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Medicare Plans

What is the Medicare Special Enrollment Period?

by My Senior Health Plan
written by My Senior Health Plan

Right now, we’re in Medicare’s Open Enrollment Period (OEP). But what happens if a major disaster strikes and you’re not able to take advantage of OEP? Don’t worry, you’ll still be able to change your plan if you need to. The Medicare Special Enrollment Period (SEP) extends the Medicare enrollment period during extenuating circumstances.

For example, you might find yourself in the midst of a life-altering weather event that prevents you from selecting coverage during OEP. Or you might need to move to a new state and discover that your previously selected coverage is not offered in your new state of residence. You can’t go without coverage, so a SEP allows you to choose a new plan.

Life changes, and sometimes your coverage has to change as well. SEPs can be difficult to understand, but we’re here to help you understand what you need to know about Medicare SEPs and how you can take advantage of this important enrollment period.

Am I eligible?

There are several circumstances for qualifying beneficiaries for SEPs. The most common are FEMA-designated natural disasters and changes in residence.

Extreme weather event or natural disaster

In order to initiate a SEP, the Federal Emergency Management Agency (FEMA) must officially declare an area affected by an emergency or a major disaster. This includes but isn’t limited to, extreme rain and flooding events, hurricanes, tornadoes, wildfires, man-made environmental catastrophe and more.

If you were planning to initiate or alter coverage during a predesignated enrollment period, like OEP, but weren’t able to because of the FEMA-designated disaster, you may take advantage of the SEP.

One extra benefit is that it doesn’t have to be you that lives in the disaster area to qualify. The SEP takes into consideration that many seniors rely on a family member to assist with their Medicare coverage selections. If the family member or caregiver charged with this duty lives in a FEMA-designated area, the same principle applies.

Change of residence

You may not have realized that moving can impact your Medicare coverage. For example, if you live in Arizona and selected a plan during last year’s OEP, but you now need to move to California to be closer to family, you will also need to also change your coverage. Different Medicare plans service different areas, and if you move into a state not serviced by your current plan, you’ll need to take advantage of this SEP.

You’ll want to take advantage of the SEP to find better coverage options in your new state that wasn’t available in your previous area of residence.

How long are SEPs?

The length of SEPs varies based on the circumstances. If you have a qualifying change of residence, you have two months to alter coverage. In the case of extreme weather or natural disasters, the SEP begins the day the disaster strikes and runs for four full calendar months thereafter.

This is almost always the case, but there have been a few cases when FEMA-designated SEPs were extended beyond four months. Hurricane Katrina, for example, made U.S. landfall on August 25, 2005 before pummeling the Gulf Coast for several days thereafter. The SEP for this natural disaster was extended through December 31, 2006—more than 16 months.

What can I change during SEP?

During SEP, you can enroll in, disenroll from, or switch Medicare health or prescription drug plan. Essentially, you can add, update, change, or drop both medical and prescription drug coverage during the SEP period.

Usually, if you need to take advantage of a SEP, you’re experiencing some significant life change. During these times, the last thing you want to worry about is your Medicare coverage.

If you need help or have questions about SEP, visit our website or call (877) 255-6273. You’ll be able to talk to a knowledgeable member of our team who will help you navigate SEP and find your best coverage options.

You may also seek assistance from Medicare by calling (800) MEDICARE (1-800-633-4227).

 

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Medicare Plans

How to Enroll in Medicare if You’re Working Past 65

by My Senior Health Plan
written by My Senior Health Plan

For decades, the gold standard for retirement age was 65. But in the last several years, we’ve seen the retirement age inch up with many folks working past 65. Now, 20 percent of Americans age 65 and older are participating in the workforce—the highest rate in nearly six decades.

Some of this is due to the U.S. government formally changing the Social Security retirement age. Since 1983, the retirement age, previously set at 65 has slowly inched toward 67, with the current age set at 66 and eight months.

But there’s more going on here. Not only are we living longer, but also the cost of living is exponentially higher than 10 or 20 years ago. Unfortunately, many of us weren’t able to adequately plan for retirement.

What is fortunate is that no matter your employment status, you can still enroll in your Medicare benefit at age 65. Here’s how.

What if you have employer-provided health benefits?

