Medicare Supplement Plans Archives - Page 10 of 17

The Difference Between Medicare AEP & OEP

Do you know the difference between the Medicare Annual Enrollment Period, or AEP, and the Medicare Open Enrollment Period, or OEP? Unfortunately, some Medicare beneficiaries are unaware of the difference, and this lack of knowledge can often mean losing out on money and coverage. There are different time frames for these enrollment periods, as well as different things that you can and cannot do during each period; knowing the difference between the two can help you be better prepared, so you can save money, and get the right coverage for you.

The Medicare AEP & What You Can Do

time for change written in scrabble letters — *Medicare AEP is the only time you have the ability to change your Medicare plan to a better option.*

The Medicare Annual Enrollment Period (AEP) is an 8-week period that occurs every year from October 15th through December 7th, and is the time of year when you can make changes to your current Medicare plan. You will receive an Annual Notice of Change (ANOC) letter in the mail in September, which will explain all the changes that will be made to your current plan’s coverage and costs for the following year; make sure you review this so you know whether your plan will still work for you in the new year.

If you do decide that you want to change your plan, you also need to know what changes you can make during the AEP. You can:

Switch from Original Medicare (Parts A and B) to a Medicare Advantage Plan
Switch from a Medicare Advantage Plan back to Original Medicare, as well as enroll in Part D or a Medicare Supplement Plan alongside Original Medicare when you switch
Switch your current Medicare Advantage Plan to a different one
Switch from a Medicare Advantage Plan that includes drug coverage to one that does not
Switch from a Medicare Advantage Plan that does not include drug coverage to one that does

If you do choose to make any changes and switch to a new plan, your new plan will go into effect on January 1st.

The Medicare OEP & What You Can Do

The Medicare Open Enrollment Period (OEP) is a little more complicated than the Medicare AEP, because there are two different Open Enrollment Periods: one for Medicare Supplement Plans and one for Medicare Advantage Plans.

Medicare Supplement OEP

The Medicare Supplement OEP is a 6-month period that begins the month you turn 65 years old, and continues through the following 5 months. This is the time when you have guaranteed issue, meaning you can buy a Medicare Supplement Plan without having to answer any health questions. You do have the option to enroll in a Medicare Supplement Plan at any point during the year, but you will be asked questions regarding your health, which can result in denial of coverage, or a higher premium rate for the plan.

There are 10 different Medicare Supplement Plans to choose from, so what happens if you choose one and then decide that it’s not for you? Can you change it? Yes, you can make as many changes as you want during your Medicare OEP, as long as you are still within the 6-month window; whatever plan you ultimately choose will go into effect the 1st of the following month.

Medicare Advantage Open Enrollment

The Medicare Advantage Open Enrollment Period starts on January 1st and runs through March 31st annually. Plans will go into effect the following month. During this time you can:

Switch from one Medicare Advantage Plan to another
Cancel your stand-alone Part D prescription drug plan
Drop your Medicare Advantage Plan and return to Original Medicare
Enroll in a stand-alone Medicare Part D prescription drug plan

If you disenroll from your Medicare Advantage Plan, you can switch to Original Medicare, and then enroll in a Medicare Supplement Plan alongside Parts A and B if you wish to save more money. If you switch within the first 12 months of joining your Medicare Advantage Plan, you can purchase a Medicare Supplement Plan without underwriting.

Medicare can be confusing: there are multiple enrollment periods, and a lot of choices to make when it comes to coverage, which is why it’s important to seek the help of an agent who can help make sense of it all. EZ offers licensed agents who can advise you of all the different options you have, including ways to get more (or less) coverage, and save as much money as possible. No obligation. To get free instant quotes for plans that cover your current doctors, simply enter your zip code in the bar on the side, or to speak to a local licensed agent, call 888-753-7207.

Should You Change Your Medicare Supplement Plan Yearly?

The Medicare Annual Enrollment Period, or AEP, is here, so now is a great time to think about your current Medicare plan and the other options available to you. But while you’re checking out your options, you might be wondering whether you actually have to change your Medicare Supplement Plan every year. The short and simple answer to that question is no, you don’t have to change your plan, nor do you have to renew your Medicare Supplement Plan each year, since it renews automatically. If you do want to change your Medicare Supplement Plan, though, there are some guidelines you have to consider beforehand.

