Steve Thurmond, Medicare Insurance Broker
Steve Thurmond
Forward Financial, LLC
Medicare Broker Licensed in TN, AK, AL, AR, AZ, CA, CO, FL, GA, ID, IL, IN, KS, KY, LA, MD, ME, MI, MN, MO, MS, MT, NC, NE, NJ, NM, NV, NY, OH, OK, OR, PA, SC, TX, VA, WA, WI and WV
13+ Years of Experience
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Chattanooga, TN
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Steve Can Help With:
- Medicare Advantage
- Medicare Supplement
- Prescription Drug
- Dental Plans
- Vision Plans
- Hearing Plans
- Individual / Family Plans
- Group Benefits
- Life Insurance
- Final Expense Insurance
- Critical Illness
- Long Term Care Insurance
- Short Term Care Insurance
- Disability Insurance
- Hospital Indemnity Insurance
- Annuities
About Me
Your source for all things Insurance and Finance: Medicare, Life, Health, Long Term Care, Income/Retirement Planning, and Cryptocurrency Education.
Primary office in Chattanooga, TN, but licensed in 38 states and counting, coast to coast. Give us a call!
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Q&A with Steve Thurmond
What do you like most about being a Medicare agent?
Answer: Being able to help family, friends, colleagues and clients navigate the mess that the Medicare Insurance industry has become, so that they can make informed and educated decisions that can impact them for the rest of their lives.
What's the trade-off between a Medicare Advantage PPO and HMO when it comes to flexibility?
Answer: PPO = Preferred Provider Organization
Generally speaking; a PPO Medicare Advantage Plan has more flexibility when it comes to where the plan is accepted. Typically, PPO Medicare Advantage Plans will be accepted wherever Original Medicare is accepted, however it is ultimately up to the provider (Doctor, Hospital, etc...) as to whether or not they will accept your PPO Medicare Advantage Plan.
Keep in mind, there is STILL a network associated with PPO Medicare Advantage Plans, you just have the option of receiving services OUTSIDE of the PPO Medicare Advantage Plan's PPO network, but remember, you'll also pay a higher price for services rendered OUTSIDE of the PPO Medicare Advantage Plan's network of providers.
conversely...
HMO= Health Maintenance Organization
Unlike a PPO Medicare Advantage Plan; HMO Medicare Advantage Plans are closed-network plans that do not give the plan holder the flexibility to receive care/services outside of the HMO Medicare Advantage Plan's network of providers. If you choose to receive care outside of your HMO Medicare Advantage Plan's network of providers, you will be on the hook for all costs for any services rendered. HMO Medicare Advantage Plans are truly 'Managed Care Plans'.
I'm on a fixed income and struggling to afford my medications. What's this Extra Help program I've heard about for Medicare Part D?
Answer: Extra Help, also referred to as LIS (Low Income Subsidy), is one of several MSPs (Medicare Savings Programs) that are available to individuals that fall within certain income limits.
If you qualify for Extra Help/LIS, you will receive help on the cost of your Medicare Part D (Prescription Drug Plan) premiums, copays for your medications, and the waiving of any Medicare Part D LEPs (Late Enrollment Penalties) you may currently be incurring.
Certain individuals will receive a letter from Social Security Administration informing them that they automatically qualify for Extra Help, where others will need to apply.
You can view information, income limits and also apply if you fall in/under said income limits by following this link here: https://www.medicare.gov/basics/costs/help/drug-costs
What are the reasons why I should work with a Medicare agent?
Answer: If you're working with an independent Medicare agent/broker/agency, you'll get an unbiased opinion and be able to look at ALL, or most, product options available to you in multiple markets.
Conversely, if you work directly with a specific carrier agent (often referred to as a "captured agent"), you'll only be pitched - and be able to choose from - that specific insurance carrier's portfolio of products. They're not going to tell you about better priced options from competing carriers.
You want to work with an independent agent/broker so you can get a bigger-picture look at all of the options available to you. It doesn't cost you anything extra to work with an independent agent/broker/agency (you'll get the same products at the same price as if you worked directly with the carrier itself) and you'll often get better service and have a single-point-of-contact when questions or scenarios arise that you may need help navigating.
Independent agents/brokers get paid an ongoing/residual commission by the insurance carriers, so it's very much in the agent/broker's best interest to make sure you're getting your questions answered and your products 'serviced' in a timely manner.
In short...there are no downsides to working with an independent agent/broker/agency...only upsides.
What is the trap of Medicare Advantage plans?
Answer: There isn't a "Trap" with Medicare Advantage Plans, per se, but on more than one occasion I've come across individuals that find themselves stuck in their Medicare Advantage Plan as they are unable to pass underwriting guidelines in order to move back to Original Medicare (Red/White/Blue Card) paired with a Medicare Supplemental Plan that covers the other 20% that Original Medicare does NOT cover.
In most states, you can only enroll into a Medicare Supplemental Plan WITHOUT having to go through underwriting during your initial, 6-month, Medicare Supplemental Plan 'Open Enrollment' window that coincides with the starting of your Medicare Pat B (Medical) coverage effective date.
Once that 6-month window closes, you can still change to ANY available Medicare Supplemental Plan available to you in your market at ANY time for ANY reason, BUT you are then beholden to underwriting guidelines (in most states) and you can be declined by the Medicare Supplemental Plan carrier that you're applying with if they deem you too high-risk to cover.
So, a common thing I run into is; someone starts out with a Medicare Advantage plan because they're attracted to the low (or $0) monthly premium and the extra benefits ("Advantages") that come with these Managed Care plans. Everything is fine until they get sick or start to deal with a serious or chronic health condition. They then experience ongoing copays and coinsurance costs which they are responsible for (up to their particular plan's Maximum Out of Pocket) and realize they are paying MORE for the low-monthly-cost Medicare Advantage Plan than they would be if they ha 100% coverage between original Medicare and a Medicare Supplemental plan that costs them a higher monthly premium.
There is no one-size fits all and there is quite a bit of nuance that can vary drastically, but generally speaking, if you can afford a Medicare Supplemental Plan, it will give you the better coverage long-term as you age and your risk profile increases.