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Medicare Supplemental Insurance Rate Increases

April 8, 2011 By Leave a Comment

One of the most common questions that we get from our customers is regarding rate increases and when they will occur.  Rate increases are when a customer enrolls into a Medicare Supplemental Insurance plan with a particular company, and over time, the cost of the coverage increases.  Depending on which type of pricing method is used depends on when you will most likely get your rate increases.  Medigap policies can be priced in 3 separate ways:

  1. Community-rated: This is where the same monthly premium is charged to everyone who has a Medicare Supplement with that particular company, regardless of age.  Rate increases occur for all ages across the board when they do occur.
  2. Issue-age-rated: Here is where the rate is based upon the age you are when you purchase your policy.  The rate will not ever increase because of age but other factors such as inflation.
  3. Attained-age-rated: The premium here is based upon your current age when you purchase the policy, but as you age the rate increases.  For instance if the rate of a 65 year old is $100 a month, when they turn 66 it might go up to $105 a month.  Almost all of the Medicare Supplement Policies that we offer fit into this category.

As you look for a Medicare Supplemental Policy, you can look at which category the Medigap Policy fits in and get some sort of estimate when rate increases will most likely occur.  But overall, you can’t 100% predict when they will occur.  It is similar to trying to predict if it will rain in a year.  You can look at what the weather has done on that particular day in the past, but that does not necessarily mean it will rain again.  Any agent that tries to tell you they know what rates will do in the future is lying because no agent can tell.

The most important thing to save money is to enroll as soon as you can so that you can “lock” your rate in at the age you are now.  Rate increases will most likely occur in the future, but here at Medicare Benefits Direct, we have a few different ways to help hedge those off.  The first step to helping you save money on your premiums though, is to enroll as soon as possible to get the lowest rate you can.  The younger you are, the cheaper the rate.  So give us a call at 1-800-804-4212 or fill out the form above to speak with a live professional agent and start saving today!

 

Filed Under: medicare supplement insurance, medicare supplement plans, medigap insurance, medigap plans

2011 Annual Election Dates

April 7, 2011 By Leave a Comment

Every year there is a time period for people enrolled in Medicare that is titled “Annual Election Period.”  This period is where individuals who have a Medicare Advantage plan (like an HMO or PPO that have networks for doctors) can switch back to original Medicare and enroll into a Medicare Supplement.  This period is also the time of year when individuals who have a Part D plan (prescription drug plan) can make changes to that.  This period is at the end of the year each year.  However, this year those dates have now changed.

The new 2011 Annual Election Dates are October 15-December 7.  If you fit into the scenario above and make changes during this time, your changes take effect January 1, 2012.

**If you already have a Medicare Supplemental Insurance Policy or Medigap Policy, you can make changes to that policy at any point in time during the year.  For example, if you want to switch to another Medicare Supplement Insurance Company from the current company you have, you are able to do that at any point and time during the year.

Feel free to call us today at 1-800-804-4212 if you would like someone to speak with for assistance.  We can take the confusion out of Medicare!

 

Filed Under: medicare advantage, Medicare Part D Prescription Plans, open enrollment and annual election period

Baby Boomers enrolling into Medicare

April 5, 2011 By Leave a Comment

Recent polls have been gathered to reveal that as a whole, baby boomers fear that retirement may not be a reality in the near future.  An article that was prepared by the Associated Press gives many statistics on this.  You can read the article by CLICKING HERE.

Here are a couple of highlights of this article:

  • Only 11% of baby boomers say that they are strongly convinced they will be able to live in comfort in retirement
  • 44% of baby boomers express little or no faith they’ll have enough money when their careers end.
  • 25% of boomers say they’ll never retire.
  • 6 in 10 baby boomers say their workplace retirement plans, personal investments, or real estate lost value during the economic crisis of the past three years.

Looking at these statistics, baby boomers have without a doubt taken a hit from the recession.

Starting this year, the baby boomer generation is now at the age where it is time to enroll into Medicare.  With more people enrolling into Medicare than ever, there are more people with limited resources than ever.  With that being said, it is VERY important to save as much money on your Medicare Supplemental Insurance or Medigap Policy.

Let us here at Medicare Benefits Direct, help you reach retirement quicker by saving you money on your Medicare Supplement!  We are what is called an independent brokerage firm.  So we can actually do all the shopping for you.  We represent all the major Medicare Supplement Insurance Companies out there.  So we can compare plans with other companies then enroll you into the cheapest plan available.  Even though we represent a number of different companies available, we represent you as the individual more than we do those particular companies.  We have your interest first, before anyone else.

Call us today at 1-800-804-4212 or fill out the available form above to let us give you a quote on Medicare Supplement Insurance or Medigap Insurance today!

 

Filed Under: medicare supplement companies, medicare supplement insurance, medicare supplement plan n, medigap insurance, medigap plans

How do I know what Medicare Part D Drug Plan is right for me?

April 1, 2011 By Leave a Comment

Well, there is a lot to consider, but the process should always start with an up-to-date list of your medications.  These medications, whether you are on name brand or generics, will help to determine which Rx Card will offer you the best coverage and you will then be able to discover your most optimal savings.

Medicare’s website, www.Medicare.gov, is a useful tool in determining your best Drug Card option.  You can input your medications and then the website will list the 40+ coverage options from “best savings” on down.  Looking at Drug Cards there is a lot to consider, and I am here to make all that confusion make sense!

Terms you should know: monthly premium, deductible, co-payment, coverage limit, coverage gap, and catastrophic coverage.

  • The monthly premium (the price you pay to the insurance company before you pay for your drugs). You pay this whether or not you use the card.
  • The annual deductible (a one-time yearly charge that sometimes saves money, and other times is unneeded—this can range from $0-$310).
  • The co-payment is the initial coverage level for your particular medications (this is what co-payment you pay, out-of-pocket for your drug)
  • Coverage limit will occur when the Card’s maximum coverage has been paid by the Drug Card (this will be for the full cost of the medication, not the discounted price you pay).
  • Coverage gap (“Donut Hole”) occurs once the coverage limit has been met. Once you are in the coverage gap, your plan will cover atleast 7% of the cost of generic drugs. You will also only pay 50% on covered brand-name drugs.
  • Catastrophic coverage occurs when you have paid a total out-of-pocket expense of $4,550 (in 2011) per calendar year. This would include all your expenses for medications during coverage and in the coverage gap. Once you are in catastrophic coverage, the Plan will cover drug costs almost completely.

Also, you need to note if the Mail-Order pharmacy option is cheaper for you (sometimes you can get that price at network pharmacies as well just by purchasing 3-month supplies).

Once this understood, you can then determine which of these Rx Drug Cards will cover you the best and what your yearly Prescription costs will be.

Enrolling into the program is simple: call the company of your choice and tell them you would like to enroll.  Outside of your initial enrollment, you may only enroll during one time, once each year. If you already have a Part D Drug Card for 2011, you may shop for a 2012 Rx Card beginning October 15- December 7.

Filed Under: Medicare Part D Prescription Plans, open enrollment and annual election period