Category Archives: Medicare Insurance

Medigap Limits – Will It Cost Seniors Money

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Will Medigap Limits Cost You Money and Health Care Coverage?

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As the debate over the debt ceiling, budget cuts, and economic stimulation wages on in Washington, DC, it’s hard to escape the fact that Medicare is often “on the table” during almost all discussions regarding “deficit reduction.” There are a range of proposals that would affect Medicare, but there are questions as to what those proposals will actually mean for beneficiaries. One federal deficit reduction plan would limit Medicare supplemental insurance (Medigap insurance) plans by restricting coverage of deductibles by those plans.

As with most arguments, those in agreement lock on to a set of positives, while those opposed turn to the negatives. So, let’s take a look at both sides to try to get a clearer picture of who will benefit and who won’t. By restricting Medigap coverage, the government could save money and reduce the debt. However, as a recent report on potential Medigap Limits points out, not all those who depend on Medicare and Medigap coverage will be able to make up for the added personal costs:

“…restricting coverage of deductibles by Medigap plans could save anywhere from $1.5 billion to $4.6 billion a year, depending on how much out-of-pocket expenses elderly beneficiaries would be required to pay.” (from Reuters).

In fact, the study goes on to say that “about one in five Medigap enrollees would pay more.” The hardest hit would most likely be families with a moderate income. Along with financial concerns, others are afraid that enrollees will simply pass up on healthcare treatment that they need in order to avoid the added cost. Those in support of the proposal insist that it will simply reduce unnecessary trips to the doctor and elective care.

There’s very little question that changes to Medicare are on the horizon, which means Medigap coverage could also see changes. Many have taken the “wait and see” approach to it all, but it’s a good idea to stay up-to-date on the latest proposals. After all, these potential changes to the system could change how you have to budget and how you have to look at healthcare.

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Medicare, Medigap Insurance, and Finding the Coverage You Need

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What Does Medicare Cover?

Healthcare continues to be a major topic of discussion on Capitol Hill, across the 24 hour news channels, and in homes all over the country. Unfortunately, a lot of these conversations and debates turn into political attacks, and some of the basic concerns get lost in the mix. Concerns like, “Does Medicare provide the coverage I need right now, or do I need to look into Medigap coverage?”
What is Medigap

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What is Medigap?

As the focus of the Medicare debate remains, for the most part, in the future tense, we try our best to focus on the here and now (at least from time to time). The fact is that as of right now, Medicare coverage doesn’t provide the full range of care that some seniors need. In fact, according to a recent report “about 1 in 6 Medicare beneficiaries purchased [Medigap policies] in 2008. (from Philly Burbs and Partnership to Protect Medigap)

Not everyone (seniors or otherwise) has the same healthcare needs or is in the same economic situation. However, everyone has the right to get all of the information on all of the options out there. As talks about the future of Medicare heat up as we approach the next Presidential election, don’t lose sight of the present state of Medicare.  2012 Presidential Election

  • Does it offer you all of the coverage you need? 
  • What options could Medigap coverage provide? 
  • Does Medigap coverage make financial sense for my specific situation? 

These are just a few of the questions you need to ask yourself and an expert in the field, even if the politicians and pundits aren’t asking them.

Five Common Mistakes People Make with Medicare

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There are five common mistakes that people on Medicare tend to make. Read over the

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following to make sure you are not victim to the pitfalls of Medicare.

Mistake #1- Getting on A Medicare Advantage Plan

Many people apply for a Medicare Advantage plan because they saw something they like about it. Unfortunately,MedicareAdvantage plans have a number of disadvantages that can hurt those who are members. To learn more about the problems with Medicare Advantage, click here. (Link to post about Medicare Advantage).

Mistake #2- Making A Hasty Decision

If you purchase clothes from a store without trying them on first, you may end up with something that doesn’t exactly fit. It’s this same hastiness that can get you in trouble with Medicare Supplement Insurance. Although it seems easier to go with a company you’ve heard of or one that your friend used, it may be hurting you in the end.  Take the time to research your options. Use an insurance brokerage, like Medicare Supplement Services, that works with several multiple Top Rated Medicare Supplement Insurance companies. This ensures someone is looking out for your best interest, instead of the commission they will receive for selling you something.

Mistake #3- Not Making A Decision at All

It can feel overwhelming to decide on something as important as Medicare Supplement Insurance, but don’t let your feeling of being overwhelmed deter you from making a decision. If you allow yourself to give up, you will be vulnerable to the gaps in your Medicare Insurance coverage. Speak to a Medicare Supplement Insurance specialist who can help you make an informed decision about supplemental insurance.

