Webmaster Alex, Author at Southern Maine Retirement Services

Are You Using These Medicare Benefits?

July 25, 2023 by Webmaster Alex Leave a Comment

Many Medicare plans include benefits and programs that can help you stay healthy or address important health matters in a way beyond traditional doctors’ visits. Yearly wellness visits, acupuncture and Silver Sneakers are three that you may want to look into.

Yearly Wellness Visits

Yearly wellness visits are different from your annual physical exam. It’s not a medical exam, but instead an opportunity to talk with a doctor and provide information to help assess your health risks and perhaps come up with a disease prevention plan. During the visit you can expect to fill out a Health Risk Assessment questionnaire, undergo a cognitive assessment and discuss topics like your current prescriptions.

Advance care planning may also be done during a yearly wellness visit, establishing what would happen in terms of medical care if you could no longer speak for yourself.

Yearly wellness visits must happen at least 12 months after you’ve enrolled in Medicare Part B. In some cases, this visit may require a coinsurance payment or other fees for tests or exams that aren’t covered by Medicare.

Acupuncture

Lower back pain is a common concern among older adults in the United States. One of the avenues Medicare makes available for treating it is acupuncture. Under Part B, you can have 12 acupuncture visits in 90 days – and eight more if your back pain improves.

The cost for acupuncture under Medicare Part B is 20% of the Medicare-approved amount, after your Part B deductible has been met.

SilverSneakers

Staying active as you age is so important for overall health, both mental and physical. SilverSneakers is a program covered under many Medicare programs that provides access to gym memberships, as well as numerous exercise classes and workshops. All of the SilverSneakers classes are developed specifically for senior citizens, and there are both online and in-person options. For many more details about the program, visit this website: www.silversneakers.com/blog/silversneakers-questions-answered/.

Not sure if your Medicare plan includes SilverSneakers? Give us a call and we can help you find out, or visit this link to check.

Questions About Benefits?

We’re always here to help you understand Medicare, the benefits of different plans and how to make Medicare work best for you. To chat with our knowledgeable team, please give us a call at (207) 647-2900 or 1-(866) 866-4340.

Enrollment Period Changes in 2023

May 18, 2023 by Webmaster Alex Leave a Comment

It can be confusing to get the timing of Medicare enrollment right to avoid coverage gaps and late fees. In 2023, some changes have been made to enrollment periods that eliminate some potential coverage gaps and provide more flexibility for special enrollment for people in certain situations.

Regular Enrollment Periods

The Initial Enrollment Period (IEP) refers to the three months before your 65th birthday, the month of your birthday and the three months after it, for a total of seven months. Prior to 2023, if you enrolled during the last three months of your IEP you might have to wait another three months for your coverage to actually start. This year, that changes. If you enroll before your 65th birthday, coverage starts on the first day of the month of your birthday. If you enroll during the latter three months, coverage will start on the first day of the next month.

Changes have also been made to the General Enrollment Period (GEP) to eliminate coverage gaps. Though the GEP runs only from January 1st to March 31st, enrollees previously had to wait until July 1st for their coverage to begin. Now, coverage is active on the first day of the month after enrollment.

New Special Enrollment Periods

Four new special enrollment periods have been added for people in specific life circumstances that may have impacted their ability to enroll in Medicare during their IEP or the GEP. A fifth special enrollment period exists for people who “experience other exceptional circumstances.”

The four specific new special enrollment periods cover people who:

Live in an area where the federal, state or local government has declared an emergency or disaster.
Receive misinformation about Medicare from an employer and subsequently make an enrollment error.
Have been released from incarceration since January 1, 2023
Lose Medicaid coverage on or after January 1, 2023

Before these new categories were created, people may have fallen into a coverage gap or incurred late fees because of a circumstance they had little control over. Please share this information with anyone you think may fall into one of these categories. If you have been impacted by one of the circumstances described above, you can learn more about how they impact enrollment options here.

Questions About Medicare Enrollment? Call Us.

We’re always here to help you understand Medicare, the enrollment periods and the many different available plans. To chat with our knowledgeable team, please give us a call at (207) 647-2900 or 1-(866) 866-4340.

