Does Medicare cover hearing aids?

Asking for a friend, right? Nah, don’t be silly. Hearing loss is a real thing! According to the National Institute on Deafness & Other Communication Disorders, 8.5% of adults age 55-64 experience significant hearing loss. Technology today has created some pretty incredible hearing aids to solve this problem, however they can be rather pricey. It may not seem possible to put a price tag on the sound of your grandchild’s voice that warms your heart, a honking horn in traffic that keeps you safe, a movie you’d like to enjoy with your spouse, or your favorite song but the reality is that, given how far they’ve come, the average cost of hearing aids in 2020 is around $2,500 each.

Individual insurance policies do not typically cover hearing aids and neither does original Medicare (parts A&B). Therefore a Medicare Supplement, such as the most commonly known Plan F, does not cover them either. Supplements only extend coverage to what original Medicare covers first so if it’s excluded by parts A&B, it’s excluded by the Supplement as well.

Some Medicare Advantage plans will offer coverage for hearing aids with a copayment. Medicare Advantage plans, such as the Blue Medicare Choice PPO from Florida Blue, take the place of original Medicare. They function more like an individual under-65 health plan in that they have copays, coinsurance, deductibles, out of pocket maximums and prescription drug coverage built in. These plans usually have a lower monthly premium but more out of pocket expenses for medical services. The Florida Blue Advantage plan that we have and are most familiar with has a copay of $699-$999 per hearing aid (with up to two aids per year), depending on the details of the aid itself.

Hearing aids and any available insurance coverage for them varies from plan to plan and company to company. If you’re considering them, please talk with your doctor and your insurance advisor to fully understand what may be available to you. We’re happy to hear out any questions you may have.

 

Why We Want to High Five You at 64.5!

Medicare has been so closely associated with the age of 65 for so long now that many people think they can wait until they actually turn 65 to address their health insurance needs and begin that transition. With regard to eligibility and actually enrolling in Medicare, that’s perfectly fine since you have a 7 month window surrounding your 65th birthday to do so. However, there are several things to consider as you approach 65 that make it really beneficial to do your research and get things moving in that direction in advance. This being said, we encourage that you start this process at 64.5.

If you are still working, there are things to consider such as comparing your employer provided group coverage to that of Medicare for both coverage and cost. Another important factor is if you are contributing to an HSA, you must stop at least 6 months before going on Medicare for tax purposes. Also, if you currently have a spouse and/or family members on your plan that will need to come off, you’ll want some time to quote that and make arrangements financially as it can be much more costly than what you’ve been used to.

Whether you are working with a financial advisor or not, you will want to plan for Medicare financially and weight out your options. Gathering all of the information on Advantage plans vs Supplements and those cost differences will help you decide what aligns with your budget. There are also many prescription drug plans you can shop in order to make the right decision for you.

All of this can take time and there is no need to wait, which will only add more stress to an already somewhat overwhelming process. We have a 64.5 checklist that may be helpful if you’d like to see the steps we advise taking at that time. And of course, we’re always ready and willing to hand out some high fives for being on top of your Medicare at 64.5!

 

“What flood zone is my home in?”

This is such a common question we hear from home owners as well as realtors and mortgage lenders when it comes to property in Florida. Although it’s been proven that the majority of flood claims come from low risk flood zones (determined by FEMA), it’s still extremely important to know what level of risk you have for your home to potentially sustain flood damage.

There is a new tool called Flood Factor from First Street Foundation that can help determine the flood risk of a property just by entering the physical address. This tool can tell you approximately what percentage the chances are of your property being damaged by flood and what amount of flooding might occur. There are also projections up to 30 years into the future of how that could change over time. And if youre interested, you can see some further statistics on your zip code, county and state within this tool as well.

This is beneficial in many ways but mostly to bring awareness to home owners of what their own situation is with regards to flooding and also what threats the surrounding areas may face. This also brings to light some gaps in the current FEMA mapping system, especially in smaller communities and rural areas. FEMA has reportedly only mapped one third of the nation’s riverine and coastal floodplains. That’s not nearly enough! But without an appropriate level of funding from Congress, that won’ be completed. This tool also helps with planning, identification of hazard mitigation opportunities, and conducting emergency response action plans.

One thing to note is that this tool is limited on how many details it knows about the property so it will not take into account things like community action, manual drainage systems put in place, etc.
It has been discovered that even just one inch of flooding can cause up to $27,000 of damage to your home so this isn’t something to take lightly. Most standard home owners and renters insurance policies do NOT cover flooding so it’s worth checking this out and seeing if you need a separate flood insurance policy. For more information on flood insurance or to obtain a quote, please contact us at (352) 371-7977 or [email protected].

