medicare supplement Archives - Page 3 of 5

Are Humana & Medicare The Same?

Many people wonder if Humana and Medicare are the same. Simply put, no. Medicare is a government administered health insurance program, and Humana is one of the largest private insurance companies. People get these two confused because Humana sells Medicare Advantage and Medicare Supplement Plans. Let’s go over what exactly the two are.

a picture of a balancer with green apples on onse side and oranges on the other. — *When comparing Medicare and Humana, it can be like comparing apples and oranges. They are two different things.*

Medicare

Medicare is the nation’s largest health insurance program for adults 65 and older. It is operated by the Centers for Medicare and Medicaid Services (CMS) under the US Department of Health and Human Services (HHS). Medicare is used by over 57 million Americans, and it is not based on income, and it is not free. In order to be eligible for Medicare, you must meet some requirements:

You must be 65 and older.
You must have worked and paid at least 40 qualifying quarters, or 10 years, of Medicare taxes to receive Medicare Part A.
You must be a U.S. citizen.

Medicare benefits are divided into two parts, Part A and Part B.

picture of different medical equipments — *Medicare Part A and Part B covers a number of hospital and medical services.*

Medicare Part A (Hospital Insurance) — covers inpatient hospital care, skilled nursing facility care, short-term nursing home care, hospice care, and some home health care. (100% of your costs for up to 60 days in a hospital or up to 20 days in a skilled nursing facility.)
Medicare Part B (Medical Insurance) — covers annual wellness visits every month, ambulance services, orthotics and prosthetics, medical equipment, and mental health care. (80% of costs covered by Medicare.)

Medicare will cover 80% of your Part B expenses, leaving you with 20% to pay out of pocket. If the expenses get to be too much to budget, you can look into additional coverage to pay for the 20%, such as Medicare Supplement plans. These plans vary by premium, deductible, and coverage. Additionally, they are helpful to those who travel, as some cover international health care costs.

Humana

Humana is a private insurance company that sells Medicare Advantage plans, and Medicare Supplement plans for people looking for secondary insurance to help pay for Original Medicare.

Humana is contracted with the federal government to provide these Medicare plans under the Medicare program.

If you have Medicare and are interested in a Medicare Supplement plan, EZ.Insure can help! There are roughly 10 different types of medicare supplement plans on the market, and they all vary in coverage and cost. Figuring out which plans are best for you can be hard, but we are here to help. If you would like to gather more information on Medicare and Medicare Supplement plans, one or our highly trained agents are ready to help.

You can start by simply entering your zip code in the bar above to get a quote, or you can contact us by email at [email protected] or call 855-220-1144. There is no hassle and no obligation. We will help you answer any questions, go over all of your plan options, find the Medicare Supplement plan most suited for your needs and budget, and even help you sign up if you’re ready.

Surprise Bills Could Be Coming! Get To Know What’s Changing With Medicare in 2020

Big changes are coming for Medicare next year, affecting your coverage and wallet. Medicare Supplement plans C and F will disappear. Part B premiums and deductibles will rise. And for the first time since 2010, Medicare is changing the surcharges on high-income beneficiaries. Make sure you aware of all the changes ahead so you can make the necessary adjustments to fit both your needs and budget.

Part B

For 2019, the standard Medicare Part B premiums are $135.50 a month. Next year’s increase is projected to be about $144.30 a month.

Many seniors depend on Social Security to help pay for their premiums. For 2020, Social Security’s COLA, or cost of living adjustment, is expected to be about 1.6%. This would increase the benefit to $23 a month, which will in turn cover the increase in Part B premiums.

Medicare Premium and deductible prices for 2020 chart

The Part B deductible was $185 in 2019, and is now projected to increase to $197. In order to help pay for the deductible, Medicare beneficiaries will be forced to sign up for a Medicare Supplement plan.

Medicare Supplement Plans C and F

As mentioned, Medicare Supplement plans help beneficiaries pay for their Part B deductible. Plans C and F will no longer be available for purchase by newly-eligible Medicare beneficiaries.

As long as the beneficiary is enrolled in Medicare before 2020, they can keep their plan C or F, or can apply for them at a later date. These two plans are popular plans because they are the only ones that cover the Part B deductible in full.

Medicare Surcharges

With these monthly payments, Medicare covers 80% of charges, and the other 20% is up to the beneficiary. Some seniors have a higher income than others, and as a result, they also pay a higher price.

This higher price is referred to as a “surcharge”. The surcharges are imposed because these higher-income beneficiaries can afford to pay more for healthcare. The surcharge is called IRMAA, which stands for Income-Related Monthly Adjustment Amount.

For the past couple of years, high-income beneficiaries were in the set income bracket of $85,000 for an individual, and $170,000 for a married couple. Starting in 2020, the income brackets will be adjusted for inflation.

