Medicare Help Archives - Page 26 of 28

2019 Medicare Deductibles & Copays Are Out

This past October, the CMS released the new rates for Medicare deductibles and copays for 2019. It is important to review the new rates to determine if it is affordable for you and your situation. If you can not afford the raised rates, then now would be the time to make some budget changes, or consider a Medicare Supplement plan. Most, if not all, Medicare Supplement plans will cover the deductibles and copays.

The New Rates

- Medicare Part A Hospital Deductibles have gone up $24 from 2018. It is now $1,364.

- Medicare Part A Deductible for a Skilled Nursing Facility for days 20-100 have gone up $3 per day since last year. The cost is now $170.50 per day.

- Medicare Part B Deductible has gone up $2 from 2018. It now costs $185.

- Medicare Part B Premiums have gone up $1.50 from 2018. Premiums will be $135.50 a month.

Annual income rates have increased; if your income was greater than $85,000 single or $170,000 couple, then you will face additional costs for Medicare Part B premiums. About $2.10 more a month.

*2019 Medicare premiums are going up based on income.*

The day before the Medicare rates were announced, the Social Security Administration had its own announcement. The Administration set a 2.8% cost-of-living adjustment, COLA, to 2019 social security benefits. Thanks to the “hold harmless” provision, almost 2 million Medicare beneficiaries will not have to pay the full Part B monthly premium payments of $135.50. Hold harmless is the guarantee that a Medicare beneficiary receives limiting how much their Part B premiums can go up. The premiums can not be greater than the increase in their Social Security benefits. However, this only applies to 3.5% of Medicare beneficiaries. So what are the rest to do?

Plan Ahead

*If you can not budget the new Medicare premiums for 2019, then a Medicare Supplement can help.*

Even though the costs have increased only by a couple of dollars a month, the $2 can add up throughout the year. It can change the budget for a lot of people, and some will be struggling to fit it into their budget. If you are one of these people who worry how you are going to pay these extra costs, then looking into a Medicare Supplement plan would be beneficial. There are 10 different kinds of Medicare Supplement plans that you can look into. Most of these plans will pay the deductibles and copays, and offer extra benefits that Original Medicare does not offer.

Researching and comparing the different kinds of Medicare Supplement plans can be frustrating. EZ.Insure offers highly trained agents in your region that specialize with Medicare Supplement plans. They can go over your needs with you, compare plans, and provide you with quotes instantly. To get a quote enter your zip code in the bar above, or contact an agent by calling 888-753-7207, or emailing replies@ez.insure. We make the process easier for you, so you do not have to stress or miss an important detail.

Mutual of Omaha Plans To Sell Medicare Advantage Plans in 2019

In 2019, Mutual of Omaha, an Omaha-based insurer will begin selling Medicare Advantage plans with prescription drug coverage. They have partnered up with Lumeris, a St. Louis company that will handle the health provider networks, and healthcare solutions.

The Kaiser Family Foundation recorded that one in three Medicare recipients are enrolled in a Medicare Advantage plan. They project the number to rise to nearly 41 percent by the year 2027.

Omaha is introducing Medicare Advantage Plans in 2019. — *Omaha is introducing Medicare Advantage Plans in 2019 to provide options for seniors.*

The Plan

James Blackledge, the Mutual Chairman and CEO said “Our entrance into the Medicare Advantage market represents a significant step forward for Mutual of Omaha as we strive to respond to customer needs and offer a meaningful suite of senior health solutions. We’re confident that our collaboration with Lumeris will lead to better health outcomes for our Medicare Advantage customers.”

Mutual started in 1909, and has been one of the first providers of Medicare Supplement plans. But recently Medicare Supplement plan sales have been declining, while Advantage sales have increased.

Lumeris has over 10 years of experience with Medicare Advantage plans, even starting their own called Essence Healthcare, which has about 65,000 members in the St. Louis area. They have built a value-based model to provide seniors with better health for a lower cost while providing a better patient and physician experience. The company functions to help other medical providers deliver better care and financial outcomes by its value-based care model.

