Open Enrollment Archives - Page 3 of 3

Updated Medicare Advantage Guidelines

There are specific times of the year when you can enroll, disenroll, or switch from a Medicare Advantage Plan, also called Part C or MA Plans. These plans are sold by private insurance companies that are approved by Medicare. If you miss these enrollment periods, it may be hard to make changes to your coverage, or enroll in a new plan.

Initial Coverage Election Period (ICEP)

The Initial Coverage Election Period is when you are first eligible to enroll in a Medicare Advantage Plan. For most people eligibility begins when they turn 65. You are allowed to enroll anytime over a 7 month period. This 7 month period starts 3 months before you turn 65 and ends 3 months after your birthday month. This means if your 65th birthday is in May you have the ability to sign up from February through August.

The initial enrollment period is when you are eligible for Part A and Part B. If you delay enrolling in Part B, then your ICEP for Medicare Advantage will not take place until you enroll.

To be eligible you must:

Have Medicare Part A and Part B
Permanently reside in the service area of the Medicare Advantage plan
Not have End-Stage Renal Disease (ESRD)

If you missed or did not utilize the ICEP, you can still join a Medicare Advantage plan during two other periods:

Annual Enrollment Period (AEP)

The Annual Enrollment Period occurs every year from October 15 through December 7, with coverage beginning January 1. This period is also referred to as the Fall Open Enrollment. During this period, people who are eligible can enroll in a Medicare Advantage plan. You can also switch plans and add, drop or change prescription drug coverage during the AEP.

Special Enrollment Period (SEP)

A Special Enrollment Period is a period when beneficiaries can enroll, or make changes to their Medicare Advantage plan outside of regular enrollment periods. If you qualify and get granted an SEP, your coverage will start the first of the month after you sign up. Certain situations are required to be eligible for a SEP, such as:

Moving out of your plan’s service area
Having full Medicaid coverage and Medicare
Qualifying for a low-income subsidy program
Tricked or misled into joining a plan
Living in a nursing home, rehab hospital, or skilled nursing facility
Enrolled in a State Pharmaceutical Assistance Program, or lose SPAP eligibility
Joining a Medicare Advantage plan during your initial enrollment period when you turned 65. The first year is considered a trial period, so you can change to Original Medicare at any time within the 12 months.
Receiving Extra Help to pay for your prescription drugs

In order to enroll in a Special Enrollment Period, you must apply and provide the necessary proof regarding the qualifying situation.

5-Star SEP

During the 5-star special election period, you can switch to a 5-star Medicare Advantage Plan from December 8 through November 30. The plan will go into effect beginning December 1. It is important to know that you can only use this SEP once per calendar year. After receiving your application, you will begin coverage the first day of the following month. To be eligible, you have to have Medicare Part A and B, and live in the service area.

What you can do during this period is:

Drop Original Medicare and enroll in a 5-star Medicare Advantage plan.
Switch from any Medicare Advantage plan to a 5-star Medicare Advantage plan.
Switch from a 5-star Medicare Advantage plan to a different 5-star Medicare Advantage plan.

Medicare star ratings are updated every fall on Medicare.gov.

Medicare Advantage Disenrollment Period (MADP)

Another different kind of enrollment period is the Medicare Advantage Disenrollment Period. This period occurs from January 1, to February 14 every year. This is when you can drop your current Medicare Advantage plan and switch to Original Medicare with or without adding a stand-alone Medicare drug plan (Part D). You cannot enroll in a Medicare Advantage plan, or switch to another Medicare Advantage Plan during this period, only drop a MA plan.

Shopping around will help you save money while finding a plan that best suits your needs. Research has shown that people with Medicare Advantage Plans could lower their costs just by shopping plans every year. EZ.Insure can help you shop around and compare different Medicare Advantage plans in your area. You can speak to one of our agent’s one on one without any hassle or obligation. To get started, just call 855-220-1144, email at [email protected], or simply put your zip code in the bar below to get quotes. The process of choosing a plan or signing up should not be difficult, make easy for you.

Double Check Your 2018 Information Now!

When enrolled in a Marketplace Insurance plan, it is important to make sure your household information is up to date every year. There may be benefits you are missing out on and possible consequences if you do not update.

What Changes To Report

Changes to your income for the year, whether a raise or demotion
Changes in health coverage: Whether someone in the household is getting job-based insurance, and/or receiving public coverage such as Medicaid, CHIP, or Medicare. Also, if someone is losing coverage that is job-based or public.
Changes to your household or individual members: If there is a birth or adoption, placement of a child for adoption or foster care. If someone becomes pregnant, and/or getting married or divorced. Child turning 26 years old. If there is a death, gaining or losing a dependent, and if you are moving to a permanent address.
Make sure names, date of births, and Social Security numbers are correct
Changes in status: Such as disability status, tax filing status, change in citizenship, whether there is American Indian member, and/or incarceration or released from incarceration.

Why You Should Report The Changes

If your income goes down or you gain a household member, then you may qualify for more saving than you are currently receiving. This can lower your monthly premium payments.

The flip side is if your income goes up or you lose a household member, then you could qualify for fewer savings. If you do not report this change, it will result in owing money when you file your federal tax return.

