Nursing Homes

Posted on March 12, 2024March 12, 2024 by Jennifer Gardiner

If you are a Medicare beneficiary, you may think that Medicare will cover any medical services you need. However, it is important to be aware that traditional Medicare does not cover nursing home stays, which can be long and costly. If you require a nursing home at some point, you will need to find another way to pay for it.

When it comes to paying for a nursing home, you essentially have three options. The first is Medicaid, which is a joint federal and state program that provides medical care to those with lower incomes. Even if you think your income is too high to qualify, you should still apply since the income threshold is higher for nursing home residents. Keep in mind that not all nursing homes accept Medicaid payments, so make sure to check your preferred facility. The second option is long-term care insurance, which is something you should look into in your fifties or early sixties, as it will mean lower premiums. This type of insurance will cover some or all of the bill if you end up needing a nursing home.

Paying for a nursing home out of your retirement income is an option, but it can be costly. To avoid any surprises, it is best to budget for such an expense ahead of time. If you require a nursing home, your Medicare coverage will still cover doctor visits, preventive services, hospitalizations, and medications as usual. If you are uncertain of the specifics of your plan, reach out to one of our licensed agents. They can provide information and assist you in making informed decisions.

7 Services that OG Medicare Doesn’t Cover

Posted on December 13, 2023December 13, 2023 by Jennifer Gardiner

When planning for your retirement budget, don’t forget to factor in healthcare expenses. You will need to pay for monthly premiums, yearly deductibles, and co-pays for various medical services, treatments, and medications. However, some services may not be covered at all, so you should plan ahead to be able to pay for them.

Original Medicare does not cover routine dental care such as check-ups, cavity fillings, or root canals. However, you can purchase a separate dental coverage plan to supplement your existing policy. If you sustain an eye injury or contract an eye disease, Medicare will cover the treatment. Unfortunately, Original Medicare does not cover routine vision exams or corrective lenses such as glasses or contacts.

If you thought that Medicare would cover treatments for your feet, you may be surprised to learn that it does not. To learn more about your coverage for podiatry services, you should speak to your podiatrist and/or your plan’s customer service team. Hearing aids are another important item that is not covered by Medicare; however, many types of hearing aid can now be purchased over the counter, making them much more affordable if you pay out-of-pocket.

Cosmetic surgery is sometimes covered by Medicare if it is needed to reconstruct an area of the body after an illness or injury. However, it is typically a service that you will need to pay for yourself. If you become ill or suffer an injury while abroad, Medicare will not cover the medical bills. However, if you have enrolled in a Medigap plan, it may be able to help with the costs.

It’s important to be aware that Medicare coverage for long-term nursing care is very limited and only applies to short stays in rehab facilities. Before you plan your retirement budget, make sure to research all of your options, including long-term care insurance, Medicaid, or self-paying. If you need help deciding, our licensed insurance agents are available for free, no-obligation assistance.

Medicare Financial Future Myths

Posted on August 15, 2023 by Jennifer Gardiner

Much discussion has taken place regarding the financial stability of Medicare and its ability to handle the current and future influx of members. Unfortunately, this conversation has been accompanied by a lot of misconceptions. Even though Medicare costs are continuing to increase and take up a large portion of the federal budget, it is an essential part of the American healthcare system, accounting for one-fifth of the total health spending in the U.S. Here are the four most common myths about Medicare’s financial future.

Contrary to popular belief, Medicare is not going bankrupt. While headlines may suggest that Medicare is running out of funds, this is not the case. Medicare Part A is funded by deductions from one’s wages during their working career, and if the amount of money stored in the trust fund is exceeded, Medicare’s spending increases. If Medicare’s spending continues at its current rate, it will still be able to pay for hospital insurance (Part A) for beneficiaries in full until 2026. Even after that, incoming taxes and other revenue will cover 89% of hospital insurance costs.

Rising Healthcare Costs

Rising healthcare costs are threatening Medicare’s ability to cover those who are receiving benefits from the program. Although Medicare spending has increased, it has grown at a slower pace than private insurance. For more than forty years, it has been predicted that Medicare would become bankrupt, but Presidents and Congress have taken steps to ensure that the program has enough funding so that it can continue to provide benefits.

