President Biden has been on a mission to reduce the age of Medicare enrollment to 60. During the 2020 election, he mentioned numerous times the importance of lowering the Medicare eligibility age to 60 as part of his healthcare reform platform. The reasoning behind lowering the age is that doing so will provide healthcare to those who retire early, or who lack health insurance through their employer. But is Medicare at 60 really coming, or was it all just talk?
The Proposal
On September 3, 2021, Representative Pramila Jayapal introduced H.R.5165, the Improving Medicare Coverage Act. This bill proposes lowering the Medicare eligibility age to 60 as a way to expand access to health insurance for older adults. The change is designed to last 5 years, after which time Congress would re-evaluate it.
Who Would Be Eligible
If the Improving Medicare Coverage Act were to become law in its original form, all US citizens would have the ability to enroll in Medicare at age 60 without any additional requirements. That means millions more Americans would be able to enroll in Medicare, but it is not clear if the penalties people must pay for delayed enrollment would become effective when they turn 60 or 65.
The Cost Of Medicare at 60
There are some financial concerns that come with reducing the age of Medicare eligibility to 60. One of the major concerns is the possible risk of the Hospital Insurance Trust Fund becoming insolvent, or running out of money. If more people enrolled in Medicare, it’s possible that there wouldn’t be enough revenue to cover Part A premiums after just a few years, possibly by 2026. In addition, adding millions more Americans to Medicare would mean that the trust fund would need more funding, and it is currently unclear where this money would come from.
Will It Happen?
It’s not clear if the bill has enough bipartisan support to pass. There were more than 100 Democratic cosponsors of the bill in the House, and some Republicans have also voiced their support for lowering the eligibility age. But there are still some reservations regarding how much it would end up costing.
How You Can Save Right Now
As Medicare costs increase, older adults need to find ways to battle these rising prices, whatever their age. One way to do this is by investing in a Medicare Supplement Plan. The best way to find the right plan for you is to get personalized assistance from an EZ 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 and choose between plans. That’s where EZ comes in! And 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.
Medicare Supplement Plans are a popular go-to for Medicare beneficiaries because they help save a lot of money on out-of-pocket costs. Since we are in the middle of the Medicare Annual Enrollment Period (AEP), you might be looking into a Medicare Supplement Plan for just that reason, and you might be wondering what your best options are. There are 10 different Medicare Supplement Plans to choose from, but there are a few top favorites that you need to know about.
A Medicare Supplement Plan covers all of the gaps in Medicare. Medicare only covers 80% of your medical costs, leaving you to cover the remaining 20% out-of-pocket. Medicare supplement plans will cover things like deductibles, copays, and coinsurance.
The coverage and plan letters for Medicare Supplement Plans in 2023 are not changing, but premium prices will change. If you are new to Medicare, or changing Medicare Supplement Plans to save money, you will most likely want to enroll in one of the top-rated, most popular plans in 2023:
Medicare Supplement Plan G– Medicare Plan G is the most popular Medicare Supplement Plan because of the coverage that it offers for both Parts A and B. With Medicare Plan G, you will only have to pay for one thing out-of-pocket: your annual Medicare Part B deductible. Once you meet your deductible, Medicare Part B will kick in and pay 80% of the rest of any Medicare-approved expenses; Medicare Plan G will cover the remaining 20% coinsurance, with no limit for the calendar year.
High Deductible Plan G– You also have the option of a high-deductible Medicare Supplement Plan G. These plans are the same as Plan G, except you will have a larger deductible to meet, with a smaller monthly premium than original Plan G.
Medicare Supplement Plan N– With Medicare Plan N, you will have to meet your annual Medicare Part B deductible, just like you would with Plan G. The difference is that with Plan N, you may have to pay a small co-pay for each doctor visit if you return to the doctor throughout the year. The co-payment is normally not more than $20 per visit. If you go to the emergency room and are not admitted to the hospital, you will have a $50 copay. In addition, Medicare Part B excess charges are not covered in Plan N.
Need More Information?
If you are interested in getting a plan from a top-rated Medicare Supplement insurance company, EZ can help. We work with all of these companies, and we will provide you with a highly trained licensed agent who will compare all available Medicare Supplement Plans to find the best one for you. You deserve the best, so we’ll make sure you get the best. To get free Medicare Supplement Plan quotes, enter your zip code in the bar above, or if you prefer to speak to an agent directly, call 888-753-7207. Our agents are ready to help!
According to the June 2022 Medicare trustees report, the Medicare Hospital Insurance trust fund will run out of money in 2028 if things continue at their current pace. If this trust fund is depleted, and Medicare does go “belly up”, the program will not have enough revenue to cover all of its operating costs. This would most likely result in a financial shock to hospitals that rely on Medicare revenues to operate. Find out just what all of this means for you.
