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Senior Citizens Financial planning, take a clue

Senior Citizens Financial planning, take a clue


Judicious planning secures future and also offers the anticipated good investment return. Senior citizens need to select financial schemes in advance to enjoy monetary benefits. A well-known fact is numerous plans and financial schemes are provided by fund houses, banks, and financial institutions. There is a need for proper planning to ensure better management of expenses. Financial planning permits achieving the goals such as paying for health expenses, buying new car, living a secure financial life post retirement and going on foreign vacations.  The various steps and process leads to obtaining Medicare Supplement Plans 2020 at
management known as financial planning.

A few steps:

 After voluntary retirement you may receive money or you may have saved in the earning years. Now investing the same can be done in many avenues such as gold, bonds, stocks, real estate, mutual funds, post office schemes, and fixed deposits. Senior citizens there are tax-free bonds for you and this offers lifelong savings providing financial security. These are free of tax and ensure income as regular source. In the era the main concern is if companies can maintain credit quality and in such a time the tax-free bonds are the best alternative. The tax-free bonds of the public sector companies provide a 6.4 to 6.5%. Selecting schemes in the right way by maintaining a mix is enough to meet your needs so that it ensures liquidity, profit and safety. Initially, it may appear to be a daunting task. On spending a little more time, you will get to know about the availability of different schemes and this takes a lot of time and is not a hassle. If you are not ready to go into this, hire a financial planner.

A financial planner takes control of your financial situation after considering an overall view and this includes your family responsibilities and commitments, evolving financial recommendations.  These have knowledge about different financial tools and instruments. They also assist in choosing the right portfolio for you. The choice is entirely yours to consider financial planners or to look for banks, share brokers and mutual fund offices. Some planners get from third parties commissions to sell products and it may be suitable or unsuitable to meet your needs. Without fail hire a financial reputed planner and do not skip or miss out reading the fine prints of any scheme recommended, prior to placing your pen on the dotted line for signing.

What Medicare Supplemental Insurance (Medigap) Plans Include

What Medicare Supplemental Insurance (Medigap) Plans Include

Medigap insurance is an additional insurance that covers part of the cost of Original Medicare, Part A and B. Currently, there are 10 standardized Medigap policies and a deductible policy in most states. Each policy is named with a letter: Policy A, B, C, D, F, G, K, L, M, N and a highly removable version of Policy F. Quick information about Medigap plans.  All insurance firms that sell Medigap plans must offer Policy A. Should a company offers a Medigap Policy in addition to Policy A, it must offer Policy C or Policy F.

Each standardized Medigap policy option must offer the same basic benefits. For instance, a Plan A policy sold by a Texas company has the same basic benefits as the Plan A policy of a company in New York. Policy E, H, I and J are no longer in existence. However, if you already have one of these policies, you can continue using it.

Not all Medigap guidelines may be available in your state (e.g. Minnesota, Massachusetts, and Wisconsin have different standardized policies). For some states, you can buy a kind of Medigap plan called Medicare SELECT. The Medicare SELECT can be any standard Medigap policy. Unlike other Medigap policies, a Medicare SELECT policy may require you to use network-specific providers and hospitals. Services included in the Medigap Guidelines.

All supplemental Medicare policies cover coinsurance for hospital costs up to extra 365 days after the expiration of your Medicare Part A health insurance.

All Medigap plans cover at least part of these costs:

  • Medicare Part A Hospice Co insurance or co pay
  • Medicare Part B co insurance or co payment
  • The first 3 liters of blood gotten as inpatients in the hospital.

Policy A is the most primary Medigap plan because it only covers these benefits.

  • Part A costs of Medicare insured by Medigap policy
  • Co insurance for hospital stays, as indicated above
  • Co insurance for qualified care facilities (SNSF).

Co insurance for hospice supplement co pay: Medigap policies insure 50 to 100% of your co insurance for hospice care in Part A, depending on the policy option you choose.  Deductible for Medicare Part A: Although Medigap Policy A does not cover this deductible, the remaining policies cover 50 to 100% of those costs.

Medicare Part B costs are covered by Medigap policies

Co payment or co insurance: Medigap policies cover between 50% and 100% of the co insurance and Medicare Part B co pay amounts, depending on the policy selected.  Deductible in Medicare Part B: only two policies cover the deductible: Policy C and Policy F. This is one of the reasons why these are two of the most popular policies.  Medicare Part B charges: Medicare Part B charges apply when a health care provider rejects the Medicare assignments (a Medicare payment agreement) for a visit or particular procedure. Additional costs are covered by two Medigap policies: Policy F and Policy G.

