Medicare Supplement Plans Archives - Page 17 of 17

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 [email protected]. We make the process easier for you, so you do not have to stress or miss an important detail.

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 [email protected]. 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 [email protected] to get started. Let us take care of you, the research, and the sign up process, for free!

An Overview of the Different Medicare Supplement Plans

Medicare Supplement plans are purchased to help relieve some of the burden that Medicare part A & B leave behind in the form of out of pocket expenses. Medicare covers only 80 percent of Part B costs and the 20 percent is left for the individual to pay. Even though it is only 20 percent, it can be too much for a retired person to pay. Because of this, insurance companies decided to create Medicare supplemental insurance plans, to pay for that 20 percent difference to help with finances.

There are 10 different standard Medicare Supplement plans that are sold in most states. These 10 Medicare Supplement plans are A, B, C, D, F, G, K, L, M, N, as well as a high-deductible Plan F option. Not all plans cover the same services.

In general, all Medicare Supplement plans cover at least part of:

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)

Two Medicare Supplement plans (Plan K and L) include an out-of-pocket limit. This means that once you have reached a certain amount spent on Medicare-covered services, the Medicare Supplement plan will cover 100% of Medicare-covered costs for the rest of the year.

An overview of the different Medicare Supplement plans and what they cover.

* There is also a high-deductible version of Plan F.

Some Facts to Know:

All insurance companies that sell Medicare Supplement must offer Plan A. A company must also offer either Plan C or Plan F if it offers any other plan besides Plan A.
Each standard Medicare Supplement plan option must provide the same basic benefits. For example, a Plan A policy sold by a company in California will have the same basic benefits as a company in Pennsylvania selling the same lettered plan.
Plans E, H, I, and J are no longer offered, but if you already have one, you can keep using it until you decide to switch, then you cannot go back.
Not all Medicare Supplement plans may be available in your state. In Massachusetts, Minnesota, and Wisconsin, Medicare Supplement policies are standardized differently.
Standardized Medicare supplemental plans do not provide coverage for dental care, hearing aids, vision care, prescription drugs or long-term care.
You can see any doctor, whether they accept Medicare assignment or not. Medicare assignment is when your doctor or provider accepts the Medicare-approved amount as full payment.
- If your doctor accepts assignment, then your Medicare Supplement insurance company will pay your doctor directly.
- If your doctor does not accept Medicare assignment, you will have to pay your doctor yourself and send in claims to your insurance company.

Medicare SELECT

In some states you can purchase Medicare SELECT, which is a type of Medicare Supplement policy. Medicare SELECT can be any standardized Medicare Supplement plan (plans A-N). It requires the policyholder to use hospitals and doctors in their network. If it is an emergency, then you will not have to stay in network. Medicare SELECT plans often have lower premiums.

Medicare Part B bills can become overwhelming, so a Medicare Supplement plan is beneficial to sustain the costs. At EZ.Insure we are trained to be on your side and get you the best plan in your budget. Get an instant quote by typing your zip code in the bar above, or speak with someone now. You can contact one of our highly trained agents through email at [email protected], or by calling 855-220-1144. At EZ.Insure we want to help you get coverage, not help insurance companies get right. We know how hard it is dealing with a ton of phone calls and agents hounding you, which is why we want to help, we work for you. Let us help you today!

U.S. Government Proposes 1.84% Increase in 2018 Payments to Medicare Insurers

The US government and the Centers for Medicare and Medicaid Services, CMS, have proposed an increase in Medicare Advantage payment rates. The increase will be an average of 1.84 percent. This increase is up from the 0.45% that plans got last year from the government. Health insurers will receive these payments to help benefit the seniors eligible for Medicare.
The CMS stated that the average Medicare Advantage payment rate will increase by 3.1% after factoring in how members’ diagnoses are coded by health plans. This makes the increase 2.95% from last year.

Medicare Advantage enrollment data by the CMS shows a growth in medicare advantage enrollees of 9%, nearly 20.9 million in 2018. The estimate is that more than one-third of all Medicare enrollees, or 34%, will enroll in a Medicare Advantage plan.

The percentage insurers receive affects how much they will charge for their premiums and benefits. This percentage also reflects how much these insurance companies will profit. The government pays this percentage to these insurers in order to cover their member’s healthcare costs. So if the insurance companies do not get much of the percentage, then the member’s will not receive as much towards their healthcare costs. This means that the healthcare member will be charged more by their insurer, and have to pay more out of pocket.

With such a large percentage payment proposal coming in 2019, insurers will be able to provide more to their members. Benefits will be extended to their customers to include things like wheelchair ramps and other assistive devices in order to help reduce the effects of major health conditions. These benefits are hoped to help the customers live a more comfortable life and prevent conditions from worsening.

The CMS conducts Risk Adjustment Factors on a regular basis in order to keep track of their enrolled beneficiaries and their needs. These risk factors take part in how they pay for plans based on the beneficiaires needs, so that they can make the exact payments for enrollees with differences in expected costs. The risk adjustment allows the CMS to use bids as a base payment to plans. According to the CMS, the payment increase is based on better use of encounter data, which is information about the care that a beneficiary got from a provider. With this data, they can determine risk scores for plans.

The risk scores for 2019 will be based 75% on fee-for-service data, and 25% based on encounter data. The scoring was based on 85% on fee-for-service data and 15% encounter data in 2018.

The CMS states the payment increase will promote stability and the resources needed to support beneficiaries. “Our priority is to ensure that our seniors have more choices and lower premiums in their Medicare health and drug plans,” said CMS Administrator Seema Verma.
Medicare Advantage has always competed with the traditional Medicare fee-for-service program. But due to the “baby boomer” generation, has increased enrollment in both Medicare and Medicare Advantage. In fact, Medicare Advantage enrollment is at an all-time high right now and continues to gain popularity with high satisfaction ratings.

If you would like to find out more about this increase and how it will impact you, EZ.Insure will be more than happy to help. One of our highly trained agents that specialize in your region will help you with all of your Medicare needs. You will be provided with your own personal advisor free of charge to guide you through the shopping process. To get started contact us by email at [email protected] or call 855-220-1144. You can also get an instant quote by entering your zip code in the bar above, it’s that easy.

Tag: Medicare Supplement Plans