Preventing & Protecting Yourself From Fraud

January 20, 2023 by Webmaster Alex Leave a Comment

Between robo-calls, spam emails, and junk mail it can seem like there is a never-ending stream of attempts to get your attention and your information. Sometimes scammers may use Medicare as a ploy to hook you in. We want to help you be on guard, and take the steps to protect yourself and your information.

Guarding Information

It’s as important to keep your Medicare information private as it is to keep other personal numbers and data private. Use the same care with your Medicare card as you use with your credit card. Keep it in a safe place, and never share the number with anyone except your doctor’s office or a confirmed insurer or Medicare representative.

You will never receive an unsolicited phone call or email asking for your Medicare information unless it’s from a plan you are already a member of. Among the ploys that scammers may use to try to get your information are offering free medical services in exchange for the information, pitching plans that aren’t actually part of Medicare, or threatening a loss of coverage if you don’t comply.

If you do get an unexpected or unsolicited call, never give out your information – always take the time to contact Medicare, your doctor, or even us here at Southern Maine Retirement Services to help figure out if a request is legitimate – and if it’s not, how to report the fraud attempt. Taking the time to do this is much easier than dealing with the aftermath of identity theft that can occur if your Medicare information falls into the wrong hands.

Reviewing Bills

While we’re all often inundated with paperwork, bills, and other items needing our attention, it is important to take the time to review your medical bills and Medicare coverage information. Keep an eye out for these kinds of errors on your bills, receipts or service summaries:

Repeat charges for an appointment or service you only had once
Charges for services or supplies you never had
Dates that don’t match up with what you have on your calendar

If you notice these kinds of aberrations on documents you receive from your doctor or Medicare, contact your provider to let them know and see if there’s an explanation for the discrepancy. If there is not an explanation and you suspect fraud or that your Medicare information is being used by someone else for services, contact Medicare to report it at: 1-800-MEDICARE (1-800-633-4227).

For more information about identifying and preventing Medicare fraud, visit here.

Uncertain? Call Us.

We’re always here to help you understand Medicare and bring you more peace of mind in retirement. To chat with our knowledgeable team, please give us a call at (207) 647-2900 or 1-(866) 866-4340.

Common Medicare Terms Defined

December 14, 2022 by Webmaster Alex Leave a Comment

When you start reading about Medicare, it can be like reading a different language. The vocabulary used throughout forms and informational packets takes some getting used to. In this blog, we go over some of the basic phrases to get you started.

The Parts & Plans

An understanding of the basic options is important as you start perusing Medicare information. These are some of the terms you’ll encounter as you look at the plans available through Medicare.

Original Medicare – Refers to Medicare Parts A & B

Medicare Advantage – Refers to Medicare Part C

Medigap – Insurance coverage provided by private companies that can be used in conjunction with original Medicare

Part A – Covers inpatient hospital care, inpatient skilled care and skilled care in your home

Part B – Covers doctors visits and outpatient care

Part C – Often called Medicare Advantage, Part C refers to being completely on a private insurance plan rather than being insured by Original Medicare as provided by the government. Part C/Medicare Advantage are still strictly regulated.

Part D – Covers prescription medications

Enrollment & Costs

As you dive into the different plans, you’ll see terms that indicate costs and who is responsible for them. Many are similar to traditional insurance terms. You’ll also encounter phrases about enrollment rules and coverage periods. Here are some of those you’re likely to see frequently:

Open Enrollment – Refers to October 15 – December 7, the annual time period when you can enroll or adjust plans and have coverage start on January 1st

Benefit Period – The time period beginning from the day of your admittance to a hospital or inpatient facility to 60 days after you last received inpatient care, during which claims can be filed for that care

Coinsurance – The amount you’re responsible for paying; a percentage of the cost of care

Copayment – The amount you’re responsible for paying; a fixed amount depending on the service

Coverage gap (donut hole) – After you reach the annual limit on full coverage for prescription medications under Part D, you will be in the “coverage gap” or “donut hole” and be required to pay for a percentage of the cost of your prescription medications.

Premium – The monthly cost for a Medicare plan; many people qualify for premium-free Medicare

Have Questions About Medicare?