Medicare Supplement Plans Renew Automatically

All Medicare Supplement Plans are guaranteed renewable for the rest of your life as long as you pay your monthly premiums, even if your health status changes while you have your plan, so you never have to stress about renewing your plan. But even though your plan renews automatically, you should still take the time to review it every year!

Medicare Supplement Plans Change

As we already mentioned, your Medicare Supplement Plan will renew automatically every year, but before it renews, you will receive an Annual Notice Of Change letter in the mail, giving you time to review any changes to your plan. Don’t ignore this mail or the changes to your plan! Doing so could cost you hundreds of dollars, since Medicare Supplement Plan prices typically increase each year. Once you review your Annual Notice of Change letter, you can decide whether your plan will still work for you.

What If You Need To Change Your Plan?

calendar with a date in red and the bottom of page flipped — *If you’re within your 6-month Medicare Supplement Initial Enrollment Period, you can change your plan without medical underwriting.*

If you’ve reviewed your current plan and have determined that it either no longer works for you, or that the upcoming changes will not suit your needs, it’s time to change your Medicare Supplement Plan. If you’re still within your 6-month Medicare Supplement Initial Enrollment Period, you can sign up for or change your plan without having to undergo medical underwriting: you’ll have what’s called guaranteed-issue rights, meaning you can’t be denied or charged more for a plan. If you do want to change your plan outside of your Initial Enrollment Period, you might have to undergo medical underwriting, which might mean being denied or paying more for a plan.

In addition to your Medicare Supplement Initial Enrollment Period, the other times you can change your plan without worrying about being denied is if you:

Have signed up for a Medicare Advantage Plan, but have decided you want to drop the plan and buy a Medicare Supplement Plan instead (these two types of coverage don’t work together.)
Have had your current Medicare Supplement Plan for less than six months. If the insurance company agrees to sell you a new policy with the same basic benefits, it can’t add conditions (such as probationary periods) related to pre-existing health problems.
Are still in your “free look” period – when you change Medicare Supplement Plans, you get 30 days to decide if you want to keep the new plan.

Looking For A Change?

There are 10 different types of Medicare Supplement Plans; it can be overwhelming trying to compare them all, and figure out which one is best for your financial and medical needs. But you don’t have to do it alone – EZ.Insure can help by providing you with a licensed agent to compare plans for you. Our agent will compare all available plans, review your specific needs, and find the perfect match that will provide the right amount of coverage, while saving you money. Our services are free and there’s no obligation. To get free instant quotes for plans that cover your current doctors, simply enter your zip code in the bar on the side, or to speak to a local licensed agent, call 888-753-7207.

Important Things To Remember About Medicare During The Annual Enrollment Period

The Medicare Annual Enrollment Period (AEP) only comes around once a year, and it’s your opportunity to change your current Medicare plan to one that better suits your needs for the new year. You will have from October 15 until December 7 to review your current plan, check out other plans, and decide whether to keep or change your plan. But in order to get the most out of your Medicare benefits, there are some important things to consider during the AEP.

Medicare Does Not Cover Everything

white puzzle with a piece missing that is in black — *Medicare is a great program for seniors, but it does not cover anything, which means you might need to consider extra insurance.*

Whether this is your first time dealing with the AEP, or your tenth time, it is important to remember that Medicare does not cover everything: it will only cover 80% of your Part B medical expenses, and you will still have to meet your Parts A and B deductibles. Keep this in mind when looking over your options during the AEP, especially if you are deciding whether to switch from a Medicare Advantage Plan back to Original Medicare. Switching back to Original Medicare will allow you to buy a Medicare Supplement Plan to help cover your out-of-pocket expenses, so you could end up saving a lot of money by changing plans.

Little Things Add Up

Sure, they might seem small and insignificant, but monthly premiums, deductibles, copays, and coinsurance can all really add up throughout the year. And if you are like most Medicare beneficiaries, you are living on a fixed income, which means saving as much money as possible is important.