When you turn 65, even if you’re working, you gain access to what’s called the Initial Enrollment Period (IEP). If you have employer-provided healthcare, you can still apply for Medicare Part A.

You may be wondering why this is necessary. If you require medical care not covered by your employer-provided plan, your Medicare Part A plan will pick up where your primary coverage leaves off. Part A Medicare benefit is premium-free, so you stand nothing to lose financially by enrolling.

If you have a spouse who isn’t working, is over 65 and covered by your private insurance, the same principles apply.

But do stay on top of enrolling, because Medicare won’t remind you to sign up unless you currently get Social Security or Railroad Retirement Board benefits. Also, in order to take advantage of Medicare, you or your spouse must have worked and paid Medicare taxes for at least 10 years of your lives.

What if you’re working past 65 and losing your employer-provided health benefits?

When you decide to retire, you’ll need to make changes to your (and your spouse’s, if applicable) Medicare coverage. You probably already have Part A at this point, but you need to get supplemental coverage to make up for what used to be covered by your employer-provided health insurance.

If you’re beyond your IEP and are losing your employer-provided insurance outside of another enrollment period, like OEP or AEP, you’ll be eligible for a Special Enrollment Period (SEP). SEPs enable beneficiaries with extenuating circumstances to enroll in Medicare programs outside the typical enrollment periods.

The SEP for Parts A and B will last for eight months beginning the month after you lose your private health insurance benefits. The SEP for Parts C and D will last for two months beginning the month after you lose your private health insurance benefits. So, if you retire in March 2020, you’ll have between the months of April and November 2020 to enroll in Medicare Parts A and B and April and May to enroll in Medicare Parts C and D, if needed. Confused? Don’t worry, MySeniorHealthPlan.com is here to help.

What about Medicare Part B and D?

You may be aware of penalties for late enrollment in Medicare Part B and/or D. Since you’re covered by employer-provided health insurance during your IEP, you may be eligible for a Special Enrollment Period (SEP) to delay enrolling in Parts B and D.

You’ll have to consult with your employer to confirm eligibility.

With any health insurance decision, particularly those related to Medicare, we recommend you work with your employer’s plan administrator to understand what coverage you have, what coverage you need and how those options will change upon retirement.

If you need help or have questions about Medicare when working past 65, visit our website or call (877) 255-6273. You’ll talk to a knowledgeable member of our team who will help you navigate the Medicare system and find your best coverage options.

You may also seek assistance from Medicare by calling (800) MEDICARE (1-800-633-4227).

 

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Medicare Plans

Understanding the 2020 Policy Changes to Medicare

by Jagger Esch
written by Jagger Esch

The beginning of a new decade is upon us, and significant changes are happening. Understanding the 2020 Medicare Advantage Open Enrollment Period could bring you great benefit.

The enrollment period provides an extra opportunity for you to get the best coverage. Medicare is full of many parts, and it may be challenging to keep up with all the new rules.

Different enrollment periods have varying guidelines. Regulations include specific dates.

Beneficiaries can forget about the old Medicare Advantage Disenrollment Period. The new and improved Medicare Open Enrollment Period is the replacement.

The last time to enroll, according to federal law, allows you a final chance to switch Advantage plans. Yet, you must be a Medicare Advantage enrollee to use this option.

Understanding the 2020 Medicare Advantage Open Enrollment Period

The new chance to switch Medicare Advantage plans is happening right now in 2020. It starts January 1 and runs until March 31.

Beneficiaries with an Advantage plan may now use this time to switch. Another option is to drop a current Advantage policy and go back to Medicare and buy Part D.

In 2010, the ACA law put an end to the Medicare OEP. Replacing the OEP was the Medicare Advantage Disenrollment Period. The dis-enrollment period began on January 1 and only ran until February 14.

So, what makes this period different? Well, this period only allowed beneficiaries to return to Medicare. The Medicare Advantage Open Enrollment Period allows a one-time switch between Advantage plans.

What is the Medicare Advantage Open Enrollment Period

The Open Enrollment Period allows you to switch from one Advantage plan to another. Although, you may not use this period to switch from one Part D drug plan to another.

Think of this as your chance to make any last-minute policy shifts.

Life happens at the most inconvenient times, Medicare understands. As of 2019, Advantage plan enrollees may make policy changes until the end of March.

