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• Switching Medicare Advantage Plans?

  10:02 am on January 18, 2010 Permalink | Reply
  Tags: Medicare Advantage

  Not pleased with your Medicare Advantage plan? Meant to switch before the end of the year, but never got around to it? You have one more chance to change your Medicare Advantage plan for 2010.

   If you didn’t get it switched during the November through December annual election period, you have one more opportunity to switch plans during what is called the open enrollment period from January 1 – March 31.  Here’s a link to a tip sheet from Medicare on enrollment periods and what you can do.

  During the open enrollment period you can change Medicare Advantage plans if you feel you have the wrong plan.  Only one change per year is permitted.  So even if you changed plans in the recent annual election period (Nov. 15 – Dec. 31) you may be able to change plans during the open enrollment period January 1 – March 31.

  Changes that can be made during the Open Enrollment Period include:

   *Medicare Advantage Plan with prescription Drugs (MA-PD) to a different MA-PD

  *MA-PD to Original Medicare and a stand-alone Prescription Drug Plan (PDP)

  *Original Medicare and a PDP to an MA-PD

  *Medicare Advantage Plan without Prescription Drugs (MA) to a different MA

  *Original Medicare to an MA 

  Remember that if you switch from a Medicare Advantage Plan to Original Medicare (Part A and Part B) and want to purchase a Medicare Supplement plan you will likely to need qualify for the Medicare Supplement Plan by going through underwriting. That means that will look at your current health conditions and decide whether or not you qualify for their insurance policy.

   So make sure you don’t drop your Medicare Advantage Plan until you know that you are approved for a Medicare supplement plan to compliment Original Medicare.  Original Medicare only covers a portion of the costs (generally 80%), so a Medicare Supplement Plan is a wise way to cover the remaining health care cost risk.  It is best to work with an insurance agent or company who is knowledgeable about Medicare health plans.

   Resources:

  Understanding Medicare Enrollment Periods tip sheet

   Medicare.gov

   Medicare and You 2010 government brochure 

  Longevity Alliance – Information and quotes on a choice of Medicare Health Plans

  
   

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• Have to Find a New Medicare Plan? Start Looking Now!

  3:13 am on October 12, 2009 Permalink | Reply
  Tags: Medicare (9), Medicare Advantage, Medicare Part D (5), Medicare supplement

  Across the country hundreds of thousands of people are finding that the Medicare health plan they have is being discontinued.  Other looking at higher rates next year for medicare Advantage or Part D plans wonder if there is a more affordable Medicare plan available. 

  Some of the plans that have been impacted are Medicare Advantage plans .  Those are plans that require you to use a network of doctors.  But they also usually include prescription drug coverage, dental, vision or even gym club memberships. For example, Blue Cross Blue Shield of Texas has announced it wont be renewing its Medicare Advantage Blue Medicare PPO contract.  Many private-fee-for-service (PFFS) plans have been discontinued. Coventry, HealthNet and Aetna are among the companies that said they are leaving the private fee-for-service market effective Dec. 31.

  So what are your options? 

  • Consider another plan from the same insurance carrier,
  • Look at similar plans from other insurance carriers, or
  • Look at a different type of coverage – perhaps Original Medicare (Part A and Part B) with a Medicare Supplement plan and a Part D prescription drug plan. 

  How do you know what’s right?  Know the differences between the two types of plans.  Then, start shopping.  The annual  election period for Medicare Part D plans and Medicare Advantage plans has started.  If your plan is being discontinued you have a special election period that began Oct. 1 during which you can return to Original Medicare and apply for a Medicare supplement plan that would be effective Jan. 1.   For these particular situations you may be able to apply now — you don’t have to wait until Nov. 15.

  If you are seeking to change plans because of personal preference, you can’t apply for a new policy before Nov. 15, you can start requesting information and comparing the options. 

  Confusing?  It can be, so get started right away and begin by knowing your deadlines.  When you speak with insurance companies and insurance brokers now, they have more time to go through the options with you.  Prices from different carriers can vary widely, so make sure you compare at least 2 or 3 companies.

   Here are five tips to get you started:

   1.  Start shopping right away if your plan is cancelled or you have seen a significant increase in prices.  First, decide what type of plan are you looking for:  Medicare Advantage,  or Medicare Supplement + Part D? Medicare Supplement usually gives you more choices but can cost more.  Medicare Advantage plans require you to use a network of doctors. Depending on whether you current plan is being cancelled, you may be able to go ahead and apply right away.

