Part One- Special Enrollment Periods

06/06/2012 A Medicare Beneficiary is limited to when and how often she can join change or leave a Medicare Advantage plan, or a Part D, prescription plan: 1. You can enroll in a Medicare Advantage Plan or Part D plan during the intial enrollment period- when you first qualify for Medicare 2. During the Annual Enrollment Period, which begins October 15, 2012 and lasts to December 7, 2o12. you can change how you receive your Medicare coverage, and you can enroll in, change, or drop Medicare Part D coverage 3.  From January 1 to February 15, you can leave your Medicare Advantage Plan and change back to Original Medicare with or without selecting a Part D drug plan. You can’t, however switch Medicare Advantage, such as Keystone 65,  plans during this time period (that can only be done from 10/15-12/7). Outside the above three periods, you can only change how you get your health coverage and enroll in, change or drop Part D drug plan if you qualify for a Special election Period (SEP).  There are, however, several circumstances where Medicare will permit changes to a plan throughout the year. Subsequent blogs will discuss the circumstances that qualify for an SEP. Yes, this can be quite confusing. You can contact Allen Heffler directly at (215) 658-1776 to discuss in greater detail.

Special Enrollment Period- Leaving Employer/Union Coverage

06/11/2012 Under normal circumstance, it is important to sign up for Medicare and a Medicare Plan when you turn 65. There are, however, a few exceptions to this rule. One of those exceptions is if you have employer sponsored health coverage. If so, you may qualify for a Special Enrollment Period (SEP),  where you are able to sign up for Part A and enroll in Part B, as well as enroll in a Medicare Plan, such as a Medicare Advantage Plan through Bravo Health or Keystone 65, when you leave employment. It is important to note that COBRA is NOT considered coverage on current employment, and, thus, does not qualify as an SEP. To avoid paying a higher premium for Medicare Part B, it is important to sign up for Medicare when you are first eligible, such as when you are turning 65 or when you leave employment health coverage.

Medicare Advantage Changes- January 2013

8/30/12 Changes to Medicare Advantage Plans are coming! The good news is it appears that premiums will remain the same, or possibly be reduced. More to follow…

How will Obamacare affect Medicare and my Medicare Insurance?

03/01/2013 I have lost track of the number of clients who have asked me how Obamacare will affect their Medicare Advantage plan. As Obamacare grinds along, many seniors are worried that their Medicare coverage will be cut in order to pay for the rest of Obamacare.  On February 15, 2013, the Centers for Medicare and Medicaid Services (CMS) announced over $700 billion in Medicare cuts over the next ten years. Instead of using that savings to strengthen Medicare, most of the money will go toward Obamacare-coverage for those under 65. Approximately half of the savings will come out of Medicare Advantage Plans.  One out of every four seniors buy privately managed health insurance that often includes added benefits such as vision and dental care or chronic-illness management. In exchange, patients agree to stay within a medical network, which helps insurance companies manage their costs.  Medicare Advantage plans have very high levels of consumer satisfaction. The cuts to Medicare Advantage Plans that were recently announced were much larger than expected.  So much so that many of these plans would be unprofitable.  The result?  Many of these plans would be eliminated and tens of millions of seniors would have to change their Medicare Insurance. CMS will come under pressure to revise or reverse the cuts before they are made final on April 1. Some adjustments are possible, but Obamacare will continue to squeeze Medicare Advantage Plans, and hurt those seniors that are in those plans. Unless it is changed, Obamacare will severely restrict the choices seniors have by forcing them into traditional Medicare.  These changes will become effective January 1, 2014.  Hopefully, CMS will modify these cuts, in order to allow seniors to stay in their Medicare Advantage Plans.  Stay tuned.