Health Insurancee

From top carriers

Larger Medicare Supplement Payment? Options for Seniors

Although many, if not all, Medicare supplements do increase on renewal, there are instances where some seniors are facing a 15 percent renewal. What does a Medicare beneficiary do in the face of such an increase?

When faced with such a dramatic increase, it is usually best to start shopping around as soon as possible. Although, some industry watchers suggest anyone facing this kind of situation has to wait until Medicare Open Enrollment, which is typically in October. Contrary to popular opinion on when beneficiaries can change a Medicare supplement plan, the Medicare supplement underwriting rules start when beneficiaries have had their Medicare Part B longer than 6-months.

Put another way, any beneficiary who wants to make changes to their Medicare supplement plan can do so at any time during the year. Medicare Open Enrollment is the time to make changes to a Medicare Advantage or Medicare Part D prescription drug plan.

In other news for Medicare recipients, the Medicare Access and CHIP Reauthorization Act of 2015 (MACRA) made, among other changes, a tweak to Medicare supplement’s plans F and C that kick in for 2020. Medicare plans F and C are available until January 1, 2020. You may also want to consider Plans G or N.

The Plans in brief:

  • Plan F: Has more benefits and higher premiums. If you enroll now or already have Plan F, you are not going to be forced to move because this change only affects newly eligible Medicare recipients with effective dates of January 1, 2020. Plan F is not going to be available to those new to Medicare.
  • Plan G: Has lower rates and same benefits as Plan F, but the Part B deductible is not covered – the beneficiary pays for it.
  • Plan N: Generally has lower premiums than Plan G, but more out-of-pocket expenses. For instance, there is a $20 co-pay for seeing a physician and $50 co-pay for using the ER. Part B deductible is not covered.

New to Medicare? Want to apply for a new Medicare supplement? Medicare Plan F and C are available until January 1, 2020.

Do not be in a rush to choose. Always ask questions to ensure your medical needs are met. Most importantly, do not cancel an existing Medicare supplement policy until a new insurance company has approved you. Remember, you can replace your Medicare supplement policy at any time.

Posted on Friday, September 20th, 2019. Filed under Medicare.

What changes can I make to my Medicare coverage during open enrollment?

During the regular Medicare Open Enrollment period, from October 15 to December 7, versus the new Medicare Advantage Open Enrollment period starting in 2019, you can change pretty much whatever you wish in your plan, depending on the coverage you already have. For instance, you may change from traditional Medicare to Medicare Advantage or from Medicare Advantage to traditional Medicare.

With the new changes coming and the implementation of Medicare Advantage open enrollment in early 2019, you are likely to see more information that lets you know whether or not you can wait to enroll in the new Medicare Advantage Open Enrollment period or proceed to enroll via the regular open enrollment period. Be sure to keep an eye on the new Medicare Advantage enrollment registration dates and then make an informed decision about what is best for you and your family.

Posted on Friday, January 4th, 2019. Filed under Medicare.

What about those who are satisfied with their Medicare plans?

If you are happily enrolled in your Medicare plan, then the Medicare Open Enrollment period does not affect you. If you do not wish to make any changes to your plan, then you do not have to.

Medicare Open Enrollment for those that like what they have and do not want to changes is as simple as doing nothing. If you do nothing to make changes during the Open Enrollment period your coverage will move forward as is. In other words, your coverage under the traditional Medicare continues into the next year.

Posted on Monday, December 31st, 2018. Filed under Medicare.
  • Find Health Insurance. Fast. Easy. Start Now: