Home » Comparing Medicare Plans
Tag:

Comparing Medicare Plans

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.

 

 

 

 

 

 

 

 

0 comment
0 FacebookTwitterPinterestEmail
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?

0 comment
0 FacebookTwitterPinterestEmail
Explaining Medicare Part B Excess Charges
Medicare Plans

Explaining Medicare Part B Excess Charges

by Garrett Ball
written by Garrett Ball

Medicare Part B Excess Charges: What Are They and How To Avoid Them?

Medicare Part B is the part of Medicare that covers doctor’s visits and outpatient services. Medicare has a pre-defined fee schedule that most doctors that participate in Medicare use. This is called accepting Medicare “assignment.” Explaining Medicare Part B Excess Charges
However, doctors can choose not to accept that fee schedule and charge more than Medicare allows – these charges, over and above the Medicare payment schedule, are called Part B Excess charges. Explaining Medicare Part B Excess Charges

How Do Medicare Part B Excess Charges Work

When you go to a doctor that does not accept Medicare “assignment”, they have the option of “balance billing” above the Medicare payment schedule in most states. If you do not proactively ask the provider if they accept Medicare assignment, you may be surprised to receive a bill after services and after Medicare and your supplement insurance have paid their portions.
This bill will generally come to you 2-4 weeks after your visit to a non-participating provider in Medicare. The “excess charges” amount is limited to 15% above the Medicare-approved amount. Explaining Medicare Part B Excess Charges
Generally, we see these excess charges to occur with much more regularity at specialists as opposed to at primary care physicians.

How To Avoid Medicare Part B Excess Charges

There are two relatively easy ways to avoid Medicare Part B Excess charges altogether. The first is simply to make sure that you go only to doctors that participate in Medicare (i.e. accept Medicare assignment).
There is not a list of network providers maintained by Medicare, unfortunately. However, you can verify that your provider takes Medicare assignment by simply asking them. Anyone in the billing/insurance office should be aware of this practice and terminology and should be able to answer that question for you. Ideally, you would confirm this before seeing a doctor or receiving services.
The other way that you can avoid the excess charges is to be enrolled in a Medigap (Medicare Supplement) plan that covers those excess charges for you. Most of the more common Medigap plans do cover the excess charges; however, Plan N is one of the plans that does not.
If you have Medicare with a Medigap Plan N, you will still be responsible for the Part B Excess charges if your doctor does not accept the Medicare payment schedule. Other common Medigap plans – such as Plan G and Plan F – do cover the Part B Excess charges. Explaining Medicare Part B Excess Charges

Other Considerations Related to Medicare Part B Excess Charges

There are a few states which have prohibited excess charges from being executed – currently, these states are: CT, MA, MN, NY, OH, PA, RI and VT.
Nationally, Medicare Part B Excess charges are still relatively uncommon. Recent estimates show that patients get billed for excess charges on less than 5% of claims. Still, it is something that you should be aware of so that you can avoid this unneeded and preventable expense.
 

0 comment
0 FacebookTwitterPinterestEmail