Although they were not released in time to make the new Medicare & You 2011, the 2011 copays and deductibles for Medicare Parts A & B are now available.  Here they are compared to 2010 amounts:

Most people will keep paying $96.40 for the Medicare Part B monthly premium.

New Medicare beneficiaries will have a Medicare Part B premium of $115.40 per month (this may be higher for high-income individuals).

Any questions?  Contact us.  We’re here to help!

Beginning November 15, Medicare Advantage and Medicare Part D enrollees have the option to switch from their current plans to other ones.  As explained elsewhere on this site, Benefit Consultants – Midwest does not sell Medicare Advantage plans, so this post will only concern Medicare Part D prescription drug plans.

Unfortunately for Medicare recipients, this time of year tends to be a feeding frenzy for insurance agents specializing in the Medicare market.  Phone calls and mail pieces regarding Medicare Part D deluge Medicare recipients in a flood of largely superfluous information.

Just because a “new” plan has a lower monthly premium than your current plan, that alone will not make it the best use of your premium dollar.  Deductibles, copays, and drug coverage combine with the monthly premium to constitute your total expense estimate for the coming year.  The one with the lowest monthly premium may not end up being the best value for you.  So, how do you compare plans?

1.  If you have a trusted local pharmacist, visit him or her.  Most pharmacies are equipped to compare all Medicare Part D plans in your area based on your current prescription medications and can give you print-outs of the estimates from plans that will cover your prescriptions with the fewest possible restrictions and at the lowest estimated cost.

2.  Do it yourself.  The drug plan finder at www.medicare.gov provides a good tool to compare plans based on your zip code and prescriptions.  Things to look for in a plan are:

• Are all my prescriptions on the plan’s formulary?
• Are my prescriptions covered without restrictions?
• If user reviews are available, how highly is this plan rated?

Once you have narrowed down the list to plans that cover all your medications with the least possible number of restrictions, then you can look at the total annual estimated cost to find the plan that is estimated to be the best value for your money in 2011.

3.  If you have a trusted advisor, such as a Benefit Consultants – Midwest representative, he or she can help you navigate the many Part D choices.  If you are in Illinois and have any questions, please call us at 708-804-0300.

Have you had a Mutual of Omaha or United World Medicare Supplement plan for a few years?  Are your rates going sky high?  We can help!  Especially with the advent of Plans M and N, there are plenty of options to save money on your premiums, while still providing you with quality supplemental coverage to Original Medicare.  If you are in Illinois, call 708-804-0300 today for a free consultation.  Let our experts show you what options are available to save you money!

Rates for the new Medicare Supplement Plan N are available!  If you visit your doctor fewer than 6 times per year, you may be able to save substantially by switching from a Plan F to a Plan N.  For your personalized rate quote, give us a call at 708-804-0300.  We’d be happy to help you!

Yes!  

However, unless you have a guaranteed issue right (see Choosing a Medigap Policy: A Guide to Health Insurance for People with Medicare for information on guaranteed issue rights), you will probably have to go through medical underwriting to be allowed to switch Medicare Supplement policies or buy from a different company. 

Don’t despair of underwriting!  Different companies have different underwriting guidelines, some more strenuous than others.  We assist people in switching Medicare Supplements every day and can help you too!  The easiest way to start is to call 708-804-0300. 

There are several reasons why you may wish to look into replacing your current Medicare Supplement policy:  if you would like to switch to another standardized lettered plan, if you are unhappy with your current insurance company, if your rates are going up and you would like to find a less expensive policy.  Your agent can help you look into your options, including preliminary medical underwriting to assist you in making the best choice for your situation.

Well, you can get some quotes, but not all companies have them available yet.  If you will be purchasing a Medicare Supplement with an effective date for coverage of June 1, 2010 or later, stay tuned.  We will let you know as soon as all our carriers release their Modernized Medicare Supplement rates.   That way you can have all the rate and coverage information possible to assist in making your decision.

Changes are coming to Medicare Supplements effective June 1, 2010.

•  Plans E, H, I, and J will be eliminated.
•  At-Home Recovery Benefit will be eliminated (Plans D and G)
•  80% Part B Excess Charges Benefit will be replaced with a 100% Benefit (Plan G)
•  New Hospice Benefit will be added to all plans
•  New Plans M and N will be created 

If you currently have a Medicare Supplement do you have to switch to a Modernized Medicare Supplement?

No, you may keep your current plan if you are happy with it.  These changes only apply to policies sold after June 1, 2010.

The link below leads to a printable chart showing the benefits of the Modernized Medicare Supplement Plans.

Modernized Medicare Supplement Plans

If you have any questions regarding these plans, give us a call at 708-804-0300.

Let’s answer the second question first.  No, this is not the Open Enrollment Period during which you can buy a Medicare Supplement without answering any health questions.  That Open Enrollment Period is the first six months when you are both 65 or older and enrolled in Medicare Part B.

So, what is the time between January 1 and March 31?  This Open Enrollment Period only applies to Medicare Advantage plans.  Someone in a Medicare Advantage plan may make one plan change between January 1 and March 31 each year with some restrictions, but the change must be to a “like” plan.  For example, if the current plan covers prescription medications, the new plan must also be one that covers prescriptions.

Head back to the BCMIL website for more information.  If you have any questions that aren’t answered there, feel free to contact us by phone at (708) 804-0300 or email Tabitha@benconmid.com