| Beware the Marketing Commercials and Phone calls Greg Morin Medicare is broken down into 4 distinct parts: Part A. This takes care of the hospitals and skilled nursing for the first 100 days. We become eligible for Part A by having worked 10 years, 40 quarters, or being married to somebody who did. If we meet these criteria, there is no premium for Part A. Part B. This takes care of the doctors and the treatment associated with a doctor. This part has a premium of $164.90 for 2023 that is paid directly to the federal government. If you are eligible for the Medicare Savings Program, based on income and liquid assets, the State of Maine would pay this premium for you. Part A&B make up original Medicare. In order to have any of the insurances that go along with Medicare you must have Part A&B. Part C is known as Medicare Advantage. These plans are run strictly by private insurance companies and are subsidized by the federal government. The insurance companies are paid a significant amount by the government for every member they have. As a result they become the primary payer and assume the risk. This is a good deal for the federal government as it caps their costs at around $10,000 per year per individual. The insurance companies make a profit by managing the risk. As individuals, we benefit as these policies provide good coverage and most of them include prescription drug coverage. There are co-pays and co-insurances involved when we use the benefits. The premiums for all 6 companies doing business in Maine range from $0 to $99 a month. Part D Is the prescription drug coverage. If you cannot get your prescriptions from a Medicare advantage plan, an employer plan, or the VA, the only other way to get your prescriptions is through Part D. The subsidies paid under Part C make these plans very lucrative. As a result the competition between carriers and brokers is fierce. Medicare has very strict rules and regulations that must be followed by the carriers and agents to prevent fraud and taking advantage of seniors. As a result, Third Party Marketing organizations that are not agents or insurance companies have been created. They are not bound by the same regulations. They will ask for your zip code to determine where in the country you live then sell your information to a broker or insurance company. You are then at risk of being pressured into a plan that may not be in your best interest. Two good rules to protect you are: 1. Deal only with local people known to the community. 2. NEVER give your Medicare number to anyone over the phone that is not known to you. |
Greg Morin and his wife Jo-ann Morin and others run the Senior Planning Center in Reny’s Plaza, as well as a branch in Bangor. Both licensed insurance agents, they assist people with questions about Medicare and choosing a plan. There is no fee for their service. If you choose a plan they represent, they get paid by the insurer. They are genuine in their concern and helpfulness.
Dr. Wendy C. Kasten, Writer 