Frequently Asked Questions
Pre-existing Conditions for Medicare Supplements?
If you are turning 65 and have any pre-existing condition use caution before deciding to purchase a Medigap Plan. As of January 1, 2019, companies providing Medicare insurance can decide not to cover your pre-existing condition for as much as six months in most states (three months in Texas) on all new Medicare Supplement or Medigap plans. Not all Medicare Insurance companies will enforce the rule of pre-existing conditions, so it is very important to verify before purchasing.
Keep in mind that even if you sign up when you have guaranteed issue rights, the Medicare insurance company can make you wait up to six months before covering your pre-existing conditions. Pre-existing conditions are any health problems you had before the insurance policy started. This delay in coverage is known as the pre-existing condition, waiting period.
If you have guaranteed-issue rights, federal law forbids the insurer from denying you coverage or making you wait for your Medigap Coverage to start. However, many people are surprised to learn that there’s a waiting period before certain pre-existing conditions are covered, even if they sign up during their Medicare Initial Enrollment Period.
By law, Medicare Supplement plans can only delay coverage for any health conditions that were diagnosed or treated within six months before the Medigap policy start-date. This is known as the look-back period, the amount of time a Medigap plan can “look back” and delay coverage for certain health conditions.
During this six-month waiting period, you’ll still be covered for any Medicare-covered services you get for these pre-existing conditions, under Original Medicare, Part A and Part B. However, your Medigap plan may not cover out-of-pocket costs like copayments and coinsurance if you’re getting treatment for an excluded condition. After the pre-existing condition, waiting period is over; the Medigap plan will cover out-of-pocket costs for these health conditions.
What does this mean for you? If you’re joining a Medicare Supplement plan, and you’ve been recently diagnosed with health conditions in the past six months, find out if the Medigap plan requires a pre-existing condition, waiting period. If it does, you may want to budget accordingly for copayments and coinsurance costs, knowing the plan may not cover cost sharing for up to six months or find a Medigap plan that covers all pre-existing conditions..
Do you have questions about how Medicare Supplement plans cover pre-existing conditions? We can help you figure out your Medigap options www.franksinsurancegroup.com or call 903-868-0791.
If you are turning 65 and have any pre-existing condition use caution before deciding to purchase a Medigap Plan. As of January 1, 2019, companies providing Medicare insurance can decide not to cover your pre-existing condition for as much as six months in most states (three months in Texas) on all new Medicare Supplement or Medigap plans. Not all Medicare Insurance companies will enforce the rule of pre-existing conditions, so it is very important to verify before purchasing.
Keep in mind that even if you sign up when you have guaranteed issue rights, the Medicare insurance company can make you wait up to six months before covering your pre-existing conditions. Pre-existing conditions are any health problems you had before the insurance policy started. This delay in coverage is known as the pre-existing condition, waiting period.
If you have guaranteed-issue rights, federal law forbids the insurer from denying you coverage or making you wait for your Medigap Coverage to start. However, many people are surprised to learn that there’s a waiting period before certain pre-existing conditions are covered, even if they sign up during their Medicare Initial Enrollment Period.
By law, Medicare Supplement plans can only delay coverage for any health conditions that were diagnosed or treated within six months before the Medigap policy start-date. This is known as the look-back period, the amount of time a Medigap plan can “look back” and delay coverage for certain health conditions.
During this six-month waiting period, you’ll still be covered for any Medicare-covered services you get for these pre-existing conditions, under Original Medicare, Part A and Part B. However, your Medigap plan may not cover out-of-pocket costs like copayments and coinsurance if you’re getting treatment for an excluded condition. After the pre-existing condition, waiting period is over; the Medigap plan will cover out-of-pocket costs for these health conditions.
What does this mean for you? If you’re joining a Medicare Supplement plan, and you’ve been recently diagnosed with health conditions in the past six months, find out if the Medigap plan requires a pre-existing condition, waiting period. If it does, you may want to budget accordingly for copayments and coinsurance costs, knowing the plan may not cover cost sharing for up to six months or find a Medigap plan that covers all pre-existing conditions..
Do you have questions about how Medicare Supplement plans cover pre-existing conditions? We can help you figure out your Medigap options www.franksinsurancegroup.com or call 903-868-0791.
Below are some of the changes for Medicare for 2019.
Part A deductible changes from $1340 to $1364 (this deductible is per occurrence after 60 days)
Part B deductible increases from $183 to $185 (this is a one-time deductible per year)
Part B premium that comes out of Social Security check each month increases $1.50 per month to $135.50. (Individuals making more than $85,000 pay higher premiums).
To qualify for extra help with Medicare prescription drug plan costs in 2019, your annual income must be limited to $18,210 for an individual ($24,690 for a married couple living together). To qualify for Extra Help, your resources must be limited to $14,100 for an individual or $28,150 for a married couple living together.
If you have further questions on Medicare, visit our website www.franksinsurancegroup.com.
Part A deductible changes from $1340 to $1364 (this deductible is per occurrence after 60 days)
Part B deductible increases from $183 to $185 (this is a one-time deductible per year)
Part B premium that comes out of Social Security check each month increases $1.50 per month to $135.50. (Individuals making more than $85,000 pay higher premiums).