We’re always here to help you understand Medicare terminology, enrollment periods, benefits and the ins and outs of every plan. To chat with our knowledgeable team, please give us a call at (207) 647-2900 or 1-(866) 866-4340.

How Medicare Changes When You Work Past 65

September 29, 2022 by Webmaster Alex Leave a Comment

If you’re not receiving Social Security benefits at age 65, you won’t be automatically enrolled in Medicare. This means that many people are still working and have decisions to make about employer-provided insurance v. Medicare plans. There are several things to consider before making these decisions though, so let’s review a few of the most common factors. Keep in mind, this is just a brief overview to get you started – talk to your insurance company, your employer or our team at SMRS to fully discuss your unique situation.

I Have Insurance Through Work! Do I Need Medicare?

If you’re over the age of 65 and still working, chances are good you already qualify for Medicare Part A without having to pay a premium. However, if you work for a company with more than twenty employees, you likely also have coverage from your employer still available.

In this case, you may want to enroll in Part A, since it will have no out-of-pocket costs while still allowing you to retain your employer-provided insurance for things like prescriptions. In this case, with coverage from both, there are rules about which plan will cover costs first.

Another thing to consider is that if you qualify for Part A and decide to enroll, but keep working past 65, it can impact your Health Savings Account (HSA). Talk to your employer about ending contributions six months before you enroll in Part A to avoid penalties.

You can also fully enroll in Medicare and decline employer coverage, or choose to stay on your employer’s coverage entirely and decline to enroll in Medicare until you retire. Many people choose to wait to enroll in Part B until retirement in order to avoid paying premiums until they are without employer coverage.

For those who work for smaller companies, the first step you’ll want to take as you approach age 65 – even if you plan to work past that age – is to ask your employer if you should enroll in Medicare, or if you’ll still be eligible for employer-provided insurance.

Do Enrollment Rules and Deadlines Change?

When you work past 65 and wait to enroll in Medicare, the rules about enrollment are different than if you retire at 65. This is an important thing to keep in mind so you do not incur fines or miss opportunities for enrollment.

It’s also important to ensure you allow enough time for enrollment to take effect before retiring. For example, if you don’t have Medicare Part B but plan to retire and will be losing your employer-provided coverage, enroll in Part B three months before your retirement date.

You will only have 60 days from that Part B effective date to enroll in a Part C or Part D plan without incurring fines or getting coverage before the next January 1st open enrollment effective date.

Talk to Us

Are you planning to work past 65 and unsure what the best way to handle Medicare is? Our team would be happy to talk you through your options, discuss your unique situation, and help you decide the best path forward for your medical needs and budget. Please give us a call at (207) 647-2900 or 1-(866) 866-4340.

Regardless of Financial Situation, We Can Help

July 27, 2022 by Webmaster Alex Leave a Comment

Southern Maine Retirement Services was founded because we want to help everyone we can get the best Medicare plan for their situation. We’ve been through this process before, and we’re eager to do everything we can to ease the burden of complex jargon and confusing documents.

Whether you are on a fixed income or are fortunate to have a steady, comfortable retirement income, we encourage you to consider all the Medicare options available to you and we are here to help you through the process.

Medicare Should Be Considered By Everyone

If you’re over the age of 65, there are no income limits for receiving Medicare benefits. However, premiums may vary based on your income level and the type of plan you are signing up for. Don’t let this stop you from looking into Medicare, though – Medicare plans may still be a good financial choice for those with higher incomes.

Having all of the information available about different plans and different ways to combine plans can help you make the best choices for both your budget and your health care needs. Whatever your income, it’s worth it to consider all your options for health insurance coverage, including Medicare, as you approach retirement.

How Much Do SMRS Services Cost?

Working with Southern Maine Retirement Services is free to you! Our business model allows us to work with everyone who needs our services, regardless of income or budget. We started our services this way, and it’s the way we plan to keep it. Importantly, this does not impact our approach, either – if we need to refer you to another service to ensure you can get connected with the best insurance plan for you, we’ll do that.

Our first priority is making sure we are serving our clients well and setting them up for an easier transition into retirement.

Talk to Us

Our team is here to help you determine the best Medicare plan for your situation. We’re caring, knowledgeable professionals and always ready to have a conversation and answer your questions. If you have questions about Medicare, or would like to learn more about our services, please call us today at (207) 647-2900 or 1-(866) 866-4340.