The spending of Medicare is rising too quickly. Compared to the total federal budget, the spending of Medicare will grow slowly in the next 10 years. In 2020, Medicare’s share of the whole federal budget was about 12%, which is lower than it was in 2018. Under the current laws, this rate will increase to 20% in 2051. This increase in spending is mainly attributed to the retirement of the baby boomers (those born between 1944 and 1964), longer life expectancies, and healthcare costs that are increasing faster than the economy, as stated by the Peter G. Peterson Foundation.

Medicare Part D Costs

Medicare Part D coverage is not expected to disappear in the near future. The rapid increase in Part D costs has been attributed to the growing prices of specialty medications. Moreover, Medicare pays more for drugs that are prescribed to those with low incomes. Each year, the premiums for Part D are adjusted in order to cover some of the expenses of the prescription plans. It is difficult to predict what will happen to Medicare in the future, however, it is clear that it will remain in existence for the time being. Additionally, governments in the future can look for ways to reduce expenses, making sure that citizens have access to the medical care they need.

Is Long Term Nursing Home Care Covered By Medicaid?

Posted on August 1, 2023August 1, 2023 by Jennifer Gardiner

You may find yourself wondering about long-term nursing care, and if you haven’t, now may be the time to consider what that means for the future. If you are currently 65 years old, you have a 70 percent chance of needing some type of long-term nursing care in your lifetime. Around 20 percent of you will stay in a nursing home for more than five years. Unfortunately, a nursing home can be extremely expensive, costing thousands of dollars per month. You may think that Medicare will cover the cost, but that is a misconception. Medicare will only cover short-term rehabilitative stays for specific reasons. Otherwise, you are responsible for the bill. There are ways to plan for this expense, such as…

Long Term Care Insurance

If you have been planning ahead, you may have bought long-term care insurance during your fifties or early sixties. This important step in retirement planning can help you cover the cost of long-term care in the future. Depending on your policy, you may be able to select from a variety of facilities or even receive in-home care.

Medicaid Can Help

Medicaid can help those with lower incomes and fewer resources cover the cost of a nursing home. This healthcare program is run jointly by the federal government and individual states, however, not everyone will qualify. If you don’t initially qualify for Medicaid, you can reapply if you think your financial status might have changed, or work with an estate planning attorney to learn about the asset rules. Medicare does not cover the cost of a nursing home.

Those who have enough resources saved for retirement or who receive a generous Social Security benefit may be able to pay for nursing home care themselves. If you would like to find out more about how you can cover the cost of a nursing home, contact a licensed insurance agent who can help you understand what your Medicare policy offers.

Contact Medicare Insurance Techs

Contact Medicare Insurance Techs to help with your insurance needs. We can find you the answers and put together that Medicaid puzzle for you!

Annual Election

Posted on July 17, 2023 by Jennifer Gardiner

Annual Election is coming be sure to review your plan with your agent in October.

If you don’t have an agent, be sure to reach out to us, or keep an eye on our website, we have several meetings at many different locations and at multiple different times to accommodate your schedule.

Combined we have over 85 years of experience.
We put our customers first making sure they have the correct plans and assistance to fit their needs.
Calling an 800# isn’t any fun MIT clients call us for assistance instead of an 800#.
We consider our members as our family.
Many of our relatives and some of us are on Medicare so we’re aware of the confusion that’s out there.

MAIL, MAIL, MAIL phone call after phone what should you do? You might have everything you need now or there might be something better available to you. Please contact us with no obligation or pressure. We honestly just want to make sure you’ve got everything that’s available to you and you deserve it.

Veterans and Medicare: Can You Have VA Benefits and Medicare Advantage?

Medicare Advantage, or Medicare Part C, is a full replacement for Original Medicare. Often you get additional benefits, such as discounts on health memberships, vision care, or dental coverage.

Does the VA Bill Medicare Advantage Plans?

It does not. Instead, you use the plan that applies to the medical provider you see.

If you are eligible for Medicare, you can sign up for Medicare Advantage, even if you have VA benefits. As we’ve noted, VA benefits only apply at a VA health center.

