September 25, 2016

Useful Information

2017 Prescription Drug Plan (PDP) Cost Changes vs. 2016The Centers of Medicare and Medicaid (CMS) increased the 2017 Medicare Part D standard defined benefit amounts vs. 2016.  The chart below highlights the 2017 levels for the 4 coverage periods: Deductible Period, Initial Coverage Period, Coverage Gap (the Donut Hole), and Catastrophic Period.  For additional details and comparison to 2016 levels, click the link for an article prepared by Segal Consulting, a National Benefits, Compensation, and Human Resources Consulting firm.  LINK**to PDF of article

Medicare Part D Cost Sharing in 2017

Your Medicare Supplement / Medigap Plan – reminder about your benefits 
When you enrolled in a Medigap Plan, it was for a reason.  While the advertisements and mail you receive over the next few months may be confusing and even misleading, I’ve listed some of the key features of your Medigap plan as a reminder of the value your policy provides.

Some key benefits of your plan are:

• All Medicare Supplement Insurance (Medigap) Policies are standardized and must follow federal and state laws designed to protect you.
• Low Predictable Out-of-Pocket Costs: Plans pay most or all deductibles, co-payments, and co-insurance costs that Medicare doesn’t cover.
• No Provider Networks or Referrals: Freedom to visit virtually any doctor that accepts Medicare (approximately 95% of providers)
• Guaranteed Renewable Coverage: As long as you pay your premium.
• Coast-to-Coast Coverage: Just like Medicare, your supplement insurance plan covers health care needs anywhere in the United States…and most plans provide emergency coverage when travelling abroad.
• Bills are Processed Automatically:  So you don’t have to keep track or pay them during your doctor visit.
• You are in a good place.  Don’t be misled by advertisements.  With that said, if you think there is a better option for you, please don’t hesitate to call to discuss and we can review the pros and cons to help you make an informed choice.

September 25, 2016

2017 Medicare Annual Open Enrollment (AEP) What you Need to Know

By now, you’re probably already being bombarded with mail and advertisements about the upcoming Medicare Annual Enrollment Period (AEP), which takes place each year from October 15 to December 7.  This may cause confusion so allow me to clarify key actions.

1. Your Medicare Supplement Insurance Plan – No Action Needed

AEP does not apply to the Medicare Supplement Insurance Policy you currently own.  Your plan is guaranteed as long as you make your payments.  Don’t confuse your Medicare Supplement Plan with Medicare Advantage Plans.  One of the key advantages of your plan is that BENEFITS NEVER CHANGE and YOU NEVER NEED TO REAPPLY.

2. Your Medicare Part D Prescription Plan – Take Acton and Review Your Current Prescription Plan It’s important to review your Medicare Part D plan for two reasons – 1. Plans change each year and 2. Your prescriptions may have changed.During September, your current prescription plan provider will send an Annual Notice of Change (ANOC) Package for 2017 explaining any changes to your current Medicare Part D Prescription Plan.  Please take the time to make sure your 2017 plan still covers your medications and meets your needs.  You are permitted to replace your current prescription plan with a new plan during the AEP if you find a better one.
As a complimentary service, I’ll be happy to review your current prescription plan versus other 2017 Medicare Part D Plans.  

I’ll be conducting PDP Plan reviews from 10/1 until 11/15.  If interested in a complimentary comparison, please note the following:

•  I will be mailing you a package with instructions for requesting a plan review.
•  There is specific information you need to provide:

• Scope of Appointment form – required by Medicare in order for me to run plan comparisons
• Current Medications form – name, dosage, frequency, and preferred pharmacy name
• To guarantee your analysis, please return your forms by November 1 to provide adequate time to prepare your analysis.

Over the year, many of you have referred friends and family and I certainly appreciate the vote of confidence.  If you know anyone who might benefit from my services during the especially confusing Annual Enrollment Period (AEP), I’ll gladly help.