New policies or any adjustments begin the 1st of the following month. Let’s say Katherine has a Medicare Advantage policy. She realizes her benefits don’t cover the care she needs in the upcoming months.

It’s February 1, so Katherine decides to find a more accommodating plan. She must wait until March 1 for her plan to start.

When to use the Medicare Advantage Open Enrollment Period

One big question is why beneficiaries would make another change? The reasons vary, but a common issue is that most people don’t understand how Advantage plans work.

Often Medicare enrollees attempt to make changes on their own without the help of an agent. There are many factors to consider when choosing an Advantage plan or a drug plan.

When deciding what option is best for you, it’s easy to overlook essential elements. That’s why working with an expert is beneficial; they make sure you don’t miss anything.

Unfortunately, beneficiaries forget to check the plan’s provider network before switching. Using an out-of-network doctor means paying out-of-pocket for services.

Recipients see the low premium cost and miss all the other costs associated with the plan. Yet, most programs have copayments and other expenses.

Medicare Enrollment Periods – The Breakdown

Learning the ins and outs of Medicare can be confusing, to say the least. One thing that seems to confuse many is the different Medicare enrollment periods.

The various election periods happen during certain times of the year. Election periods allow beneficiaries to make changes to their current coverage. Understanding each election period is essential for all.

The Annual Election Period

From October 15 through December 7 each year is the Medicare Annual Election Period. The AEP is the most common time for beneficiaries to change their Medicare Advantage or Part D plans.

Changes made during this time take effect on January 1. The Annual Election Period is for making changes to Medicare Advantage or Part D plans.

Each year, beneficiaries receive a Notice of Change letter in September. After reviewing this letter, you may decide you don’t like the upcoming changes. Use the AEP to switch to more comprehensive coverage.

The Special Election Period

Trying a Medicare Advantage plan for the first time can be nerve-wracking. You have twelve months to change back to Medicare if you try an Advantage plan for the first time.

During your first 12 months on the plan, you can switch without underwriting using the SEP. Advantage plans aren’t for everyone. The coverage may not meet your expectations or healthcare needs.

In such cases, the Special Election Period exists as a chance to go back to Medicare coverage. Beneficiaries may only use the Special Enrollment Period once in their lifetime.

Many circumstances qualify a person for a SEP. Moving out of state is a good reason, which means finding coverage in a new area. Beneficiaries may use a Special Enrollment Period to find a plan in the new service area.

Any major change can open the door for a SEP. If you get married, divorced, or are planning to move, expect eligibility for a plan change.

The Medicare Advantage Open Enrollment Period

The Medicare Advantage Open Enrollment Period is different than the fall AEP. Often the Annual Election Period is mistaken for the Open Enrollment Period.

The Advantage OEP is from January 1 – March 31 for Medicare Advantage or Part D enrollees. During this time, you have options for policy changes.

Although, this period doesn’t guarantee a pass into a Supplement. Choosing to enroll in a Supplement to go with your Medicare may save on costs of care.

First, you must apply and answer any health questions. Following your request, Medigap companies underwrite your application to determine your health risk.

Companies may deny coverage based on your health. When this happens, you may have Medicare coverage without Supplement insurance.

Changes in plan benefits or coverage take effect on the 1st day of the month following the request. So, if you have any changes to make, be sure to get the ball rolling.

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3 Rating Methodologies for Medigap Plans
Medigap

3 Rating Methodologies for Medigap Plans

by Garrett Ball
written by Garrett Ball

3 Rating Methodologies: Attained-Age, Issue-Age and Community

There are three rating methodologies that insurance companies can use when they sell Medigap policies – attained-age, issue-age and community rating. A rating methodology just means the method by which a company sets and changes their rates over time. 3 Rating Methodologies for Medigap Plans
The rating methodologies can be confusing and misleading, so it is important to have some understanding of them when you are comparing Medigap policies from different companies, particularly if you are turning 65 and starting with Medicare.

Attained-Age Rated Medigap

Attained-age rated Medigap policies are, by far, the most common among the three. In some geographic areas, these are the only types of policies even offered, at least on certain plans.
The rates on attained-age policies are based on the age you have “attained” the time you purchase the policy and the rates change based on your age as you get older over time.
For this reason, attained-age policies are generally cheaper than issue-age or community rated when you turn 65 or first start Medicare. Sometimes, they can be significantly cheaper. But the rates will go up as you get older.

