Medigap Questions – Am I Covered If I Live Half the Year in Another Place?

August 21, 2012 by Leave a Comment

Medigap plans can be confusing to many people. Although the coverage of the plans is completely Federally-standardized, there are still many questions that people on Medicare ask about the plans and how they work. One of those such questions concerns traveling with your Medigap plan and if, when you travel, your coverage goes with you.

First and foremost, it is important to understand that Medigap plans can be used anywhere nationwide that takes Medicare. Medicare, as you know, is a national program. Any doctor/hospital that accepts Medicare patients is required to accept the Medigap plans. So, in short, the answer is yes. If you travel to another state, or live in another of the country for half of the year or a few months out of the year, you are covered there just as if you were in your primary residence. Coverage is the same nationwide.

There are some other implications around this that you should be aware of. First of all, note that Medigap plans have nationwide coverage that is the same with all companies and accepted anywhere that takes Medicare. However, Medicare Advantage plans – the other type of plan that you can get if you are on Medicare – do not work the same way. These plans have specific networks that you must stay within and they are specific to a certain county, region or geographic area.

Another implication that is somewhat related as it pertains to travel and Medigap plans is international travel. As you will notice on the plan coverage chart, many of the Medigap plans – most, in fact – do cover “Foreign Travel Emergency”. This benefit is part of Medigap plans (not covered under “traditional” Medicare). It is up to $50,000 lifetime maximum benefit that can be used if you traveling abroad. The primary Medigap plans, such as Plan F and Plan G do include this benefit.

There are many questions associated with Medicare and Medigap insurance. At Medigap-Quote.com, we strive to answer your questions quickly and completely. If you have questions, you can reach us at 877.506.3378 or contact us online at: Medigap-Quote.com.

Filed Under: Frequently Asked Questions, Medigap Plans Tagged With: , , , , , , , , ,

Medicare Enrollment Period – Preparing for the Upcoming Annual Election Period

August 9, 2012 by Leave a Comment

The Medicare enrollment period, as it is commonly referred to, is the end-of-year period during which you can make changes to your Medicare Part D or Medicare Advantage plan coverage. It is a frequent misconception that this is the only time of year that you can change, cancel or enroll in a Medigap (Medicare Supplement) plan. Actually, you can make changes to this kind of plan at any time of the year. The AEP (Annual Election Period) – which is the correct name for this period – starts on October 15 this year and runs through December 7. So, what are some steps you can take in preparation for that period?

  • First of all, understand what changes can be made during this period. You can change Part D plans, if you currently have one and wish to change it. Or, if you do not have a Part D plan, but are already on Medicare, you can enroll in a plan during the AEP. If you have Medicare Advantage, you can choose a new Medicare Advantage plan during this period or you can disenroll from your Medicare Advantage plan, return to regular Medicare and choose a Part D plan and a Medicare Supplement. Note that this period has nothing to do with Medicare Supplements – you can change those plans at any time of the year.
  • The most important changes to be made are really the Part D plans. These plans change each calendar year. If you are on a plan, you’ll receive a notice of plan changes around October 1. Once you receive this, you should look over it to see what the changes are and how they affect you. In many cases, the premium and deductible of a plan will change. Also, the co-pays for specific medications can change, or medications can move to a different tier. It is essential to look at this material when you receive it.
  • Compile a list of your medications with exact names and dosages. This will be needed to do a complete comparison, whether you are doing it yourself or whether you are using a broker to do it for you.
  • Starting around October 1, you can compare the other Part D plans, either through a Medicare brokerage or on Medicare’s website (www.Medicare.gov). Then, starting October 15, you can make any necessary changes to your plan.
  • If you have a Medicare Supplement (Medigap) plan, this is a good time to re-evaluate your plan and make sure you have the best deal for your specific plan. Although you can change plans at any time of the year, this is a good time to also consider your Medigap coverage. Many of companies change rates around this time of year, and it is wise to add this into your consideration of other plan options for Part D. Medigap plans are standardized, so for example, if you have a Plan F and have had it for more than a year or so, it is likely that you would be able to save money on equal Plan F coverage from another company. The easiest and most productive way to do this is to get Medigap quotes online.

If you have any questions about the AEP or the Medicare Enrollment period, feel free to contact Medigap-Quote.com or call us at 877.506.3378.

Filed Under: Medicare Advantage, Medicare Part D, Medigap Plans Tagged With: , , , , , , , , ,

Medigap Enrollment Period – When Can I Change My Plan?

July 16, 2012 by 1 Comment

One of the most commonly held misconceptions about Medicare and Medigap plans is that there is an annual enrollment period for Medigap plans. This misconception holds that you can change plans only during this period, and you do not have to answer medical questions or “qualify” to do so. Put simply, that is just not the case. On the contrary, there is NO annual enrollment period – you can change plans at any time. Whenever you change Medigap plans, you DO have to answer medical questions (in most states).

So, how does this misconception get perpetuated and repeated to new generations of Medicare-eligible people? The main reason is because there IS an annual enrollment period, it just does not apply to Medigap plans. This annual enrollment period, which occurs from October 15 through December 7 in 2012, is for Medicare Part D (the drug coverage part of Medicare) and Medicare Advantage plans (the plans that replace Medicare). During this “AEP” (Annual Election Period), you can change your Part D plan, with the changeover taking effect on January 1. You can do this with no hassle, underwriting or penalty. This leads many people to believe that this is a Medicare annual enrollment period that applies to all plans, when in reality, it does not apply to the Medigap plans.

