A Fresh Look at Medicare

Starting a new job is stressful right?

How about starting a new job, in a new field, when you know nothing about the products the business is selling? Well, that’s exactly what I did on Monday, I jumped head first into working at Empower Brokerage. Now, something you have to understand is that I know absolutely nothing about insurance. It’s stressful and exciting, overall it’s a new experience. One that I am happy to tackle, including learning Medicare and other insurance plans.

With that being said in these past two days I have learned many new things about the insurance world and the products these businesses sell.

The first thing I remember hearing is that there were different types of Medicare. Something I thought only had one type. Oh, boy was I wrong! There are many different options for seniors and many different products offered by many different companies. There’s Medicare, and Medicare Advantage and Medicare supplements, and there are LOTS of Medicare Supplements. Here is the difference:

Medicare:

Medicare is health insurance for seniors over the age of 65 or Under the age of 65, but receiving Social Security Disability insurance for a certain period of time, or Under the age of 65 and have an End Stage Renal Disorder. This plan does not cover nearly as much as I thought it would have.

Medicare Advantage:

Medicare Advantage is health insurance that covers more than regular Medicare would. Additionally, it usually has cheaper premiums. This is because Medicare Advantage is run by private companies rather than the government. The reason these companies charge less for their insurance is that the government pays these private companies to provide health insurance. While this may sound like the best option for everyone you should always consider your options and consult with a professional before making any decisions.

Medicare Supplements:

Medicare supplements also often referred to as Medigap, are supplements that can provide insurance for when Medicare is not enough. These products are often sold when standard Medicare is not enough.

This is just one of the many things I learned in my first few days, there is so much new knowledge that I am absorbing every day and its exciting to learn about a new industry, Over these next few days and weeks I’ll be posting more about what I’ve learned in the hopes that you can learn alongside me and help make an informed decision for yourself about which insurance option is best for you.