*The idea is to create more plans so that Medicare beneficiaries can save money, and receive better care.*

“Our new initiative with Mutual of Omaha is exciting because it enables both of our companies to build on our successes while remaining laser-focused on what matters most—delivering the highest quality care to seniors,” said Lumeris Chairman and CEO Mike Long. “This new partnership also leverages each company’s unique strengths to benefit the larger healthcare ecosystem. Together, we will make a deeper, more meaningful difference in the lives of patients and providers.”

Hopeful Future

The alliance between the companies will allow Mutual of Omaha to continue to lead in the senior health market. Mutual will provide Medicare Advantage plans, while Lumeris will evaluate markets, and establish networks.

A Mutual executive vice president, Brad Beuchler said that the plans will have narrow networks. The networks will be limited as to how many physicians, hospitals and care providers to choose from. This way there will be reduced costs while improving efficiency and medical outcomes.

The multiyear agreement is expected to be ready by Medicare open enrollment October 15, and the plans taking effect January 1, 2019. This will hopefully provide better healthcare quality with lower costs for seniors.

When Can You Sign Up For Medicare Supplement

Medicare Supplement plans do not have annual enrollment periods, so it is important to know when to apply for one. The Medicare Supplement initial enrollment period is the time to sign up for a plan. It is important to utilize this period if you need help paying Part B costs, or if you have pre-existing conditions you need covered. During this time, you have guaranteed issue rights. This is your guarantee that companies will cover your pre-existing conditions without extra charge. What most people do not know is that you can also obtain guaranteed issue rights during a special enrollment period.

Must be 65 and already be enrolled in the original Medicare Parts A and B to qualify
Th best time to sign up for a Medicare Supplement plan is during the 7 month period of your 65th birthday. 3 months before your birth month, and the 3 months after.

Best time to enroll

The best time to enroll in a Medicare Supplement plan is during your Medicare Supplement Initial Enrollment period. This six-month period starts on first day of the month that you are both 65 or older and enrolled in Medicare Part B. Throughout this period, you can enroll in any Medicare Supplement plan offered in your service area with guaranteed issue. This means that insurance companies are not allowed to deny you or charge you more due to pre-existing conditions. If you have medical issues or disabilities, it’s especially important to take advantage of this period.

Special Enrollment Period

Guaranteed issue right means that companies must sell you a policy at the best available rate, regardless of your health status and cannot deny you coverage. If you miss your initial enrollment period, you can apply for a Medicare Supplement plan with guaranteed issue rights during a special enrollment period. The situations to be eligible for a special enrollment are:

Your Medicare Supplement insurance company goes bankrupt and you lose your coverage, or your Medicare Supplement policy coverage ends through no fault of your own.
You’re enrolled in Original Medicare and your employer coverage is ending.
You drop a Medicare Supplement policy or leave a Medicare Advantage Plan because the company did not follow the contractual obligations, commits fraud, or misled you.
You have Original Medicare and a Medicare SELECT plan and you move out of your plan’s service area.
You’re enrolled in a Medicare Advantage plan or PACE organization and move out of the plan’s service area, or your Medicare Advantage plan leaves the Medicare program.
You joined a Medicare Advantage plan, and within the first year of joining you want to switch to Original Medicare and Medicare Supplement.

You will run into problems if you try to buy a Medicare Supplement policy outside of your protected enrollment periods. Companies can refuse to sell you a policy, or will only let you buy one if you meet certain medical requirements. If an insurance company does agree to sell you a policy you will need to pay a higher monthly premium. You will also need to wait six months before the plan will cover pre-existing conditions.

A Medicare Supplement plan will help save you money. — *A Medicare Supplement plan will help save you money by offering more coverage than Original Medicare.*

What it covers:

All Medicare Supplement plans cover at least part of:

Your Medicare Part A and Part B deductibles
Skilled nursing facility costs after you run out of Medicare-covered days
Medicare Part A coinsurance and hospital costs (up to an additional 365 days after Medicare benefits are used)
Medicare Part B coinsurance or copayment
Part B excess charges
Part A hospice care coinsurance or copayment
Blood (first 3 pints)

Additional Information:

After January 1, 2006, Medicare Supplement plans are not allowed to include prescription drug coverage. If you would like prescription drug coverage, you can join a Medicare Prescription Part D plan.

