Providing our clients with the highest levels of professional insurance advice in the areas of MEDICARE, HEALTH INSURANCE and FINAL EXPENSE
Feder Insurance Services is a NJ-based independent insurance agency whose specialties include Medicare and senior services. For individuals requiring assistance with Medicare matters, Feder Insurance Services provides its expertise and access to a variety of Medicare insurance markets:
The array of Medicine choices can be confusing, let us help you simplify the process
Providing our clients with the highest levels of professional insurance advice in the areas of MEDICARE, HEALTH INSURANCE and FINAL EXPENSE
OVERVIEW
Medicare is health insurance for people 65 or older, under 65 with certain disabilities, and any age with End-Stage Renal Disease (permanent kidney failure requiring dialysis or kidney transplant).
Medicare includes these parts:
- Medicare Part A – Hospital Insurance
- Medicare Part B – Medical Insurance (including Medicare preventative services)
- Medicare part D – Medicare prescription drug coverage
Medicare is managed by the Centers for Medicare & Medicaid Services (CMS). CMS is part of the Department of Health and Human Services.
WHAT YOU NEED TO DECIDE
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Enrolling in Medicare
If you want Medicare at age 65, you should contact Social Security during the 3 months before your 65th birthday. To enroll in Medicare, you can visit your local Social Security office, call Social Security at 1-800-772-1213, or visit www.socialsecurity.gov on the web. Medicare provides you with premium-free Medicare Part A (Hospital Insurance) and optional Medicare Part B (Medical Insurance) for which you will pay a monthly premium, if you elect to keep it.
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Decide if you want Medicare Part B
If you do not want to keep Part B, you must let Medicare know before the effective date of coverage shown on the front of your Medicare card.
You may be able to delay joining Part B without penalty if you or your spouse is working, and you are getting health insurance benefits based on that current employment. However, in certain circumstances such as company size, retirement status and disability, you may be required to maintain Part B.
If you do not keep Part B when you are first eligible, you may have to wait until the General Enrollment Period (January 1 – March 31 each year) to sign up, and your Part B coverage would start July 1 of that year. You may also have to pay a Part B late enrollment penalty.
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Decide how to get your Medicare coverage
If you keep Part B, you can choose how you get your health coverage. You can choose from Original Medicare (via the Government) or a Medicare Advantage Plan (run by a private insurance company).
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Decide if you want or need a Medicare Supplement (Medigap) policy
If you choose Original Medicare to provide your Medicare insurance coverage, you may want to buy a policy that helps pay some of the costs Medicare does not cover. You do not need and cannot use a Medicare Supplement if you choose a Medicare Advantage Plan
MEDICARE INSURANCE PRODUCTS
Medicare Supplement (Medigap)
These policies are a type of supplemental insurance to help pay some of the out of pocket costs in Original Medicare (like your deductibles and co-insurance). They also offer benefits not covered under Original Medicare (like emergency health care outside of the US). You need both Part A and Part B to buy a Medicare Supplement policy.
Medicare Advantage Plan (also called Medicare Part C)
Instead of Original Medicare (through the government ), you can join a Medicare Advantage Plan insured by a private insurance company, whereby you will get your Part A and Part B-covered services through the Medicare Advantage Plan. The plan may also offer extra coverage, such as vision, hearing, dental and/or health and wellness programs. Most include Medicare prescription drug coverage. Most Medicare Advantage Plans have provider networks. This means you probably have to see doctors who belong to the plan, or go to certain hospitals to get covered services (other than for emergency care), or else you may have extra costs. You may also need referrals to see specialists. Cost, extra coverage and rules vary by plan To join a Medicare Advantage Plan you must have both Medicare Parts A and B.
Medicare Part D Prescription Drug Plan
Medicare offers prescription drug coverage to everyone with Medicare, but you must sign up for it. You get Medicare prescription drug coverage by joining a Medicare Prescription Drug Plan or through a Medicare Advantage Drug Plan that offers drug coverage.
Medicare drug plans are run by private companies that contract with Medicare, and there may be dozens of different plans available where you live. These plans cover a variety of brand-name and generic prescription drugs, but costs and coverage are different in every plan.
You can join a Medicare drug plan when you first become eligible for Medicare. After this Initial Enrollment Period, you can change your plan every year during the Annual Enrollment Period (October 15 to December 7). If you make changes during this period, your new coverage will begin January 1 of the following year. If you do not join a Medicare drug plan when you are first eligible for Medicare, and you go without creditable prescription drug coverage for 63 days or more in a row, you may have to pay a late enrollment penalty to join a plan later. You may also have to wait for the next open enrollment to sign up.