Mistake #4- Paying Too Little

If price is the only factor you’re basing your decision on, then you will may end up hurting yourself. You need to focus your attention on what a specific Medicare Supplement Insurance plan is covering. Look at the long-term benefits of getting comprehensive coverage. Your health is of upmost importance and should be treated as such.

Mistake #5- Paying Too Much

If you don’t do the necessary amount of shopping around, you may end up paying too much for Medicare Supplement Insurance. The different plans are standardized, which means they cannot be changed from one insurance company to another. If you have a supplemental plan in mind, find an insurance company that offers it at the best rate. You can cut the leg-work out of the process by calling Medicare Supplemental Services. We shop the various insurance companies for our clients, so they don’t have to. Our multiple company rate analysis lets clients quickly see which company offers the lowest quote for a particular plan.

Make the Right Decision on a Medicare Supplement Insurance Plan for Yourself and Your Budget.

Call Medicare Supplement Services today at (877) 812-7571 to find the best Medicare Supplement rates from the Top Rated Companies in the United States.

CNN Money Shows Medicare Advantage Plans are Poor Choice for Seniors

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Medicare Advantage Plans Often a Poor Choice for Consumers
CNN Money agrees with us in their December 2011 print edition (which unfortunately isn’t online yet). In the article, Lisa Gibbs writes:

Medicare Advantage Costs“A recent CMS (Centers for Medicare and Medicaid Services) secret-shopper survey of more than 1,900 Advantage marketing events found the majority of plan sponsors broke the rules in some way. A third of the problems involved leaving out important details about plan coverage, and 12% involved misrepresentation that could directly harm beneficiaries. ‘Medicare Advantage is a decent product,’ says Brent Barnhart, director of California’s Department of Managed Health Care. ‘But when agents look solely to make a quick sale, exploitation occurs.’”

And it’s not just the quick sale that motivates agents to fraudulent action that harms their customers. Their payday for enticing their customers to enroll in Medicare Advantage is significantly higher. According to the same article, “Under a rate schedule set by the CMS, agents earn a typical $408 for every new Advantage customer, then $202 a year for each renewal (the rates are higher in a few states), vs. just $53 for signing up seniors for a Medicare prescription drug [Part D] plan, which are also offered by private insurers.” Plus the commission an agent earns for a Part D renewal is only $27.

Medigap 360 is a broker of Medicare Supplement Insurance. We do not sell Medicare Advantage plans — never have, never will. There’s a reason for that and it has to do with principle. As Brandon Todd, our CEO, wrote in this article, “Beware of Medicare (Dis)Advantage Plans,” because:

  • “Many misinformed or unscrupulous insurance agents are misleading seniors into believing that Medicare Advantage Plans, which contain co-pays, deductibles, co-insurance and provider networks, are the equivalent of traditional Medicare with a Medicare Supplement Plan.
  • “Medicare Advantage plans restrict access to many providers or you will be liable for 100 percent of the costs.
  • “Medicare Advantage plans do not have lower premiums — though some salespeople try to compare the Medicare Advantage Premium to that of your Medicare Supplement, the benefits are only required to be equivalent to Medicare alone. Therefore you sacrifice coverage, options and often pay higher premiums than with traditional Medicare.
  • “If you are on Medicare Advantage, you no longer can legally buy a Medicare Supplement.

If Medigap 360 sold Medicare Advantage plans, our profit margin would be much higher. But we don’t and we never will. As company we do not believe it’s right to line our pockets while harming our customers.

Are you currently enrolled and would like to switch to a Medicare Supplement plan? Good news, starting this year the Feds have instituted a new Medicare Advantage Disenrollment Period (MADP) from January January 1st to February 14th. During this time period you can use this time period to return to your Original Medicare benefits from the federal government. You may also enroll in a stand-alone prescription drug plan.

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Seniors vs. Medicare Insurance Fraud

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Seniors and Growing Medicare Insurance Fraud

Medicare Insurance Fraud vs Seniors

Get the Facts! Combat Medicare Fraud!

