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What You Don’t Know About Medicare Supplement Plans Can Cost You Part 2

April 17, 2011 — Guest Author

There are two commonly misunderstood facts that are causing many Medicare beneficiaries to pay more then they have too for their health care.

Fact 1: There is NO Annual Enrollment Period for Medicare Supplement Plans.

Since there is no Annual Enrollment Period for Medicare Supplement Plans, you are not locked into your current plan. You can move to a different plan when ever you wish.

Not being locked into a particular plan for a year means that you can look at plans and premiums from different companies all year long. If there is a plan that is better for you, you do not have to wait to change. You can start saving money right now.

Item 2:You ARE locked into your Part D Prescription Drug Plan until annual open enrollment.

Part D Medicare Prescription Plans(PDP) are Medicare approved plans offered by private insurance companies. They vary in regards to monthly premium, deductible, and co-pays.Medicare requires that all of the approved plans cover certain drugs. Each plan has a unique formulary. A formulary is a list of drugs that the plan covers and where the specific drugs fall on the co-pay tiers.

We recently conducted a test study using a listed we created which included 4 generic drugs and 1 brand drug. Our study looked at the cost for a year for 27 plans available in the county we picked. We found that for the same list of drugs the cost ranged from $734 on the low end to $2623 on the high end.

This really illustrates the importance of being in the right PDP.

Since you can only make changes during Annual Open Enrollment, take steps to insure that you don’t forget to compare the plans that are available for the coming year using your own personal drug list.

I hope that these 2 items about Medicare will help you save some time and keep more of your money in your pocket.

Learn more about Medicare Supplement Plans . Stop by MedicareQuote4U.com where you can find out all aboutMedigap and what it can do for you.

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Posted in Medical Insurance. Tags: Medical Insurance, Medicare, Medicare Quotes, Medicare Supplement, Medicare Supplement Plans, Medigap, Senior Insurance. No Comments »

The Modernization: Medicare Supplement Plans and Changes to Occur June 2010

April 14, 2010 — Guest Author

Medicare has passed and will put into effect the below described changes to Medicare supplements June 1, 2010:

Plans E, H, I, and J will no longer be in existence. These plans will not be provided after June 1, 2010. However, if you are now enrolled in one of the aforementioned plans, then you can be “grandfathered” in to keep that policy. Please do keep in mind that some insurance companies will allow you to convert your coverage to one of the new “modernized” Medicare supplement policies. This may be a good opportunity since there may be higher renewal premiums for E, H, I, and J in the near future caused by the lack of premiums from new recipients of that coverage. If you wait to convert beyond the allotted time period, then you may be required to pass medical underwriting and thus risk decline.

Medicare supplement Plans M and N will be introduced. Plans M and N will have lower monthly premiums in exchange for higher out of pocket payments for medical expenses. For example, Plans M and N will not cover the Part B deductible or Part B excess charges. Plan M will cover half of the Part A deductible, while Plan N will cover the entire Part A deductible. Plan N also will have situations in which co-pays will be required. Plans K, L, M and N may function as suitable low cost alternatives to Medicare Advantage Plans (minus the prescription drug coverage.)

New Medicare supplement policies will issue with lower premium rates. An advantage associated with this Medicare modernization should be lower monthly premium rates for those who choose a conversion plan who are healthy (enough to pass medical underwriting qualifications.) As new plans are introduced they nearly always offer lower rates as there are no claims associated with them. New risk pools equal lower rates.

In contrast to all the above listed changes, Plans A, B, C, D, F, G, K and L will have nearly the same benefits as before with Plan F now being the most comprehensive.

For more information, do be sure to do your own research and contact a Medicare supplement agent whom you can trust.

Learn more about Medicare supplements. Stop by Richard Cantu’s site where you can find out all about Medicare supplement policies and what they can do for you.

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Posted in Medical Insurance. Tags: Medical Insurance, Medicare, Medicare Supplement, medicare supplement insurance, Medicare Supplement Insurance Plans, medicare supplement insurance quotes, Medicare Supplement Plans, Medicare Supplement Policy, Medicare supplement quotes, Medicare Supplemental Insurance. No Comments »

Medicare Supplement Rate Increases Explained

April 10, 2010 — Guest Author

Those considering enrolling with a Medicare supplement and those already enrolled worry about rate increase. Rate increases can seem consuming, confounding, and confusing. If you are looking for a guide to explain the who, what, when, where, and why of Medigap rate increases, then you have come to the right place! Read on….

Most Medigap providing companies have a twelve-month rate lock-in period in which their new clients can not experience a rate increase. However, once that twelve-month period is over and rate increases start occurring, many are perplexed as to why. In most cases, the why of rate increases can be explained by one or more of the below causes:

The Post 12-month administrative rule: If a rate increase takes effect during the initial 12-month period the client owns a policy, the rate increase will occur for that client at the first premium payment date after the end of the twelve-month period.

Consecutive annual rate adjustments: This applies when there are consecutive rate increases within the first two years an individual is covered by a policy. In this case, both rate increases will go into effect at once.

Attained age: For policyholders in attained-age states, the premium payment amount goes up each year on the first policy payment date. However, if an attained age rate increase and an annual rate adjustment take place two months in a row, the later increase will go into effect three months after the first.

Please be aware that insurance premiums increase due to rising health care costs (caused by inflation) as well as increases in Medicare’s deductibles and copayments (which increase each year.) No one enrollee of a Medicare supplement policy is singled out for a rate increase.

For more information on Medicare supplements, Medicare, and all other associated plans, you should be sure to do your research. You want to be completely comfortable with the plan you purchase and be prepared for its processes.

