Medicare & Health Insurance Planning
It’s not rocket science but it can feel like it.
Need to Know Information
Choosing the right health insurance or Medicare plan is an important, but often confusing, decision for anyone retiring or turning 65. Cardinal can help.
Medicare Advantage and Original Medicare are separate programs.
Enrollees can be in one program or the other, but not both.
Prescription Drug coverage is usually combined with Medicare Advantage.
Insurance companies and agents are compensated differently depending on what you buy.
Navigate Your Options
Most people become eligible for Medicare when they turn 65, or retire from work and lose their employer-sponsored health insurance. Medicare coverage can be less expensive than COBRA. We recommend working with an independent advisor who can help compare your options.
Medicare Advantage is a substitute for Original Medicare. Under Advantage plans, a private insurance company takes the place of Original Medicare. These plans are regulated by the Center for Medicare and Medicaid Services (CMS) but coverage can vary greatly from county to county, and from plan to plan.
Medicare Supplements can be paired with Original Medicare to close the gaps in Medicare’s coverage. Gaps like deductibles and co-payments can be paid by the Supplement instead of out-of-pocket. CMS has standardized these Medicare Supplements and they are called by their plan letter. Cost is usually the only difference between Medigap policies with the same letter, even if sold by different insurance companies.
Part D Plans provide coverage for prescription medications. It is very important to match a plan to your exact medications because all plans do not cover all medications equally.
Medicare Supplements can be changed anytime during the year, subject to health underwriting restrictions. Only Medicare Advantage plans and Part D Prescriptions plans have an Annual Enrollment Period each year, from October 15th to December 7th.
Did You Know?
Medicare’s statutes specifically exclude coverage for custodial care – the assistance with basic activities of living (such as bathing, dressing and eating) – like long-term care? 42 Code of Federal Regulations § 411.15
Funding Long-Term Care ExpensesNeed to Know Info
Detailed Health Insurance Plan Recommendations
Have an expert compare your government, employer or Veteran’s benefits against your other options like Original Medicare or Medicare Advantage.
Medicare Supplemental Coverage Report
See every company’s plan and price in your county. Buy from any company without obligation. Medicare supplement plans are standardized.
Part B and Part D Surcharges
Review your modified adjusted gross income (MAGI) for income-related penalties (IRMAAs), some life-changing events qualify for an appeal.
Prescription Coverage & Formulary Review
Match your exact prescriptions to the lowest cost Part D plan available in your county. Confirm the coverage with a fiduciary.
Tax-Efficient Long-term Care Plan
Understand the risks of long-term care and that Medicare alone cannot protect you from long-term care costs.
Under 65 Health Insurance
With the start of the Affordable Care Act (ACA) in 2014, many consumers found themselves confused and frustrated. The rules regarding health insurance were changing as the government enacted a number of different reforms aimed at lowering the uninsured rate and reducing the costs of healthcare.
Looking past the recent controversies, the Marketplace that the ACA created has some very special opportunities. During open enrollment consumers can work with agents and other individuals to sign up for health insurance. Insurance carriers are not able to ask health questions or limit the availability of a plan based on your health or pre-existing conditions.
Working with one of our advisors will help you understand your options. It is important to work with a knowledgeable advisor who understands subsidies, special enrollment periods and plan ratings so you can get the best coverage no matter the time of year.
Tie up Loose Ends
Complete Your CoverageMedicare insurance is broad but incomplete.