Our Retirement Checklist

May 11, 2022 by Webmaster Alex Leave a Comment

As you approach retirement, you have many decisions to make that can be quite complex. Getting Medicare right is an important piece of being prepared for retirement, but is only one of the factors to consider as you look forward to the next stage of your life.

At Southern Maine Retirement Services, we focus on Medicare, but we also see the big picture of how all aspects of your retirement plan come together for you. Doing so helps us to guide you through the Medicare process and select the plans that work for you. Being organized and planning ahead can make everything go much smoother and be much less stressful when it comes time to make decisions and actually retire. In this blog, we’ve put together a checklist of items you should have prepared or at least be ready to address as you approach retirement.

Social Security

Understanding your Social Security benefits and how they are impacted by when you retire is crucial for having a full picture of your retirement finances.

Full retirement age for Social Security is 66, but people may choose to retire earlier or later. The age at which you retire can impact your benefits, as can continuing to work while drawing Social Security.

Every year, you should be receiving a statement from the Social Security Administration. Included with this statement is an estimate of the benefits you can expect if you retire at full retirement age. We recommend looking at this estimate each year, and then doing the research – perhaps speaking with a professional if you need to – to determine how your plans to retire early, retire late, or other factors may impact what you are expecting for Social Security payments.

Notably for our purposes, being enrolled in Social Security at age 65 does mean you are automatically enrolled in Medicare. If you have questions about this aspect of Social Security, the team at SMRS would be happy to speak with you.

Checklist Item: Look at your annual Social Security statement and do the necessary research to determine how your retirement plans will impact your benefits

Income and Tax Items

As you look towards retirement, it is important to speak with a financial advisor who can help you assess the best arrangement for any income you have coming in as well as your retirement funds. If you already have these arrangements in place, take the time to get to know which types of retirement accounts you have and their tax implications.

Roth accounts, tax-deferred accounts, bank accounts, brokerage accounts, health savings accounts – all of these may be taxed differently, which will have an impact on how you want to or can use the money and what your budget is. You’ll also need to understand how Social Security payments, pensions, or other investments will be taxed.

Checklist Item: Speak with a financial professional about how retirement accounts and other income will be taxed

What Medicare Options Are Available?

Knowing that you have health insurance that will be adequate for your needs while not unduly straining your budget is key to enjoying retirement. As you approach age 65, whether you choose to retire then or not, it’s time to start assessing your Medicare options. If you keep working past 65, you may decide to keep your workplace health insurance. If you enroll in Medicare as soon as you’re eligible, you may want or need specialty plans due to existing health conditions and medication needs.

When picking your Medicare plan, you’ve four different options to choose from:

Original Medicare A&B
Medicare Part D
Medicare Supplements
Medicare Advantage

You can learn more about each of these on the Medicare website here – but don’t hesitate to call us at (207) 647-2900 for more details and a frank conversation. We’re here to talk it all through with you, walk through your questions and make sure you’re ready to have the retirement you deserve.

Checklist item: Speak with the team at Southern Maine Retirement Services to bring the big picture together and understand which Medicare plan(s) is best for you, your unique situation, and your budget.

Talk to Us

Our experienced team is here to assist you through your retirement journey in 2022 in the best way possible. If you have any questions, please feel free to call us at (207) 647-2900 or 1-(866) 866-4340 to discuss your Medicare options. We look forward to working with you and helping you have a smooth transition into retirement.

A Personal Message From Sonya Allen

March 30, 2022 by Webmaster Alex Leave a Comment

Our Clients’ Needs Are Our Priority

As the founder and owner of Southern Maine Retirement Services, the most important thing I want you to know is that our goal is to make sure you are covered by the best Medicare plan possible for YOU. Not the best plan for the insurance company, not the best plan for me, not the best plan for your friend – the best plan for YOU.

Our Approach

To determine the best plan for you, we take a diligent, personalized approach. We’re an Independent Agent so we’re able to offer many different plans in the area, and we’ll take the time to make sure you know about all of the different options available to you. Every member of our team is committed to getting the best end result for you, so we encourage questions, discussion and taking your time.