2019 & 2020 Medicare Surcharges chart — *2020 Medicare Surcharges*

The surcharge will now apply for those making an income of $87,000 as an individual, and $174,000 for a married couple. Premiums in 2019 range from $189.60 a month to $460.50 a month, depending on income. For 2020, these amounts are projected to range from $202 a month to $490.50 a month, depending on income.

The Centers for Medicare and Medicaid Services have not announced the actual increase in Part B premiums and deductibles yet. However, the projections are enough to make a Medicare beneficiary prepare for the upcoming changes. Seek out any Medicare Supplement plans you might want to get, especially if it is plan C or F.

Do not be in disarray or panic about the changes ahead. If you are enrolled in Medicare, signing up for a Medicare Supplement plan does not have to be a hassle. EZ.Insure can take care of the research of all the plans within your region, provide you with the best options that meet your coverage and price, and sign you up. You will be given your own personal agent who is highly trained within your region. We offer you all of these services for free! To get started, simply enter your zip code in the bar above, or to speak with an agent, email [email protected], or call 888-753-7207.

Wait! Before You Drop Medicare For Employer’s Healthcare Coverage Read This!

It is more common for retired seniors to work. Almost 27% of people aged 65-74 are in the workforce, and the projected stats are rising. Some seek extra money, while others do it to pass the time. When you turn 65, you are enrolled in Medicare Parts A and B. If you decide to go back into the workforce, you can opt to drop Medicare Part B coverage and expenses. Coverage of the benefits you receive from Part B will be replaced with the employer’s group health insurance. You can always opt to go back to Medicare at any point, but there will be some repercussions if not done at the right time.

What Medicare Covers

Medicare coverage is divided into two parts, Part A and Part B. Medicare Part A covers hospital care, and is usually free as long as you meet the Medicare guidelines: working at least 10 years before age 65, and being a US citizen. Medicare Part B covers outpatient care, including annual wellness visits every month, ambulance services, orthotics and prosthetics, medical equipment, and mental health care. (80% of costs covered by Medicare.) The monthly premium for Part B is

Clock with coins in 3 rows next to it growing with a green leaf sprout on each row. — *HSAs come with a triple tax benefit, but any contributions are tax-deductible.*

$135.50 for 2019. The cost might be higher depending on income..

What Employers Offer: HSA Plans

Employer’s offer health insurance coverage, and usually a health savings account, HSA, as well. If you are on Medicare Part A, you cannot make any contributions to an HSA. The employer’s coverage is considered a “high-deductible” plan. HSAs come with a triple tax benefit, but any contributions are tax-deductible, and withdrawals are untaxed as long as it is used for qualified medical expenses.

How It Will Cost You

If you drop your Part B plan for an employer’s plan, you can always sign up for Part B again during your Special Enrollment Period or SEP. This period is when you leave your employment, or the employment loses coverage. If you miss the 8-month SEP, you face a late-enrollment penalty, 10% of Part B’s monthly premium for each full year you should’ve been enrolled.

If you drop Part A, you might have to repay the government for any medical services under Medicare that you used. Also, if you collect social security, you will need to repay that back also.

Caucasian woman;s hand holding a pen ready to write on an openedbook with the page titled "my plan." — *If you drop Medicare, returning can be difficult, so think carefully and explore your options completely before making a decision.*

Some seniors buy a Medicare Supplement plan to support their Medicare Part B expenses. When you drop Part B and sign up for your employer’s coverage, then you will also have to drop your Supplement plan. If you decide to go back to Medicare Part B, buying a Medicare Supplement plan will not be as easy. Your coverage could be denied due to pre-existing conditions and health status.

If you plan to drop your Medicare and use your employer’s health insurance plan, it can cost you in the long run. Your decision should be based on how much your employer’s plan costs, your out-of-pocket expenses in a high-deductible plan, and your budget. If you drop Medicare, returning can be difficult, so think carefully and explore your options completely before making a decision.

Is Medicare Underwriting Necessary?

Medical underwriting is a process when a private insurance company reviews your medical history to determine whether they will provide you with coverage, how much to charge you, and whether to set a waiting period before coverage begins. If you have a lot of medical issues, you may have to pay more for coverage or even be denied approval. Pre-existing conditions will come up and can cost you greatly.

denied word in red — *After your Medicare underwriting is complete, companies decide whether to accept you, or deny you coverage due to your pre-existing conditions.*

Medicare Supplement plans help pay for out of pocket expenses such as copays, coinsurance, and deductibles. When

you sign up for a Medicare Supplement plan, you may need to go through the underwriting process. It all depends on when you decide to sign up for a supplement plan. To answer the question if Medicare underwriting is necessary, both yes and no. Find out how to avoid Medicare underwriting, and if you do have to go through it, then what it entails.