What Does the Part A Belly-Up Date Mean For Beneficiaries?
If the Medicare insurance trust fund runs out of money, this could result in a backlog to payments, which will affect beneficiaries.
As stated, if the Medicare insurance trust fund runs out of money, this could result in a backlog to payments, and financial shock to the whole program. “This part of the Medicare program won’t be able to make payments to health care providers and health insurers that are due, and those payments will become increasingly delayed over time,” says Matthew Fiedler, a senior fellow with the USC-Brookings Schaeffer Initiative for Health Policy.
And what does this mean for Medicare beneficiaries? In short, costs would rise in order to help make up for some of the shortfall. But there are a number of different ways to address this problem being looked at, all of which will affect how much you will pay in the present for Medicare, if implemented.
How Can Medicare Be Fixed?
There are a few options that Medicare officials are looking at to help with the situation, including tweaking service coverage in order to redirect revenues. This would mean, for example:
Moving some Medicare Part A services to Part B- Some experts suggest moving post-acute services (such as physical therapy or nursing care after a hospital stay) from being covered by Part A to being covered by Part B. This solution might look good on paper, but other experts are concerned it wouldn’t make a real difference.
“That makes the Part A trust fund look better, because you’ve taken some of the expenses off the books,” says Dr. Mark McClellan, the Robert J. Margolis professor of business, medicine and policy at Duke University, who holds a doctorate in economics. “But that’s not really changing the overall cost or sustainability of the program.”
For Medicare beneficiaries, doing this would mean services that used to be 100% covered under Part A would now be subject to the Part B deductible and 20% coinsurance.
Modernize the Medicare drug benefit– The government pays the majority of the bill for high-cost drugs. One option to cut costs is to cover less of these drug costs, and apply those savings to the Part A trust fund.
Cut payments to providers- If the government were to reduce Medicare payments to some or all Part A providers, it would save the program a lot of money. But while that would have less of a financial impact on beneficiaries, it would reduce access to some providers, or mean that some providers would offer services that weren’t covered by Medicare, to increase their revenues.
Finding The Most Savings
With all the talk of Medicare raising prices, you might feel a little overwhelmed, especially by the costs of Medicare Part B. Your best option to keep yourself financially on track? A Medicare Supplement Plan, which will cover most of your medical expenses for a low monthly price.
At EZ.Insure, we are trained to be on your side and get you the best plan for your budget. Get an instant quote by typing your zip code in the bar above, or speak with someone now. 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. 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!
Have you ever seen commercials for flex cards for Medicare beneficiaries? These cards are advertised every year around the Annual Enrollment Period, which runs from October 15th to December 7th, and are touted as a great benefit for seniors. So if you’ve seen these ads, you might be wondering what flex cards are and if they are a scam. Find out what a flex card is, if you qualify for one, and how to use it if you do opt to get one.
What Is a Medicare Flex Card?
Medicare flex cards are used to purchase medical equipment and other health-related items.
Medicare flex cards are debit cards that a Medicare beneficiary can use to purchase medical equipment and other health-related items. These cards are issued by a private insurance company, not by Medicare, and are only available with specific Medicare Advantage Plans. They are usually linked to a flexible spending account, and have spending limits that vary by plan and carrier.
How Is a Flex Card Used?
A Medicare flex card is not a cash card and cannot be used to get cash back. It’s a prepaid type of debit card that can be used toward the cost of extra dental, vision, and hearing services. You can also use it to pay for:
Medical equipment
Copayments and deductibles
Prescription and OTC medications
Diagnostic devices
Once you use up the money on your card, you won’t be able to use the card again until the start of the next benefit year. Unused funds might not roll over to the next year; check your benefits statement for details.
Avoid Medicare Flex Card Scams
Some Medicare flex card advertisements are scams that just want to collect your private information, credit card number, and Social Security number. To avoid Medicare flex card scams, look out for:
Ads that say flex cards can be used to pay for gas and groceries
Ads that say flex cards are universally available to Medicare participants
People that contact you first, without your permission
Middlemen who get paid to refer you to insurance companies
If You Are Looking For Extra Coverage…
A Medicare flex card might be a good option if you’re looking for a way to help pay for medical expenses, but a surefire way to get more coverage is a Medicare Supplement Plan. A Medicare Supplement Plan can help you pay for the medical expenses that aren’t covered by Medicare Part B. One of these plans can help you save hundreds, or maybe even thousands of dollars each year.
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 up to 100%. Each plan offers a range of coverage at different price points and can help save you money and keep you from stressing over medical bills, 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 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.
