Medicare Supplement

Medicare Supplement Plans will be Grandfathered

The 2010 Modernized Medicare Supplement Plans can have effective dates as early as June 1, 2010. The previous Medicare supplement plan designs will no longer be available at that time. Policyholders will naturally be wanting to know how this will effect their Medicare supplement coverage if they already have a Medigap plan. The answer is that the Medigap plans sold prior to June 1, 2010 will be grandfathered. Those insureds will not be required to buy one of the new Modernized Medicare Suppl...

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Aaron Holmes 2/18/2010 10:39:00 AM Comments(0)

Medicare Supplement Guaranteed Issue Rights

Will your Medicare Advantage Plan be around in 2010? Some Medicare Advantage Plan members will be involuntarily disenrolled from their current plans since some plans will end as of 12/31/09. What does this mean for the Medicare Advantage Plan members? For some this change presents a great opportunity to purchase a Medicare supplement policy without going through any underwriting. If a person's Medicare Advantage Plan leaves Medicare or stops providing benefits in an area of coverage, that pe...

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8/1/2009 12:00:00 AM Comments(0)

Medicare and Hospice

Medicare Part A includes Hospice as a benefit. Medicare Part A beneficiaries are entitled to hospice benefits if they are terminally ill and have less than six months to live. Hospice benefits include doctor services, medical equipment and supplies, and nursing services among other things. In 2009, Medicare Part A has a $1068 deductible. The beneficiary is responsible for this deductible. Medicare Part B has a $135 deductible and then Medicare pays 80% and the beneficiary pays the remaining...

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6/1/2009 12:00:00 AM Comments(0)

Medicare Supplement Policies Are Easy to Buy

Are you interested in buying a Medicare supplement policy for the first time or replacing your current Medicare supplement plan? Medicare supplement coverage is easy to purchase. Rates can be obtained by completing an online quote form like the one found at www.medicaresupplementcenter.com. Once you receive an email back with a quote comparison and decide with an agent what plan makes the most sense for you, a simple application is then submitted to the insurance company where the medigap pol...

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6/1/2009 12:00:00 AM Comments(0)

Changes to Medicare Supplement Policies

Effective June 1, 2010, there will be 11 new Medicare supplement plans, also know as Medigap plans, to choose from. These plans will include plans A, B, C, D, F, high-deductible F, G, K, L, M and N (If you already have a Medicare supplement insurance, your coverage will not be affected). Plans E, H, I, and J are being eliminated from the Medicare supplement policies. In addition, the At-home recovery and preventative care benefits will no longer be included on Medigap policies. Plan G Medica...

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5/1/2009 12:00:00 AM Comments(0)

Replacing Your Group Policy With a Medicare Supplement

Many seniors are reviewing their health care coverage for the 2009 year. At this time of year, some companies are making changes to their insurance plans for retirees. Some of these changes make Medicare supplement insurance policies attractive. The changes companies make usually result in higher monthly premiums, higher deductible, or maybe both. The companies may even be offering some type of Medicare Advantage plan. For many seniors, a medicare supplement policy might make more sense due...

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11/1/2008 12:00:00 AM Comments(0)

Time to Shop for a New Medicare Supplement Insurance?

November 15th is coming up and many seniors with Medicare supplement insurance believe that this is the time (November 15th - December 31st) they can change to another medicare supplement policy (medigap policy). This is true and false. True, you can look for and apply with another medicare supplement company between November 15th and December 31st. False, if you thought this was the only time of the year you can change Medicare supplements. Unlike Medicare Advantage Plans and Part D plans M...

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10/1/2008 12:00:00 AM Comments(0)

Medicare Supplements See Lower Rate Increases

Good news for Medicare supplement policyholders! Aon Consulting Worldwide surveyed more than 70 leading health care insurers. Part of the survey focused on Medicare supplement rate increases. The result was that rates were projected to increase 7.3%. This is good news since a year ago the rates were increasing 11.2%. Rates can be expected to increase. But there is a way to potentially lower your Medicare supplement rate. How? By shopping around. Contact an agent, which can easily be don...

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9/1/2008 12:00:00 AM Comments(0)

Medicare Supplements: How they work

In order to have a Medicare supplement, a person must also have coverage under Medicare Part A and Part B. The Medicare supplement picks up where Medicare leaves off. Medicare Part A (hospitalization) has a deductible and additional costs for extended hospital stays. Part B has a deductible and then covers 80% of medical costs. Medicare supplement coverage depends on which of the available plans you choose.Medicare supplement coverage is preferred by many seniors because it allows them to go...

