2013 Medicare Part D and Medigap Comparisons Now Available Online

October 1, 2012 by Leave a Comment

The 2013 Medicare annual enrollment period is almost here. This is a vitally important time for everyone who is eligible for Medicare, as it is the only time that you can change certain types of Medicare plans, including Medicare Advantage (the privatized Medicare plans that approximately 30% of people on Medicare have) and Medicare Part D Rx plans.

Medicare Part D plans run on a calendar-year contract. Each year, Medicare approves the benefits, co-pay structures, premium, deductible, etc. of the plan for the following calendar year. On or around October 1, you will get an annual notice of plan changes from your current plan – this is an important document, as it shows how your plan is changing for next year including any changes to the coverage of your specific medications. Pay close attention to this.

Even if your plan is not changing significantly, which is unlikely given the current climate of health insurance changes, it is a good idea to re-evaluate the Part D plans on an annual basis. Medicare has greatly improved over the last couple of years with relaying this comparative plan information to people on Medicare. If you are computer-savvy, it is very easy to compare the Part D plans on Medicare.gov. This information was released today, October 1, on Medicare’s website. You can enter your medication/dosage information and get a customized comparison which will show you which Medicare Part D plans will give you the lowest overall annual drug costs over the course of 2013. Click here to: run the customized Part D comparison.

You can change Medigap plans (Medicare Supplements) at any time of the year; however, this is also the most advantageous time of year to compare and change (if necessary) your Medigap plan. To do this, the first step is comparing the available Medigap plans. To do this, request a Medigap quote comparison from Medigap-Quote.com. This will show the available Medigap plans for your age and zip code. The information comes to you by email (not all Medigap companies allow their current rates to be published online, so anything viewed online is incomplete). If you prefer to speak with someone by phone, call us at 877.506.3378.

Filed Under: Medicare Part D, Medigap Companies Tagged With: , , , , , , , ,

Online Medigap Quotes – What You Can Get Online and How To Get It

September 17, 2012 by Leave a Comment

Getting online Medigap quotes is increasingly easy to do. Many people choose this method for comparing and selecting plans, and it is, in most cases, the most advantageous way to “shop around” in an unbiased and low-hassle way. Many insurance companies in the Medicare Supplement marketplace do not allow their rates to be publicly-published online, so the way to see quotes for all of the options in your area is to receive them by email. There are companies out there that promise to offer the rates online; however, keep in mind that you will not be seeing all of the options as many companies have strict regulations against publication of their rates on public-facing computer systems.

So, what are the steps to getting a Medigap quote online? It’s pretty easy to do really. Here are the steps to follow:

  1. The first step is to understand what you are looking for and what the plans cover. There are 10 standardized Medigap plans. All companies are required to offer from this standardized list of plans, although they don’t have to offer all 10. So, comparing plans is relatively easy – an ‘F’ plan with one company is the same as an ‘F’ plan with another. Two important things to note that are common misconceptions and relate to understanding the plans:
    • There is NOT an annual enrollment period for Medigap. You can enroll in, change or disenroll from your Medicare Advantage plan at any time.
    • Medicare Advantage plans are NOT Medicare Supplements. These plans cannot be compared to Medigap plans because they are completely different in how they work, what they cover, etc. (Difference Between Medigap and Medicare Advantage).
  2. After you have a basic understanding of the plans, how they work, etc. you should request the information from an independent brokerage. Whether it is us or someone else, we would strongly recommend using an independent broker. The advantage to doing this versus using a “captive” agent is that you can compare in an unbiased way and make a full comparison of all of the options. To request information, go to a brokerage website and enter accurate information. If the site is asking for information that you do not want to give, simply don’t give it. Keep looking. The only information needed to run and send a quote is date of birth, zip code, gender, and email. Request a quote comparison from us.
  3. Once you have the information, you can compare the plans that are available and make a wise choice from the plans that are offered. Always base your decision primarily on rates and secondarily on other factors such as the rating of the company.

If you have any questions about this information or if we can assist in any way, please contact us by email or call us at 877.506.3378. Alternatively, you can request information on our website at Medigap-Quote.com.