Issue-Age Rated Medigap

Issue-age rated policies are the 2nd most common among the rating methodologies. This is also known as “entry-age rated”. In other words, your rate is based on your age at the time you enter the policy. So if you sign up for an issue-age policy as a 65 year old, your premium should always be lower than someone who started with the same policy at 70 years old.
The premiums on issue-age rated policies do not increase based on your age. However, the premiums do go up regularly due to inflation, changes to Medicare, and other factors.
There are some states which require companies that offer Medigap plans to offer them as issue-age policies (examples include Georgia and Florida).

Community Rated Medigap

Community rated policies are plans where everyone is grouped together, regardless of age, gender or health. On these plans, everyone within a certain geographic area pays the same premiums regardless of your age and whether you are male or female.
Community rated policies are often higher in costs. While the premiums do not go up based on your age, they do go up over time (just like issue-age rated) due to inflation, changes to Medicare and other factors as determined by the insurance companies.

So, Which Rating Methodology is Better?

It is difficult to give a “catch-all” answer to this question, since the plans vary so much from state to state. But, here are few important bullet points to keep in mind when comparing Medigap policies, especially as it pertains to their rating methodologies.

  • All three types of rating methodologies go up over time. If an agent or company tells you their plans do not go up in price, be very wary.
  • There are some states that offer plans of only one certain type of rating methodology. Before you even give this much thought, find out if your state is one of those. That may simplify the decision process for you.
  • Attained-age rated is much more prevalent in states where companies are allowed to decide from any of these three. Since older people cost insurance companies more money, they prefer to charge older people more premiums.
  • Be cautious of issue-age or community-rated policies that have that classification but give some sort of discount that goes away each year as you get older. Even though they may be rated as issue-age or community-rated, if they are still going up each year as you get older (plus any inflation-based increases), there is no difference from attained-age rated.
  • Overall, the most important thing, when comparing Medigap plans, is to pick a reputable company (highly rated) with competitive pricing – if not the best price for your age and zip code, one of the best. The most accurate predictor of which company will be lowest priced in 5 or 10 years is which company starts with the lowest price.

    3 Rating Methodologies for Medigap Plans

    3 Rating Methodologies for Medigap Plans 3 Rating Methodologies for Medigap Plans 3 Rating Methodologies for Medigap Plans 3 Rating Methodologies for Medigap Plans 3 Rating Methodologies for Medigap Plans 3 Rating Methodologies for Medigap Plans 3 Rating Methodologies for Medigap Plans 3 Rating Methodologies for Medigap Plans 3 Rating Methodologies for Medigap Plans 3 Rating Methodologies for Medigap Plans 3 Rating Methodologies for Medigap Plans 3 Rating Methodologies for Medigap Plans

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Medicare Plans

Medicare OEP 2020: How to Make Changes to Your Medicare Advantage Plan

by My Senior Health Plan
written by My Senior Health Plan

Medicare Open Enrollment Period (OEP) 2020 will begin on January 1st. If you are enrolled in a Medicare Advantage Plan (maybe you signed up for a new plan during AEP 2020?) and wish to adjust your coverage, you may qualify to make a one-time change to your existing policy.

Medicare OEP 2020. What is it?

OEP is the Medicare election period that runs from January 1st to March 31st each year. It allows Medicare beneficiaries enrolled in Medicare Advantage Plans to:

  • Switch from one Medicare Advantage plan to another Medicare Advantage plan
  • Disenroll from a Medicare Advantage plan and return to Original Medicare, with or without a Part D drug plan

 

Note: According to Medicare.gov, the following are changes that you cannot make during OEP.

You will not be able to:

  • Switch from Original Medicare to a Medicare Advantage Plan.
  • Join a Medicare Prescription Drug Plan if you’re in Original Medicare.
  • Switch from one Medicare Prescription Drug Plan to another if you’re in Original Medicare.

 

Also, if you’re within the first three months of your Initial Enrollment Period, you have the option to

  1. Change to another Medicare Advantage Plan (with or without drug coverage) OR
  2. Go back to Original Medicare (again, with or without a drug plan)

Let’s look at an example.