Want to find out more about Medigap, then visit Richard Cantu’s site on how to choose the best plan for your needs.

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Posted in Medical Insurance. Tags: Medical Insurance, Medicare, Medicare Supplement, Medicare Supplement Plans, Medicare supplement quotes, medicare supplement rates, medicare supplemental insurace, Medigap, Medigap Plans, Medigap quotes. No Comments »

Medicare Supplements: Coverage, Standardization, and Price Variation

April 10, 2010 — Guest Author

Medicare supplements, in terms of the provisions and coverage offered, are all standardized by the federal government. However, in terms of prices and availability, they are not created so equally.

Not all plans are offered by all companies or in all states, and while the plans are federally standardized, the government did not standardize the premium prices. Therefore, the prices will all be different for the same Medicare supplement plans with different providing companies. That’s right. You can buy Medicare supplement Plan F in your area from one company that wants $189 a month or from a company that wants $95 a month. There really is that much variation, because there is no cap or standard.

Compound that price variation to the already ingrained fear that people have of Medicare supplements, and that equals disaster. Most are in a rush to quickly and efficiently acquire a Medicare supplement policy as they wish to be done with the stress of it all. Ironically, this fear perpetuates these providing companies’ ability to charge exorbitant amounts for coverage that should not be that expensive. Plans for supplement insurance ARE the same. Prices for the plans are NOT the same.

So what’s the deal with parts? You hear about Medicare Part A or Part D, and then you hear about Plan A or Plan D. You are sitting there, staring at the screen, trying to figure out if they’re the same thing, or what type of person would name them something like that to create so much confusion. Just to be clear, they ARE different.

Part A is included in all Plans; Part B is as well. They are parts of Original Medicare Coverage. Part C acts in place of Original Medicare plans and is known as a Medicare Advantage Plan. Part D is prescription coverage. Plans A-L, on the other hand, are the supplemental plans that you can buy to increase the coverage that you have by supplementing the coverage already provided by Original Medicare, hence their name. Each plan has varying levels of coverage.

Medicare supplements, also known as Medigap, are designed to fit in with Medicare coverage and fill in the gaps where Medicare lacks to provide coverage. Speaking with an agent who has an allegiance to a specific insurance company will not behoove you as that person is most likely going to tell you that the policy and price they offer is the best all around. The simple truth is that they may just want the sale.

You should instead speak with a Medicare attorney, broker, or another objective source that can help you navigate this confusing world of plans, parts, and headaches so that you can get the medical coverage you need.

Looking to find the best deal on a Medicare supplement, then visit www.gomedigap.com to find the best advice on supplemental insurance for you.

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Posted in Medical Insurance. Tags: Medical Insurance, Medicare, medicare advantage, Medicare Supplement, Medicare Supplement Plans, Medicare Supplement Policy, Medicare supplement quotes, Medicare Supplemental Insurance, Medigap, Medigap Plans, Medigap Policy, Medigap quotes. No Comments »

Discovering The Best Medicare Supplement Rates

March 14, 2010 — Guest Author

Medicare insurance offers coverage based on an average of insurance needs for senior citizens, yet some citizens search for the best medicare supplement rates for the gaps of coverage Medicare doesn’t cover. Supplement coverage can cover such areas specific prescription drugs, unorthodox treatments or even co pay rates. The government provides only the basic coverage for regular visits and may limit the physician options.

Medicare benefits offer limited coverage for senior citizens. Detailed options for Medicare supplement rates are available based on the coverage required. Some Medicare patients with preexisting conditions may require additional coverage for prescription drugs, foreign travel coverage or hospice care. Coverage lapse may also include coverage to back up the Medicare option.

The case managers ensuring each applicant is receiving the basic coverage based on the government approved guidelines may be able to offer you insight into companies for the best Medicare supplement rates. The information obtained during the initial enrollment process will provide them with the tools needed to make the suggestions and offer you literature if available. Additional options with a government discount or discount in addition to the existing Medicare plan can be discussed at that time.

Traveling abroad can be a source of relaxation yet the traveler may require the assurance of insurance overage while abroad. Coverage for any unforeseen occurrences is important when considering the surroundings and change in governing policies. Some supplement plans for this option may require a visit to a primary physician prior to departure.

The most popular option for research of the best Medicare supplement rates is research preformed online. Medicare applicants have the option of viewing grids and charts that outline the supplement options. Coverage comparison charts may be accompanied with rates for the specific areas of coverage and the ability to purchase these options online.

The most surprising place to find the best Medicare supplement rates is during a visit to a primary physician. The medical administrative staff will review all insurance coverage based upon the services requested for the visit and go over the available options. Suggestions for Medicare supplement rates based upon the rates provided by a different insurance company may be offered during this time.

Researching the best Medicare supplement rates can become a stressful task when taking in consideration the options that must be supplemented. Each patient or Medicare coverage individual may have preexisting conditions, requests for additional coverage for security or the need to ensure they have full coverage for any future conditions that may arise. The research options are not limited to research online, speaking to the administrative staff at a primary physician, or speaking to a representative during open enrollment.

Looking to find the single source of helpful information on medicare supplement rates?

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Posted in Medical Insurance. Tags: health, healthcare, insurance, Medical Insurance, Medicare, retirement, senior. No Comments »

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What You Don’t Know About Medicare Supplement Plans Can Cost You Part 2

The Modernization: Medicare Supplement Plans and Changes to Occur June 2010

Medicare Supplement Rate Increases Explained

Medicare Supplements: Coverage, Standardization, and Price Variation

Discovering The Best Medicare Supplement Rates

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