Peter Young, Medicare Insurance Broker
Peter Young
www.safelyretire.com
Medicare Broker Licensed in MA, CT, FL and TX
Contact Details
-
Serving
Massachusetts
-
Phone
-
Website
-
LinkedIn
-
Facebook
About Me
We know how to match the Medicare Supplement, Prescription Drug and Medicare Advantage Plans to you. No cost consultation. Benefits change every year, the right choice can save $$$. We work for you, not the insurance companies.
Q&A with Peter Young
Why do people still get large medical bills even with Medicare?
Answer: Medicare is like an 80/20 plan. So if you had medical bills for about $100,000, Medicare would pay about $80,000 and you would be responsible for about $20,000. That's why it's important to look at either Medicare supplement plans to insure yourself against any large bills. The supplement plans pay the other 20%. The other option is Medicare Advantage plans which have what is called a MOOP or maximum out of pocket to guard against huge liabilities for the consumer.
If we choose a Medicare Advantage plan and later regret it, can we go back to Original Medicare without penalties?
Answer: Yes. Medicare has an Open Enrollment Period that runs from January 1st to March 31st. During this period, you can either switch to another Medicare Advantage plan or drop your Medicare Advantage plan and return to Original Medicare. However, it’s important to keep in mind that if your Advantage plan had drug coverage, you will need to purchase a standalone Part D prescription drug plan within 63 days of switching or face a late enrollment penalty. This change would become effective on the first day of the month after you make your change.
You could also switch during Annual Enrollment from October 15th to December 7th. You would do this by purchasing a standalone drug plan that would become effective January 1st of the following year. At that point your Advantage plan would be cancelled.
Are Medicare Advantage plans really "free," or is that just clever marketing?
Answer: I don't like the word "free". Nothing is free. There are plans with a $0 premium. Those do have deductibles, copays, and a maximum out of pocket for the enrollee. As far as free, the government gives insurance companies money to administer these programs based on the number of enrollees in the plan. So in effect, the taxpayer are ultimately paying for these plans.
What do you like most about being a Medicare agent?
Answer: Helping people. Medicare can be confusing. It gives me great satisfaction when I'm able to find the best plan that meets my clients needs. It takes a big burden off of their shoulders.