Medicare Supplemental Insurance

Archive for February, 2009

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

With the state of our economy, and all the MASSIVE layoffs, there are many people who for the first time find themselves searching for their own health insurance for the first time.  There’s not a day that goes by, that I don’t hear “I’ve never had to deal with this stuff, and there is no good way to find information to make a good decision.” 

Being without a job makes it hard to pay for your health insurance, especially since group health coverage extended to you is typically a lot more expensive, because you have to pay the full group rate and the administration fee, you might be surprised to find that individual insurance can be more cost effective.

 Whether you are needing some health insurance until you qualify for your Medicare rights, or you already have Original Medicare, and you want a free resource to help answer your most burning questions in Missouri, Kansas or Iowa call 1-888-535-0999 and ask for Travis.

TRAVIS: THANK YOU FOR HELPING US CHOSE OUR HEALTH INSURANCE AND PRESCPTIONS COVERAGE. WE KNOW WE CAN COUNT ON YOU FOR ANY OTHER NEEDS WHEN WE NEED THEM. BEFORE I RETIRED I TOLD SEVERAL OF MY FRIENDS ABOUT YOU. THANKS! JERRY AND GARNETT RINEHART, BLUE SPRINGS, MO’

Time and time again, during conversations with those medicare clients I work with, I hear your concerns thinking that your open enrollment period is over.  Part of the problem with all the new options since 2006 is that with the effort to create more options for those receiving medicare benefits, the government has created more confusion.

So when can you make a change to your benefits?

• If you have a medicare supplement policy, you can change your plan at any time as long as you can answer and pass the health questions for underwriting.
• If you have a medicare supplement policy and can not pass the health questions for underwriting, then you can change companies on your policy anniversary period as long as you stay with the same plan, ex. Plan .
• If you have a stand alone prescription program (PDP or Part D) you have an open enrollment period from Nov 15th to Dec 31st each year to make as many changes to your current program as you want.  The last plan that you change to will become effective on Jan 1st of the new year.
• If you have a medicare supplement program with a stand alone prescription program (Part D), during Jan 1st through March 31st  you may change to a Medicare Advantage program (PPO, HMO, PFFS) with medical and drug coverage.  During the same period of time you can change from a Medicare Advantage program back to regular Medicare with a drug program.  You can NOT change from one stand alone drug program to another stand alone drug program.
• For Part D (prescription program) or Part C (Medicare Advantage) you can use a SEP or Special Election Period if you move out of your plan service area, or if your plan is no longer offered, or if you were mislead into enrolling into a part d or part c plan

Remember when you enroll into a Medicare Advantage program you have a 12 month trail period, after that 12 month period you can opt back into original Medicare and jump into a Medicare supplement plan no questions asked (Only certain plans available for guarantee issue, typically A, C, & F).  After that 12 month trial period, if you do not obtain a medicare supplement program, you will have to go through underwritting and depending on your health conditions at the time may or may not be accepted into the program.

If you are unhappy with your current coverages or your rates increase and you just would like to save some money, give Travis a call at 1-888-535-0999.

One of the features of the bill that was passed on friday is pushing doctors and medical professionals to convert their patients records to an electronice format.  The bill sets to increase the payment to providers in 2011, but will potentially reduce payment to those providers who do not use electronic records at that point.

Read the entire article here

If you can put the law of numbers on your side and administer the program correctly then opening up medicare for all could work and work very well.  This article explores that idea.

Read more here:

‘Medicare-for-all’ cure for health woes | Viewpoints, Outlook | Chron.com – Houston Chronicle.