Tag Archives: Medicare

Medicare And Prescription Changes

A lot is happening in the Rx Market this year.  In case you missed it, Aetna has been purchased by CVS health, which has been approved by the DOJ.  As part of this purchase, however, they have to sell Silverscript, the Medicare Rx Program.  This is set to happen around the first of the year, to WellCare.  In the meantime, Silverscripts prices have gone up and Aetna looks much more competitive, and we expect a lot of changes this year.

Walgreens bought Rite Aid and is in the process of consolidating stores and plans.  No word yet on what will happen to Rite Aids’ Envision Rx program, and Walgreens has maintained its deal with AARP.

It is important that Seniors check their prescriptions EVERY year, as this is the time of year when everything changes.  It is too late to change in January when you discover your medication is no longer covered!

 

 

Medicare To Provide More Benefits For Chronically Ill

From Allwell Centene:”

In what the New York Times (6/24, Pear, Subscription Publication) calls “a rare instance of bipartisan cooperation on a major policy initiative,” the Trump Administration and Congress are “revamping Medicare to provide extra benefits to people with multiple chronic illnesses, a significant departure from the program’s traditional focus that aims to create a new model of care for millions of older Americans.” The changes, says the Times, “tackle a vexing and costly problem in American health care: how to deal with long-term illnesses that can build on one another, and the social factors outside the reach of traditional medicine that can contribute to them, like nutrition, transportation and housing.” The additional benefits “can include social and medical services, home improvements like wheelchair ramps, transportation to doctor’s offices and home delivery of hot meals.”

Medicare Scam centers on new cards

Fox News is reporting that, while all seniors will get new Medicare Cards this year, scammers are trying to get you to give you your new 11 digit number, along with other personal information.

A reminder that you should NEVER give this information to someone you do not know.  Also, there is no fee for this new card.

The full article is here.

Budget Deal helps Seniors with RX costs

From Bloomberg, 4/6/18.  Click here for full article

Deep in a budget deal Congress passed earlier this year — just 118 words in Section 53116, a little before passages on prison reporting data and payment yields for seed cotton — was a hit to pharmaceutical companies that will cost them billions, and could signal more losses to come.

Despite an intense lobbying push, lawmakers changed a Medicare rule, putting manufacturers on the hook for more of seniors’ prescription costs. The companies will have to offer a much more generous discount to beneficiaries who fall into the so-called donut hole coverage gap, marking down retail costs by 70 percent instead of the current 50 percent.

It was a rare defeat for some of the biggest spenders in the political influence game and raised new questions about how they’ll fare in upcoming battles. Lawmakers have introduced bills that would squeeze the industry, and President Donald Trump has said he will roll out proposals this month to curb drug prices.

Medicare issuing new ID numbers

CMS will soon begin mailing out new Medicare cards to all beneficiaries that contain NEW Medicare Beneficiary Identification (MBI) numbers. The new Medicare identification numbers will no longer contain Social Security Numbers and are intended to help protect individuals’ identities. Below is important information related to the issuance of new Medicare cards:
  • New Medicare cards will be assigned to all Medicare beneficiaries
  • The new cards will contain an 11 character identifier that is unique to each beneficiary
  • The mailing will occur between April 2018 and April 2019.   Beneficiaries should be patient; they may receive their card at a different time than a friend or neighbor
  • Once beneficiaries receive their new card they are encouraged to destroy their old card and begin using the new card right away
  • This does not affect your ID card with your  Health Plan.
What you should do:
  • Please let us know as soon as you have your new number.   Click here to see how beneficiaries can update an address with Social Security:
Health Plans will update member’s files as CMS informs us of the beneficiaries’ new identification number, through 2019.
CMS will continue to accept existing Medicare numbers through 12/31/2019; however the transition will be easier if you submit enrollment forms using the new Medicare number whenever possible.
October 2018
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Reeve Conover is a Registered Representative. Securities offered through Cambridge Investment Research, Inc., a Broker/dealer member FINRA/SPIC. Cambridge and Conover Consulting are not affiliated. Licensed in SC, NC, NY, CT, NJ, and CA.
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