The Only Time To Avoid Medicare Underwriting

During the Medicare Supplement Open Enrollment Period is when you have “guaranteed issue rights.” Guaranteed issue means that you will be accepted into any plan regardless of your health condition or pre-existing conditions. During this time, you have a one-time guarantee when companies cannot deny you or charge you more due to a pre-existing condition. The Medicare Supplement Open Enrollment Period is a six month period that begins the first day of the month you turn 65 years old, and enrolled in Medicare Part B.

When You Need To Be Underwritten

If you apply for a Medicare Supplement plan after your Medicare Open Enrollment Period has passed, then you may have to go through the underwriting process. In addition, when you are switching Medicare Supplement plans, you may have to go through the underwriting process. If a Medicare Supplement plan accepts your application, the insurer can choose to make you wait 6 months before covering a pre-existing condition. This is known as a “look-back period,” or “pre-existing wait period.”

The Underwriting Process

Private insurance companies will have extensive health-related questions on their applications. It will go over your entire medical history, both past and present. If you have a pre-existing health condition that may be expensive for the company to cover, they can choose to deny your application.

white paper that says checklist with boxes down a line with checkmarks in them. — *During the Medicare underwriting process, companies will go through your medical history and check off which conditions may be considered an expensive health risk for them to cover.*

If you have a health condition that needs constant attention, chronic, or incurable, then you may be denied. Certain medications can also be a reason for denial, especially for the incurable or chronic health conditions, simply because it will be too expensive for the insurers to cover. Often times minor conditions such as BMI, high blood pressure, and cholesterol are not issues for carriers. If you have pending surgeries or treatments, then it is best to get them done before applying. Serious health conditions such as rheumatoid arthritis, dementia, chronic lung disorders, lupus, MS, major heart disorders, and kidney failure will be an automatic denial of coverage for the company.

If you are still within your Medicare Supplement Plan Open Enrollment Period, then great, no better time to get started and sign up for a plan. If you have passed this guaranteed issue window, you can still apply with caution. And if you get denied, then it is not the end of the world, our agents will search through all available Medicare Supplement plans and help you.

EZ.Insure has highly trained agents who will search through all the Medicare Supplement carriers in your region, whether you are within the open enrollment period or not. Your personalized agent will compare all the plans, their coverage, and their quotes. To get started, you can enter your zip code in the bar above, or speak to an agent directly by emailing [email protected] or calling 855-220-1144. We will be by your side throughout the process, walking you through it, while providing you with the best advice and options.

You’ve Retired, Now What? Go Travel!

Now that you have retired, you are probably sitting around wondering what you should do with all of your free time. Save up some money, and go travel! Traveling has so many positive health benefits that promote social, mental, and physical well being. It’s a large world out there, go explore it! First, here are some tips, and ideas you can use before you hop on a plane!

*Traveling boosts your mood, mental health, cognitive health, and physical health.*

Boost Your Brain & Mood

When you travel, whether alone or with a group, you will meet new people. Talking and socializing with people has been proven to actually lower your blood pressure, and minimize serious health risks like Alzheimer’s, cancers, mental health issues, and so much more! Experiencing new places allows your brain to challenge itself, which boosts your cognitive health. Your physical health obviously improves because you are up, moving around, such as walking, or hiking while sightseeing in a new place. Just be careful when hiking, so that you do not get injured. Traveling boosts your mental mood, making you feel happier and even offer better sleep at night.

Plan Ahead

Packing

If you are like me, then you tend to pack a lot of outfits and clothes for a short trip. It would be wise to sit down and plan it all out before you start packing. All that extra luggage can be annoying to lug around, and you may not have room for the essentials. Plan ahead, and make a list of medications you need and any other medical necessities. Have your doctor fill out a letter regarding your medications and why they are needed, just in case there is an issue with the airport. Once you have all of the important essentials packed, then you can worry about which outfits to pack, depending on the climate you are traveling to, of course.

Make sure to optimize your travels with doing a lot of research on prices, and best time to travel to places.

Research, research, research!

Research is the most important thing you must do when you consider traveling, especially if you are going outside of the country. Research costs and the best time to go to your desired destination. Make sure it is not peak times during the year so that it is not overly crowded.

Better To Be Insured Than Not

It is easy to accidentally get hurt when hiking or exploring a new place. Accidents happen. This is why it is important to be insured while traveling. If not, it can end up costing you hundreds, if not thousands of dollars in medical bills. Some Medicare Supplement Plans offer coverage while traveling outside of the U.S. Something to consider if you do not have it already.

Estimate Costs

Budgeting can be hard. Once you do all your research on the places you want to go, with hotels, flights, cruises, etc. then you can create a budget. The budget will have to focus on spending money on food, souvenirs (if you want), and extra just in case costs are higher than expected.

Go RVing!