During AEP, Sylvia enrolled in a Medicare Advantage Plan. The plan will activate January 1st. However, early in February, she decides she could benefit from Medicare Advantage Plan D.

Being in the OEP window and having had her existing plan since January, Sylvia can make the one-time change. Her new policy will go into effect on March 1st.

However, that’s not where Sylvia’s story ends. Her plan activates March 1st, but after a couple of weeks (and still within the OEP), she finds that the new plan isn’t a good fit for her needs.

Unfortunately, Sylvia will have to wait until October 15th when AEP begins again—unless, of course, she qualifies for Special Election Period (SEP).

What is SEP?

SEP allows seniors to make changes to their Medicare Advantage and Medicare prescription drug coverage under particular circumstances.

Examples of when you may qualify for SEP include the following.

You’re moving to a new address that affects your coverage (e.g., moving back to the States after living overseas or moving to a new address that isn’t in your existing plan’s service area).

You’re living in an area where a weather event has occurred—one that FEMA has determined as an emergency or major disaster. Due to the weather situation happening during another valid election period (e.g., AEP), you may qualify for SEP.

Additionally, the weather-related SEP is available to beneficiaries who depend on friends or family members living in the affected areas to manage their healthcare needs.

You will lose your other insurance coverage. For example, if you are no longer eligible for Medicaid, you may qualify for SEP and the opportunity to sign up for a Medicare Advantage Plan. Also, if you no longer have coverage from your employer (or union), SEP will allow you to apply for Medicare Advantage coverage.

Tapping into your Medicare resources

Medicare election periods from OEP to SEP can get complicated. However, you have access to resources—from your insurance specialist to online information (such as the Medicare.gov website). The key is to keep an eye on election period dates that apply to you, take action early and, if necessary, ask for help.

Need to adjust your Medicare Advantage coverage during OEP? The MySeniorHealthPlan.com team can answer all your questions and guide you through the process.

Call today toll free: 877.255.6273

 

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Medigap

Comparing Medicare Carriers for Supplement Plans

by Jagger Esch
written by Jagger Esch

There are many things for a Medicare Beneficiary to consider before choosing the right Medicare Supplement (Medigap) carrier for themselves. For most, they tend to look at carriers that they are familiar with to start.

While it is true that all companies that offer Medigap plans must offer the exact same 10 standardized plans, the differences from company to company can vary greatly.

Cost

Cost is the biggest factor that most Medicare Beneficiaries investigate first, and rightfully so. The reason goes back to the plans. They are regulated by law to cover the same benefits no matter the company. Therefore, cost plays such a large factor, however, it is far from the only thing to consider.

Rate Increases

Rate increases happen all the time in life, not just in insurance. Some companies such as AARP United Health Care give on average a rate increase every 6 months, while most other carriers see yearly increases.

Unlike the plans, the rate increases are not standardized, and some companies will have higher percentage increases than others. Deciding factors are the market strength of the given carrier and plan in the area, inflation, as well as other factors such as claims.

At times companies will have a rate reduction, such as United American’s reduction in Florida in 2018. This is not common but goes to show how prices can fluctuate, but on average the expectation is that the increase will happen yearly.

Customer Service

How well a company treats their customers is another important thing to consider. When calling some companies, you will end up speaking to representatives in other countries or have long wait times to get the assistance you need.

Today we are going to be discussing 3 of the larger household names that offer Medigap Plans: Aetna, Humana, and Cigna.

Aetna

Aetna is one of the largest Medigap carriers in the United States. They offer a 12-month rate lock. That means when someone elects to go with an Aetna Medigap Plan, they will not have a rate increase for at least the first 12 months of their new policy.

Since Aetna has one of the strongest market shares of Medigap offerings throughout the country, they also have on average some of the most conservative rate increases compared to many of their competitors. They are an AM Best A rated company. They also have very good customer service for their Medicare Supplement clients.

Aetna does offer other types of coverages for seniors as well such as Part D Prescription Plans, Dental Vision and Hearing Plans, Critical Illness Plans, Hospital Indemnity Plans, and even Medicare Advantage Plans.

For more information on how Aetna Medicare Supplement Plans work and to see if they are the right fit for you, click here.

Humana

Humana is another large health insurance company, and while they do offer Medigap plans, their larger focus is on the Medicare Advantage market. They are a great company but for most of the United States, their prices for Medigap Plans are not competitive.