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

The Three Step Process to Changing Medigap Plans

September 4, 2012 by Leave a Comment

Changing Medigap plans is relatively easy to do. More importantly, it is essential to do – or at the least, to compare the options – on an ongoing basis every few years. Medigap plans are completely standardized by the Federal government – this means that all plans are the same, regardless of which company sells it to you. For example, a Plan F with one company is the exact same as a Plan F with another company. Often, though, rates can vary widely, as much as $100/month for the same coverage. So, comparing the options, and changing if necessary, is a vital part of your sound financial plan once on Medicare.

So, what is the process for changing plans, if you elect to do so? It is very easy to do:

  1. First and foremost, understand what you have, what the plans are and how to compare them. So many people that we speak with every day do not realize or understand what plan they have or how the plans work. The plans are standardized, as mentioned above, so that means YOUR Plan G is not any different from a different Plan G. Also, all plans pay the same way, can be used anywhere that takes Medicare and use the Medicare “Crossover” system to pay claims. Next, you should understand how to compare plans. Once you understand that the plans are standardized, understand that you can compare plans to see if there is equal coverage for a lower price.
  2. Compare the options from an unbiased source. Unbiased is the key word here. There are many sources out there for comparing/purchasing a Medigap plan. But it is important to use an independent agent, primarily for their expertise and ability to compare all plans in a centralized place. An agent that sells one company is, obviously, going to tout their company, but it is more advantageous for you to compare using an independent agent.
  3. Make the move – apply for a new plan for a future effective date, then once approved, cancel the old plan, effective the same date the new plan starts. Once you have compared the plans available in your zip code, based on monthly premiums and company reliability, you can simply choose a plan and apply. You will apply for a future effective date – usually, at least 2-3 weeks in advance. Then, once it is approved, you will cancel your “old” plan effective the same date that the new plan starts. This way there is no lapse or overlap in coverage.

Medigap-Quote.com and Secure Medicare Solutions help hundreds of people change to lower cost plans each year. Our job is to provide a full comparison of all the plans for your age and zip code, as well as providing information about which companies have been most reliable/stable over time. Once you have that information, we can work with you to help you decide on a plan and reduce your costs. If you would like to reduce your premium and have had your current plan over 12 months, you can easily do so. Contact us at 877.506.3378 or Medigap-Quote.com Quotes.

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

Medigap Changes – Making End of the Year Changes to Your Medigap Plan

August 31, 2012 by Leave a Comment

The weather is turning a little cooler. School is starting. Football season is here. Campaign ads are bombarding us. Whatever sign you use to signal the end of the year, it is right around the corner. For people on Medicare, that means it is time to look at Medigap changes and re-evaluate your Medicare coverage. Now, as we have covered in previous articles, the end of year enrollment period does not actually pertain to Medigap (Medicare Supplement) plans; however, it does pertain to Medicare Part D (Rx part of Medicare). So, since this is the time to re-evaluate those plans, it is also a useful time to consider all of your Medicare plans.

Medigap plans are completely standardized. That is, first and foremost, the thing that you need to understand about that type of coverage. This means that every company is required to offer the same coverage plans. For example, a Plan F (the most common and comprehensive plan) is the same with one company as it is with another. This makes comparing plans very easy to do. The main factor that you need to look at is price, as coverage, claim payments, doctor acceptance, etc. are the exact same.

Rates for Medigap plans can vary greatly – by as much as $100/month for the same coverage in some areas. There are no Medigap changes to coverage, but rates have been consistently increasing. So, particularly if your rate has gone up in the last year or two, it is very likely that you can save money for equal coverage. Also, new companies are constantly entering the Medigap marketplace. Just in the last 2-3 years, there have been 4-5 ‘A’ or higher rated companies that have expanded their offerings to include Medigap plans. These companies, in most cases, are positioned very competitively and at a lower premium price point than previous options.

Medigap quotes allow you to compare all of the plan options, in a centralized place, and choose a plan that represents a monthly savings off of your current plan. There are several ways to obtain quotes for Medigap plans, but the easiest and most advantageous way to do this is online. Medigap brokers (Medigap-Quote.com is one) can provide a comparison of all plan options in a centralized place.