Medicare Advantage can be used anywhere within the plan’s medical network.

Keep in mind that, unlike Original Medicare, a Medicare Advantage plan will have a limited network of providers, generally within a single geographical area.

Make sure your non-VA doctors are part of the network and that the plan covers the prescriptions you need.

2024 Information:

While signs point to a lower Social Security COLA next year, the Medicare Part B premium may be higher. The estimate for 2024 is $174.80, according to the Medicare trustees report released last month.CMS has released the following 2024 parameters for the defined standard Medicare Part D prescription drug benefit:

Deductible: $545 (up from $505 in 2023);
Initial coverage limit: $5,030 (up from $4,660 in 2023);
Out-of-pocket threshold: $8,000 (up from $7,400 in 2023);
Total covered Part D spending at the out-of-pocket expense threshold for beneficiaries who are not eligible for the coverage gap discount program: $11,477.39 (up from $10,516.25 in 2023); and
Estimated total covered Part D spending at the out-of-pocket expense threshold for beneficiaries who are eligible for the coverage gap discount program: $12,447.11 (up from $11,206.28 in 2023).

How Baby Boomers Can Prepare for a Healthier Retirement

Posted on May 22, 2023May 22, 2023 by Jennifer Gardiner

As the baby boomer generation ages, the need for quality healthcare options is on the rise. As a result, many baby boomers are turning to Medicare, the federal health insurance program, for their medical needs. Medicare provides access to a wide range of services and benefits that are tailored to meet the needs of this generation, from preventive care to long-term care. In this blog post, we’ll explore the different ways Medicare can help baby boomers manage their healthcare costs and ensure they receive the best care possible.

The Baby Boomer Effect and Controlling Health Care Costs

Baby Boomers, born between 1946 and 1964, are an influential generation with a large and growing population. As they age, their health care requirements increase, resulting in an increased demand for medical services and rising costs. To help control health care costs for Baby Boomers, Medicare is an essential option.

Medicare is a federal health insurance program for seniors and certain disabled individuals, covering a wide range of medical services. These services include hospital care, doctor visits, and prescription drugs. To help Baby Boomers save money on health care costs, Medicare offers plans such as Medicare Advantage and Medicare Part D prescription drug plans. By taking advantage of these plans, Baby Boomers can access the care they need without breaking the bank.

By understanding their Medicare options, Baby Boomers can take control of their health care costs and get the care they need to live a healthy and fulfilling life. With Medicare, Baby Boomers can rest assured that they have access to quality health care services and save money at the same time.

The Impact of Baby Boomers on Health Care

As the Baby Boomer generation reaches retirement age, they are providing a unique set of challenges and opportunities to the health care system. Baby Boomers are the first generation to have access to Medicare, giving them unprecedented access to health care services. This increased demand is putting an ever-growing strain on an already stretched system.

Baby Boomers have a higher prevalence of chronic illnesses and disabilities than other generations, leading to greater costs for care. Despite this, they have been more likely to use preventative care than other generations, leading to better overall health outcomes and lower costs.

As Baby Boomers retire, they will be increasingly reliant on Medicare and other forms of health care coverage. This makes it even more important to ensure the system is well-funded and can handle the increased demand. By investing in preventative care and improving access to health care services, our health care system can ensure Baby Boomers have the best possible health care experience.

How to Improve Health Care for Seniors

With the aging of the baby boomer population, access to health care services and other resources is becoming increasingly important. To address this, the government needs to invest in strategies that will increase access to health care services for Medicare baby boomers. One such strategy is to expand Medicare coverage to provide greater access to mental health services, as well as preventative health care measures, such as providing flu shots and other vaccinations.

Another important strategy is to increase the availability of geriatric care, such as medical specialists and home health aides. This will help ensure that seniors can get the specialized care they need as they age. Additionally, the government should expand access to long-term care services, such as assisted living facilities and nursing homes, to help seniors continue to live independently.

To help keep seniors healthy and safe, the government should create programs to monitor their well-being, such as home visits by medical professionals. Additionally, the government should increase education and awareness of Medicare benefits for seniors, as well as create programs to encourage healthy lifestyle choices, such as nutrition and fitness. To make prescription drugs more affordable, the government should increase access to lower-cost programs or subsidies.