Likewise, since their primary focus in not Medigap, they do not have a large market share of the Medigap market which generally means their rate increases will be more liberal, or higher.

Like Aetna, Humana offers other coverages that seniors can take advantage of, as mentioned earlier. One of their biggest offerings is their Medicare Advantage Plans. They do also have Dental, and Part D Prescription Plans

Click Here to find out more information on Humana Medicare Supplement offerings and how they work.

Cigna

Cigna has really established themselves as one of the most competitive Medigap carriers in the industry. Like Aetna, they offer a 12-month rate lock, as well as conservative rate increases.

Cigna is also one of the nation’s largest insurance companies, giving them some of the strongest abilities to handle the claims of their clients. This is one of the main reasons for their competitive pricing and conservative rate increases.

Cigna also offers coverages that seniors can take advantage of such as Final Expense Life Insurance, and Critical Illness Plans. Like both Aetna and Humana, they offer Part D Prescription Plans as well as Medicare Advantage, but they really shine in the Medicare Supplement field. They have great customer service as well as, an AM Best rating of A as well. Here is a great article about Cigna regarding fee-forgiving.

Medicare.gov is a great resource for seniors looking to transition into Medicare. On Medicare.gov you can find resources that will assist in figuring out which Part D Prescription Plans provides the most advantageous coverage for a Medicare Beneficiary. You can find out if your doctor accepts Medicare, as well as resources on preventive services, and much more.

Another great site to help seniors with the transition is CMS.gov. CMS or The Centers of Medicare and Medicaid Services, is the regulating body for Medicare, and Medicare plans. Here you can find the latest details about Medicare and any changes or updates to the Medicare system.

 

 

 

 

 

 

 

 

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Why Compare Part D Plans Annually?
MedicareMedicare Plans

Why Compare Part D Plans Annually?

by Garrett Ball
written by Garrett Ball

What is Medicare Prescription Drug Coverage (Part D)?

Prescription drug coverage is available to everyone who is enrolled in Part A and Part B of Medicare. You have two options for getting your Part D coverage: Why Compare Part D Plans Annually?

  • Buy a stand-alone prescription drug plan (PDP)
  • You can enroll in a Medicare Advantage Plan that already includes prescription drug coverage.

If you do not sign up for a PDP when you are first eligible, you will have to pay a penalty every year for the duration of Part D. It is also important that you be a resident in the service area of the drug plan you are planning to enroll in, as plan vary by geographic location. Why Compare Part D Plans Annually?

What is the cost for Part D coverage?

Cost is one of the most important factors in signing up for Part D. Finding the right plan can save you big bucks! Your actual costs may vary depending on:

  1. which prescription drugs you take and if they are found on your plan’s list of covered drugs (formulary);
  2. which “tier” your prescription drug is in. Prescription drugs are categorized into tiers, the lower the tier, the less expensive the drug;
  3. which plan you enroll in;
  4. how you get your drugs, i.e. in-network, out-of-network, mail order, retail pharmacy;
  5. whether you get “extra help” or not. This is a Medicare program that assists those persons with limited income and resources pay for their prescription drug costs.

Please note that plan costs may change each year, which is why it is crucial to compare your Part D plans annually.

How Do You Compare Part D Plans?

The simplest way to compare your prescription drug plan to other plans is to call Medicare
(1-800-633-4227), TTY users,1-877-486-2048. However, during busy times you may be on hold for quite a while. Another alternative is to compare the plans yourself by viewing the Medicare Plan Finder at Medicare.gov/find-a-plan TTY users, 1-877-486-2048. Here is a step-by-step guide to comparing Part D plans. And, below, there are quick and easy steps to run a comparison report:

  • Click on the Find Health and Drug Plans found halfway down the page;
  • Enter your zip code and click on Find Plans – more than one county may come up and in that case, select your county;
  • Choose one of the choices under the two questions that appear on the following page, then click Continue to Plan Results;
  • Enter your medications into the box and click on Find My Drug. A list of several drugs might appear with the various dosages. Choose the one that pertains to you;
  • When you are finished entering your medications, click on My Drug List is Complete;
  • Various pharmacies may appear – choose your preferred one. You may extend the zip code to search a greater distance;
  • Click “Continue to Plan Results”.
  • Check the box for “Prescription Drug Plans”, then click “Continue to Plan Results”.
  • On the next screen, you will see “Original Medicare” listed first. You can skip that.
  • Under “Prescription Drug Plans”, you will find a list of the plans that are available to you. They range in order from the lowest estimated annual cost, which comprises premiums, deductibles and co-pays based on the medications on your drug list at the pharmacy you selected.
  • You can select up to three plans and click “Compare Plans”. You can also just click on the plan you want more information on without comparing it to any others.
  • Once you view a comparison of the plans you have selected, you can print these plans by clicking on Print Comparison Report found under the drug coverage section halfway down the page.

 

By following the steps above and running your Part D comparison, you may be able to find a cost-effective plan that will result in substantial savings in your pocket. You will be able to see the difference between utilizing generic drugs instead of brand name drugs, as well as choosing your preferred way of buying your medications, i.e. retail pharmacy or mail order company. Why Compare Part D Plans Annually?

Why Compare Part D Plans Annually?

Why Compare Part D Plans Annually?

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Deadline for Medicare Open Enrollment Nears
Medicare Plans

Deadline for Medicare Open Enrollment Nears

by Kimberly Johnson
written by Kimberly Johnson

WITH DECEMBER 7TH DEADLINE FAST APPROACHING, easyMedicare.com OFFERS FOUR QUICK TIPS TO HELP FIND OUT IF YOUR CURRENT MEDICARE PLAN IS RIGHT FOR YOU Deadline for Medicare Open Enrollment Nears

With the deadline of December 7, 2017 just a few weeks away, there is still time for those who are eligible for Medicare to make an important decision about their healthcare during the annual open enrollment period. Deadline for Medicare Open Enrollment Nears

With more Medicare health plan options than ever, it is important for people to understand their options. Medicare consumers want to feel confident that the plan they choose will fit their needs and budget. So, what is the best way to determine whether your current Medicare plan is right for you?
Drawing on many years of Medicare enrollment experience, Anthony P. Solazzo, CEO of e-TeleQuote, explains how asking the right questions is of the utmost importance in determining which plan may be the best fit for you. Here are the four questions he says are important to ask:

  1. Has your health changed since last year? Are you taking different medications since last year? Some plans change their coverage, so it’s best to know which medications are covered for 2018.
  2. Do you have a chronic illness, such as hypertension, diabetes or heart disease? There are special health plans that offer specific benefits for these conditions that may improve your quality of care and reduce out-of-pocket costs.
  3. Are you concerned about out-of-pocket expenses or extra benefits? Some Medicare Advantage plans may cover much of your overall healthcare costs and also offer prescription drug coverage.
  4. Are your doctors and hospital part of the network? Some Medicare health plans may change provider networks, which can affect which doctors (especially specialist physicians) you may see under your benefits.

“Education based on your specific healthcare needs is the key to selecting a good Medicare health plan,” said Solazzo. “It is important to ask the right questions and to remember that each year your needs may change.”
For more information, and to download the complimentary easyMedicare.com guide, Making Sense of Medicare: The Medicare Basics, visit www.easyMedicare.com (https://www.easyMedicare.com).

About e-TeleQuote and easyMedicare

e-TeleQuote Insurance, Inc. is an independent digital insurance agency providing consumers the ability to purchase Medicare insurance from the comfort of their homes. The company diligently researches available plan options from multiple insurance carriers to help consumers choose a plan that best suits their needs. e-TeleQuote provides consumers personal consultation through experienced licensed insurance agents, who suggest plan coverage options based on a customer’s particular needs. The company proudly serves tens of thousands of consumers annually across the United States.

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Medicare Plans

How to Avoid Medicare Late Penalties

by Jagger Esch
written by Jagger Esch

While there are many benefits to having Traditional Medicare, the few disadvantages come in the form of late penalties.

Traditional Medicare consists of two parts, Medicare Part A and Medicare Part B. Part A benefits are your hospital benefits and covers any treatment given during hospitalization.

Part B consists of coverage for doctor’s office visits, diagnostic testing, lab work, outpatient surgeries, and ER visits.

Prescription drug coverage is not available on Medicare Part A or Medicare Part B. There is Medicare Part D, which is stand-alone insurance that provides prescription medication coverage.