To qualify for extra help with Medicare prescription drug plan costs in 2019, your annual income must be limited to $18,210 for an individual ($24,690 for a married couple living together). To qualify for Extra Help, your resources must be limited to $14,100 for an individual or $28,150 for a married couple living together.
If you have further questions on Medicare, visit our website www.franksinsurancegroup.com.
Beware of Medicare Phone Call Scams!
What should you do if someone calls and asks for your information, for money, or threatens to cancel your health benefits if you don’t share your personal information? Hang up! It’s a scam. Scam artists may try to steal your personal information by calling you and asking for your current Medicare Number to get your new Medicare card.
Medicare will never call uninvited and ask you to give personal information or money to get your new Medicare Number or card.
Remember: Your new Medicare card will automatically come to you in the mail. You don’t need to do anything, as long as your address is up-to-date with the Social Security Administration.
To check your Medicare Enrollment Status, you can go to http://www.franksinsurancegroup.com/customer-resources.
What should you do if someone calls and asks for your information, for money, or threatens to cancel your health benefits if you don’t share your personal information? Hang up! It’s a scam. Scam artists may try to steal your personal information by calling you and asking for your current Medicare Number to get your new Medicare card.
Medicare will never call uninvited and ask you to give personal information or money to get your new Medicare Number or card.
Remember: Your new Medicare card will automatically come to you in the mail. You don’t need to do anything, as long as your address is up-to-date with the Social Security Administration.
To check your Medicare Enrollment Status, you can go to http://www.franksinsurancegroup.com/customer-resources.
Regardless if you purchase Medicare insurance face to face, over the phone or via the web, the cost or price does not change. No company or agency can offer you discounted prices or benefits, other than what is published by the national insurance company for that area. That is why we suggest purchasing your health or life insurance from a local independent agent. An independent agent or agency will have many different products and companies to choose from.
By buying from a local agent or agency, you are supporting and helping the North Texas economy. These local agents and agency, in the past, have given to local charities, such as Boy's and Girl's Club, FFA's, local athletic teams, etc.
You might not choose Franks Insurance Group, but we do ask and recommend supporting an agent or agency in the Texoma area.
By buying from a local agent or agency, you are supporting and helping the North Texas economy. These local agents and agency, in the past, have given to local charities, such as Boy's and Girl's Club, FFA's, local athletic teams, etc.
You might not choose Franks Insurance Group, but we do ask and recommend supporting an agent or agency in the Texoma area.
An equity-index annuity may be appealing to a moderately conservative investor, who wants their principal guaranteed, receive some minimal returns and be able to participate in the stock market when it rises. The appeal of an index annuity is to investors who like having some opportunity to earn higher investment returns than what is available from Bank CD's and traditional fixed-rate annuities, while still having protection against downside risk.
If you need to rollover your IRA or 401k and still would like to participate in the stock market, but don't want to lose your principle in bad years, this might be the right vehicle for you.
If you need to rollover your IRA or 401k and still would like to participate in the stock market, but don't want to lose your principle in bad years, this might be the right vehicle for you.
If your Medicare Supplement has gone up in price over the years, the easiest way to lower your price is give us a call and let us check quotes from all major carriers to see if there is a lower cost for you. If we find a lower rate, then we will ask a few health questions to help determine if you can switch to a lower cost Medicare Supplement. Medicare Supplement rates are determined by plan, gender, age and zip code. An example, Sherman, Texas 75090 usually will have different rates than Gainesville, TX 76240 or Bonham, TX 75418. Give us a call at 903-868-0791 and we will run a free quote for you.
If you want to lower your monthly premium, or buy more coverage for less money, one way is to carry a higher deductible. A higher deductible also may make sense if you believe that your chances of making a claim are remote enough to warrant assuming extra financial risk.
It depends on the type of policy you own. But in general, unless you buy additional coverage, you won't be compensated for losses due to floods, earthquakes, nuclear accidents, wars, intentional damage, and normal wear and tear. Other exclusions may also apply.
A home can require a tremendous investment of money, time, and energy. Homeowners insurance is designed to protect that investment by insuring the actual structure or structures and the personal possessions in and around them, as well as providing liability protection for the residents. Through homeowner's insurance, you can protect yourself and your family from enormous loss in the event of damage or destruction to your home and property. Most likely, if you have a mortgage on your home, you are required to carry homeowner's insurance.
You can purchase additional coverage, through an endorsement to your existing policy or with a separate policy, to extend the limits of coverage for specific items.
After an accident or theft recovery, if the insurance company decides your car is "totaled," it means the estimate of repairs exceeds the car's value. At this point, the insurance company will likely send you a check for your car's value. It gets to keep your car unless you make arrangements to buy it back "as is".
If you were not at fault in the accident, you will make a third-party claim to the at-fault driver's insurance company. Because you are the claimant, the insurance company typically will issue the check directly to you. It's your responsibility to pay the repair shop, and the lender if you have a car loan. If the other driver doesn't have insurance, your uninsured motorist coverage will take effect.
If your car was stolen, be prepared to wait. Most insurance companies will impose a waiting period to see if the police recover your car. If your car is still missing after the waiting period, usually 21 days, you should receive a settlement soon after. If your car is recovered during the waiting period, the insurance company will want to see a repair estimate before deciding how to proceed.