The Medicare Annual Enrollment Period is back, which means it’s time for you to see if there is a Medicare option that better suits your needs and budget. From October 15th to December 7th each year is the only time you can make changes to your Medicare coverage, so make sure you take advantage of this time! To help you do so, we’ve given some tips to help guide you to more savings, more coverage, and free help.
Changes You Can Make During the AEP
If you do decide that you want to change your plan, you 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 have drug coverage to one that does
Planning Ahead
Now that you know what you can do during the AEP, let’s take a look at ways you can be prepared to make the most of it:
Don’t wait until the deadline to make decisions! This is one of the worst things you can do, because not only will you feel rushed to make a decision, but you may end up missing out on savings, such as subsidies that you might qualify for.
Talk to your doctors and make sure they will accept Medicare in the coming year. Providers can join and leave a plan’s provider network at any time during the year, which could leave you scrambling to find a new doctor that does accept Medicare. If you talk to your doctor in advance, you can begin looking for a new doctor (that you like) who does accept Medicare.
Review your Annual Notice of Change (ANOC), which you should have gotten in the mail this fall. This document lists any upcoming changes to your plan’s coverage, cost, or service area. Make sure that any changes to your plan work in your favor; if they don’t, it might be time to begin searching for a new plan. The best way to do this is to compare plans with a knowledgeable EZ agent.
Make a list of all the prescription drugs that you take and check if they will be covered by your current plan in the new year. If not, look for a plan that will cover all your medications.
Working with a reputable EZ agent is a must if you want to find the most savings and the best plans that will provide the coverage you need. Researching and comparing plans from different companies can be time-consuming, confusing, and overwhelming. EZ agents work with the top-rated companies in the nation and can compare quotes within seconds.
Compare & Find the Perfect Plan Early
The best way to prepare for the Medicare Annual Enrollment Period is to begin comparing plans from different companies. This allows you to digest all of your available options and gives you the power to choose the best one for you.
Not only will an EZ agent help you with this, but our services come at no cost to you because we just want to help you save 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.
If you are new to the Medicare Annual Enrollment Period (AEP), which begins October 15th and ends December 7th, it might seem overwhelming or confusing at first. But it’s important to take the time to compare your options during this enrollment period, otherwise you’ll most likely be leaving money on the table. You might end up paying too much in premiums or miss out on a great plan that could save you money and give you the extra coverage you need.
Even if you are not new to the Medicare Annual Enrollment Period, there are certain mistakes that you should avoid making that could cost you next year.
1. Not Checking If the Annual Enrollment Period Is for You
The Medicare Annual Enrollment Period is often confused with Medicare Open Enrollment, but these are two separate things. Medicare Annual Enrollment is for people who have already enrolled in Medicare and want to switch from Original Medicare to Medicare Advantage or vice versa. You can also switch from one Medicare Advantage plan to another, or from a Medicare Part D prescription drug plan to another.
On the other hand, the Medicare Open Enrollment Period is your 6-month period when you turn 65; at this time, you can enroll in Medicare for the first time.
2. Overlooking Changes In Your Life
It is very important to analyze any changes in your life, including changes to your medical needs and financial situation when determining what you need to do during the AEP. Your medical or financial situation may have changed over the past year, which means your coverage will also need to change. For example, if you have gotten married or lost a spouse, your income tax is lower than expected, or you have developed a medical condition that requires more medical coverage, you will need to reassess your coverage. You will need to find a plan that fits your budget and still meets your needs.
3. Assuming Your Providers Will Be in Network Next Year
This is a very big mistake that many Medicare beneficiaries make going into the new year. Every year, your current Medicare plan will undergo changes, and one of these changes could be changes to your network and who is covered by your plan. Your current doctors and preferred pharmacy may no longer be in your plan’s network for the following year, so it is important to double-check in case you need to change plans for next year.
4. Focusing On Premiums Alone
When looking to save money, people will often focus on the price of premiums alone. They won’t factor in the out-of-pocket cost of Medicare, including co-pays, deductibles, and coinsurance costs. But when searching for a plan, it’s important to include all costs that are going to end up coming out of your pocket, so you know what to expect and know you can afford it. That way you can also choose the plan that covers everything you need it to cover, even if it’s not the cheapest plan.
If You Need Help…
If you’re finding that Original Medicare isn’t enough for you, a Medicare Supplement Plan is a great option to look into. A Medicare Supplement Plan can help you pay for the medical expenses that aren’t covered by Medicare Part B. One of these plans can help you save hundreds, or maybe even thousands of dollars each year.
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 up to 100%. Each plan offers a range of coverage at different price points and can help save you money and keep you from stressing over medical bills, 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 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.