 

What exactly is Other Structures coverage?

Many people question the Other Structures coverage on their homeowner’s policy and don’t fully understand exactly what it is. It’s also referred to as Coverage B since it’s built into the core coverages on a standard HO-3 policy.

Other Structures applies to anything on the property that is not attached to the home itself. Examples of this would be:

– Fences
– Sheds
– Detached garages
– Gazebos
– Chicken coops
– Pump houses
– Pole barns
– Swimming pools (if not attached to the home)

However, there are often times exclusions for hurricane loss to the following if not attached to the dwelling (unless they are constructed with the same material as the main home):

– Awnings
– Aluminum framed screen enclosures/carports
– Solar panels
– Solar water heaters

A popular other structure in Florida, especially after everyone has stayed home more during the COVID-19 pandemic, is a swimming pool. If the pool is attached to the home (even by a connecting patio or screen enclosure), it would be covered under the Dwelling. Otherwise, it”s under Other Structures.

Typically, Other Structures coverage is 2% of the dwelling amount but it can be increased by endorsement with most companies to be sure you have enough. If you don’t have any detached structures on your property, you may question why you have this coverage at all. It is included as part of the policy without additional premium and cannot be fully excluded.

Be sure to evaluate these things on your property as sometimes they can be overlooked but also the things that commonly sustain damage in storms. If you have questions regarding what should be covered, at what value or under which coverage on your homeowner’s policy, we’d be happy to discuss it with you.

 

The Top 5 Things You Need To Know This Hurricane Season

1. Trim your trees! Branches hanging over or that could break off easily are a major threat in a storm. Check for any signs of trees being dead or weak as well. Heavy winds or the weight of rain water can make even healthy trees fall or drop limbs so keep all of the area around your house and fencing as clear as possible.

2. Understand your Other Structures coverage. This is the part of your homeowner’s insurance policy that covers things like fences, sheds, detached garages, gazebos, swimming pools (if not attached to the home), etc. Anything that is not attached to the home itself would fall under this category of coverage. However, there are often times exclusions for hurricane loss to awnings, aluminum framed screen enclosures/carports, solar panels, solar water heaters not attached to the dwelling unless it is constructed with the same material as the main home. Typically, Other Structures coverage is 2% of the dwelling amount but it can be increased by endorsement with most companies to be sure you have enough. Evaluate these things on your property as sometimes they can be overlooked but also the things that commonly sustain damage in storms. Other Structures may also be referred to as Coverage B on your policy.

3. What’s your hurricane deductible? There is a difference between your typical All Peril deductible and a hurricane deductible. When a named storm (or spinoff weather) causes damage, the hurricane deductible will apply. Usually, this deductible is 2%. It can go up to 10% and also some companies allow you to have it as low as $500. If your carrier does not offer lower than a 2% hurricane deductible, there are options for a separate hurricane deductible buy-down policy that can get your deductible all the way to $0 if you wish. At the most common 2%, a home insured for $100,000 would have a hurricane deductible of $2,000, which would be their out-of-pocket responsibility before coverage from the policy kicks in.

4. Water vs. Wind: there’s a difference! Typically, homeowner’s insurance policies cover damage caused by water but with very specific limitations. Examples of water damage that are usually covered would be a leaking roof or busted pipe. However, it generally does not cover damage from water that has seeped in or risen up from the ground. This would be covered by a separate flood policy, if there is one. If the home is not in a flood zone that requires flood insurance, the separate flood policy would be elective. Wind damage is typically covered by HO-3 policies for things like a fallen tree, lifted or missing shingles, broken windows from debris, etc. Wind driven rain can get confusing since it’s a mix of wind and water. Usually, damage from the water that comes in with wind driven rain is not covered but damage from the wind is.

5. Be prepared to document and mitigate. If you sustain damage from a storm, it is best to take as many photos or videos as possible to document before making any changes to the condition of your property. Then, it is your responsibility as a homeowner to mitigate your home and belongings from further damage. This could mean boarding up, putting out tarps, removing debris, or whatever needs to be done to prevent more damage from occurring. This is only recommended within what is safe for you and your family. If any temporary repairs need to be done before a claims adjuster can view the damage, all receipts or invoices should be saved as well as photos of before and after repair.

Hurricane season can be a stressful time but being prepared will help alleviate that and will also assist in the claims process, in the event of damage. As always, we are happy to answer any questions during the preparation process and/or get involved if you should need to file a claim. Stay safe!