Most of your clients who are turning 65 are eligible for Medicare, a federal program that covers many health expenses for seniors… and the program is complicated. Unless you specialize in offering this coverage, you may not be aware of these 5 important facts:
First – Medicare is not free. Of the 4 parts, Part A – Hospital Insurance – is the only one that normally has no premium. Parts B, C and D have premiums that vary.
Second – Enrollment is not automatic, so your clients have to sign up for Medicare benefits, except for those already receiving Social Security benefits, who automatically receive Medicare Parts A and B.
Third – Late enrollment can mean expensive – and permanent – premium penalties; clients have 7 months, starting 3 months before their 65th birthday month, to sign up penalty-free.
Fourth – Medicare covers a lot, but not everything; services like long-term care, dental and vision care can be covered by purchasing private insurance.
And fifth, high-income seniors pay surcharges on premiums for both Parts B and D. If you currently offer senior Medicare Supplement or Advantage plans to your clients, let IFC help you with competitive carrier contracts, marketing and backroom support.
If you don’t offer this important coverage, call IFC today to learn how to add it to your product portfolio or to how to create a strategic partnership with an agent who specializes in Medicare Health plans.