Finally, the government should invest in transportation services, such as transportation to medical appointments, and research to better understand and treat age-related health conditions. By investing in these strategies, the government can help ensure that Medicare baby boomers have access to the care and resources they need to stay healthy and safe.

The Slowdown In Medicare Spending Growth for Baby Boomers and Older Beneficiaries

As the population of Baby Boomers continues to age, Medicare spending is becoming an increasingly important issue. The Medicare Spending Growth for Baby Boomers and Older Beneficiaries has slowed down due to a variety of factors. One of the most prominent is the Affordable Care Act (ACA). The ACA has led to a decrease in Medicare spending growth due to the implementation of cost saving measures such as bundled payments and reducing payments to hospitals and other providers.

The aging population of Baby Boomers is leading to an increased demand for Medicare services, but less money is being spent on healthcare due to the ACA. The higher cost of living and rising medical costs are also contributing to the slowdown in Medicare Spending Growth for Baby Boomers and Older Beneficiaries.

The increased number of Baby Boomers enrolling in Medicare Advantage plans is also helping to slow down spending growth, as these plans often provide more cost-effective care than traditional Medicare plans. The increasing use of generic drugs is also helping to reduce Medicare spending growth, as these drugs are often much less expensive than brand name drugs.

Medicare is a vital part of the healthcare system for Baby Boomers and Older Beneficiaries. While the spending growth for the population has slowed down due to the ACA and other factors, there are still ways to ensure that Baby Boomers and Older Beneficiaries receive the care they need. With the implementation of cost saving measures and the increased use of generic drugs, we can ensure that Medicare remains a viable option for those who rely on it.

Highlights

As the Baby Boomer generation continues to age, having access to quality healthcare at an affordable cost is becoming increasingly important. Fortunately, Medicare provides Baby Boomers with the coverage and assistance they need to stay healthy.

Medicare covers a wide range of preventive care services, such as annual physicals and screenings for chronic conditions. This ensures that Baby Boomers are able to take advantage of preventive care, which can help detect problems before they become more serious. Furthermore, Medicare covers a variety of prescription drugs, giving Baby Boomers access to the medications they need.

In addition to providing medical coverage, Medicare also offers additional services that can help Baby Boomers stay healthy. These services include long-term care and dental services, as well as in-home health services such as nursing care and physical therapy. Furthermore, Baby Boomers may be eligible for financial assistance for certain medical expenses, such as in-home care and transportation costs. Medicare also offers mental health services and support to help Baby Boomers stay healthy and active.

With the help of Medicare, Baby Boomers are able to access the healthcare and services they need to stay healthy. This gives them the opportunity to enjoy a quality of life that many of their parents and grandparents were unable to experience.

Conclusion

The baby boomer generation is a vital part of American society, and their health care needs should be a priority. Medicare is an important part of the health care system for baby boomers and the elderly population, and it helps provide access to health care services that would otherwise be unaffordable for many baby boomers. It is designed to provide financial assistance and peace of mind to baby boomers who are worried about their health care costs.

Baby boomers should take advantage of the benefits that Medicare offers, as it can help them stay healthy and avoid costly medical bills. Medicare covers a variety of services such as doctor visits, hospital stays, and preventive care. It also offers additional benefits such as prescription drug coverage and preventive care. With the help of Medicare, baby boomers can live a healthier life and enjoy their retirement years.

Medicare is an invaluable part of the health care system for baby boomers and the elderly population. It helps provide access to health care services that would otherwise be unaffordable for many baby boomers and offers financial assistance to those who are worried about their health care costs. Baby boomers should take advantage of all the benefits that Medicare has to offer, as it can help them stay healthy and enjoy their retirement years.

Reforming Erisa to Help States Control Health Care Costs

As baby boomers reach retirement age, they are increasingly faced with the challenge of affording the health care they need. The Employee Retirement Income Security Act (ERISA) has been a cornerstone of American retirement security for decades, but it also limits the ability of states to regulate certain aspects of health care, including employer contributions. Reforming ERISA could be a major step forward in helping baby boomers access the health care they need in retirement.

