I What is Medicare?
Medicare is our country’s federal health insurance program for people age 65 or older. People younger than age 65 with certain disabilities, or permanent kidney failure, or amyotrophic lateral sclerosis (Lou Gehrig’s disease), can also qualify for Medicare. The program helps with the cost of health care, but it doesn’t cover all medical expenses or the cost of most long-term care. You have choices for how you get Medicare coverage. If you choose to have Original Medicare (Part A and Part B) coverage, you can buy a Medicare Supplement Insurance (Medigap) policy from a private insurance company. Medigap covers some of the costs that Medicare does not, such as copayments, coinsurance, and deductibles.
Although the Centers for Medicare & Medicaid Services (CMS) is the agency in charge of the Medicare program, Social Security processes your application for Original Medicare (Part A and Part B), and we can give you general information about the Medicare program.
I Parts of Medicare
Social Security enrolls you in Original Medicare (Part A and Part B).
Medicare Part A (hospital insurance) helps pay for inpatient care in a hospital or limited time at a skilled nursing facility (following a hospital stay). Part A also pays for some home health care and hospice care.
Medicare Part B (medical insurance) helps pay for services from doctors and other health care providers, outpatient care, home health care, durable medical equipment, and some preventive services.
Other parts of Medicare are run by private insurance companies that follow rules set by Medicare.
Supplemental (Medigap) policies help pay Medicare out-of-pocket copayment, coinsurance, and deductible expenses.
Medicare Advantage Plan (previously known as Part C) includes all benefits and services covered under Part A and Part B — prescription drugs and additional benefits such as vision, hearing, and dental — bundled together in one plan.
Medicare Part D (Medicare prescription drug coverage) helps cover the cost of prescription drugs.
You can sign up for Original Medicare (Part A and Part B) through Social Security’s online Medicare application.
Enrollment Period for Medicare Advantage Plan
Initial Enrollment Period.
When you first become eligible for Medicare, you can join a plan.
Open Enrollment Period.
From October 15 – December 7 each year, you can join, switch, or drop a plan. Your coverage will begin on January 1 (as long as the plan gets your request by December 7).
Medicare Advantage Open Enrollment Period.
From January 1 – March 31 each year, if you’re enrolled in a Medicare Advantage Plan, you can switch to a different Medicare Advantage Plan or switch to Original Medicare (and join a separate Medicare drug plan) once during this time. See page 67 for more information.
I Medicare Advantage
Broker commissions for Medicare Advantage sales continue to rise each year. We contract with the top regional and nationwide carriers so you can fill out a competitive portfolio no matter your market.
Why sell Medicare Advantage?
One in three Medicare beneficiaries choose MA plans.
Plans with no or low premiums offer flexibility for fixed-income seniors.
Enrollment in Medicare Advantage has increased by more than 10 million in a decade.
I Medicare Supplement
Tried and true, Medicare Supplements are the simplest way to break into the senior market. We keep a close eye on the most competitive rates by zip code so you always know what plans clients want.
Why sell Medicare Supplements?
90% of beneficiaries with Med Supp plans say they’re satisfied with their coverage.
Most carriers don’t require annual certifications to sell.
Production often qualifies for carrier trips and bonuses as well as Ritter’s $100K Cash Giveaway!
I Prescription Drug Plan (PDP)
Prescription drug plans pair perfectly with Medicare Supplement sales to ensure your clients can afford their necessary prescriptions.
Why sell prescription drug plans?
Original Medicare and Med Supp don’t include prescription drug coverage.
91% of seniors take at least one prescription drug monthly.
Prescription drug plans provide essential coverage to clients on fixed incomes.