The cost of your Medicare Supplement policy depends on the type of plan you buy, the insurance company, your location, and your age.

A standardized Medicare Supplement policy is guaranteed renewable even if you have health problems, as long as you pay your premiums on time.
People who have a Medicare Advantage plan cannot get a Medicare Supplement plan.
A Medicare Supplement policy only covers one person. If you and your spouse both want Medicare Supplement, then you must each purchase separate policies.
You can buy a Medicare Supplement policy from any insurance company that is licensed to sell one in your state.

Need help deciding if and when you can sign up for a Medicare Supplement plan? Here at EZ.Insure we are dedicated to helping you find the plan that is right for you. You will speak directly with one of our trained agents at any time by calling 888-753-7207, or emailing us at Replies@EZ.insure. If you want to see quotes now you can put your zip in the bar above to get started. We will help you with any questions or concerns you have, free of charge!

The Annual Open Enrollment Period Is Almost Over!

The end of the Medicare Annual Enrollment Period is right around the corner. From October 15 through December 7, Medicare beneficiaries have the ability to decide if they like what they have, or if they would like to switch. If you have what you want then great, but if you are not satisfied with it, or looking to save more, it is best to do your research and make a decision soon. After December 7, you will not be able to make any changes, or add a Medicare Supplement or Advantage plan.

*During Medicare Annual Open Enrollment, you have different routes to choose that best fits your needs.*

Review Your Coverage

You will be provided with a handbook for next year’s coverage for Medicare. Take a look at the coverage, prices, and benefits. If you are not happy, or think you may need more benefits, then looking into a Medicare Supplement of Advantage plan is important. You can compare the different plans and see which one will help you the most. But you can only add these plans during the annual enrollment period.

The same goes for your Medicare Advantage or Supplement plans, you will receive an Annual Notice of Change for your plan.

Changes You Can Make

Once you make any change to your current insurance, it will take effect on January 1st. So what can you do during this period? You can:

Join a new Medicare Advantage Plan or Part D Plan
Switch between Original Medicare and Medicare Advantage.
Buy a Medicare Supplement Plan depending on where you live.

Research Your Options

Researching the different plans, and comparing the coverage and prices is a lot of work. You do not want to miss out on a great deal by overlooking or not doing enough research. Overlooking plans will cost you, but we will avoid that from happening. EZ.Insure compares plans of over 20 insurance carriers in your region. We compare all the plans and prices for you within seconds, and provide you with the information so you can choose the best option.

To receive instant quotes, you can enter your zip code in the bar above, or you can contact one of our highly trained agents. You will be given your own personal agent to work with, and not have to worry about jumping around agents. Your advisor will gather information and provide you with all of the plans available to you within your area. No obligation or fee. It is all done at no cost to you. Call 855-220-1144, or email us at replies@ez.insure to get started. Let us take care of you, the research, and the sign up process, for free!

Retirement & Medicare

A lot of times, people think that once they retire then they are eligible to start receiving Medicare benefits. But, that is not necessarily true. If you retire early there will be some consequences with your healthcare. Specifically, you will have to pay for it out of pocket.

Retirment is a time to enjoy no more work and not worry. If you do it right, Medicare will cover you. — *Retirment is a time to enjoy no more work and not worry. But if you retire early before Medicare age (65), you will have to pay for your own health insurance.*

Medicare Age

You can begin applying for Medicare coverage 3 months before you turn 65, the month you turn 65, and 3 months after. For example, if you turn 65 in January, you can enroll anytime from October through April. However, you can not sign up for Medicare any earlier than that.

If You Retire Early

Retiring before you turn 65 will leave you without health insurance. You are not able to acquire or sign up for Medicare, which will leave you looking for private health insurance. You will have to pay for it our of pocket until you are eligible for Medicare. Social security will kick in three years before Medicare eligibility. This means you can start receiving benefits at the age of 62, but it comes with some repercussion. There will be reduction in payments since you have not reached retirement age.

