Moorestown Medicare Agency

At Leonard Financial Solutions, we understand that navigating Medicare can be difficult. Our experienced advisors specialize in helping seniors understand all aspects of Medicare. We guide you through the enrollment process, explore coverage options, and assist in choosing the best plan to fit your needs. We simplify Medicare planning to help you choose the right coverage to meet your health care and financial goals.

Medicare is an intricate federally funded health insurance program primarily serving individuals aged 65 and older. As you approach retirement learning how to navigate Medicare enrollment is important for both your health and financial well-being.

Medicare consists of different parts, each providing specific types of coverage:



• Part A (Hospital Insurance): Covers inpatient hospital stays, skilled nursing facility care for a limited time, hospice care, and some home health services. Most people do not pay a premium for Part A if they or their spouse paid Medicare taxes while working.
• Part B (Medical Insurance): Covers outpatient medical services, such as doctor visits, preventive care, lab tests, and durable medical equipment. Part B requires a monthly premium, and the amount is income-dependent. It is optional, but most individuals choose to enroll in Part B for comprehensive coverage.
• Part C (Medicare Advantage): Offered by private insurance companies approved by Medicare, these plans combine the benefits of Part A and Part B and often include prescription drug coverage (Part D). They may offer additional benefits like dental, vision, and hearing coverage. Premiums, deductibles, and co-pays vary depending on the specific plan.
• Part D (Prescription Drug Coverage): Helps cover the cost of prescription medications and is available through private insurance companies approved by Medicare. Part D plans have different formularies and cost-sharing structures, with premiums and out-of-pocket costs depending on the specific plan and the medications covered.
• Medigap (Medicare Supplement Insurance): Offered by private insurers, Medigap policies help cover the "gaps" in Original Medicare (Parts A and B). These plans pay for some or all out-of-pocket costs, such as deductibles, coinsurance, and co-payments, and require an additional monthly premium on top of the Part B premium.

Understanding Medicare's basics is essential for making informed decisions about health care coverage. Some important things to keep in mind:

1. Eligibility: You become eligible for Medicare three months before you turn 65. It's crucial to enroll during this period to avoid penalties and increased premiums.
2. Coverage Options: Medicare offers various parts (A, B, C, and D) and Medigap policies, each providing different levels of coverage. Understanding what each part covers will help you choose the right plan for your needs.
3. Enrollment Periods: There are specific times when you can sign up for Medicare or make changes to your coverage. Missing these periods can result in lifelong penalties and higher costs.
4. Cost Considerations: While some parts of Medicare are premium-free if you meet certain conditions, others require monthly premiums. Additionally, out-of-pocket costs, such as deductibles, co-payments, and coinsurance, can vary depending on the plan you choose.
5. Avoiding Penalties: Enrolling in Medicare on time is essential to avoid penalties. For example, failing to sign up for Part B when you're first eligible can result in a late enrollment penalty that increases your premiums for as long as you have Part B.

You can easily navigate Medicare by familiarizing yourself with these facts and working with a knowledgeable Moorestown Medicare agent.

Navigating the enrollment periods for Medicare can be confusing. Here are some tips to help differentiate:

• Initial Enrollment Period (IEP): Your first opportunity to sign up for Medicare, starting three months before you turn 65 and ending three months after your 65th birthday month.
• Special Enrollment Period (SEP): Times when you can enroll in Medicare outside the standard periods due to specific life events, such as moving or losing other insurance coverage.
• General Enrollment Period (GEP): If you miss your IEP, you can sign up between January 1 and March 31 each year, with coverage starting July

Medicare and Medicare Advantage are not the same thing.  Here are some key ways these health insurance programs differ:

Doctor and Hospital Choice

• Original Medicare: Offers flexibility in choosing providers and doesn't restrict individuals to specific networks. If you have Parts A and B, you can go to any doctor or hospital in the United States that accepts Medicare.  You don't usually need a referral to see a specialist.
• Medicare Advantage: Often operates within networks, meaning you can only use providers in your designated network for non-emergency care. You may need a referral from your primary care provider to see a specialist.

Coverage

• Original Medicare: Covers most medically necessary services (and supplies) in doctors' offices, hospitals, and other healthcare facilities. However, it doesn't cover all routine exams, eye exams, or most dental care. Part B only covers limited outpatient prescriptions, but  Part D can be purchased to get Medicare drug coverage.
• Medicare Advantage: Must cover the same medically necessary services as Original Medicare but may also offer vision, hearing, and dental services. Most Medicare Advantage plans include Part D prescription drug coverage.

Cost

• Original Medicare: Typically involves separate premiums, deductibles, and coinsurance. You might need a Medigap policy to cover out-of-pocket costs.
• Medicare Advantage: Combines premiums, deductibles, and out-of-pocket costs into a single plan. Though these plans tend to have lower premiums, out-of-pocket costs can vary.

Common Medicare Enrollment Mistakes

Medicare can seem complex, and the enrollment process can be confusing. Here are some common mistakes and how to avoid them:

Missing Crucial Deadlines

• Impact: Missing enrollment deadlines can result in penalties and gaps in coverage.
• Solution: Stay informed about key enrollment periods and mark them on your calendar. Our advisors can help keep you on track.

Failing to Sign Up for Part D Prescription Drug Coverage

• Impact: Without Part D, you may incur higher out-of-pocket medication costs and late enrollment penalties.
• Solution: Even if you don’t take many prescriptions now, enrolling in a Part D plan can prevent future penalties and ensure coverage when needed.

Underestimating the Need for Supplemental Coverage

• Impact: Relying solely on Original Medicare can leave you with significant out-of-pocket costs.
• Solution: Consider Medigap policies or Medicare Advantage plans to cover gaps in Original Medicare. Our advisors can help you choose the right supplemental coverage based on your needs.

Medicare enrollment errors can be costly. Our experienced Moorestown Medicare advisors will help you explore your options to help save your hard-earned dollars.

Medicare enrollment can significantly impact your health and financial well-being. Making informed choices can solidify your future wealth. Fortunately, navigating enrollment doesn't have to be difficult. Our Moorestown financial advisors can guide you through all aspects of the enrollment process.

Expert Guidance

• Our financial advisors are well-versed in Medicare, ensuring you understand all your options.
• We provide personalized advice based upon your health and financial situation.

Ongoing Support

• Our support doesn't end once you've chosen a plan. We offer continuous assistance, helping you manage changes in Medicare plans and policies.
• We stay updated on the latest Medicare changes to provide you with the most current and relevant information.

Free Consultation

• Schedule Today: Schedule a free consultation with Leonard Financial Solutions to get personalized Medicare planning assistance.
• Contact Us: Click to schedule a consultation, or call 856-444-5433 to speak to us now.
  

While Jonathan is based in Moorestown, he extends his expertise throughout the entire state New Jersey. Leonard Financial Solutions proudly offers comprehensive financial and retirement planning services across the state, ensuring residents statewide can access top-tier financial guidance.