Benefits of a Medicare Supplement Insurance Policy

Benefits of a Medicare Supplement Insurance Policy

While Medicare pays a set portion of your health care costs such as hospitalization, nursing, facility care, physician’s services, and supplies it does not cover it all. A Medicare supplement insurance policy assists you pay for some of the charges that Medicare does not cover.  There are many choices you have for health care coverage and it is important that you understand how they all work. Here is a quick look at how Medicare supplement insurance policy differs from other coverage. Benefit #1: Your Medicare supplement insurance policy enables you to see any doctor or provider you wish as long as they accept Medicare. You are allowed to select the health care providers you wish to use. … [Read more...]

2011 Medicare Premiums, Deductibles and Co-pays

2011 Medicare Premiums, Deductibles and Co-pays

The 2011 Medicare premium, deductible and co-pay charges were recently announced and the changes for most seniors will be minimal, unless you’re a high-income beneficiary. Here is a quick snapshot of the announced changes. 2011 Medicare Premiums: Since the Social Security Administration will not be giving out a cost of living increase (or COLA) in 2011, the Medicare Part B premiums for most beneficiaries will not increase either. Thanks to the “hold-harmless” law, which prohibits Part B premiums from rising in any year that there’s no COLA, the 2011 monthly premium will remain at $96.40 for most existing beneficiaries, or $110.50 if you enrolled in the program this year. Unfortunately, … [Read more...]

2010 “Modernized” Medicare Supplement Summary

2010 “Modernized” Medicare Supplement Summary

New laws are bringing many changes to Medicare Supplement (Medigap) insurance plans and policies. Contrary to what many believe, these changes are NOT a result of the recently passed Healthcare Reform Bill. In fact, the changes DO come as a result of HR 6331, known as the Medicare Improvements for Patients and Providers Act of 2008 (MIPPA), which authorized implementation of the NAIC's proposed Medigap modernization changes, approved by the NAIC Plenary in March of 2007. Effective June 1, 2010, companies may offer two new Medicare supplement insurance plans and will stop selling five plans on June 1, 2010. Certain other plans will also have benefits added or deleted. The primary changes … [Read more...]

2010 “Modernized” Medicare Supplement – Questions

Medicare Supplement Insurance Image

Here are few quick Questions and Answers regarding the new 2010 "modernized" medicare supplemental plans released June 1, 2010. Did these changes come as a result of the recently passed Healthcare Reform Bill? Contrary to what many believe, these changes are NOT a result of the recently passed Healthcare Reform Bill. In fact, the changes DO come as a result of HR 6331, known as the Medicare Improvements for Patients and Providers Act of 2008 (MIPPA). When are these changes effective? The 2010 Medicare Supplement changes will be effective on any policy sold with an effective of June 1, 2010 or later. Why were plans E, H, I and J eliminated? Plan E was eliminated because … [Read more...]