Medicare Supplemental Insurance

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With the Annual Enrollment Period starting on November 15th I thought I would share some findings with you my friends.  By request I have been reviewing plans for my clients preparing for the Annual Enrollment Period coming up here in a few days and I wanted to share that it completely depends on your actual prescriptions, whith what your total cost will be for the year.

To give you an example, the last comparrison I ran on medicare.gov for one of my clients, she is currently on five (5) different prescriptions.  And this is the reason I STRESS that you look past the montly premium for your plan, her total costs including premiums for the year ranged from $2587 to $5490!  That is a difference of $2903 for the year, from the most cost effective plan to the least! And the funnything is, neither of the plans were the cheapest monthly or most expensive monthly premium.

The average monthly premium ranged from $34 to $50 per month. So again, make sure you look past what the montly premium is for your Part D prescription program is and look at the total cost for the year.  You will save more than just a headach later in the year, you could also save a ton of cash by makeing sure you get in the plan that gives you the best all around deal!

Happy Hunting!

Travis

Here is the Press Release from AARP.

AARP has approximately 29% of the Medigap Market in terms of # of insureds.  There has been some debate on whether this endorsement has a financial incentive for AARP because of the possibility of an increase in Medicare Supplement sales.  AARP receives referal fees from United Healthcare who administers the AARP Medicare Supplement and Part D programs.

Article -> here

By now, if you are on a PFFS Medicare Advantage plan (private fee for service) depending on what company you have your plan with, you might have gotten a letter saying that your plan will not be offered for the 2010 year.  With some of the changes Medicare made this year, there now must be a network associated with the plans.  Those companies offering PFFS plans that don’t have a network in your area, have sent out a letter to those members affected letting them know they need to find a different plan for 2010.

You can obviously select another advantage plan in your area, but you also now have a guarantee issue period to select a Medicare supplement plan if you would like to move back to original Medicare.

If you live in Missouri, Kansas or Iowa and need assistance with finding a new plan, please give us a call 816-254-6100 or toll free 1-888-535-0999.

Let me guess, you have worked at your job for 30+ years and have never had to deal with finding health insurance because your employer always took care of it, now your coverage and help picking the plan have all dissapeared and you are out on your own trying to figure out this mess.

You Are Not Alone!

As an independent agent, I can’t tell you how many times I have heard this story.  If I had to guess I would say about 85% of the time.

There are probably a lot of things you want to do instead of learning how the health care system works, right?  You probably have an agent that you call on, who may or may not be an expert in Medicare options.  Even if he or she can provide a Medicare Supplement or Medicare Advantage plan for you, they may not be the perfect person to talk to.

How To Find The Perfect Agent To Work With?

A few suggestions to help you get started on your hunt:

1. Ask your friends or relatives who they work with, and quiz them on why they chose that person. Did they educate them on all of their options?  Did they help them understand the current economic situation and how that will impact the future of their benefits?  Do they keep in touch with them on a regular basis?
2. Check with your local Better Business Bureau. Go to http://www.bbb.org and type in your zip code to search for an agent or to check out a local agent.  I would choose one that is an accredited business, because that shows they hold themselves at a higher standard and want to prove that to you.  It does take a few years in business and establishing a reputation before the Better Business Bureau will even look at the accreditation process for them.
3. Interview that agent. Ask questions like

• Are you an independent agent?
• What types of Medicare plans do you offer?
• How many companies do you work with?
• How do you choose which companies to place your clients with?
• How many clients do you have?
• Do you have any references or testimonials?
• What kind of support will you provide me after we sign up for a program?
• What happens if my rates increase next year?
• Will my plan coverages change each year?
• Do I have the option to change plans?

When you select an agent with this process you are more likely to find one who will help serve you for the long term.  Be aware, that there is a host of new agents entering the marketplace each year who will not be around in the years to come, so make sure you find one that will stick by your side.

If you have any questions please feel free to call us at 1-888-535-0999

~Travis

With the Centers for Medicare and Medicaid releasing the projected growth rates of the Medicare Advantage plan for 2010,   the results ended up smashing the stocks of those companies who derive a substantial amount of their business from these plans.  A report released from Goldman Sachs had this to say:

…however, the bottom line is that MA plans will need to cut benefits to maintain profit margins, which could be tricky with many more plans competing for MA lives relative to prior years.   At most, however, this represents an acceleration of the time frame given proposals already on the table to cut back MA funding (in fact, the Obama Administration is reportedly set to unveil broader MA funding cutbacks as soon as this week). The broader funding cuts are expected to be phased in starting in 2011, coincident with the termination of the MA private fee-for-service product (MA-PFFS) for most geographies.

Read the entire article and report here

P.S.  the termination of the MA private fee-for-service product for most geographies statement is because the new mandate states that they must establish a network for the plan to provide service through, those companies without a PPO or HMO network in those areas will not be able to offer a PFFS plan in those areas.

P.S.S  If you have any burning questions or need some advice on your current or future situation, call 1-888-535-0999 and ask for Travis