Important Information and Disclaimer
This information supplied herein is intended as a summary only and is not intended to be a substitute for Official Medicare documents and regulations published by the Centers for Medicare & Medicaid Services. Official Medicare Program legal guidance is contained in the relevant statutes, regulations and rulings. This summary has not been approved by the Centers for Medicare & Medicaid Services.
Customized Health Care Plans for businesses and individuals
Providing our clients with the highest levels of professional insurance advice in the areas of MEDICARE, HEALTH INSURANCE and FINAL EXPENSE
OVERVIEW
Feder Insurance Services specialists help you take the complexity out of Health Insurance. Is your insurance last year’s model? The insurance industry is evolving quickly – are you current with program changes?.
SMALL GROUP
Health insurance premiums are taking a larger and larger bite out of your operating expenses, while at the same time insurance benefits offer less coverage and higher copays and deductibles. At Feder Insurance, we focus on the small group market and are leading edge when it comes to advising you on what options are right for your business. We do not take a one-size-fits-all approach. We work with our small group clients to understand their business needs so we can recommend Health Insurance programs that are customized for their own situation.
Our specialists can discuss with you options such as:
MARKETS
Feder Insurance Services has access to mostly all of the Insurance companies in New Jersey who offer health products to the small group market, including Horizon Blue Cross Blue Shield, Amerihealth, Aetna, Oxford, United Healthcare and others. This access, together with our knowledge of the strengths and weaknesses of each Plan, enable us to tailor the best Health Insurance program for you.
HEALTH INSURANCE FOR INDIVIDUALS
Do you need health insurance coverage for you and your family? Let a Feder Insurance Services health agent assist you in reviewing coverage options and premium levels. Dealing directly with an insurance company? Experience the difference in customer service you will receive from Feder Insurance.
Don't be caught off guard, speak to us about Final Expense
Providing our clients with the highest levels of professional insurance advice in the areas of MEDICARE, HEALTH INSURANCE and FINAL EXPENSE
You have worked hard all of your life caring for you and your loved ones. Don’t lose all that you have earned to chronic illness. Do yourself …and your kids a favor – Look into Long-term Care Insurance.
Like me, you see yourself living a long life. You have saved money, invested wisely and planned through your working years so that you can have a financially secure future to spend your retirement doing the things you have always wanted to do. However, the reality is that the longer you live, the greater the likelihood that you may require long term care. In fact, 70% of people who reach age 65 will require long term care services at some point in their lives.
While we are living longer, the incidence of chronic illnesses continue to rise. Conditions such as Alzheimer’s, dementia, stroke, etc. are affecting more and more people. Long term care insurance is triggered when a patient is diagnosed with a chronic disease or condition that will prevent two activities of daily living, such as bathing, dressing, eating, toileting, continence and transferring. In addition, long-term care insurance helps in situations of cognitive impairment where the individual needs supervision, protection or verbal reminders to perform everyday activities.
What is LTC Insurance?
The costs of long term care can derail even the most well-planned retirement budget and savings account. The 2011 Cost of Care survey found that in North Jersey, the cost of in-home care is close to $30,000 per year while the cost at a nursing home is $80,000 per year. The burden of you or a family member having to care for a loved one is an emotional and physical strain impacting not only the care giver but spouses and family members.
Incorporating Long term care insurance into your financial plan can help protect your assets, reduce the burden of care that would otherwise fall on family members, and enable you to receive care in the setting you most prefer, including your home.
Why Do I need LTC Insurance?
The current cost of care is expensive and has been growing faster than the CPI. As people take into consideration the current and future projected costs of care, and the impact to their families and finances, many find the risks simply too big to ignore. Long term care insurance helps provide protection against these risks
How Feder Insurance Can Help You?
LTC insurance policies are tailored to the individual specific needs of each insured. As agents certified to sell LTCI, Feder Insurance meets with each prospective client to present a variety of options to help you to select the coverage and benefits that best suit you. Our access to highly rated top insurance markets provides you with the security of selecting carriers who have a proven track record and will be there for you when a claim is made in the future.
Insurance Companies
We deal only with well known, top rated and financially secure insurance carriers. Our top markets include Genworth Life Insurance, John Hancock and Prudential. All carriers offer something unique from the others – our job is to understand your needs and help you to select the insurance company best suited for your situation.
Want assistance to help you through this confusing time? We are here to lend a hand!