By allowing states to set their own limits for employer contributions, health care costs could be reduced overall. This would make it easier for baby boomers to afford the care they need. Additionally, increased state oversight of health care costs could help reduce the burden on Medicare and Medicaid, allowing these programs to better serve the growing baby boomer population.

It is crucial for baby boomers to have access to affordable health care in order to remain healthy and active during their retirement years. Reforming ERISA to give states more control over health care costs could be a major step in providing baby boomers with the care they need and deserve.

States Take on Affordability — Hospital and Pharmaceutical Spending are Pressing Priorities, but Difficult to Tackle

As Baby Boomers age, they are increasingly relying on Medicare for health insurance coverage. Unfortunately, the rising costs of healthcare can be a significant financial burden for these individuals. To help make healthcare more affordable, states are taking steps to reduce hospital and pharmaceutical spending.

For hospital spending, states are looking to negotiate lower prices with providers and increase transparency for patients. To lower pharmaceutical costs, states are attempting to increase competition among drug manufacturers so generics can be more widely used. However, these efforts are often challenging to regulate and require collaboration with the federal government.

For Baby Boomers, the hope is that more effective solutions will be found to reduce healthcare costs. This way, they can continue to receive the care they need without breaking their budget.

Cms Announces Public Comment and Engagement Opportunities In Medicare Drug Negotiation Process

The Centers for Medicare & Medicaid Services (CMS) have recently announced an opportunity for Baby Boomers to provide public comment and engagement on the Medicare drug negotiation process. This is an important step in helping to ensure that the Medicare program is able to secure lower prices on prescription drugs for beneficiaries. CMS is seeking input on how best to use the negotiation process to obtain lower drug prices and improve the quality of care for seniors enrolled in Medicare.

By providing public comment and engagement, Baby Boomers can help to ensure that the Medicare drug negotiation process is fair and transparent. This is a great opportunity for Baby Boomers to advocate on behalf of their own interests and the interests of other Medicare beneficiaries. Baby Boomers should take advantage of this opportunity to speak up and make their voices heard.

CMS is dedicated to providing the best care and services for Medicare beneficiaries. By allowing Baby Boomers to provide public comment and engagement, CMS is demonstrating a commitment to ensuring that the Medicare drug negotiation process is transparent and fair.

Baby Boomers should take full advantage of this opportunity to make sure that their voices are heard and their interests are represented in the Medicare drug negotiation process. By taking part in the public comment and engagement process, Baby Boomers can help to ensure that Medicare beneficiaries are able to secure lower prices on prescription drugs and receive better quality care.

What You Need to Know

Baby Boomers, born between 1946 and 1964, are now eligible for Medicare, the federal health insurance program available to people aged 65 and over, and certain younger individuals with disabilities. As Baby Boomers turn 65, many are taking advantage of the program to help cover their medical costs. Medicare covers a wide range of health services, including hospital stays, doctor visits, prescription drugs, and preventive services. In addition, Medicare offers supplemental insurance plans, which can help cover extra costs such as co-pays and deductibles. Medicare Advantage plans are also available, which provide additional benefits and services, such as vision and dental care, as well as health and wellness programs.

Enrolling in Medicare is done through the Social Security Administration, and it is important to be aware of the various deadlines and rules associated with enrolling in the program, as they can vary from state to state. Medicare beneficiaries should take the time to understand the options available to them and make sure to enroll in the program before the deadlines. Doing so can help ensure that Baby Boomers have the coverage they need to stay healthy and manage their medical costs.

Maximizing Your Medicare Coverage: Understanding Dental and Vision Benefits

Posted on May 22, 2023 by Jennifer Gardiner

Good dental and vision care can be expensive, but with the right plan, you can get the coverage you need to stay healthy. Medicare offers a wide range of dental and vision plans to help seniors and those with disabilities get the care they need. In this blog post, we will look at what Medicare dental and vision plans cover, how to get the coverage you need, and how to decide which plan is best for you.

Medicare Dental and Vision Coverage

Medicare is a government health care program that offers a variety of coverage for seniors and people with disabilities. Unfortunately, it does not provide coverage for routine dental or vision care. However, there are a few ways that Medicare may cover some dental and vision care.

