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.
The Medicare Annual Enrollment Period (AEP) is the time to review your current plan and ensure it will still work for you for the coming year. But the AEP ends December 7, leaving you with a little less than a week to make any changes to your Medicare plan. Before this time is over, it is imperative that you do all of the following to make sure that you are fully and financially prepared for next year!
It is very important to review your plan before the AEP runs out to make sure it meets your needs next year.
Review Your Current Plan
This is one of the most important things that you need to do during the AEP! Oftentimes people will not read the letters they receive about upcoming changes to their plan, but it is very important to review any correspondence that you receive in order to make sure that your plan will cover your medical needs in the coming year, and that you will be able to afford it.
Review Your Healthcare Habits & Needs
Gather all of your healthcare receipts, and think back to all your doctor visits, specialist appointments, and any other health-related expenses from the last year. Then make a list of everything health-related that you think you will need or healthcare expenses that you anticipate for the coming year. Will your current plan cover these needs for next year? Or do you need to start searching for a plan that will?
Check Your Coverage for Medications
If you regularly take prescription medications, you will need to make sure that your plan’s drug formulary includes these necessary medications. Different Medicare plans have different formularies, meaning each plan covers medications differently. Some plans might have your prescription on a different tier, making it less expensive. Make a list of all the prescription medications that you take, and compare plan formularies and pricing to make sure that your medications will be covered at a reasonable price.
Remember to make a list of your doctors and specialists!
Make A List of Your Doctors & Specialists
Write down all of the medical providers that you visit, including your primary care physician, your hospital of choice, and any specialists that you see regularly. If you want to continue seeing the same providers, make sure they will still be covered by your current plan next year. If not, it’s time to search for a plan that will cover them.
Talk With An Agent
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 them. 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!
Medicare’s Annual Enrollment Period (AEP) has begun, and it will be over before you know it: it ends on December 15. This time period is your chance to enroll in or make changes to your Medicare plan, including your Part D prescription drug plan, for next year. It’s very important that you’re prepared and know all of your options, and what to do and not do, so you are ready for the year to come. Because if you make a mistake now, it could cost you for the rest of the coming year until the next AEP comes around again.
To help make sure that doesn’t happen, we’ve laid out below all of the essential do’s and don’ts of the Medicare AEP.
Medicare AEP Do’s
Keep an eye out for any upcoming changes to your plan. Always check your annual notice of change letter that will have come in the mail sometime around September. This letter will have information about your plan for the coming year, like prices, network changes, changes to your drug formulary, and how much your plan will cost you out-of-pocket. Reading this letter carefully will help you determine if your current plan will still be right for you next year, or if it’s time to make a change.
Make a list of all the prescription medications that you take and their dosages. When trying to pick a plan for next year, you will need to make sure that the plan will cover your current prescriptions. Check all available Medicare plans to make sure that the formulary will include your medication and dosages that you’re prescribed. If your current plan has changed in a way that will affect your medications, it’s time to search for a plan that does cover what you need. In addition, consider looking into the generic form of your medications to save a little more money.
Medicare AEP Don’ts
Don’t assume that you can enroll in a Medicare Supplement Plan. Many new beneficiaries think that the AEP will be a great time for them to enroll in a Medicare Supplement Plan with their original Medicare coverage. However, the only way to enroll in a Medicare Supplement Plan is if you currently have a Medicare Advantage Plan and you are switching back to Original Medicare. It’s important to note, though, that you can technically enroll in a Medicare Supplement Plan at any time during the year, but you will have to answer some medical questions in order to qualify.
Don’t wait until next year’s AEP. The Annual Enrollment Period is the time for you to make any changes for next year. If you decide to ignore it, or hold off on checking and switching plans, you will be forced to wait until next year’s AEP in October to make any changes. Not only will you lose out on saving by doing this, but you will also risk the possibility of paying more, or of dealing with network changes you did not expect, such as a certain doctor not being covered any longer.
The Medicare Annual Enrollment Period is a very important time when you can look for a plan that better suits your needs, and save some money. The AEP is quickly coming to an end, so now is the time to think about your budget, review your out-of-pocket costs, and find ways you can cut down on expenses, such as by purchasing a Medicare Supplement Plan.
If you need help comparing plans, EZ can help – we will provide you with an agent who will compare plans in your area for free. 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.
Before you know it, the Medicare Annual Enrollment Period (AEP) will be over. You have less than a month to choose your Medicare coverage for next year, and this can feel quite overwhelming, especially if you don’t know where to begin. But have no fear, with EZ, you will be provided with a highly knowledgeable and trained agent who can compare all available Medicare options in your area within minutes. We will help you find the perfect plan that will save you the most money possible, because we know how important that is!
The Medicare Annual Enrollment Period runs every year from October 15th to December 7th. During this time, Medicare beneficiaries who are already enrolled in Medicare can make changes to their Medicare coverage. If you do decide to switch plans during the AEP, your new plan will go into effect on January 1st, but you don’t have to make any changes if you are satisfied with your current plan.
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
Let’s Talk
If you’re not sure what the best course of action is for you during the AEP, come to EZ. We’ll take the time to get to know you and your needs, so we can find the best plan for you. First, our agent will talk with you about any health conditions that require you to see a doctor or specialist often. That will allow us to help you pick a plan that will ensure those visits are covered.
Not only that but we will find you the best plan for you, one with affordable copays and coinsurance costs, for both your healthcare visits and any medications you take regularly. We will have an experienced agent go through all of the available plans to make sure that the medication will be affordable for you.
Future Needs
We can also discuss with you if you think there will be any changes to your health in the future. It is important to consider any costs that might arise if your health changes, such as physical therapy that might be needed or any other visits to specialists.
More Value
A Medicare Supplement Plan could save you hundreds, or even thousands of dollars.
One mistake people often make when looking for a plan is only considering the price of the premium, and not looking at other costs, such as deductibles and copays. Sometimes the plan that looks cheapest will end up costing you more, though, since there are a lot of out-of-pocket costs associated with Medicare.
That’s why Medicare Supplement Plans are so popular: they cover what Medicare does not, including those out-of-pocket expenses. A Medicare Supplement Plan could save you hundreds, or even thousands of dollars on your medical expenses, depending on which plan you buy.
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 them. That’s where EZ comes in!
Free Services
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.
