Medicare
What does Koenig Consulting offer?
We offer guidance on products from a large number of carriers for Original Medicare, Medicare Advantage (MA/MAPD), Medicare Supplements, & Medicare Prescriptions Drug Plans (PDP). We only market Medicare Advantage plans in Colorado. It is important to match you with the right solution based on your needs.
What is available?
Original Medicare consists of two parts:
Part A: "Hospital Services" (usually free)
Part B: "Medical Services" (for a monthly premium)
Prescription Coverage (Part D) is a federal program that subsidizes the cost of prescription drugs for Medicare beneficiaries. These plans are sold by private insurance companies.
Medicare Advantage (Part C or MA) is a health insurance program of managed health care (Preferred Provider Organization "PPO" or Health Maintenance Organization "HMO") that is used basically as replacement for "Original Medicare" Parts A and B. You can either use Original Medicare or a MA plan not both, however, you must have Parts A and B to be eligible for a MA Plan. Some MA plans have an imbedded Part D.
The Medicare Supplement Insurance plan (also known as Medigap) refers to various private health insurance plans sold to supplement original Medicare. These plans help pay the Medicare Beneficiaries out-of-pocket costs (i.e. deductibles, coinsurances, copayments) that are approved by Medicare.
Options:
- Only Original Medicare (Part A and Part B)
- Part A, Part B Plus Part D
- Medicare Advantage (can be with imbedded Part D or without)
- Part A, Part B and Medicare Supplement
- Part A, Part B, Part D and Medicare Supplement
When can you enroll?
I. Original Medicare: 3 months prior to your 65th birth month, your 65th birth month and 3 months after your 65th birth month (7 month window) or during a qualified Special Election Period. SEP could be leaving a group health plan.
II. Part D: when you first enroll in Part A and/or Part B or in a Special Election Period or during the Annual Election Period from October 15th - December 7th of each year. If enrolling in the AEP your effective date is always January 1st.
III. Medicare Advantage: when you are first eligible for Medicare and have Medicare Parts A and B or in a Special Election Period or during the Annual Election Period from October 15th - December 7th of each year. If enrolling in the AEP your effective date is always January 1st.
IV. Medicare Supplement Insurance: initial enrollment usually 6 months prior to your Part B effective date as well as 6 months after your Part B effective date (there are some carrier exceptions). It is also possible to change plans anytime during the year if you qualify (underwriting is usually necessary.)
Signing up is easy and I will help guide you through the process! Call us or let us know when you have time to do an in-depth presentation about Medicare options!
Additional information available:
- Google "Medicare & You Handbook" with the corresponding year (i.e. Medicare & You Handbook 2022)
- Medicare.gov *The Official U.S. Government Site for Medicare
- Medicare Glossary of Terms, *Medicare.gov website
- Get help paying costs, *Medicare.gov website
- Costs for Part A, *Medicare.gov website
- Costs for Part B, *Medicare.gov website
- Costs for Part D, *Medicare.gov website
*official documents from CCMS "Centers for Medicare and Medicaid Services"
All Consultations are free, call today for a free quote!