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Director and Senior Financial Editor
First Senior Financial Group
2700 Horizon Drive, Suite 300
King of Prussia, PA 19406
610-783-7750 EXT:361
ssalerno_firstseniorfinancialgroup.com
Member of BCAR, PAR & NAR
Re/Max Broker Owner for 22 years
Re/Max Hall of Fame
Re/Max Chairman's Club
Re/Max Eagle Award
Re/Max Longevity Award
GRI- Graduate Real Estate Institute
CRS- Certified Residential Specialist
Rick Solofsky is First Senior Financial Group's in-house Medicare expert, with over 20 years of experience as a health-care broker and high-level consultant. Today Rick administers 150 group health-care accounts in addition to Medicare-supplement policies for more than 250 individuals. Rick frequently educates other brokers, CPAs and attorneys about changes in the Medicare/health-insurance landscape.
A regular contributor to The Crash Proof Retirement Show™, Rick welcomes your questions on Medicare and health insurance.
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If you’re applying for Social Security and you plan to be employed through age 65, before you enroll into Medicare Part “A” or Part “B”, inform the Social Security representative how many employees work at your company. Be sure to include part-time employees in your calculation.
After an $1,132 deductable has been paid, Medicare Part “A” 100% covers In-Patient hospitalization (room and board), skilled nursing, critical access, hospice care, and home health care. *Must be Medicare approved
After an annual deductible of $162/year, Medicare Part “B” covers 80% of ALL Non In-Patient (room and board) hospitalization services, such as doctor visits, specialist visits, ER, lab/x-rays, surgery, etc. *Must be Medicare approved
A Medi-Gap Policy or Medicare Supplement Policy can cover the deductable of Part “A”, Part “B”, and the 20% that Part “B” does not cover.
If you work for a company that employs 20 individuals or more, you are NOT required to enroll in Medicare Part “A”, Part “B”, or Part “D” (Rx Plan)
If you work for a Company that employs 19 individuals or less, it is highly recommended to enroll in Medicare Part “A”, Part “B”, and Part “D” (Rx Plan).
Medicare Part “C”, better known as a Medicare Advantage Plan, combines Medicare Part A, Part B, and sometimes Part “D” (Rx Plan) in one nice, simple package. This plan can be less expensive than purchasing a Medi-Gap/Medicare Supplement and a Part “D” (Rx Plan). This plan can be an HMO, a PPO, or a Private Fee-for-Service Plan.
After the first $2,830 of Rx expenses have been incurred, Medicare Part “D” (Rx Plan) has a Coverage Gap ($4,550) that you will be responsible for. The first $2,830 is reached by adding your Co-pay to the pharmacist’s average wholesale cost of the Rx. While you are in the Coverage Gap, health-care reform requires pharmaceutical companies to subsidize up to 50% of most name-brand prescriptions. Contact me to learn how to reduce your expenses and exposure even further.
It may be in your best interest to disenroll out of Medicare Part “A” and Part “B.” Contact mewith regard to your specific circumstances.
Even though you have Veterans Administration benefits, it might make good sense to enroll in a separate Medicare Part “D” (Rx Plan), especially if the VA doesn’t have your prescription that day.
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Phil Cannella , First Senior Financial Group and CrashProofRetirement.com are not endorsed, sponsored or supported by the S.E.C, S.E.C's Inspector General or any other government agency. First Senior Financial Group does not recommend, offer, or sell securities to anyone at any time. This Website is not intended to provide specific legal, financial, or tax advice. First Senior Financial Group recommends you seek the services of the appropriate licensed professional should you need advice about your individual circumstances.
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