If You Retire Later

Unlike retiring early, if you retire later in the workforce, you will be able to get Medicare. It is always best to look into retirement at the age of 65 or later. You are eligible for a special enrollment period when you are still on a group health insurance plan provided by your employer. After you turn 65 or later and you decide to retire, you will be able to enroll into Medicare during the special enrollment period. You must enroll no later than 8 months after the group health plan or employment ends.

Penalties

It is important to know that when you turn 65, you are automatically enrolled in Medicare. If you do not enroll when you’re first ineligible, then you may face penalties. For Part A, you can end up paying 10% more on monthly premiums for twice as long as you waited to sign up. For example, if you delayed signing up by one year, then you will pay the penalty for 2 years. As for Part B, you will have a 10% penalty for each full 12-month period you could have enrolled but did not. For example, if you waited 3 years to enroll, then you will have to pay an additional 30% on your monthly premium.

If you have any questions while retiring or need any clarification, EZ.Insure can help. We provide you with your own trained agent within your region that can answer any questions. For a quote, you can enter your zip code in the bar above, or contact an agent by emailing replies@ez.insure, or calling 855-220-1144. Our main mission is to inform you of plans and quotes, and help you sign up for free without hassle or jumping around from agent to agent. We make the process as easy as possible for you.

Planning Your Medicare Costs During Retirement

Many Americans are turning 65 every day, and can be overwhelmed with the retirement costs to come, especially when unprepared. It is important to plan for retirement and costs for Medicare. Most people underestimate the expenses during retirement. It is important to research medical costs and plan accordingly.

*As you get close to retirement, it is important to plan ahead for monthly Medicare costs. Medicare only covers 60% of costs, consider Medicare Supplement to cover the rest.*

Medicare only covers about 80 percent of costs, leaving retirees to pay the rest out of pocket. Over time, Medicare costs such as premiums will increase over time, so it is important to budget for this.

Find Out Medicare Costs and Additional Insurance

Depending on your preference, there are many possibilities for out-of-pocket expenses regarding your insurance. One of the main payments you will have are Medicare Part B monthly premiums and an annual Part B deductible. The annual deductible is roughly $183, and the monthly premium amount will depend on your income, which is on average $134 a month.

Medicare does not cover prescription drugs or dental and vision care, so if you would like extra coverage and relieve some of the financial burden, many people choose to buy a Medicare Supplemental Insurance or Medicare Advantage.

Long-term care insurance is also something you should consider, considering Medicare does not cover the majority of long-term care costs.

Figure Out Your Medicare Costs

It is important to account and budget for your medical costs within your retirement and social security funds.

*Monthly Medicare Part B Premiums for 2018. See how much your premiums will be.*

Medicare Part B premiums will depend mainly on your income.

There are 10 different kinds of Medicare supplement insurance plans to choose from. It is important to go over each plan, what they cover, and their costs to determine if it will fit within your budget. Plans F and G are typically the most popular because they offer the most coverage with an out of pocket limit. This means once you have reached the out of pocket limit, any other expenses will be covered by the company.

If you are looking into long-term care insurance, it can cost you nearly $100-$150 a month.

Taking all of these costs into consideration is important to determine your retirement costs, and have money left for other living expenses such as food, rent, etc.

Planning your budget during retirement can become very overwhelming. There are many different routes to choose when it comes to your medical needs. EZ.Insure can guide you in the right direction that meets your needs. We can help you estimate your budget and help you determine what you can afford with what you need. We can go over all the different kinds of Medicare Supplement Plans and Medicare Advantage Plans, and when you are ready, we can also help you through the process of signing up.

Enter your zip code in the bar above to get an instant quote. You can reach one of our knowledgeable agents within your region by calling 888-753-7207, or e-mailing replies@ez.insure. Our agents will help you with any questions you have, and guide through the process step by step, all at no cost to you. No commitment, no bouncing from agent to agent, no hassle. We make it easy.

Tag: Medicare Help