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Here are some of the most popular products for seniors. Life Time Care Partners works with the top national carriers. We can review your individual situation to find the best fit products from multiple carriers to find what is right for you.
Medicare Supplemental (Medigap) Products
Each year, millions of beneficiaries choose a Medicare Supplement (or Medigap) plan to cover the gaps in Original Medicare Parts A & B. Before you decide to buy a plan or change your coverage, it’s important to understand your options.
While plan options may vary by state, Medigap plans are designed to cover the gaps in Original Medicare parts A and B, including:
Part A
- Inpatient Deductible
- Inpatient Copays Days 61+
- Skilled Nursing Facility Coinsurance
- Hospice Copay For Inpatient Respite Care
- First 3 Pints Of Blood
Part B
- Calendar Year Deductible
- 20% Coinsurance
- Part B Excess Charges
How Much Do They Cost?
Plan premiums can vary based on age, gender, zip code, health conditions and tobacco use. Plus, plans that cover more gaps in Medicare generally cost more than those that cover fewer gaps. There are plans designed to fit all budgets and coverage needs, and prices will vary between insurance carriers. It’s best to get as many quotes as possible.
When Can I Buy A Plan?
You can purchase a plan any time of the year, but you may be denied based on your health conditions and the state you live. There are two situations where your ability to buy a Medicare Supplement plan is guaranteed. They include the Open Enrollment Period and Guaranteed Issue.
See below for details.
Open Enrollment Period
It starts the first month that you’re covered under Medicare Part B, and your 65 or older and lasts for 6 months. Some states may have additional Open Enrollment rights under state law.
Guaranteed Issue
In certain situations, your right to buy a Medicare Supplement policy is guaranteed by law. Some of the most common Guaranteed Issue situations include involuntary loss of group coverage and moving outside of your Medicare Advantage plan’s service area.
Medicare Advantage Plans
Choosing between Original Medicare or a Medicare Advantage plan can be confusing for many. Both options provide different opportunities to enroll, coverage, provider choices, billing processes, prescription coverage and extras. It’s important to understand how each program operates so you can make an informed decision.
How Much Do
They Cost?
Plans vary based upon the region you live and your specific needs. We work with the top national carriers and can find the plans in your area that best suits your specific needs.
When Can
I Buy A Plan?
You can purchase a Medicare Advantage plan during scheduled enrollment periods during the year.
When Are
The Enrollment Periods?
Medicare Advantage has Annual Enrollment Periods from October 15 – December 7. There is an Open Enrollment Period from January 1 – March 31rst (these are for those who already have selected a Medicare Advantage Plan during the Annual Enrollment Period). Your Initial Enrollment Period is the 7 months around 65th birthday.
There are also Special Enrollment Periods which can occur during the year that may allow you to join outside of the Annual Enrollment Periods.
Below is a graphic detailing some differences between Medicare (Original Medicare) and Medicare Advantage (Medicare Part C).
| Enrollment Original Medicare Initial Enrolment Period : 7 months around 65th birthday General Enrolment Period : January 1st to March 31st Special Enrolment Period : Starts when employer/union coverage ends Medicare Advantage Initial Enrolment Period : 7 Months around 65th birthday Annual Enrolment Period : October 15th to December 7th Open Enrolment Period : January 1st to March 31st Special Enrolment Periods : Situations vary i.e loss of group coverage, change in residence. |
| Coverage Original Medicare Part A – Facility Coverage Part B – Outpatient Coverage Part D – Prescription Coverage Deductibles and Coinsurance No out-of-pocket limit Medicare Advantage Includes Part A+B+D Copay – Fixed dollar amount Coinsurance – percentage of approved ammount Maximum-out of-pocket limit |
| Network Original Medicare See any participating physician and facility in the U.S and its territories Medicare Advantage HMO – Must see network of doctors and facilities PPO –lowest cost in-network, higher cost out-of-network |
| Billing Original Medicare Doctor/facility – bills Medicare Beneficiary – pays deductibles & coinsurance Medicare Advantage Doctor/Facility – bills Medicare Advantage company Beneficiary – pays copays & coinsurances |
| Prescription Coverage Original Medicare Must sign up for stand-a lone Part D plan Medicare Advantage Most plans offer built-in Part D plan |
| Extras Original Medicare Welcome to Medicare Physical Annual Wellness Visit Preventive Screenings Medicare Advantage Plans mays offer dental, vision, hearing, fitness, transportation, over-the-counter supplies, many more (benefits vary by plan) |
Medicare Part D (Prescription Drug Coverage)
Part D Plans are offered by private companies to provide coverage for prescription drug cost; plans are government subsidized and regulated.
Medicare Part D is the federal government’s prescription drug program that covers both brand name and generic drugs at participating pharmacies in your area. Medicare Part C & D have the same eligibility and enrollment time-frame criteria.
Coverage is available to all eligible for Medicare, regardless of income and resources, health status, or current prescription expenses
How Much Do They Cost?
Plans vary based upon location and your specific medication needs. Plan D can also be included with Medicare Advantage Plans.
When Can I Buy A Plan?
You can purchase an Part D plan during scheduled enrollment periods during the year.
When Are The Enrollment Periods?
Annual Enrollment Periods are from October 15 – December 7 .
Final Expense Plans
When you pass away—whether it is expected or unexpected—things will need to be done. Plans will need to be made and there will be costs to be paid. During this time, your family members and friends will want and need to grieve. If you have the proper plan in place, they will be able to appropriately mourn your passing without the unneeded complexities of stress and financial burden.
Are Final Expense Plans Affordable? How Much Are End Of Life Expenses?
Final Expense which are whole life insurance plans which are ideal for seniors. There are a variety of affordable plans available to meet your needs. In 2017 the national average to cover the costs of a persons complete end of life costs was approximately $15,000 (depending on the area in which you live). The average funeral bill can be close to $8,000.
Final Expense plans are designed for people just like you to alleviate burden and confusion. They are easy to understand and offer permanent protection for individuals on fixed budgets.
When Can You Buy A Plan?
No special enrollment periods required. The process is straight forward and simple. There is a simplified underwriting process that involves a series of questions.
Got Questions?
Want to review your options? Let’s Talk.