With that being said, remember not to get caught in the trap of a cheap plan that looks good on paper with its low premiums, but doesn’t provide the coverage you need. With some bargain plans, you will still have to pay for additional out-of-pocket expenses, including doctor copayments and deductibles, meaning that plan that looks so tempting might just cost you more in the long run. Make sure to go over all the possible costs of every plan, as well as what they cover, so that you are not left struggling to pay your medical bills.

You Don’t Have To Change Doctors

When you first enroll in Medicare, you can continue seeing your doctor as long as they accept Medicare patients, and that is true even if you decide to change plans during the AEP, with the possible exception of switching to a Medicare Advantage Plan. With one of these plans, you will have a provider network, which might limit the doctors you can see – so if you have a doctor that you want to continue seeing, take that into consideration when looking for a plan. Medicare Supplement Plans are a great way to continue seeing your doctor because they generally do not have networks.

Don’t Miss Your Deadlines!

The Annual Enrollment Period is an important time for Medicare beneficiaries, because it is your one opportunity to make changes to a plan that does not suit your needs anymore. If you miss the deadline of December 7, you could be stuck with a plan that either does not provide enough coverage or costs too much.

The AEP is a busy time that lasts for less than 2 months, which means you will need to go over a lot of information in a short period of time. You will have to review your current plan, its coverage and price changes for next year, and all your other available Medicare options. This can become overwhelming and time-consuming, but an EZ agent can help make it less stressful. Our highly trained agents work with the top-rated insurance companies in the country, and can compare plans in minutes, so you don’t have to compare plans and try to figure out which is your best option. We will help you find a plan that meets all of your financial and medical needs for the new year. To get free instant quotes on plans that cover your current doctors, simply enter your zip code in the bar on the side, or to speak to a local licensed agent, call 888-753-7207.

Are Medicare Parts A & B Enough?

If you’re enrolled in Medicare, you have the ability to change your plan once a year during the Medicare Annual Enrollment Period (AEP). The AEP is less than 2 months long, lasting from October 15 to December 7, and is the time to review your Medicare options and find ways to save money on medical expenses: for example, if you only have Medicare Parts A and B, you could be missing out on hundreds of dollars of savings. EZ can help you save money by assessing your financial and medical needs during the AEP.

Medicare Parts A & B Coverage

stethoscope — *Medicare Parts A & B will cover hospital and medical insurance, but will not cover anything.*

If you’ve been enrolled in Medicare for a while, you probably have a good understanding of how it works, but it’s always helpful to have a refresher, because Medicare can get complicated. So, Medicare Part A is hospital insurance, and Part B covers other medical expenses; both allow you to use almost any hospital or doctor within the United States that accepts Medicare assignment.

As far as out-of-pocket costs go, generally there is no monthly premium for Part A, but there is a deductible for each benefit period. Part B has an annual deductible, a monthly premium based on your income, and a 20% coinsurance, meaning you will have to pay 20% of your medical expenses, which can add up to quite a lot, especially if you have a chronic condition or illness.

What You Can Do To Save More

During the AEP, you have the option to make changes to your Medicare coverage: for example, you can change from Original Medicare to a Medicare Advantage Plan, switch Medicare Advantage Plans, enroll in a Part D plan, or change prescription drug plans. But what if you’re not interested in switching to a Medicare Advantage Plan and want to stick with Original Medicare, but want to save money on your out-of-pocket expenses? Well, what a lot of Medicare beneficiaries do not know is that they can buy a Medicare Supplement Plan during the AEP. These plans help fill the gaps in Original Medicare and can save you hundreds of dollars each year because they cover some or all of your:

Part B coinsurance
First three pints of blood
Part A hospice coinsurance

Some plans will offer additional benefits, including covering your:

Part A deductible
Part B excess charges
Skilled nursing facility coinsurance
Foreign travel emergencies that do not qualify for Medicare reimbursement from Medicare Parts A or B

These plans are a great way to save on medical expenses, but be aware that if you are signing up for a Medicare Supplement Plan outside of your Open Enrollment window (the month you turn 65 and the 5 months after that), you might be subject to underwriting, meaning that the insurer might ask you some health questions in order to determine the price of your premiums.

