How We Can Help With Medicare Coverage

Medicare Coverage

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Once you become eligible for Medicare at age 65, you have some decisions to make about Medicare coverage. Will original Medicare Part A and Part B be sufficient for your health insurance needs? What about Medicare Advantage (also known as “Medicare Part C”), prescription drug coverage (“Part D”), or Medicare Supplement (Medigap) insurance?

Now is the time to evaluate your Medicare coverage to see if it meets your needs, since we’re about to enter an annual election period (AEP). Between Oct. 15 and Dec. 7, eligible people may sign up for Medicare Advantage or make other changes to their Medicare coverage.  Once this period is past, you’re more limited in the changes you can make in your health insurance plans

How we can help

Lakewood Financial offers both Medicare Advantage and Medicare Supplement plans. We represent Aetna, UnitedHealthcare, and other companies.

Medicare Advantage, or Medicare Part C, is a different way to receive your Medicare benefits. Under original Medicare, the government pays for your benefits when you get them. Medicare Advantage plans are offered by private insurance companies approved by Medicare. The government pays these companies to cover your Medicare benefits. There are different types of Medicare Advantage plans, including those operating as Health Maintenance Organizations (HMOs) or Preferred Provider Organizations (PPOs). Some Medicare Advantage plans offer benefits original Medicare doesn’t, such as vision or dental. Plan benefits can change from year to year.

As with any type of insurance, there are advantages and disadvantages to choosing a Medicare Advantage plan over original Medicare. Please call our office at 941-747-4600 to speak to an agent who will help you decide if a Medicare Advantage plan is right for you, and which plan offers the best coverage for the best price.

Medicare supplement, or Medigap, insurance helps pay certain out-of-pocket costs not covered by your original Medicare benefits, such as co-payments, coinsurance, or deductibles. Medigap policies are standardized and must offer the same basic benefits, but some policies offer more benefits than others. These policies can only be purchased by people who have original Medicare.

When deciding on health insurance for your retirement, you’ll want to think about what your healthcare needs will likely be, and compare premiums, deductibles, and co-payment requirements in order to decide which plan offers the best coverage at the lowest price.  Lakewood Financial can help you find the best Medicare Advantage or Medicare Supplement plan to suit your needs. Just give us a call at 941-747-4600.

For more information on Medicare benefits and plans, please see https://www.medicare.gov/

Got Great Credit? Let Us Save You Money on Your Auto and Home Insurance!

save money on your home and auto insurance

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What does your credit score have to do with insurance rates? Plenty. Since the 1990s insurance companies have been using consumers’ credit scores to help set insurance premiums. Industry studies have indicated that using credit-based scores helps insurance companies better predict risk.

What does that mean for you? It means that if you have good credit, you’ll likely save money on your home and auto insurance.

“Just as insurance scores help insurance companies assess and price risks, so too can these scores help insurance customers—particularly if they are considered good risks,” according to the Insurance Information Institute (iii.org).

Insurance scores are different from credit scores, though they are both based on your credit report. And each insurance company makes those calculations a little differently. For an insurance score, “Emphasis is placed on those items associated with credit management patterns proven to correlate most closely with insurance risk, such as outstanding debt, length of credit history, late payments, collections and bankruptcies, and new applications for credit,” according to iii.org.

Therefore, the higher your insurance score, the lower your insurance rates.

What if your credit isn’t so good?

If your credit scores could be better, lower insurance rates are one more reason to improve them. If you want to improve your score, start by keeping a closer eye on it. Make sure there are no errors in your credit history. Make payments on time, avoid high “credit utilization” (the amount you owe divided by your credit limit), and don’t make too many applications for new credit.

Remember, credit scores aren’t the only factor used in determining insurance rates. For car insurance, driving history and type of vehicle are also crucial. For homeowners insurance, your location, the size and age of your home, as well as your level of coverage will also affect your rates significantly. However, improving your credit score could make a significant difference in your insurance premiums. According to creditkarma.com, improving from one credit tier to the next can save you an average of 17 percent per year. And Consumer Reports noted that drivers who improved their credit score from the “good” level to the best paid an average of $214 less per year for their car insurance. 

If you have good credit, let Lakewood Financial help you reap the benefits with lower car and homeowners insurance rates. Call us today at 941-747-4600 for a free quote, or drop us an email. Lakewood Financial is an independent insurance agency serving Bradenton, Lakewood Ranch, Sarasota and surrounding communities. We have more than 25 years of experience in the insurance business and represent more than 80 financially stable insurance companies so that our clients have many choices for the best policies to meet their needs.