a Medicare supplemental plan without going through medical underwriting. The opposite is not true. This means that preexisting conditions can stop you from being able to switch from an advantage plan to a supplemental plan. If you enroll in a supplemental plan right off the bat before turning 65, you will not have to go through any medical underwriting.
Call Saratoga Benefit Services: (856) 642-2949
Previous episode with Bill Webb: 65 This Year? Let's Talk Medicare.
Connect with Jason Gabrieli: LinkedIn
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[03:56] “The plans can change, so they can change their formularies for the drugs that are covered and with that people’s costs change. So, the premium for the plan might not change but the ways they cover your prescriptions could. So, you could be paying much more out of pocket. And it’s important to revisit these plans every year during the open enrollment period to make sure that you’re in a plan that works and covers you in the best way possible so this way you are not paying high out of pocket costs for your prescription drugs.” - Bill Webb
[12:34] “The center for Medicare services determines that every provider in the country has to accept these plans (the supplemental Medicare plan). So, if they accept Medicare, they accept these plans and the statistic is that 96% of medical providers accept Medicare supplement plans and the 4% that don’t are pediatricians” - Bill Webb
[14:18] “Typically if someone is sticking around and they’re staying home and they don’t have any plans to go anywhere (travel) an advantage plan might work for them. The advantage plan also typically can include part D drug coverage.” - Bill Webb
[17:17] “During your initial enrollment period you can join a supplemental plan with no underwriting. You’re in no matter what you’ve got going on (they don’t look at your pre-existing conditions). As long as you’re turning 65, you’re in. But, after that period, if you want to go into one of these plans you’ll have to go into medical underwriting...so, if you enroll in a Medicare advantage plan right off the bat when you’re 65 and eventually you want to switch in you’re not guaranteed to be admitted.” - Bill Webb