Blood transfusions

Although hospitals often receive free blood from subsidized blood banks, they are likely to be charged if a hospital needs to buy additional blood for you.


The Medicare advantage plan K is the most affordable Medicare Advantage plan. Its premiums are considerably low as compared to the other plans. It is also a plan that comes in handy it terms of out of pocket medical expenses. The main difference between the Plan K and other plans is that it caters for its covered benefits up to a certain percentage. The only benefit that it pays in full is the Medicare Part A and Part B copayments and coinsurance for an additional 365 days after you have depleted all your Medicare benefits. However, since this plan does not cover the most part of your out-of-pocket expenses, the premiums charged are also low.

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The Medicare plan K also offers an out-of-pocket limit. This limit is of $5240. If your out-of-pocket expenses reach this limit, the Medicare Plan K will pay for all your costs covered by Medicare. This out of pocket limit is very useful if you have a health condition that accumulates a lot of out of pocket expenses or you want to be cushioned against future medical occurrences that may increase your out-of-pocket costs.  Medicare advantage Plan K covers 50% of the covered benefits. You will hence get 50% coverage on skilled nursing facility care coinsurance, Medicare part A deductible, Medicare Part B copayments and coinsurance, Medicare Part A copayments and coinsurance in hospice care and the first three pints of blood that you receive during a medical procedure. However, Plan K covers in full Medicare Part A coinsurance and medical costs for an extra 365 days after you have used up all your Medicare benefits.

There are however some benefits that you will not receive with the Medicare Advantage plan K. This includes Medicare Part B excess charges and Medicare Part B deductible. When making a decision about this plan, you should consider the fact that you will have more out of pocket expenses to cater for as compared to other plans. This is because this plan pays for only 50% of most of its benefits. This plan on the other hand charges lower premiums as compared to other plans that cover 100% of their benefits. You should hence conduct an evaluation of your out-of-pocket expenses to find out if you can manage with the Plan K. If your out-of-pocket expenses are few and you only need little help catering for them, then you should definitely opt for this affordable plan.


Medicare Advantage Plan G is a very comprehensive plan. It is almost similar to the Plan F. However, the two plans are different in the sense that the plan G does not cover Medicare Part B deductible which is catered by the plan F.  Some of the out-of-pocket expenses that are catered for the plan G include Medicare Part A deductible, Medicare Part B excess charges, Medicare Part B copayments and coinsurance, Medicare Part A copayments and coinsurance in hospice care, Coinsurance in skilled nursing facility care and it also covers for the first three pints of blood that you receive in case of a medical procedure. It also covers Medicare part A coinsurance and medical costs for inpatients for a period of an additional 365 days after depleting your Medicare benefits. It also covers 80% of approved costs up to plan limits in foreign medical emergency travel.

Medicare advantage plan G and F are the only plans that cater for the Part B excess charges. These are the additional charges charged by a doctor or hospitals that are above the Medicare approved charges. The Medicare Advantage insurance Plan G has a very wide coverage and is available at If you have a medical condition that needs frequent hospital visits or you have too many out of pocket expenses that are increasing your medical bills, plan G is an option that you should consider. This plan is quite expensive due to the comprehensive coverage and you should hence consider some factors like affordability. The plan is sold by most of the private insurance companies in different states.

The prices of the plan may differ due to different pricing strategies by insurance companies. The benefits that you receive with the Plan G are however standardized and they are hence similar despite the insurance company you purchase the plan from. Plan G is also not a compulsory plan that private insurance companies are required to have. Many insurance companies have to offer the Plan A on compulsory basis. They then offer either Plan C or plan F where many opt for the Plan F due to its comprehensive coverage. The plan G may prove hard to find as some of the insurance companies may not provide it as it is almost similar to plan F. Before deciding on settling on this plan, you should research to know if there are insurance companies in your state offering the plan.

Medicare supplement plans – A solution to inflation

About Humana Medicare

Though Medicare does come under Humana rather the Humana Medicare Supplement plans has actually followed Medicare and formed the network of facilities towards healthcare. Generally, the Medicare is valid only when it is prescribed by the certified doctors. This also ensures that the doctors do accept Medicare plans and are agreeing to any changes framed under the Medicare services. The doctors have the choice to accept the assignment framed by Medicare but it should be the patient who would be responsible and might be denied with the Medicare plans.  Get a quote at

Need for the invention of such plans

The government was forced to take the decision based on several factors. The introduction of Medicare Supplement plans was launched by the government for below-mentioned reasons:

  • The first and foremost compulsion started with a sudden hike in the Medicare as well as in the Medigap People were confused and helpless with the insurance amount and its small radius of coverages. There was the growth of inflation in the health care costs which ensured an increase in the premium cost.
  • The calamity made people choose from the groceries and healthcare costs. The retired people or the ones above the age of 65 years are investing all their income to ensure a secure health insurance policy with part B for himself or herself and for the family. The medicines that are prescribed in the prescription are not even covered under the policies.
  • Some believed that are fit enough to sustain their lives without facing the inflation but a major operation to any of the family member is drawing all his or her penny.