Medicare insurance and Medicare supplement plans (Medigap) have become a crucial part of life for millions of seniors across the country. Unfortunately, as we recently pointed out, there are people out there who use the importance of these programs to prey on seniors through a range of Medicare insurance scams. Well, luckily, some seniors are standing up against these thieves and fighting back.
When it comes to fighting Medicare fraud (or any type of fraud aimed specifically at seniors), it’s seniors who can serve as the greatest ally to law enforcement:

“Officials believe that if older Americans — including the growing crop of eligible Baby Boomers — know how to spot errors and fraud, ‘more criminals will be put in jail where they belong,’ Barbara Dieker told a group of volunteers recently. Dieker directs the Department of Health and Human Services’ Office of Elder Rights, which oversees the Senior Medicare Patrols (SMPs).”  (from USA Today)

Many seniors across the U.S. have taken Ms. Dieker’s statements to heart, forming volunteer groups and “Medicare Patrols” that spot Medicare insurance fraud early, and take the appropriate steps to ensure that it doesn’t continue:

“Since the program began in 1997, Dieker said, the senior volunteers have educated 9.2 million people about Medicare fraud, received 87,000 complaints from beneficiaries, and saved Medicare and Medicaid $105.9 million.” (from the Tuscon Citizen)

Whether you actively volunteer or not, it’s important that you understand the potential for Medicare insurance fraud and scams. For more information on Medicare insurance fraud, other scams targeted at seniors, and the steps you can take a look at Fraud Target: Senior Citizens, a page provided by the FBI.

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Medicare Part D: The $.76 Price Drop

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Medicare Recipients: Are You Ready for the Annual Enrollment Period?

Health care costs remain one of the top concerns for seniors and retirees across the country. Questions regarding Medicare coverage and decisions regarding Medigap Insurance coverage are things that most Americans over the age of 65 (and those approaching 65) have to deal with.
Retirement Planning for Seniors
With news swirling around about the future of Medicare, many people were excited to here of the coming drop in the cost for the Medicare Part D drug plan:

“The government-subsidized prescription plan will cost seniors an average $30 a month in 2012, down from $30.76 this year.” (from the Los Angeles Times)

Many believe that the coming decrease is directly linked to Medicare’s use of generic prescription drugs and the competition that can cause between pharmaceutical companies. Because of this competition inherent in the prescription drug market, it’s unclear if other aspects of Medicare coverage will see a similar decrease. Coverage pertaining to hospital stays and general care don’t generally experience the type of bidding and underbidding that occurs when pharmaceutical companies are involved.
Open Enrollment MedicareAs we wait to see exactly how this decrease will affect the future of Medicare, it’s important to point out that, at least for some, the changes to Plan D will have a positive effect:

“The other good Part D news is how many people in the infamous
“doughnut hole” are getting some relief from the 50 percent discounts on covered name-brand drugs (and 7 percent on generics) that took effect this year. Through June, nearly 900,000 people had used the discounts, a number that will increase as the months pass, and each had saved $517 on average.” (from the New York Times)
While we celebrate any savings for seniors, we realize that this doesn’t change the fact that Medicare still doesn’t offer the full range of coverage that some seniors need, which is why we continue to tell seniors to learn about all of the Medigap (Medicare Supplemental Insurance) options available to them.

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The Future of Medigap Insurance

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What is Medigap?  How Does it Fit into Your Future Financial and Health Care Plans?

Best Medicare Supplemental Insurance

Future is Bright with Medigap Insurance

As we’ve said before (and no doubt will say many times again), standard Medicare insurance plans simply don’t offer enough coverage for many seniors across the United States. In order to cope with the perceived shortcomings of Medicare insurance, many seniors turn to Medicare supplement insurance plans, also known as Medigap. Like Medicare, Medigap coverage offers a number of options, so seniors have the opportunity to find a plan that suits their specific health needs and financial situation.While Medigap plans continue to serve as a major source of health care coverage for American seniors, questions about the future of Medigap seem to go hand-and-hand with questions surrounding the future of Medicare. As a senior, or as one who is quickly approaching retirement age, it’s crucial to stay informed about decisions that are being made now and proposals that are on the table that could directly affect Medicare and Medigap health care coverage. Congress (“super” or otherwise) are looking at a range of options for cutting the Federal Budget, and without fail, Medigap and Medicare always seem to come up in discussions. However, there are a number of groups and individuals speaking out and telling Congress to leave Medigap alone. If you haven’t been following the debates and the discussions in Washington, we figured we’d give you an overview just so you can know how things stand as of now.

