Investment Advisory Services offered through Claraphi Advisory Network, LLC

Life, Health, and Annuity licensed in FL, AL, MS, GA, SC, NC, and MD

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References made, and discussions of various investment solutions or offerings are for informational purposes only. Such investments may not be suitable or appropriate for all investors. Individual investment strategies and solutions will be based on individual discussions with your advisory representative.

 

Financial and Insurance Services maintains a principal place of business in the State of Florida. Advisors for Financial and Insurance Services may transact business only in States in which they are registered, or in which they are excluded or exempted from registration. The Advisors for Financial and Insurance Services must also be registered or exempted or excluded from registration in any state in which they follow up on individualized responses to persons in that State that involve either the effecting or the attempting to effect transactions in securities, or the rendering of personalized investment advice for compensation.

 

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The information in this website is based on data gathered from what we believe to be reliable sources. Information throughout this site, whether stock quotes or any other statement or statements regarding market or other financial information is not guaranteed for timeliness or accuracy and is not intended as the primary basis for investment decisions. It should also not be construed as advice meeting the particular investment needs of any investor. The identification of specific securities and model portfolios is made on the assumption that the investor would participate in the investment or portfolio on a long-term basis and only after consulting with their investment advisory representative to determine their individual needs, financial position, and tolerance for risk among other things. With respect to any such identification, there can be no assurance that fund or model portfolio will in fact perform in the manner suggested. All references that might be made to an investment or portfolio’s performance are based on historical data and one should not assume that this performance will continue in the future. Past performance is not indicative of future results. In some cases, our recommendations may include commission based insurance products. Such products will only be offered through an appropriately registered insurance broker. Claraphi Advisory Network does not offer insurance products.

 

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Any videos provided by Financial & Insurance Services  are for informational purposes only. Investing involves the risk of loss and investors should be prepared to bear potential losses. No portion of videos presented is to be construed as a solicitation to buy or sell a security or the provision of personalized investment, tax or legal advice. Certain information contained in this presentation is derived from sources that Financial & Insurance Services believes to be reliable; however, the Firm does not guarantee the accuracy or timeliness of such information and assumes no liability for any resulting damages.

 

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What is a Medicare Supplement?

A Medicare supplement fills in the gaps of Medicare Part A and Part B; hence the alternate name of "Medigap Policy."

Medicare supplements are sold by private insurance companies and are not part of Medicare.  Medicare does not pay any of the premiums for a Medicare supplement.

Medicare supplements don't pay your Medicare premiums (such as the Part B premium), but they may cover the Original Medicare coinsurance, copays, and deductibles.  Some Medicare supplements also offer coverage for services that Original Medicare doesn't cover, like medical care when you travel outside the U.S.  If you have Original Medicare and you buy a Medicare supplement, first Medicare will pay its share of the Medicare-approved amount for the covered health care costs, then your supplement will pay its share.

Supplement companies can only sell you a "standardized" Medicare supplement that follows Federal and State laws designed to protect you.  All Medicare supplements must offer the same basic benefits, no matter which company sells it, but some offer additional benefits, so you can choose which one meets your needs. In most states, standardized plans are identified by letters A, B, C, D, F, G, K, L, M, and N.  In Massachusetts, Minnesota and Wisconsin the benefits are labeled differently, but the plans are still standardized.

Below is a comparison of the Medicare supplements that are available for sale.

* Plan F also offers a high-deductible plan.  If you choose this option, this means you must pay for Medicare-

  covered costs up to the deductible amount of $2,240 in 2019 before your Medigap plan pays anything.

** After you meet your out-of-pocket yearly limit and your yearly Part B deductible, the Medigap plan pays

   100% of covered services for the rest of the calendar year.

*** Plan N pays 100% of the Part B coinsurance, except for a copay of up to $20 for some office visits and up

     to a $50 copay for emergency room visits that don't result in inpatient admission.

Please note that Plans E, H, I, and J are no longer for sale.  If you bought one before June 1, 2010, you may keep it.

Who is eligible for a Medicare supplement?

You must have Medicare Part A and Part B to be eligible to buy a Medicare supplement.

You are eligible to buy a Medicare supplement when you turn 65 and have enrolled in Part B.  During your Initial Enrollment Period (IEP) is the best time to buy a Medicare supplement.  During the IEP, an insurance company cannot refuse to sell you a policy or charge you more because of your health.  The IEP extends from 3 months prior to the birth month, the month of your birthday, and the 3 months after your birth month.

If you are not 65, you won't have this Initial Enrollment Period until you turn 65, but state law might give you a right to buy a policy before then.

A Medicare supplement covers only one person.  Each spouse must have their own policy.

What does a Medicare supplement cost?

You will be required to pay your Part B premium.  You will also be required to pay a monthly premium to the private health insurance company that sells you the policy.

The premiums will be different depending on the policy that you choose and the insurance company that sells you the policy.

It is very important to compare policies.

If you buy Plan K, L, or N, you will pay part of the Part B coinsurance and copays, which may result in lower premiums for some Medicare supplements.

If you would like to discuss your existing Medicare Supplement, or if you are newly eligible for Medicare and would like to enroll in a Medicare Supplement, please refer to the “Contact Us” section of our website. We welcome the opportunity to sit down with you to discuss your Medicare insurance needs.