Medicare supplement Plans for 2019

Result of inflation

The consequences of the inflation t resulted in immediate movement in the budget. The government was forced to act upon it and finally, the government came up with the solution. The solution helped a number of people who thrive to survive with proper health care. The instruction ensured, the most desired people like the people above the age of 65 years and the disabled people to gain maximum benefit out of it.  Moreover, programs were held at several places to bring awareness among the people ensuring that they stay healthy with proper healthcare at an affordable price.


The government at that did the right judgment by ensuring better healthcare facilities for needy ones through the Medicare Supplement. It has helped people to utilize their income for the betterment of family and also to the society.

Understanding the present days’ truth of Medicare plans

The past few years Medicare supplement plans get bad reputations. There are some reasons for this. Let discuss the reasons like:

  1. Many crooked agents sell supplement plan without any idea of best interests of the Medicare beneficiary. Some dishonest agent sells the best plan to people for their situation to make their commission.

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CMS (the centre for the Medicare and Medicaid Services) and Medicare control these type of activities but there are a lot of agents who are still involved in these type of nonsense.

  1. Many supplement plans are showing that they have very low or zero-premium plans. People are seeing this and think that they are getting against nothing. But the truth is not as simple as like that. Co-insurance, higher drug cost, co-pays and many more plans are a high-cost premium for Medigap policy.

If we have been looking in the year 2010, there are no out of pocket costs. So you might be amenable to pay huge money for your medical care cost.

  1. Another fault is the plan is restricted to seeing approved providers. Normally you can choose PCP (primary care physician) but if you want to go to the specialist, you get must any referrals from your primary care doctor.

Though the planning act as many negative roles sometimes, so supplement plan is not the right choice of the beneficiaries of Medicare. But nowadays the plan is in the best interest of people and gives good protection to people than traditional Medicare (part A and part B). There are more people who can’t afford to give any monthly premium for a prescription drug plan (part D) and Medicare supplement policy (Medigap).

The people who cannot afford to give or pay the monthly premium there may definitely one plan are executed which give all protections like maximum out of pocket (MOOP). Here the question has arrived that supplement plans are right for every people? First of all, it is not all about life insurance plan or retirement plan or any long-term plan and secondly, there is no way to say that an supplement plan is best or Medigap plan is best.


Supplement plan is not best interesting plan for Medicare beneficiaries. But still, this plan is good for many people. The plan must have a goal to help people to feel secure, save money and give the feeling that the plan should be their right choice.

An Intro to Medicare Advantage Plans

When a senior retires and no longer has health insurance from their work, they will have to start looking for other options available to them. Usually a senior will want to join Medicare, but they will need to look at all the options they may choose from. Not all options are beneficial to everyone, so they will need to look carefully at all the plans available. Medicare Advantage Plans have been accessible since they were introduced in 1997. They are also known as MA Plans or Part C plans and they are also a part of Medicare.  It may be a good program for you, because the costs can be lower than having Medicare Part A and Medicare Part B and a Medicare supplement plan.

You will need to determine which of these options is best for you. If you would like your prescription drugs taken care of, a Medicare Advantage Plan would be most beneficial. Medicare Part A and Part B also have a Medicare Part D plan that help with prescription drugs and will have an additional premium to pay for them. If you wish to have prescription drug costs included in your Medicare Advantage Plan, there will be an extra cost for this. One must be aware, that when you have an advantage plan, you may not also have a Medicare supplement plan. That plan goes with Medicare Part A and Part B and takes care of the amount Medicare does not cover when it pays for medical expenses.

The benefits of a Medicare Advantage Plan are numerous. This type of medical insurance works with Medicare to cover all your medical expenses. You will acquire a Medicare Advantage Plan from individual insurance companies that work with Medicare, to cover all the medical charges. The benefit will be that you will not have to pay a separate premium that you would for a Medicare supplement plan. Many Medicare Advantage Plans are free to those who are 65 or older and who have Medicare Part B, which can be a much better way to pay for your medical expenses. Medicare Advantage Plans will seem more beneficial since a person will not have to pay for an additional Aetna Medicare supplement plan. Advantage plans are more affordable to a senior. The premiums may be lower, as long as, a senior is prepared to go to physicians that are offered in the Medicare Advantage Plan network and agree to pay some copayments when needed.