• Medicare Part A (Hospital Insurance)

Helps cover inpatient hospital care and skilled nursing facilities as well as home health services and hospice.

If you or your spouse paid Medicare taxes while working, you generally do not pay a monthly premium for Part A coverage. You can also purchase Part A if you are over 65, enrolling in Part B, and meet American citizenship of residency requirements. Normally, if you decide to purchase Part A, you must also have Part B and must pay premiums for both services.

• Medicare Part B (Medical Insurance)

Helps cover necessary doctor’s services, hospital outpatient care, home health care, and some preventative services

You pay a monthly premium for this part of original Medicare. If you already receive benefits from Social Security or the Railroad Retirement Board, you automatically enroll in part B in the month you turn 65. If you are under age 65 and disabled you automatically get Part B once you receive disability benefits from Social Security. In order to opt out of Part B, you must send the card back; otherwise you keep Part B and continue paying the Part B monthly premiums.

• Medicare Part C (Medicare Advantage Plans)

Health plans offered by private companies approved by the Federal government but not regulated under Medicare. Part C will provide all of the services under Part A and Part B and most include Medicare Prescription drug coverage (Part D). Medicare Advantage Plans may offer extra coverage, such as vision, hearing, dental, and/or health and wellness programs.

Most plans will have a premium in addition to the Part B premium. Medicare pays a fixed amount for services to companies offering private insurance options. These companies must follow rules set forth by Medicare but they can charge different out-of-pocket costs and can have different rules for how services are provided.

Most Medicare Advantage plans require you to use the doctors or hospitals on that plan’s network. Part C plans include Health Maintenance Organizations (HMOs), Preferred Provider Organization (PPO), Private Fee for Services (PFFS), Special Needs, or Medical Savings Account (MSA).

• Medicare Part D (Prescription Drug Coverage)

The “prescription drug option” that is run by Medicare-approved private insurance companies. Helps cover the cost of prescription drugs.

This part of your Medicare benefits is optional and you will pay a separate monthly fee for it which will vary among insurers. You will share in the costs of your prescription drugs according to the specific plan you enrolled in. Those costs can include a deductible, a flat copay amount, or a percentage of the full drug cost (coinsurance).

If you have limited income and cannot afford your medications even with your Part D Medicare benefits, you may qualify for the Extra Help program for financial assistance with your monthly premium, deductible, copay or coinsurance.

It is important when deciding which family healthcare insurance provider you will choose to keep in mind the level of coverage you and your family need. Make sure that your pediatrician and/or primary care physician accept the insurance that you select or you may have to find a new one. You should also check to verify if you are planning to have a family what the out of pocket expenses will be to you for the birth of your child, and verify the spectrum of pre and post natal care that is provided.

Medicare Supplement insurance policies, commonly call Medigap insurance, are designed to supplement the benefits under the traditional Medicare program (Medicare Parts A & B). Medicare Supplement insurance is a kind of health insurance policy sold by private insurance companies to fill the “gaps” in Original Medicare Plan coverage. Medigap insurance plays an important role in providing health insurance coverage for Connecticut Medicare beneficiaries by covering certain expenses not covered under Medicare, such as deductibles, co-payments, and co-insurance.

Additionally, some of the Medigap plans pay for expenses that are not covered under Medicare, like extended hospital stays, excess charges, and emergency medical care while traveling outside of the country.

Are Medigap plans Standardized?

Medicare plans are standardized and labeled with letters A through N. The benefits within a lettered plan are identical making it easy to compare the different plans. The Medicare Improvements for Patients and Providers Act (MIPPA), enacted in 2008, included changes recommended by the National Association of Insurance Commissioners (NAIC). Congress requested that the NAIC modernize and develop the standardized Medigap policy designs. The revisions protect consumers by adding more benefit options and eliminating duplicate benefits.

Buying Medigap Coverage.

Before buying or replacing an existing Medigap plan consumers should make sure the purchase is suitable for them. In Connecticut, Medigap plans are available on a guaranteed issue basis at all times and rates may not vary based on an applicant’s age, gender, or health status.

A pre-existing condition limitation may apply if an applicant has no prior creditable coverage or has experienced a gap in coverage. Existing policyholders are free to replace their existing policies with one of the new plans, if they feel one of the new plans is more suitable for them.

Who is Eligible?

You must be Medicare-eligible (in general, over age 64.5 years old) and covered under Original Medicare. Medigap policies don’t work with any other type of health insurance, including Medicare Advantage Plans, employer/union group coverage, Veterans Administration (VA) benefits, or TRICARE. Anyone who is on Medicare Part A and Part B, or is about to become Medicare-eligible can buy a Medigap policy.

How Much Does It Cost?

In each standardized Medicare Supplemental insurance plan, benefits are identical from one company to the next. This makes plan comparison far easier than it is for general individual health insurance. However, premiums may vary widely between companies. In most cases, you should compare plans from different carriers. As you shop for a Medigap policy, be sure to compare the same type of Medigap policy. For example, compare a Medigap Plan F from AARP with a Medigap Plan F from Anthem BlueCross. You can get a quote from one of our Medicare Supplemental partners by completing the form to your right.

Who Provides Medicare Supplemental Insurance?

Medicare supplemental insurance is provided by private insurance companies such as AARP, Anthem BC/BS, Globe Life, Mutual of Omaha, United American, United Healthcare and many others.

Remember that Medigap insurance companies can sell you only a “standardized” Medigap policy. All Medigap policies must have specific benefits so you can compare them easily on the basis of price.

How Do I Get Started?

InsuranceCT.Com provides great rates on Connecticut Medigap policies. Get started with our form above and we’ll get back to you with a plan that fits your needs and your budget.