Work With An Agent

There are 10 different Medicare Supplement Plans to choose from, which means there’s sure to be a plan that’s right for you – but that also means it can be confusing and time-consuming to compare them and figure out which one you should choose. To make the process easier for you, work with a licensed EZ agent. Our agents are highly trained, and work with the top-rated insurance companies in the nation; your dedicated agent will assess your medical needs and help you find a plan that will save you as much money as possible, which is important if you are living on a fixed income.

Our services are free, because we just want to help you find an affordable plan with the coverage you need – no obligation, just free quotes. To get free instant quotes on plans that cover your current doctors, simply enter your zip code in the bar on the side, or to speak to a local licensed agent, call 888-753-7207.

Can a Medicare Supplement Plan Help Pay for Cancer Treatments?

A cancer diagnosis can happen to anyone at any age, but the older you are, the more likely you are to develop the disease. In fact, according to cancer.gov, the median age at diagnosis for breast cancer is 62, 67 years for colorectal cancer, 71 years for lung cancer, and 66 years for prostate cancer. If you have been diagnosed with cancer, you can fight it, but it will be tough – and expensive. The costs of treating cancer can add up quickly, even if you are enrolled in Medicare, because Medicare only covers some of your medical expenses; the rest you will be required to pay out-of-pocket. The last thing you want to worry about while battling cancer is money, but don’t worry – you don’t have to: a Medicare Supplement Plan can help cover the expenses that Medicare does not. So what kind of cancer treatments does Medicare cover, how much do they cover, and how can a Medicare Supplement Plan help?

What Does Original Medicare Cover?

doctors and nurses in scrubs in an operating room with someone on the table — *Medicare will cover surgery for cancer at 100%, but only 80% of any outpatient surgeries.*

Coverage For Surgery

Surgery for cancer usually involves removing a tumor and nearby lymph nodes, except in cases of blood cancer or cancers that have already spread. Medicare will cover any medically necessary surgery for cancer: Medicare Part A will cover inpatient surgery, while Medicare Part B covers 80% of any outpatient surgery. You will be responsible for the remaining 20% of the Medicare-approved outpatient amount, as well as for meeting your Part B deductible.

Coverage For Radiation

In high doses, radiation can kill cancer cells by dividing and killing them, which can help shrink tumors. Radiation therapy can be done externally or internally to treat specific parts of your body. Medicare Part A will cover radiation treatment for hospital inpatients, and Medicare Part B will cover 80% of treatment for outpatient and in clinics. You will be responsible for 20% of the Medicare-approved Part B amount, well as for meeting your Part B deductible.

Coverage For Chemotherapy

Chemotherapy is administered orally through pills, or liquids, as well as through an IV into the muscle. Medicare Part A provides coverage if you are a hospital inpatient, and Part B will cover chemotherapy in an outpatient setting, doctor’s office, or clinic. You will be responsible for 20% of the Medicare-approved amount, as well as for meeting your Part B deductible.

How Can A Medicare Supplement Plan Help?

As noted above, Medicare covers all medically-necessary cancer treatments, but not 100%. If you are getting inpatient treatment, you will have to meet your Part A deductible and pay coinsurance if your hospital stay is longer than 60 days; if you are receiving outpatient services, you will pay 20% of the Medicare-approved amount, after you meet your Part B deductible. Cancer treatment can be very expensive, so you might find you need help filling the coverage gaps in Medicare, and a Medicare Supplement Plan can do that.

Medicare Supplement Plans can cover your Part A deductible, and coinsurance costs, as well as your Medicare Part B copayment, coinsurance, and deductible. There are 10 different plans to choose from, and depending on which plan you choose, you could get anywhere from 75% coverage of your medical expenses all the way up to 100%. Each plan offers a range of coverage at different price points; if you are battling cancer, your best option is to get the plan with the most coverage possible, so you will only have to worry about paying your Medicare Supplement Plan monthly premiums. Medicare Supplement Plans can help save you money and keep you from stressing over medical bills for your cancer treatments, leaving you with more time and energy to focus on your health. EZ can compare all 10 Medicare Supplement Plans and find the one that will meet your financial and medical needs. Our agents work with the top-rated insurance companies in the nation, which makes comparing plans easy, quick, and free – our services come at no cost to you, because we just want to help you save more money so you can focus on your health. To get free instant quotes on plans that cover your doctors, simply enter your zip code in the bar above, or to speak to a local licensed agent, call 888-753-7207.