Ever wanted to travel across the U.S. visiting all the national parks? Then an RV is the perfect choice for you. Visit all the towns, cities, and parks that you want to in an RV. In the beginning, renting out one may sound expensive, but it is less expensive as the trip goes on. Nothing but you, your spouse or a group of friends going on a cross-country journey together. Road trip!

Make sure to optimize your travels with doing a lot of research on prices, and best time to travel to places. — *You can travel by train, and enjoy the scenic routes to different destinations.*

Travel By Train

If you enjoy the scenic route, then train travel is the way to go. There are trains that travel cross country, and around the world. Other countries such as Europe offer journeys via train travel. You can go to different cities around and see all their beauty, both scenic and cultural.

Make Memories

After all the important safety, planning, and budgeting tips are out of the way, the next significant thing to do is have fun and make some valuable memories. Go visit the Taj Mahal in India, the Great Pyramid of Giza, the Colosseum in Rome, or even Christ the Redeemer statue in Brazil. The possibilities are endless. You have the time, so start saving (if you haven’t been already), and make the most out of it!

Make sure you are covered when traveling outside of the U.S. with a Medicare Supplement Plan. If you would like help on how to get started, and which plan will work best for you, contact EZ.Insure. We offer Medicare agents that can explain your options and sign you up with a plan for free. Simple enter your zip code in the bar above, or speak with an agent through email at [email protected], or phone at 888-753-7207.

Plan F & Other Popular Medicare Supplement Plans Disappearing in 2020

Medicare has major coverage gaps, most notably that Part B pays only 80 percent of covered expenses, and the other 20 percent must be paid by the consumer. When you purchase a Medicare Supplement plan from a private insurer, you close that gap. These supplement plans have been growing in popularity over the years, mainly plans C and F. Congress has ruled to eliminate these two plans in the year 2020.

*As of January 1, 2020, some popular Medicare Supplement Plans will no longer be available.*

The legislation called the Medicare Access and CHIP Reauthorization Act of 2015 (MACRA), ruled that as of January 1, 2020, all newly eligible Medicare recipients cannot sign up for a supplemental plan that covers the Medicare Part B deductible. This means that Medicare Supplement Plans (also called Medigap Plans) C and F will be eliminated. However, those who are enrolled in Plan C or F as of December 31, 2019 will be “grandfathered” and continue with the plan as long as they want.

Why the changes?

Medicare is experiencing a growing financial strain from the ongoing enrollment of the Baby Boomer generation. This created a non stop increase of costs of health insurance. In an attempt to control costs by reducing claims, Congress decided it made sense to have Medicare recipients be responsible for more of their out-of-pocket medical expenses.

Medicare covers 80% of your outpatient benefits and Plan F covers both your Part A and B deductibles as well as the other 20%. Medicare Supplement Plan F is considered the Cadillac of all the supplement plans because it provides first dollar coverage, covering all the gaps in Medicare, leaving you with $0 out of pocket. People with Plan F have no copays for services that are Medicare-covered including copays at the doctor. Medicare Supplement Plan C is similar but does not include Medicare excess charge coverage

Lawmakers want to reduce medical misuse because they believe having this type of coverage leads to overuse of healthcare services. They fear that the people who have these plans will utilize it for every little thing like a cough, and run to the doctor because once the deductible is paid off, there are no co-pays, deductibles, or network of doctors to follow you. However, if you paid for your own deductible then you would reconsider doctor visits for minor things.

How will this affect policyholders?

*Now would be the best time to start planning and consider your options. Discuss the differences of plans with an agent and choose which best suits your needs.*

People who are grandfathered can continue to hold onto Plan F indefinitely. When the new change occurs in 2020, we will expect Medicare Supplement Plan F premiums to rise annually due to less people being enrolled.You can switch insurers, so if someone offers a better price, then you can apply to change to that insurance company’s policy.

If you are not grandfathered in and you cannot purchase plans F or C after January 1, 2020, you will want to consider plan G. Medicare Supplement Plan G is commonly known as the plan with the best value plan. Plan G has the same exact benefits as Plan F, but Plan G requires you to pay the annual Medicare Part B Deductible.

There are some concerns with the elimination of these plans. This could lead to consumers to not seeking treatment, which could lead to missing an early diagnosis and advanced health conditions. Essentially this will be more difficult and costly to treat, which defeats the money saving purpose Medicare began covering more preventative benefits.

With these changes ahead, you should plan for the financial impact it will have on you. If you need to compare, or would like to switch Medicare Supplement plans, contact EZ.Insure. A trained agent is always ready to help guide you. We can be contacted through email at [email protected] or by phone, 888-753-7207. Our agents will walk you through your options and help you find a plan with the right coverage within your budget. No hassle & no obligation, do it the easy way.

Tag: medicare supplement