These services are free to you, our client, because we are compensated by insurance companies. However, even though we are compensated by the insurance companies, we have no allegiance to any insurer – we always work for our clients. As such, we are dedicated to helping you understand the features that make each plan unique as we find the best fit for your retirement needs.

Our services don’t stop once you’ve settled on a Medicare plan. After you’ve made your selection, we work with you to get the most from your plan. We’ll answer any additional questions, make sure doctors and specialists are in your network and guide you through the forms to submit for option benefits.

For us, good customer service is more than just a friendly voice on the phone. It’s about getting to know you and your unique needs and always being on the lookout for ways to help you be best protected through your Medicare plan.

Your Referral Means The World

The highest compliment we can receive is to have a client recommend our services to family and friends. We know we have done our jobs right when we hear from someone that they were told to call us about Medicare. Every day, we strive to build that level of trust with our clients.

If you’d like to work with Southern Maine Retirement Services to find the right Medicare plan for you, please give us a call today at (207) 647-2900. Or, you can email me directly at sonya@smaineretirement.com.

Planning Retirement in 2022

January 12, 2022 by Webmaster Alex Leave a Comment

Anxious about your medical insurance after your retirement? Don’t worry you are not alone. Over 10,000 people are eligible for medicare every day. A large number of people who are nearing retirement or have already retired have similar questions regarding their medical insurance and health care. The importance of healthcare coverage increases as you age; getting the best healthcare insurance package is necessary before you plan your retirement.

A large number of people like you are actively looking for the best options to choose from and that is where our role comes in. We can assist you in choosing the most appropriate health care option by simplifying medicare and retirement plans in 2022 to help you in making informed decisions within your budget.

How to Find Out Which Option is Best For You?

Finding the most suitable option for your healthcare needs within your budget can be challenging. You need to take into consideration that each option has its pros and cons. Our team at Southern Maine Retirement Services simplify various coverage options and explain them in detail. Our objective is to make sure you understand each option in-depth and there aren’t any questions unanswered.

How Can We Make a Difference?

At SMRS, we care for our clients by providing them personalized guidance, making sure they get the best medical insurance options. We take pride in going the extra mile to assist and inform people in stressful times near their retirement. Our team listens to your requirements and understands your situation in detail. That is why even if we cannot offer the medicare plan that makes the most sense for you, we make sure you have the tools and the resources to choose it for yourself.

Connect With Us

Our experienced team is here to assist you through your retirement journey in 2022 in the best way possible. If you still have any questions please feel free to give us a toll-free call at (866) 866-4340 or drop us a mail at sonya@smaineretirement.com. We are looking forward to serving you!

We Care: Personalized Guidance

December 6, 2021 by Webmaster Alex Leave a Comment

Retirement can be a worrisome transition in your life. Getting the right guidance can ease up a lot of issues and can also prevent miscalculated decisions. If you are planning to retire early due to health reasons and do not qualify for Medicare then you would want to explore various medical insurance options. Trust us, you are not alone, over 10,000 adults are turning 65 every day and most of them are concerned about their health insurance.

As a local, family-owned agency located in southern Maine, our goal is to help people by providing them with personalized guidance. We highly care for our clients as we make sure they get the top medical insurance options. Furthermore, we take pride in going the extra mile to help and educate people in these stressful times before the age of 65.

Our Personalized Guidance for Best Decision

The toughest part is to decide which insurance option is best for you and aligns with your requirements and budget. That’s where we jump in and help you decide the best medical insurance option for you through our personalized guidance.

Before anyone guides you, you must list down all your current and forthcoming health needs along with a tentative budget that you can afford. Once you are done with that, leave the rest to us. We will not only help you figure out the best option but will also save a lot of your hard-earned money.

Our support won’t be limited to choosing the most appropriate medical insurance option but we will also guide you in transitioning to medicare once you have turned 65.

Reach Out to us for More

You must be having a lot of questions about your health insurance that went unanswered above. Feel free to connect with our team who will help you out in the best way possible. Your welfare is our utmost priority. Looking forward to connecting with you.

Contact Us at:

Toll-Free: 1-(866) 866-4340
Email: sonya@smaineretirement.com