And while Medicare covers most everything, there’s still out of pocket costs like deductibles, copayments, coinsurance, and other medical expenses.

How to Avoid Medicare Part A Late Penalty Fees

Most seniors are automatically enrolled for Traditional Medicare Part A by the time they turn 65 years of age. If you or your spouse worked for ten or more years, you’ve paid into Medicare and are then enrolled without charge.

If you haven’t previously worked or haven’t fulfilled the required amount of time to become eligible, you may still enroll; however, there may be a premium to pay.

For those not automatically enrolled in Medicare Part A, there’s a timeframe called the Initial Enrollment Period (IEP). The IEP starts the three months leading up to your 65th birthday and then lasts through the three months following your birthday month.

Failing to enroll during this period will result in the Medicare Part A penalty. The Medicare Part A penalty adds an extra 10% to the Part A premiums.

Each year gone without Part A benefits is multiplied by two and then added onto the premium costs. Depending on how long gone without enrollment, will determine the penalty fees as well as how long they will be charged.

How to Avoid Medicare Part B Late Penalty Fees

With Medicare Part B, enrollment is standard, and the Initial Enrollment Period is the same as enrollment for Medicare Part A.

As of 2018, The Centers for Medicare and Medicaid Services (CMS) set the Part B premium as $134.00. This can increase, however, based on income and decrease if ones on Social Security or disabled.

While the IEP’s are the same with both Medicare Part A and Medicare Part B, the penalty is different. The Medicare Part B penalty increases your monthly premium by 10% for every year gone without Part B benefits.

Unlike Medicare Part A’s penalty, with the Medicare Part B penalty, the extra premium charge is paid for the duration of time the Part B benefits are carried.

How to Avoid Medicare Part D Late Penalty Fees

With Medicare Part D, the various private health insurance carriers in your area offer the Prescription Drug Plans (PDP).

As of 2018, the Medicare Part D premium averages around $34.00; however, plan pricing can differ because of location and plan.

Just like with Traditional Medicare, the IEP is effective for the seven months surrounding your 65th birthday. Medicare Part D for prescription drug coverage is optional; however, there is a Part D penalty for not enrolling in the Initial Enrollment Period.

After 63 consecutive days or more having gone without Medicare Part D results in the penalty.

You will be penalized unless you have any of the following:

  • A Medicare PDP
  • A Medicare Advantage Plan or Medicare Part C Plan offering prescription benefits
  • Creditable coverage through employmentor the union with benefits offers at least, if not more, of Medicare’s standard prescription drug coverage.
  • Any other Prescription Drug Plan offered by a different Medicare Plan

 

The Part D penalty is calculated by adding 1% for each month without prescription drug coverage. Once this is determined, the penalty is then rounded to the nearest $.10 and then added onto the monthly premium.

The Part D penalty is permanent and must be paid while prescription drug coverage is active.

Another downside, the penalty may increase every time there’s an increase in the national base beneficiary premium.

Medicare Late Enrollment Exceptions

For Medicare Part A and Medicare Part B, penalty exceptions are possible if you or a spouse carry qualifying health insurance from another source.

Although there are Special Enrollment Periods (SEP) available when an individual loses health insurance from a union or group health plan, they have 8 months to enroll for Traditional Medicare benefits.

If the Medicare beneficiary enrolls during the SEP, no penalties will be enforced.

There is also a late enrollment exception with Medicare Part D. Medicare Part D offers the Extra Help program which subsidizes prescription drug costs for individuals with low income.

This Extra Help Program helps on expenses associated with deductibles, premiums, copays, and coinsurance.

With the Extra Help program, there are no late penalty fees. Another benefit with the Extra Help program is there is no Part D coverage gap which is also known as the. “donut hole”.

Additional Medicare Help

With all the penalties tied to late enrollment, it’s easy to see how quickly the out of pocket expenses can add up.

Most seniors are on a fixed income, you’ll want to enroll in Medicare as soon as possible to avoid any late penalty fees associated with the three parts offered by Medicare.

There are several options in which additional assistance can be provided for seniors carrying Medicare benefits. Opting for a Medicare Advantage Plan or subsidizing with a Medicare Supplement Plan will save you money and provide benefits.

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