Medicare may cover dental and vision care as part of other treatments, such as a doctor’s visit for a medical condition. Additionally, Medicare offers dental and vision plans as part of its Medicare Advantage plans. These plans are usually offered through private insurance companies and may provide coverage for routine care, such as exams, cleanings, and fillings. They may also provide coverage for glasses or contact lenses and certain types of dental care, such as dentures.

It’s important to check with your plan provider to find out what coverage is available in your plan. You should also be aware that Medicare Advantage plans may have different coverage than Original Medicare. Lastly, Medicare does not provide coverage for cosmetic dental procedures, such as teeth whitening.

Does Medicare Cover Dental and Vision Care?

Medicare is a federal health insurance program that millions of Americans rely on for their medical needs. While Medicare typically covers most medical services, it does not generally cover routine dental and vision care. This means that the costs of regular dental and vision checkups, cleanings, and related services are not covered.

However, if a dental or vision service is medically necessary to treat an illness or injury, Medicare may cover the cost. For example, Medicare Part A may cover some dental services related to a hospital stay, such as extractions or dentures. Medicare Part B may cover some vision services, such as an annual eye exam and corrective lenses.

It is important to note that Medicare Advantage plans may offer additional coverage for dental and vision care. It is always a good idea to check with your plan provider to see what is included in your coverage. This is a great way to ensure that you have the coverage you need for dental and vision care.

Explore Our Medicare Advantage Plans with Extra Dental and Vision Coverage

Medicare Advantage plans offer extra coverage for dental and vision that may not be included in original Medicare. With these plans, many people are able to get dental and vision coverage at no extra cost. This can be a great way to keep your teeth and eyes healthy while also saving money on these services.

When you look for a Medicare Advantage plan, you can find plans that provide coverage for preventive care, in-network dentists and vision providers, and even some out-of-network coverage. Depending on your plan, you may be able to get discounts on eyeglasses and other vision products, as well as discounts on hearing aids. This means that you can get the care and products you need to keep your eyes and ears healthy without having to spend a lot of money.

With extra coverage, you can keep your teeth and eyes healthy and save money at the same time. Make sure to compare different plans and find out which one is the best fit for you. With the right plan, you can get the care you need and save money in the process.

Dental Benefits May Include:

Medicare is a health insurance program that helps cover the cost of medical expenses for individuals over the age of 65 and those with certain disabilities. Unfortunately, Medicare does not provide coverage for dental and vision care. However, there are plans that you can purchase to supplement your Medicare coverage and provide additional coverage for dental and vision care.

When it comes to dental care, the supplemental plans cover a variety of services, including preventative care such as regular cleanings and X-rays, diagnostic care such as oral exams and diagnosis of dental issues, restorative care such as fillings and crowns, endodontic care such as root canals, periodontic care such as gum treatment and pocket reduction, oral surgery such as extraction of teeth, orthodontic care such as braces, prosthodontic care such as dentures, bridges, and implants, and cosmetic dentistry such as teeth whitening and veneers.

For vision care, the supplemental plans cover routine eye exams, eyeglass frames, lenses, and contact lenses. They also cover certain corrective surgeries, such as cataract surgery and laser eye surgery.

If you are looking for additional coverage for dental and vision care, then a supplemental Medicare plan may be the right choice for you. With these plans, you can get the coverage you need to keep your mouth and eyes healthy.

Vision Benefits May Include:

Medicare Part A and Part B do not generally cover routine vision care such as eye exams and eyeglasses. However, Medicare Advantage plans, also known as Medicare Part C, may include vision benefits such as coverage for eye exams, eyeglasses, and contact lenses. Medicare Advantage plans may also provide coverage for vision correction surgery or other vision treatments. It is important to check with your Medicare plan to determine what vision benefits are included.

In addition, many Medicare Advantage plans offer additional coverage for vision-related expenses such as discounts on contact lenses or eyeglasses. Therefore, it is important to review your Medicare plan to ensure that you are taking advantage of the coverage provided by your Medicare Advantage plan. By doing so, you can make sure that you receive the best possible vision care and vision-related expenses.