When considering which health insurance policy to obtain, you should consider your budget. Employer based health insurance systems are collapsing, and there is the possibility that a new employer may not provide coverage. Temporary health may have to last for nine to twelve months at a minimum before you obtain employer based health insurance.

Part C is made up of Medicare Advantage plans. They are health insurance plans offered by private companies approved by the Federal government but not regulated under Medicare. Part C will provide all of the services under Part A and B, and most include prescription drug coverage. Some plans offer vision, hearing, dental and other wellness programs at an additional cost.

Most plans will have a premium in addition to the Part B premium. Medicare pays a fixed amount for services to companies offering private insurance options. These companies must follow rules set forth by Medicare but they can charge different out-of-pocket costs and can have different rules for how services are provided. There are different types of private insurance options, including:

• Health Maintenance Organization (HMO)
• Preferred Provider Organization (PPO)
• Private Fee-For-Service (PFFS)
• Medical Saving Account (MSA)
• Special Needs Plans (SNP)

Who is Eligible for Medicare Part C?

Medicare Part C eligibility is based on your membership in or eligibility for Medicare Parts A and B. Generally, if you have Medicare Parts A and B, you are eligible for Medicare Part C. However, you must live in the service area for the Medicare Advantage Plan that you�re considering and must not have End Stage Renal Disease (ERSD).

Part D is prescription drug coverage. You have to get Medicare Part D through a private insurance company. Different insurers offer different types of plans, so your cost for the plan (premium) and your out-of-pocket expenses for prescription drugs (copays, coinsurance and deductible) will vary.

Another difference from plan to plan is which drugs are covered. Some drugs (for example brand name drugs vs. generic drugs) are covered at different levels. The insurer will publish a prescription drug formulary that lists this information.

Who can get Medicare Part D Coverage?

A person must have Part A and/or Part B to enroll in Part D or it is offered as part of a Medicare Advantage plan (Part C). You must live in the service area for the particular Medicare prescription drug plan that you are considering.

Long Term Care is not necessarily medical but rather “custodial care“. Custodial care involves providing an individual assistance with activities of daily living or supervision of someone who is cognitively impaired.

To better understand Long Term Care, think of the activities that you perform on a daily basis: You climb out of bed…walk to the bathroom…use the toilet…use the bath or shower…get dressed�eat breakfast. While we are healthy it is easy to take these Activities of Daily Living (ADL ‘s) for granted. However, when you or a loved one is stricken with a degenerative condition, performing these ADL’s becomes impossible without the assistance of another person. This type of care is chronic (full-time) and thus becomes very expensive. Long Term Care can be provided in many settings including nursing homes, your own home, assisted living facilities and adult day care.

Why Is There A Need For Long Term Care?

Basically people are living longer. Due to modem advances in medicine and life-style changes, the number of people over the age of 65 is projected to double by the year 2050. In fact, people age 80-plus are the largest growing segment of that senior population. As more Americans take care of themselves through diet and exercise, they are increasing their projected longevity. Unfortunately, as people age, they are more likely to suffer from chronic illnesses such as strokes or Alzheimer’s. Statistically, Americans over the age of 65 face a 40 risk of entering a nursing home for Long Term Care services.

Health Savings Accounts are 100% tax deductible, they are employee owned, they rollover from year to year and earn interest tax-free. These funds can be used to pay for medical expenses tax-free, as well as to supplement income at retirement. Withdrawals from HSA’s for non-qualified medical expenses will result in penalties and taxes.

Health Savings Accounts will revolutionize the way healthcare is provided in Connecticut and the country. They will restore the doctor-patient relationship, allow patients to become consumers of their own healthcare, be more affordable and receive unprecedented tax benefits. Health Savings Accounts are the future!

Life insurance is an agreement between you and a life insurance company. You agree to make certain payments to the insurance company. The insurance company agrees to pay a sum of money to a person of your choosing if you die.

How life insurance works

The life insurance company which you select pledges to pay a death benefit to a person of your choosing (a beneficiary) so long as the policy is in force (current or active) at the time of death. The policy owner is responsible for paying premiums in order to maintain the poilcy in force.

The purposes of life insurance

The most common purpose of life insurance is to protect the finances of one’s family or friends. Life insurance can also be used to hire childcare to replace a home-maker’s contribution, for estate protection, for mortgage protection, to fund a retirement, to protect a business against the loss of a key employee or as an employment benefit.

Types of life insurance

Life insurance is understood best by dividing it into three categories: term life insurance, whole life insurance, and universal life insurance.

Term life insurance requires fixed payments on a set schedule and provides coverage for a specific amount of time (e.g. 10 years). The policy only pays a death benefit if the insured individual dies before the policy expires.

Whole life insurance requires fixed payments on a set schedule. These policies guarantee coverage for life up to a certain age (usually 100 years of age). These policies guarantee a death benefit, so even if the insured individual outlives the policy, a death benefit will still be paid. These policies carry cash value, which means that they can be liquidated.

Universal life insurance allows payments of any amount at any time (up to certain government-stipulated maximums). Coverage from these policies can be maintained indefinitely (no age limit). These policies can also be liquidated.

While trying to choose the right life insurance policy you should ask yourself a few questions.:

1. How big of a death benefit do I need?

2. How long do I need coverage?

3. Where should I buy life insurance? (you should discuss your options with your agent.)

You should look for an independent agent/agency that contracts with 20 or more reputable life insurance companies. The purposes of life insurance

The most common purpose of life insurance is to protect the finances of one’s family or friends in case of a wage-earner’s death, but that’s not its only use. Life insurance can be used:

• To hire childcare to replace a home-maker’s contribution
• For estate protection
• For mortgage protection
• To fund a retirement
• To protect a business against the loss of a key employee
• As an employment benefit