MEDICARE
Original Medicare is a federal Healthcare program for those people turning 65 or those under 65 with ALS or ESRD. Original Medicare consists of Part A and Part B. Part A is presented to those beneficiaries at no charge and who worked at least 40 quarters and/or whose spouses worked 40 quarters. Part A benefits are for inpatient hospital care; skilled nursing care, hospice, and some home health care and are subject to a deductible. Part A is also offered at a cost to those citizens or green card holders who were not able accumulate 40 work quarters. Part B benefit addresses medical services, such as doctor fees, outpatient care, lab services, durable medical equipment and preventative services.
MEDICARE ADVANTAGE PLANS
PART C
Medicare Part C (Medicare Advantage) are privately managed, federally approved Medicare plans. Part C plans combine the benefits of Part A and B into one plan and may also include: Prescription drug coverage Dental, vision, hearing coverage, Wellness programs and telehealth services. Some plans are now offering meals post hospital confinement and transportation to approved locations.
MEDICARE PART D
Medicare Part D plans provide beneficiaries with privately managed, federally approved prescription drug coverage. Medicare Part A and B don’t offer prescription drug coverage, so Part D helps:
Manage prescription drug costs
Provide discounts at in-network and preferred pharmacies.
There are two ways of getting Part D coverage.
1) The first is through purchasing a stand-alone plan to pair with Original Medicare coverage.
2) The second is to enroll in a Medicare Advantage plan with prescription drug benefits, often called an MAPD plan.
NOTE: Part D plans are sold by private insurers and are available to anyone enrolled in Original Medicare. There is no required physical exam, and you cannot be denied for financial or health reasons.
Though Medicare Part D is optional, you may pay a late-enrollment penalty if you don’t enroll as soon as you’re eligible.
The government specifies basic cost limits. In 2020, the standard benefit plan is:
1) Initial Deductible: $435
2) Initial Coverage Limit: $4,020
Out-of-Pocket Threshold: $6,350
What Does Part D Cost?
The cost of a Part D plan varies from insurer to insurer. Each plan has a monthly premium, an annual deductible, and a share of the prescription costs, called a copay.
OUR PRODUCTS
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DISABILITY
Your income allows you to maintain your standard of living, pay bills, save for the future and enjoy life’s simple pleasures. In short, it provides the foundation for life as you know it. But what if you couldn’t work to earn your income?
Disability income insurance (DI) can provide a monthly benefit to help you pay your basic expenses should you become sick or hurt and Totally Disabled. Your income is one of your most valuable assets – help protect it with DI.
HOSPITAL INDEMNITY
Being hospitalized for a sickness or injury is a common occurrence, and can happen to anyone at any time. While your medical insurance may cover hospital bills, it may not cover all of the costs associated with a hospital stay, such as deductibles and co-pays, transportation, and lodging.
That's where Hospital Indemnity coverage can help. If you are admitted to a hospital for a covered sickness or injury, you can receive payments that can be used for any purpose, such as:
**High deductibles and copays
**Travel to and from the hospital for treatment
**Child care service assistance while recovering
CRITICAL ILLNESS PLANS
Many people assume they’re fully protected with a standard health insurance plan, but the exorbitant costs of treating life-threatening illnesses are usually more than any plan will cover. Critical illness insurance provides additional coverage for medical emergencies like heart attack, stroke, or cancer.
Because these emergencies or illnesses often incur greater than average medical costs, these policies pay out cash to help cover those overruns where traditional health insurance may fall short.
These policies come at a relatively low cost. Critical illness insurance was developed in 1996, as people realized that surviving a heart attack or stroke could leave a patient with insurmountable medical bills.
LIFE INSURANCE
There are three major types of whole life or permanent life insurance—
1) traditional whole life
2) term, and
3) universal life
and there are variations within each type.
Term life insurance provides death protection for a stated time period, or term. Since it can be purchased in large amounts for a relatively small initial premium, it is well suited for short-range goals such as coverage to pay off a loan, or providing extra protection during the child-raising years.
Whole Life provides coverage for the life of the insured as long as the premiums are maintained. It pays a death benefit and also includes a cash value component which can be assessed by withdrawing or borrowing while the policyholder is alive. It provides a source for equity.
Universal Life is also a permanent type of insurance and its benefits are similar to whole life benefits. The difference is universal provides flexible premiums and death benefits because it is based on variable interest rates. Typically, an universal policy accrues cash value more rapidly than whole life.
DENTAL, HEARING, VISION
Protect your smile and oral health with a Dental Plan. Regularly scheduled checkups on your teeth can be beneficial to you financially and your overall health. As we age, adults tend to get more expensive dental procedures on their teeth so having coverage can help reduce out-of-pocket costs.
Routine vision exams may help in maintaining good overall health and recognize any problems that can lead to vision complications.
As an aging adult, hearing loss may occur and affect the normal day-to-day activities.
Some plans combine all three for a low cost.
DENTAL DISCOUNT PLANS
Insurance plans have high premiums, 6 to 12 month waiting periods, and some do not accept patients with pre-existing conditions. However, a dental discount plan offers members low monthly fees, coverage even if they have a pre-existing condition, no waiting periods, no age limits, and, of course, valuable savings.
TRAVEL PLANS
GEO BLUE specializes in global health insurance and is an industry leader. You get access to an elite community of healthcare providers outside the U.S. and the largest healthcare provider network inside the U.S., along with services that make taking care of health needs convenient wherever you are.