Will I Have to Answer Questions About My Health When Applying for a Medicare Supplement Plan?

Medicare Supplement Plans can help you save hundreds, or even thousands of dollars on medical expenses every year, but you do need to know the best way to apply for a plan, and that includes knowing when to apply. While you can get a Medicare Supplement Plan at any time, the best time to do so is during your Open Enrollment Period: if you apply at this time, you will receive a waiver for health question requirements, but if you miss it, or want to change your plan outside of your guaranteed issue time frame, you will have to undergo the underwriting process, and will be asked a series of questions about your health in order to qualify for coverage.

Guaranteed Issue Explained

a clock next to a form with a pencil checking off a box — *If you miss your Open Enrollment Period, then you will no longer have guaranteed issue right, and have to undergo the underwriting process.*

If you choose to buy a Medicare Supplement Plan during your Open Enrollment Period, you will be given guaranteed issue, meaning you will not have to undergo the underwriting process. Your Open Enrollment Period starts three months before you enroll in Medicare Part B, and continues through the month you turn 65 and the 3 months after you turn 65. During this time you will not have to answer any questions about your health, and will be guaranteed approval for a Medicare Supplement Plan, regardless of your health status.

If you do have to undergo the underwriting process because you do not qualify for guaranteed issue, you should know that every insurance carrier will ask you health-related questions on your application. Each company will have a different set of questions: one might ask if you have ever had a certain health condition, while another might ask you about your more recent health status.

Common Health Questions

If you are generally in good health, and can answer “no” to most of the questions about having certain health conditions, you will most likely be approved for a plan. On the other hand, the more you answer “yes” to these health questions, the more likely you are to be denied by most insurance companies.

Some of the health questions you will most likely be asked include:

Are you confined to a wheelchair or motorized mobility device?
Do you have any minor health issues such as arthritis, cholesterol or high blood pressure? You can still be approved for a plan if you answer “yes” to this question, as long as the minor health issue is not accompanied by a more serious problem. In addition, you can still get approved even if you are slightly overweight, as long as you are not considered morbidly obese.
Have you been advised to undergo any medical treatments in the past 2 years, or are you scheduled to have surgery? Insurance companies will not want to take you on as a risk if you are undergoing treatments for serious medical conditions, or if you are planning to have surgery. Most will want you to complete your treatments and undergo surgery first before you apply for a Medicare Supplement Plan.
Do you currently have any lung or respiratory disorders or are you currently using tobacco products?

Are you currently hospitalized, or are you confined to a nursing home or assisted living facility? If you have received home health care services two or more times within the last couple of years, insurance companies might deny your application; in addition, if you live in a nursing home, you will most likely not get approved.
Do you currently have or have you had cancer? If you have had cancer, most insurance companies will want you to be cancer-free for at least 2 years before they will consider covering you; you must be in remission, and be a few years past any surgeries.
In the past 2 years, have you been treated for or been advised by a doctor to have treatment for any of the following? Having chronic lung problems, dementia, immune deficiency disorders, Parkinson’s disease, osteoporosis, stents, strokes, heart attack, pacemakers, or congestive heart failure will mean that you will probably be denied.
What medications are you currently taking? Some insurers have a list of medications that result in automatic denials.
Do you have diabetes with complications including neuropathy, or any heart disorder? If you have diabetes, some insurers will ask specific questions to determine how serious it is. For example, they might ask: Do you have diabetes with high blood pressure and require three or more medications to control your blood pressure? Or: Does your diabetes require more than 50 units of insulin each day to control?

Make sure that you answer all the questions truthfully, because insurance companies will see a copy of your medical records to confirm your health status. And remember, even if you do get denied by one insurer, you might still be able to find another insurer that will cover you. The best way to find out if you qualify for a Medicare Supplement Plan is to work with an EZ agent: our agents work with the top-rated insurance companies in the country, so they will be able to compare all plans from different insurance carriers to find one that does cover your medical needs. You do not have to go through this process alone! To get free instant quotes of plans that covers your doctors, simply enter your zip code in the bar above, or to speak to an agent, call 888-753-7207.

Tag: Medicare Supplement Plans