Ask just about anyone who is enrolled in Medicare coverage currently and they will say they do not totally understand their coverage. It is a complex government program with rules that change constantly. The costs change every year, the benefits are constantly being updated, and it is often the center of political debate.
What is worse yet, each of us is expected to know the rules surrounding how and when they start Medicare coverage. For some people Medicare part D provides huge savings in healthcare costs, but it is confusing as to when you can enroll and when you must. If you get it wrong, they will penalize you for the rest of your life!
One of the biggest pitfalls for Americans over the past few years has been the confusion surrounding the ACA (Obamacare) vs Medicare coverage for those who are 65 but not yet collecting social security. Many people are working past 65 now for various reasons, not the least of which is that those born in 1954 cannot collect their full retirement benefits from social security until the turn 66. Those that are not collecting social security are not automatically enrolled in Medicare, they must apply. From airline pilots to lawyers, we’ve seen folks who inadvertently fell into penalty by not acting in the proper time. Make sure you get the proper advice!
This exact scenario became so much of a problem that for a period of about 18 months the government decided to put an exception in place regarding the penalties and allowed individuals to request an exemption due to ignorance of the rules. Individuals in many states were not notified that they needed to request their ACA coverage be cancelled and join Medicare before the month of their 65th birthday, and those that were notified were sent a single notice in the mail. For those that stay on an ACA plan after their birthday, they are subject to delays in the timing to start Medicare at all, and for every year they fail to enroll they face a 10% penalty for the rest of their lives.
Jacob McGeoy, a veteran health insurance broker says, ”Due to the complexity of the rules and the constant updates and changes, choosing to seek guidance from a professional advisor is a wise choice and a must really!”
Another common mistake that can lead to penalties is that individuals enrolled in COBRA coverage are expected to drop COBRA and pick up Medicare. This is confusing for many individuals because they may also be covering other family members with the COBRA coverage. It may seem that common sense would have you keep the COBRA in that case, but you would be wrong to do it and be penalized for life.
There are situations where it is allowable to remain on outside coverage past 65, but these situations are very specific.
Mr. McGeoy goes on to say, “Most Medicare Supplemental insurance plans brokers will not charge any fee to do a consultation and can help you avoid these pitfalls. Sadly, many try to go it alone because they assume there is no one who can help or that if they seek help it will be too costly. We’ve proven over the last decade that we can save clients a lot of money and heartache by providing this free consultation service and we are happy to do so.”
Jake and Shelly McGeoy have been working with senior citizens on insurance for 12 years.
Secure Benefits Alliance (SBA) was founded in 2012 with other partners. SBA has helped over 20,000 individuals with education and enrollments.
About Secure Benefits Alliance and ShopHealthCare.info: We are licensed and have clientele in 37 states. We work with over 200 insurance carriers in total. Secure Benefits Alliance is the largest producing agency in MD/DC/DE market.
Saving our clients’ money: We also help people by qualifying them and helping them enroll in State and Federal Subsidy programs to save money, and also help them find Rx assistance programs for medicines they take that are still expensive with part D. It is estimated we help people save hundreds of thousands of dollars each year cumulatively in pharmaceuticals alone.
We treat our clients like we would our own family, put their interests first every time, and much of the work we do is non-commissionable (like the subsidy help). If you have questions, we will get you the answers. We have seen every conceivable situation and have ways to ensure you are in the best program for your needs.
SOURCE: MAGIC PR [Link]
About Secure Benefits Alliance
Medicare Solutions – Products and Services Offered by ShopHealthCare.Info – a service of Secure Benefits Alliance… Your Neighborhood Health Insurance Company Covering Most States East of the Mississippi.
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