If you would like to get Medigap plan quotes, please contact us online at Medigap Quotes or call us at 877.506.3378.

Filed Under: Medigap Plans Tagged With: , , , , , , , , , , , , , ,

Medigap Questions – I Have …. Can I Get a Medigap Plan?

August 23, 2012 by Leave a Comment

Medigap plans are plans that are designed to fill in the gaps in Medicare A & B. These plans are sold through private insurance companies. When you first turn 65 or go on Medicare, you have a 6-month open enrollment period, during which you can sign up for a plan without any medical underwriting. In other words, you do not have to answer any health questions at all in order to get a plan. After that time period has passed, however, you do have to answer health questions at any time that you apply for a plan. Contrary to popular belief, Medigap plans do not have an annual enrollment period during which you change plans without underwriting. That only applies to Medicare Advantage and Part D plans.

So, dealing with Medigap plans, how do you know if you can change plans? First of all, it is important to understand that Medigap plans are standardized, so if you have a Plan G now, for example, another Plan G is going to provide the exact same coverage. You can easily compare that way to see if it makes sense to pursue another plan. You do, however, have to answer medical questions to make that change.

Different companies ask different medical questions. In general, companies are looking for the “big stuff” – i.e. heart attack, cancer, stroke, insulin-dependent diabetes, organ replacements, upcoming surgeries, etc. Most all companies ask about (and use as a disqualification) those things. Other things are also asked about on some companies applications. These range widely and any time you are considering a change, you should simply examine the health questions on a companies’ application to see if you would be able to pass underwriting. Most companies do also ask about any medication usage. It is important to note that this applies to most states – there are a few states that have special provisions prohibiting this underwriting at all or during certain times (i.e. your birthday month).

One more implication that must be discussed is that there are also time periods – called “guaranteed issue” – that you can get a plan without medical underwriting. Some of these time periods are losing employer coverage, dropping employer coverage, moving out of your plan’s service area, losing your Medicare Advantage plan, etc.

If you have any questions about Medigap or Medicare, in general, we are happy to help. Reach out to us via our website – Medigap-Quote.com – or call us at 877.506.3378.

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

Medigap Questions – When Is the Annual Enrollment Period?

August 22, 2012 by 1 Comment

The Annual Enrollment Period, or AEP, is the period near the end of the year during which you can sign up for a certain Medicare plans. This period was formerly held from October 15 through December 31. Currently, the enrollment period runs from October 15 through December 7 of 2012. Many people who have Medicare often ask when this period is. It is important to know for Medicare Part D, the prescription drug part of Medicare. This is the only time of year that you can change your Medicare Part D plan, cancel it or pick up a plan if you don’t have one. So, it is important to be aware of this period, ready for it, and make any desired changes when the period opens up.

However, this period does NOT apply to Medigap plans. Contrary to popular belief, Medigap plans do not have an annual enrollment period. You can enroll in, change, or disenroll from your Medicare Supplement plan at any time. There are no time restrictions on when you can do this. Now, there is an initial enrollment period, which runs for 6 months from the time that you are first eligible for Medicare. During this time period, you can sign up for any plan with no underwriting, health questions or pre-existing condition exclusions. After that period is over, however, you can change Medigap plans at any time but you have to qualify medically to do so.

It is important to understand the various implications around changing Medigap plans. There are a lot of options for Medigap coverage and coverage is completely standardized. That is, coverage is the same with all of the companies. One Plan F is the same as another. Because of that, the rate is the primary thing that you should look at when you are comparing the plans. Rates do change from time to time and can go up a good bit. Whenever your rate changes, that is a good time to re-evaluate and make sure you have the most desirable plan for you. If you are paying $150 for a Plan F, for example, and there is another Plan F for $120, you can easily change and save $360/year for the same coverage.

If you have any questions about how this works or anything else regarding Medicare, please call us at 877.506.3378 or request information at Medigap-Quote.com.

 

 

 

Filed Under: Frequently Asked Questions, Medicare Part D, Medigap Plans Tagged With: , , , , , , , , , , ,

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: , , , , , , , , ,

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: , , , , , , , ,
« Previous Page
Garrett Ball on Google+