Medicare Supplement Insurance

As reported in the article with the link below, if you sign up for a Medicare Advantage plan, and your doctors are in the network, there is a possibility you won’t get to see your doctors that you already know and feel good working with.

Click the link below for the full story.

http://www.tampabays10.com/news/local/story.aspx?storyid=94131&catid=8

Posted under Medicare Advantage

RedOrbit, TX
The generic drugs which account for 64% of all prescriptions written under the the prescription drug benefit, helped lower the US Medicare costs, … READ MORE

Posted under Part D

Wall Street Journal - Nov 3, 2008
By JANE ZHANG Millions of older Americans are bracing for big increases in their Medicare drug-plan premiums next year. But consumers also need to watch for …

READ MORE

Posted under Companies, Medicare Supplement, Part D

One of the fastest growing crimes today is Identity Theft, and with the fact that most seniors keep their medicare card in their purse or wallet to ensure their access to medical care, they also leave themselves open to identity theft.

The main reason is because the Medicare id cards are issued with the subscribers Social Security number - which could be used by a theif to open up new credit card, or other financial accounts if that wallet is lost or stolen.

There have been recent efforts in washington to get Social Security numbers off the Medicare cards, but so far the action has not been passed.

The good news is, almost all private health insurers, the U.S. Department of Veterans Affairs and the Defense Department is issuing new healh-insurance cards with out the Social Security numbers on them.

Patrick O’Carroll, inspector general of the Social Security Administration, said in a  May report.”We believe immediate action is needed to address this significant vulnerability.”  He also said ” Displaying such information on Medicare cards unnecessarily places millions of individuals at risk for identity theft.”

With the growing number of seniors joining the Medicare program each year, the need for this change is becoming more important.

We recommend that you contact your local senitor and let them know you would like a different number on your Social Security card.

In the mean time, contact us for our Free Report on How You Can Protect Yourself From Identity Theft.

Posted under Medicare Advantage, Medicare Supplement

Bill H.R. 6331 made some changes to modernize the plans. Some changes, eliminations, and additions to the plans have been approved, however the states still have to addopt the changes and the companies will need to decide if they are going to offer the new plans, and if so get setup to do so.  So with the information below, please keep in mind it is estimated that these changes will take effect around June of 2010.  Information below is subject to change, and is for informational purposes only.

***NOTE***

THOSE OF YOU ALREADY ON PLAN J OR ANY OTHER PLAN BEING ELIMINATED WILL BE ALLOWED TO KEEP YOUR CURRENT PLAN, YOUR POLICY WILL NOT BE AFFECTED.  After the changes take place, the regulations will not allow anyone new to be placed into those plans that are eliminated, but those in those plans will be grandfathered in.  Call us with your concerns!

Even with the elimination of some plans, we still believe that Plan J currently gives you the best bang for your buck and suggest to get in now while you can if you qualify.   

The new regulations includes transition standards to permit companies to offer existing policyholders or certificate holders the opportunity to exchange their current policy for a new policy. Once we get closer to this time frame, give us a call and we can share the details of that process with you.

As for the NAIC Medicare Supplement Modernization Proposal suggest the elimination of unnecessary and duplicative plans:

• Elimination of Supplement plans H, I, J because these plans no longer offer the drug benefit.  The drug benefit was replaced with Medicare Part D.
• Supplement plan E will also be eliminated, because it becomes identical to a plan already available after the plan benefits are changed.

Modernization of benefits:

• The elimination of the At-Home Recovery benefit (which was offered only in Plans D, G, I, and J)
• The elimination of the Preventive Care Benefit (which was offered in plans E and J)
• Addition of a Hospice benefit as a Core benefit to every pan
• Replacement of the 80% Part B Excess Benefit in Plan G with a 100% coverage benefit

Plans M and N to be added as follows:

• New Plan M will include 50% coverage of the Medicare Part A deductible and does not cover the Medicare Part B deductible.
• New Plan N will not cover the Medicare Part B deductible and will add a new co-payment structure of $10 for each physician visit and $50 for each emergency room visit (which will be waived upon admission to the hospital)

If you are concerned about the changes in the system, give us a call so we can discuss your options.

Posted under Medicare Bills