Larry Isom

If they ask you if you have creditable coverage this means health insurance coverage under any of the following: a group health plan; individual health insurance; student health insurance; Medicare; Medicaid; CHAMPUS and TRICARE; the Federal Employees Health Benefits Program; Indian Health Service; the Peace Corps; Public Health Plan (any plan established or maintained by a State, the U.S. government, a foreign country); Children’s Health Insurance Program (CHIP); or, a state health insurance high risk pool. If you have prior creditable coverage, it will reduce the length of a pre-existing condition exclusion period under new job-based coverage.

COBRA 101: A federal law that may allow you to temporarily keep health coverage after your employment ends, you lose coverage as a dependent of the covered employee, or another qualifying event. If you elect COBRA (Consolidated Omnibus Budget Reconciliation Act) coverage, you pay 100% of the premiums, including the share the employer used to pay, plus a small administrative fee.

Original Medicare covers most medically necessary services and supplies in hospitals, doctors’ offices, and other health care facilities. Original Medicare doesn’t cover some benefits like eye exams, most dental care, and routine exams.

Deadline Reminder: Medicare Annual Enrollment (AEP) will run from October 15th thru 12/7/2021. Please contact us with questions or to schedule an appointment.

What is the AEP for Medicare?
The Annual Enrollment Period otherwise referred to as AEP, is the time of year when a Medicare beneficiary can make changes to their current coverage. This enrollment window runs from October 15th to December 7th.

Each year, it’s important to review your Medicare health and drug coverage and make changes if it no longer meets your needs, or see if you could lower your out-of-pocket costs. You don’t need to enroll in Medicare each year, but you should still review your options.

A Medicare preferred provider organization (PPO Plan) is a type of Medicare Advantage Plan (Part C) available in some areas of the country in which you pay less if you use doctors, hospitals, and other health care providers that belong to the plan's network. You can use doctors, hospitals, and providers outside of the network for an additional cost.

Medicare Fast Facts: PART A (Hospital Insurance) Part A covers inpatient hospital care, skilled nursing facility, hospice, surgery, and home health care.

Medicare Fast Facts: PART B (Medical Insurance) Part B covers doctor visits, lab tests, diagnostic screenings, medical equipment, ambulance transportation and other outpatient services.

Medicaid is a joint federal and state program that helps with medical costs for some people with limited income and resources. Medicaid programs vary from state to state, but most health care costs are covered if you qualify for both Medicare and Medicaid.

A Medicare cost plan is a type of Medicare health plan available in some areas. In a Medicare Cost Plan, if you get services outside of the plan's network without a referral, your Medicare-covered services will be paid for under Original Medicare (your Cost Plan pays for emergency services or urgently needed services).

What’s the Medicare Part A late enrollment penalty? If you aren’t eligible for premium-free Part A, and you don’t buy it when you’re first eligible, your monthly premium may go up 10%. You’ll have to pay the higher premium for twice the number of years you could have had Part A but didn’t sign up.

Medicare Part B covers services that treat illnesses or conditions such as doctor’s office visits, lab work, x-rays, and outpatient surgeries. It also covers preventive services like cancer screenings and flu shots. Part B also covers medically necessary durable medical equipment such as wheelchairs and walkers to treat a disease or condition. Most people pay a premium for Part B.

Reminder the Medicare Annual Enrollment Period will begin on October 15th 2021!

Centers for Medicare & Medicaid Services (CMS) is the federal agency that runs the Medicare, Medicaid, and Children's Health Insurance Programs, and the federally facilitated Marketplace.

True or False: Medicare Part B Is Free? False: Medicare Part B is not free. You may pay premiums, deductibles, copays and coinsurance out of pocket, just like with any health insurance plan.

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Original Medicare is a fee-for-service health plan that has two parts: Part A (Hospital Insurance) and Part B (Medical Insurance). After you pay a deductible, Medicare pays its share of the Medicare-approved amount, and you pay your share (coinsurance and deductibles).