Tag Archives: Medicare

Medicare Supplement Changes- Rumor Control!

Upcoming changes in the federal laws will affect the availability of certain Medicare Supplement Plans for certain Medicare beneficiaries. A new federal law, called the Medicare Access and CHIP Reauthorization Act of 2015 (MACRA), will affect the availability of certain Medicare Supplement Plans issued to newly-eligible Medicare beneficiaries on or after January 1, 2020. The Medicare Supplement Plans affected by MACRA are ones that cover the Medicare Part B deductible.

Here are a few key points:

  • Existing Policyholders on Plans C, F, and HDF/F+ are NOT affected by this change. Their existing coverage continues so long as premiums are paid on time.
  • Medicare Supplement Plans C, F, and HDF/F+ will not be available beginning January 1, 2020, for newly-eligible Medicare Beneficiaries.
  • Newly-eligible Medicare beneficiaries are defined as anyone who: (a) attains age 65 on or after January 1, 2020, or (b) who first becomes eligible for Medicare benefits due to age, disability, or end-stage renal disease on or after January 1, 2020.
  • New High Deductible Plan G to be introduced January 1, 2020.

Medicare Costs for 2019 Released

Description 2018 2019
Part A Inpatient hospital deductible $1,340 $1,364
Daily coinsurance for 61st-90th Day $ 335 $ 341
Daily coinsurance for lifetime reserve days $ 670 $ 682
Skilled Nursing Facility coinsurance $167.50 $170.50
Medicare Part B annual deductible $183 $185
Medicare Part B standard monthly premium $134 $135.50
High-Deductible Plan F $2,240 $2,300
Plan K out-of-pocket limit $5,240 $5,560
Plan L out-of-pocket limit $2,620 $2,780

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.

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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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