Changing Medigap plans is certainly possible, though. You can change plans at any time of the year. In most states and with most companies, there are underwriting criteria that determine if/when you are eligible to change. These criteria do vary from company to company. In general, you have to be in relatively good health to make a change; however, there are exceptions. A few of those are:

  • If you are losing employer coverage or an Advantage plan, you have “guaranteed issue” to get a Medigap plan
  • You have six months from the time that you sign up for Medicare Part B to get a Medigap plan with no underwriting
  • Some companies extend a limited underwriting period past that required six month period
  • There are some states in which underwriting is not used/allowed on Medigap plans – for example, WA and NY

Overall, it can seem daunting to many people to change their Medigap plans. However, it should not be that way – it is a very easy process that can be done with limited hassle or paperwork. Basically, you apply for the new plan; then, once approved, you cancel the old plan effective the same date that the new plan takes effect. There is no overlap and no gap in coverage. This can save you hundreds, if not thousands, of dollars a year.

If you have questions about the process for doing this or want to find out what your savings would be, contact us online or call us at 877.506.3378.

 

Filed Under: Frequently Asked Questions, Medigap Plans Tagged With: , , , , , , , , , , , ,

Are Medicare Part B Premiums Going Up to $247 in 2014?

July 12, 2012 by 1 Comment

Are Medicare Part B Premiums Going Up to $247 in 2014? This is the question I receive on a weekly basis from my clients. The question stems from an email that has been, and continue to, go around saying, basically that – that premiums are going up to $247 for Part B in 2014. The email has been going around in some form or fashion since 2009. Here’s the text of the email that I have seen (there may be other variations):

MEDICARE PREMIUM INCREASE

For those of you who are on Medicare, read the article below. It’s a
short but important article that you probably haven’t heard about in
the mainstream news:

The per person Medicare insurance premium will increase from the
present monthly fee of

$  96.40, rising to:

$104.20 in 2012;

$120.20 in 2013;  And

$247.00 in 2014.

These are provisions incorporated in the Obamacare legislation,
purposely delayed so as not to ‘confuse’ the 2012 re-election
campaigns.

Send this to all seniors that you know, so they will know who’s
throwing them under the bus.

So, is this true? Enough people believe it and are sending it around, so it must be true – right?

Not so fast! First of all, the 2011 and 2012 numbers are incorrect. The 2011 official Part B premium was $115.40, and the 2012 Part B premium is $99.90 (unless you fall into the high-income category or receive extra help paying your Part B premium).

Secondly, and most importantly, Obamacare or PPACA, as it is formally called, did not make any changes to the way that Medicare Part B premiums are figured. These processes for determining the Part B premiums are the same as they have been. One of the important components of these processes is the “hold harmless” provision – this says that Medicare premiums cannot go up for existing beneficiaries if Social Security payments do not go up. This “hold harmless” provision kept some beneficiaries, in 2011, paying the 2009 rates ($96.40) because there was no cost of living increase to Social Security in 2010 or 2011.

You should understand how Medicare premiums are calculated. Medicare beneficiaries are required to contribute to their Part B premiums. Right now, these contributions are required to be at 25% of total costs. So every year, Medicare figures out what the total costs will be and “backs into” that 25% figure that beneficiaries are responsible for.

For the Medicare Part B premium to go up that much, the cost of living increase in Social Security would have to be about 250%. Now, if that happens, there’s going to be a lot of happy Medicare beneficiaries! (That’s not going to happen!)

With all that understood, you can easily see that there is no way that this “scare tactic” email is correct. Sure, there are some things that insurance agents, insurance companies and consumers alike should be concerned with regarding the PPACA legislation, but this is simply not one of them. So if you receive this email, instead of “sending it on to all seniors you know”, why don’t you take a stand for truth and hit the delete button instead.

For more information like this, visit our Medigap website and blog on a regular basis. Or give us a call at 877.506.3378 with any specific questions regarding Medicare, Medicare Supplements or Part D.

Filed Under: Frequently Asked Questions, Medicare A & B Tagged With: , , , , , , , ,

Medigap-Quote.com Launches, Offers Online Comparisons and Quotes

July 12, 2012 by Leave a Comment

Medigap-Quote.com is an online venture designed to provide people going on Medicare, or already on Medicare, with the information needed to make a thoughtful and thorough comparison of available Medicare Supplement plan options.

Medicare Supplement rates can vary greatly from one area to another and even within the same area. Because of that, it is absolutely critical to compare the plans available in your area in an unbiased way. Price and company reputation are the primary comparison factors, as coverage, claim payments, and doctor acceptance are all completely standardized from one company to another.

Where Medigap-Quote.com comes into the equation is when you are gearing up for a transition to Medicare or comparing other options after a rate increase on your current plan. Medigap-Quote.com offers a comparative analysis by email of the plans available for your age and zip code. This way, you can see all options in an unbiased, centralized place and make an easy comparison of the plan options.

Our business model is focused on information and attraction. That is, our goal is to inform consumers about Medicare and Medigap plans in a completely self-directed way. We publish/provide the information – you choose when and how much information you wish to consume. You do not have to talk to a salesperson on the phone, meet with anyone or even sign up for a plan through our agency. We provide the information, educate you on the plans, rates and options; then, when you are ready, we are here to help if you would like to use our enrollment services, most of which are paperless.

Medigap-Quote.com is owned by Secure Medicare Solutions (SMS), an independent Medicare Supplement insurance agency that does business in 42 states and has been working in the Medicare marketplace since 2007. SMS and Medigap-Quote.com focus on leveraging technology to educate consumers about Medicare and Medigap plans. To contact us or for more information, please visit our contact page on our website at Medigap-Quote.com Contact or call us at 877.506.3378.

Filed Under: General Tagged With: , , , , ,
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