   2. Contact a broker who specializes in Medicare and has a choice of companies.  Or go to http://www.Medicare.gov and try the comparison tools to identify different companies. If you have a PFFS plan and it has been cancelled, you probably have guaranteed issue provisions that allow you to move to a Medicare Supplement plan without the normal underwriting restrictions.  Ask your agent to check.

   3.  Read the material.  Especially if you are switching from a Medicare Advantage Plan or PFFS (private-fee-for-service) plan to Medicare Supplement and Part D so that you understand the differences in premium costs, out-of-pocket costs and benefits.  Make a list of what’s most important to you in the plan you have and have it handy as you read through different plan options. If you are swithcing to a medicare supplement plan, make sure you know whether or not you will have to go through underwriting to qualify.

   4.  Know what type of insurance your doctor takes.  If you want to stay with the doctor’s you have, or having access to certain hospitals is important to you, check to find out which plans they take. 

  5.  Don’t wait.  The sooner you understand the choices and compare costs, you’ll be ready to apply now or by the Nov. 15 deadline.   

  It is stressful having to replace a health insurance plan, especially when you weren’t planning on it.  Upfront planning can help ease the stress and give you time to make sure you’re making the right decision for 2010. 

  Resources:

  Previous Post on 2010 Medicare plans

  Read this article from the Philadelphia Inquirer about policy cancellations.

   Medicare Website for Comparison Tools

   Read the CMS announcement

  Longevity Alliance Medicare Health Plan Information

  
   
• Medicare Part D and Medicare Advantage in 2010

  9:08 am on October 5, 2009 Permalink | Reply
  Tags: Medicare (9), Medicare Advantage, Medicare Part D (5)

  If you are one of the 11 million people enrolled in a Medicare Advantage plan, now is the time to review your plan and make sure it meets your health care needs. Also, it is time to shop and compare if you are one of the nearly 27 million people enrolled in stand alone Part D prescription drug plans.

  You’ll be seeing a lot more advertisement about Medicare plans over the next several months.  That’s because we are in what is called the “Open Enrollment Period” for Medicare beneficiaries. Marketing began Oct. 1, and you’ll be able to begin applying for a different plan, if appropriate, beginning Nov. 15. The rules and timeframes are a bit different for Part D and Medicare Advantage (see timeline at the end of the article).

  How important is this?  Pretty important if you have had changes in your medical condition over the past year and or been notified of major changes in your plan for 2010.  Also, some plans are being withdrawn from the market – notably plans called private-fee-for-service (PFFS) plans. Medicare estimates about 700,000 people will have to change because plans are no longer available.

  How do you know if you are impacted by any of these changes? You receive an Annual Notice of Change from your health plan that will alert you to changes in plan availability, price and/or coverage.

  For Medicare Advantage plans, the average premium increase is $39, up about $7 from last year, according to the Centers for Medicare and Medicaid Services (CMS).  But, plan changes vary widely by region.  For example, according to an analysis by the Kaiser Family Health news, those enrolled in the least expensive Blue Cross plan in Philadelphia will see their premiums go to $52 from zero.   So, don’t set it aside –read you Annual Notice of Change.

  So, what steps should you take this open enrollment period?

  1.  Read your Annual Notice of Change when it arrives from your Part D or Medicare Advantage plan.  Take note of changes in premium, benefits and co-pays, if any.  That way you can determine the real cost of changes to your policy.

  2.  Significant health changes in the past year can be a trigger for plan comparisons. If you have had significant changes in your health, particularly in your prescription drugs, you might want to check and see if there are other plans that would be better now. It could be a different plan from the same company or a totally different insurance company

  3.  Compare.  There are many tools available for comparing plans and prices: Part D compare on the Medicare site  Also, you can check with an insurance  broker who represents a choice of companies.  They can compare plans for you.  Make sure you have your current plan information and a list of the prescription medications you are currently taking.

  4.  Watch the deadlines.  Don’t wait until the last minute to apply if you are going to change plans.  Applications can be taken beginning Nov. 15.  So October is a perfect time to do your comparison shopping.

  More information about open enrollment from Medicare  

  Important Dates for 2010 Medicare Advantage & Part D Rx Drug Enrollment

  October 1 – Marketing begins for 2010 Medicare Advantage & Part D Rx Drug plans

   November – “Medicare and You 2010 ” arrives in the mail from Medicare

  November 15th – Annual enrollment begins for Medicare Advantage & Part D Rx Drug plans

  December 31 – Enrollment deadline for 2010 Part D Rx Drug plans.

  March 31 – Enrollment deadline for switching Medicare Advantage plans for remainder of 2010.