How To Update

Who you will contact for help is dependent on whether you got your plan from the Marketplace, or from a provider such as EZ.Insure. If you got a plan from one of our agents, you can always call 855-220-1144, or email us at [email protected] to speak to your agent and update your information.

You can report any change by updating your application online after logging into your account on Healthcare.gov. Click on your application, choose “report a life change,” and then save it when done.
Contact a representative at the Marketplace Call Center at 1-800-318-2596. Or call your advisor at EZ.Insure.
If you move to a different state, log onto your account in HealthCare.gov, select a new application; select the year for coverage, and the new state. Finally, choose “apply or renew” to start a new application.
If you are switching to a job-based insurance plan, or to Medicare, make sure to cancel your current plan.

Do not forget to update your 2018 information, because it can cost you in the end when you file your federal tax return. And more importantly, you can possibly lose out on extra savings you should be receiving!

If you are looking for a new plan or have questions regarding your coverage, EZ.Insure can help. Our agents specialize in short term plans in your area and can answer any questions you have to find out if it is right for you. You will be given your own advisor who will go over different plans, and help sign you up free of charge. To start saving, enter your zip code in the bar above to get instant quotes, email us at [email protected], or call 855-220-1144. We guarantee we will be able to find you a plan that is affordable and meets your needs.

There Is NO Open Enrollment For Medicare Supplement Plans

Medicare Supplement Insurance Does Not Have a Deadline

Many senior citizens think that the Medicare Open Enrollment period is the only time they can purchase a Medicare Supplement plan. But, there is no deadline to purchase Medicare Supplemental Insurance. During the Medicare Open Enrollment Period, everyone is busy picking a plan that is best for them. Some retirees rush into a new plan without focusing on the coverage, and some may miss the period. Missing the period does not mean you miss the opportunity to change or purchase a plan. You can change or buy it year round.

In order to actually sign up for a Medicare Supplement Insurance Plan, you must be 65 and have Original Medicare. You are most eligible to be guaranteed issue rights when purchasing a plan six months from when you turn 65. Guaranteed issue is the protected right that an insurer cannot deny you or raise rates due to pre-existing conditions.

While there is no deadline to buy or change a Medicare Supplement Plan and anyone eligible is able to buy a plan any time of the year, it comes with a catch. Medicare Supplement Insurers do have the right to ask you questions regarding your health. They can then determine if they want to insure you, deny you, or raise your rates due to pre-existing conditions. This is possible because you will not have guaranteed issue rights.

Picking a Medicare Supplement Plan can be a long and tough process. There can be questions you have about the coverage, costs, and the different types of plans. EZ.Insure offers you a trained one on one agent to assist in figuring out the process, coverage, and sign you up. We compare all plans for you, and find the best prices. Enter your zip code in the bar above to receive quotes, or contact your own advisor by calling 855-220-1144, or e-mailing [email protected]. We promise to provide the best service with no obligations, it’s that easy!

Plans Rates to Increase in 2018: Silver Costing More than Gold

Plans will be at least 34 percent higher in 2018 due to Trump’s decision to halt cost-sharing subsidy payments to insurers.

Because the Trump administration ceased these cost-sharing payments to insures, insurance companies raised premiums to compensate for the loss of these reimbursements. This termination of subsidies has also caused some insurers to drop out of the marketplace, leaving regions with only one insurer.

The changes

Silver plans pay for about 70 percent of customers’ health costs, with the remainder of payment left for the customer. These plans are purchased by nearly 80 percent of customers. The cost of silver plans is increasing an average of 34 percent next year.

Bronze plans, the second most popular plan, covers 60 percent of customers’ health costs. These plans are purchased by about 23 percent of customers. The cost of bronze plans is increasing an average of 18 percent in 2018.

Gold plans are usually the priciest, covering 80 percent of customers’ health costs. These plans are purchased by about 3 percent of customers. This year, the cost of gold plans are increasing an average of 19 percent.

Platinum plans are the most expensive plans, covering 90 percent of customers’ health costs. These plans are purchased by less than 1 percent of customers. The cost of platinum plans is rising by an average of 24 percent next year.

Gold plans usually have higher monthly plans and lower out of pocket costs than silver plans, but that has now changed. Now silver plans are more expensive than the gold plans that have lower deductibles.

Who this will affect

Customers who will be affected by these price increases are those who must purchase Obamacare because they do not have insurance through employers or Medicare. People who qualify for government subsidies will benefit from the premium increase of silver plans. As the premium increases for next year, enrollees will receive higher premium tax credits, allowing them to have a plan with a lower deductible, copays, and less out of pocket spending.

However, people who do not qualify for government subsidies will have to pay more for a silver plan. The least expensive gold plan for next year will be cheaper than the least expensive silver plan. So many people will probably opt to purchase the bronze or gold plan next year.

If you make more than the poverty line, in some states, a gold plan will cost less and have a lower deductible. Also, a high deductible bronze plan will have lower premiums. For example, a 40-year-old individual making $30,000 and eligible for a tax credit will pay 54 percent less in 2018 for their premium of the lowest-costing bronze plan, 9 percent less for the lowest-costing silver plan, and 16 percent less for the lowest-costing gold plan.