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8/1/2008 12:00:00 AM Comments(0)

Medicare Supplements & Departments of Ins

Your state's department of insurance website can be very helpful in getting Medicare supplement information. Often they even provide you with rate information. Sometimes the information is accurate and other times it is a little out of date, but it can a good starting point. You may need to look for a listing of consumer publications which could provide rates or some states even have handy tools that allow you to enter in your zip code and it will list out rates. Keep in mind the rates may n...

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8/1/2007 12:00:00 AM Comments(0)

Switching Medicare Supplement Companies

For many people, changing medicare supplement companies is a very simple thing to do. The first things a person would want to consider are the medicare supplement plan designs and the monthly premiums. These should be compared with what the insured has through the current company. Usually, the reason a change is considered is because the insured has received a rate increase and wants to shop other options. If a plan is found where the benefits and monthly premium makes sense compared to the ...

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9/1/2006 12:00:00 AM Comments(0)

Medicare Preventative Services

During the first six months an individual is on Medicare Part B, Medicare coveres a one-time preventative physical exam. What does the exam include? It includes a review of your health, information on preventative services you need like certain screenings and shots. The amount you pay is 20% of the Medicare approved amount after the Part B deductible.

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8/1/2006 12:00:00 AM Comments(0)

Creditable Coverage and Medicare Supplements

Medicare Supplements can have a six-month wait on pre-existing conditions (health problem or problems you have had before the date the insurance coverage begins), unless you have had at least six months of previous health coverage that can be considered "credible coverage". If you have had less than six months of credible coverage, the six month wait on pre-existing conditions is reduced one month for each month of credible coverage. You would definitely prefer your medicare supplement to not ...

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6/1/2006 12:00:00 AM Comments(0)

Medicare Supplement Underwriting

Individuals applying for a Medicare Supplement that are not in an Open Enrollment period or Guaranteed Issue period usually must be underwritten for an insurance company to provide medicare supplement coverage. What is underwriting like? Companies differ in how they underwrite. The primary part of underwriting on medicare supplements is the "Yes/No" part of the application. If the applicant can answer "No" to all the questions, the insurance company will usually provide coverage. Some insur...

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2/1/2006 12:00:00 AM Comments(0)

Medicare Supplement Are Guaranteed Renewable

Can your medicare supplement provider drop your coverage? If your policy was purchased after 1990, then no. The medigap policy is guaranteed renewable. The only way your coverage can be dropped is if you stop paying your premium, information you provided on the application was not truthful, or the insurance company goes bankrupt. If you were to lose coverage due to bankruptcy, there is protection for you. You have 63 days from the date your coverage ends to purchase Medicare Supplement Pla...

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9/1/2005 12:00:00 AM Comments(0)

Medicare Assignment

Assignment is an important word for the Medicare recipient. It refers to how the health care provider is paid. If a doctor accepts assignment, the doctor has agreed to always accept the medicare approved amount for each service provided as payment in full. Since Medicare pays 80% of the Medicare approved amount, that makes the insured responsible for the 20% balance remaining. All Medicare Supplements will cover the 20% balance after the deductible ($110 in 2005) has been met. Medicare pays...

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5/1/2005 12:00:00 AM Comments(0)

Medicare Supplements with RX Coverage Become Obsolete

In 2006, Medicare beneficiaries can enroll in Medicare Part D. Part D will make Medicare Supplement (also known as Medigap) policies with RX coverage obsolete because the coverage through Part D will be more cost effective. Medicare Supplement Plans H & I pay 50% of RX costs after a $250 deductible up to just $1,250. Medicare Supplement Plan J pays 50% after a $250 deductible up to $3,000. Medicare Supplement rates for these plans are typically at least $300 per month. In January, 2006,...

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4/1/2005 12:00:00 AM Comments(0)

Open Enrollment Period

The Medicare Open Enrollment Period begins on the first day of the month in which you are both 65 years of age (or older) and you are enrolled in Medicare Part B. This period lasts 6 months. When did your period begin? Look at your Medicare card to see when Medicare did/will start. During the open enrollment is the best time to purchase a medicare supplement. Often people get confused regarding the terms medicare supplement and medigap. Medicare supplement and medigap refer to exactly the ...

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3/1/2005 12:00:00 AM Comments(0)