Medigap “On the Table”

As the “super committee” meets to try to figure out how to reduce the nation’s deficit, several members of Congress and lobbyists are turning their eyes toward Medicare supplemental insurance. A recent article on Reuters, RPT-Limits on supplemental U.S. Medicare plans eyed, highlighted some of the current feelings on the subject held by Washington insiders:

“‘This one is clearly on the table,’ said a lobbyist who has been following “super committee” deliberations on ways to trim federal budget deficits by at least $1.2 trillion over 10 years. But super committee Democrats are unlikely to vote to saddle retirees with new out-of-pocket expenses if Republicans refuse to embrace tax increases for the wealthy.”

While the Reuters article somewhat paints this as a purely political topic, it’s important to point out that there are members on both sides of the aisle who want to leave Medigap (and Medicare) relatively untouched.

Medigap Advocates

Medigap insurance plans have found advocates in a number of sectors. Of course, there are those in the health care industry that see Medigap as a necessary source of health care seniors that should be left alone, and there are seniors across the country who agree. One of the most vocal groups in the support of Congress “keeping their hands off” Medicare supplement insurance is the National Commission of Insurance Commissioners (NAIC):

“The National Association of Insurance Commissioners is urging a special congressional deficit-cutting committee to reject potential changes to Medigap coverage that could disrupt markets and encourage new litigation.

“Any changes that affect in-force policies would be unprecedented, NAIC President and Iowa Insurance Commissioner Susan Voss and other executive board members warned in a letter to Sen. Patty Murray, D-Wash. and Rep. Jeb Hensarling, R-Texas, co-chairs of the Joint Select Committee on Deficit Reduction. Medicare recipients could be denied a benefit “for which they have already paid, in many cases, for years,” the NAIC leaders wrote.” (from Insurance News Net)

 

Again, it’s important to stay up-to-date on the moves Congress is making regarding Medigap insurance, as those moves could change the cost and the level of healthcare coverage you receive.
A qualified Medigap professional can walk you through any recent changes and any potential changes to Medigap. This will give you an idea as to whether or not Medigap coverage makes sense for you, and if it does, which Medigap plan is the best choice to cover your needs.

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Lottery Scam Targets Senior Citizens

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Lottery Ticket Scam SeniorsUnfortunately, it seems that not a week goes by when we don’t have to take time out from discussing the ins and outs of Medigap coverage or tips retirement planning to focus on another scam directed at senior citizens. This could serve as a prime reason to go on a rant about the current state of things in the world, but that’s not what we’re here to do. We just want to make you aware of some of the dangers out there¸ so you’ll be informed and hopefully be able to inform your friends and family.We’ve already talked about ID Theft Scams directed at seniors and a range of other ways thieves have gone after money or property. However, another scam has taken shape, and it’s actually impacted seniors around the globe. It comes in the form of fake lottery winners:“A 78-year-old woman was leaving a hair salon in the 200 block of Dundee Avenue about 11:30 a.m. Monday when she was approached by a man in his 40s who told her he won $26,000 in the lottery and planned to use the money to get home to Ecuador, the report said. A woman in her 20s joined the conversation and said lottery officials would not release the money without $68,000 collateral and the pair promised the woman $9,000 if she would help them get the money, police were told.” (from Trib Local – Elgin)
The pair went on to accompany the woman as she drove to three separate banks, and she ultimately made withdrawals totaling $60,000.

While the level of money stolen in this scam is higher than most, this isn’t the only lottery scam out there:

“According to some employees, senior citizens have been going to a local CVS to load Greed Dot Visa Cards with $300 because they won the lottery and need to put money on the card in order to receive their winnings. Those CVS employees say they’ve been informing senior citizens that they are being scammed and to call local authorities.” (from Lottery Scam targeting local senior citizens)

Reports similar to this one or involving phony sweepstakes winnings have surfaced on CBS News, Wicked Local, the Journal Courier, and a range of other sources.

The CVS employees in the story above have the right idea. If you’re approached by anyone (or solicited by email or phone) claiming to have anything to do with lottery or sweepstakes winnings, do not give them any of your money. Just contact the local authorities and let them handle it.

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Medicare Insurance Beneficiaries Pay Too Much for Medicare Supplement Insurance

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Most Medicare Insurance Beneficiaries Pay Too Much for Medicare Supplemental Insurance

The majority of Medicare Insurance beneficiaries who have Medicare Supplemental Insurance pay more than they need to for the exact same coverage.Medicare and Medical Health Insurance

The truth is, Medicare Supplemental Insurance plans are standardized in most states*. This means that no matter which company that a Medicare Insurance recipient chooses for their Medicare Supplemental Insurance, the coverages will be the same from company to company. Save Money on Medicare Supplement Insurance

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