Gold plans are a better option in some states such as Pennsylvania, Wyoming, New Mexico, Kansas and Texas. Below is a map of highlighted states where gold plans are lower than silver plans by $25 or more.

Need Help?

Comparing plans for the upcoming year, and choosing one can be difficult. EZ.Insure can help you compare all the plans in your area, and assist you in choosing the ideal plan. Whether gold or silver is the cheapest, or bronze or platinum will suit you, EZ.Insure will make it an easy decision. Enter your zip code in the bar above to receive instant quotes in your area. You can also email [email protected] or call 888-350-1890 to get started!

2017 Health Insurance Open Enrollment Has Been Shortened!

Shortened Open Enrollment Period- When Is The Deadline & What This Means For You

This year the government has decided to shorten the Open Enrollment Period from three months to only six weeks, lasting from November 1, 2017 to December 15, 2017. If you sign up during this period, coverage does not start immediately, it begins January 1, 2018. With a shortened amount of time, it is important to be diligent and look into plans as early as possible. If not, you can end up getting stuck with a plan that does not suit your needs, or even worse, miss out on signing up for a plan altogether.

Some states have extended their open enrollment period to allow people more time in choosing a plan. These nine states are highlighted on the map below:

2017 Open Enrollment Period has been shortened in most states. Only 9 States have extended deadlines.

California – November 1, 2017 to Jan. 31, 2018
Colorado – November 1, 2017 to Jan. 12, 2018
Connecticut – November 1, 2017 to December 22, 2017
District of Columbia – November 1, 2017 to Jan. 31, 2018
Florida – November 1, 2017 to Dec. 31, 2017
Massachusetts – November 1, 2017 to January 31, 2018
Minnesota – November 1, 2017 to January 14, 2018
New York – November 1, 2017 to January 31, 2018
Rhode Island – November 1, 2017 to December 31, 2017
Washington – November 1, 2017 to January 15, 2018
Select Georgia Counties – November 1, 2017 to Dec. 31, 2017
- Camden, Charlton, Chatham, Coffee, Glynn, Liberty, McIntosh
Select Texas Counties – November 1, 2017 to Dec. 31, 2017
- Aransas, Austin, Bastrop, Bee, Brazoria, Caldwell, Calhoun, Chambers, Colorado, DeWitt, Fayette, Fort Bend, Galveston, Goliad, Gonzales, Grimes, Hardin, Harris, Jackson, Jasper, Jefferson, Karnes, Kleberg, Lavaca, Lee, Liberty, Matagorda, Montgomery, Newton, Nueces, Orange, Polk, Refugio, Sabine, San Jacinto, San Patricio, Tyler, Victoria, Walker, Waller, Wharton

Not all states can change their open enrollment period, but there are three more states that can extend at anytime. These three states are Idaho, Maryland, and Vermont.

Not only has the open enrollment time been reduced, but there are also added provisions

1. Special Enrollment Period- When the open enrollment period is over, people may enroll during the special enrollment period. These circumstances are such as when you adopt or have a child, get married, lose coverage from employer, or move outside network area. With the change of a shorter enrollment period, came a stricter ruling on special enrollment. Now you need to send documentation in a short period of time to prove your circumstance, whereas before they just took your word on it.
2. Non Payment Loopholes Removed- Some people learned a loophole to save money during open enrollment. They would stop paying their premium in the months leading up to enrollment so their plan gets cancelled. But now with new provisions, you cannot switch coverage unless your old coverage is paid in full. Due to this rule, a lot of people who are behind on payments will not be able to sign up.

How Does This Affect You

In the previous year, when the open enrollment period was 3 months, more people signed up later in the open enrollment period. During the second half of the 3 months (about 7-12 weeks) is when 60% of new enrollments occurred and when people switched plans. With only 6 weeks open, people are forced to make a quicker decision in choosing a plan, and some might miss out completely. Enrollees who signed up in January, and had a Feb. 1 effective date, were healthier on average than those with a Jan. 1 effective date. People who are healthy may procrastinate and miss out on open enrollment this period, and these healthy procrastinators are the ones who balance the risk pool and lower premiums.

How This Will Affect The Healthcare System

Insurers do not favor longer open enrollment periods. This is because people will wait until they are sick before they apply for coverage, and then insurers will have to cover their pre-existing conditions. Insurance companies fear of going broke due to all the sick individuals they must cover. If the healthy procrastinators do not sign up because they missed the opportunity, then the premiums will go up in order to cover those who are sick.

Given the shorter amount of time to sign up for insurance, it is very important to go over plans and choose the best one for you, rather than making a rushed decision. In order to better prepare yourself, you need to consider some things when purchasing a health insurance plan. You need to consider past health needs, future health needs, pharmaceutical needs, and your financial situation. Ez.Insure will help you choose the plan that suits all those needs. Simply put your zip code in the bar above to get started, or contact us through email at [email protected] or call 888-350-1890 . One of our agents are always ready to help you at no charge, with no obligation.

Tag: Open Enrollment