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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

How Will Health Care Reform Affect Medicare and Medicare Advantage

May 27, 2010 By Leave a Comment

We get many questions about the health care overhaul and how it might affect Medicare and Medicare benefits, including Advantage plans. Below are answers to many of the most common questions.

WILL THE LEGISLATION CUT MEDICARE BENEFITS?

Traditional Medicare will have no cuts in benefits or funding.

Almost all funding cuts are to Medicare Advantage plans – a program that uses private firms such as Humana and UnitedHealth Group to deliver Medicare benefits. Many of these plans offer extra benefits and since these plans are funded by government subsidies the cuts will bring them more inline with traditional Medicare.

The payments to Medicare Advantage plans will not go away immediately. They will be frozen in 2011 and then gradually reduced so companies have some time to make adjustments.

ARE THERE ANY MEDICARE BENEFIT CHANGES IN THE BILL?

Yes. Medicare will begin paying for annual wellness visits and increase reimbursements for primary care physicians. Because regular check ups are viewed as a way to prevent more costly treatments, it is in the Medicare programs best interest to pay for an annual well visit.

In addition, the bill attempts to improve the Medicare Part D program by working to eliminate the “donut hole” where there is a gap between costs to the individual and when benefits kick in.

In 2010, people who fall into the doughnut hole will get a $250 rebate. In 2011, they will get a 50 percent discount on brand-name drugs. By 2020, the doughnut hole will have been closed and 75 percent of drug costs will be covered.

HOW DOES MEDICARE ACHIEVE OTHER SAVINGS?

Hopefully, the legislation could create better efficiency in the market by reducing cost variations from one location to another.

Studies have shown that cost in different parts of the country vary greatly with no real difference in the effectiveness of the treatment in higher cost areas. The plan is to coordinate payments so market variables don’t play as big of a roll.

We don’t know if this will work, but this is why we believe in Medicare Supplement Plans that don’t depend on government funding for success in paying your medical expenses.

The bill also provides more money to fight Medicare fraud. This type of fraud cost the taxpayers and the Medicare recipients both money and quality of care.

WHAT HAPPENS ON THE MEDICARE PAYROLL TAX?

Most taxpayers will not pay the higher Medicare payroll tax. But the legislation does call for raising the tax to 2.35 percent from the current 1.45 percent for individuals earning $200,000 or more and for couples earning $250,000 or more. The legislation would also apply the tax to some investment income for those high-income groups.

If you have any questions or concerns about protecting your benefits as these changes occur, don’t hesitate to contact one of our Medicare Insurance Specialists.

Filed Under: medicare advantage, Uncategorized Tagged With: , , ,