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Medicare Supplements
Medicare is a Federal Health Insurance Program for people turning 65 years of age or older. It contains two areas of coverage; Part A and Part B. Part A is an "automatic" benefit and covers Hospitalization. Part B is "voluntary" and contains medical benefits such as regular check-ups at your Doctor's office. It pays for much of your health care, but not all of it, such costs could be, prescription drugs, deductibles, and coinsurance. Six months prior to your 65th Birth Month, you are in "Your Open Enrollment Period". This is a "perfect" time to obtain a Supplemental Insurance policy that covers the "gaps" in Medicare.
SHIIP - Seniors Health Insurance Information Program
There is a "FREE" Tool that is provided by the North Carolina Department of Insurance that is available for your use. It is the "Medicare Supplement Premium Comparison Database" which does historical comparisons on the rates of all supplements available in North Carolina. If you are currently on Medicare and have a Supplement Plan or about to go onto Medicare, this is a "GREAT TOOL" that will assist you in the determination of how competitive your rates will be today and tomorrow.
Remember, many companies offer a Plan F which all have the exact same benefits, the difference is the amount you pay! Below you will find the link to their website. You can search by plans and most importantly, by your age. Once you complete your search, you can see how your supplement rates compares to others. Would you like to know which companies offer the best rates?
Medicare Supplement Premium Comparison Database
Click Here ===>> http://www.ncdoi.com/medisupp/citizen/search.asp
----- Part D Plans -----
Are you searching for a Part D Plan? If so, are you interested in knowing your monthly and annual costs associated with our Part D Plan? If your answer is YES, click on the link below and look for the "Drug Coverage & Pricing Tool". This is a great aid in the determination if any Part D Plan is a good investment or not. You will need to have available your specific medication information; for example, the name of the medicine, the milligram of the tablet, and the dosage. Once you enter this information, you can view a spreadsheet showing your monthly costs and when and if you will enter the "dough-nut hole" of coverage. Be sure and view all three (3) plans, the highest premium plan may save you the most money throughout the year.
AdvantraRx "Drug Coverage & Pricing Tool"
Click Here ===>> http://advantrarx.coventryhealthcare.com/index.htm
Have you turned 65 and are still working?
If so, is your employer providing your Health Insurance? If answers to these questions are YES, the following information is something for you to know and consider. Before reaching the age of 65, you should receive a packet in the mail from Medicare. Inside this packet will be your Medicare Card and a reply card to send back to Medicare. This reply card references your desire NOT to enroll in Part B, at this time. If this reply card is NOT received by Medicare, you will be enrolled into Part B. The premiums (cost) will be deducted from your Social Security check and it will start your open enrollment period. As long as you do not enroll into Part B of Medicare, Your "Open Enrollment Period" will be maintained. You can enroll in Part B at any time in the future. This "Open Enrollment Period" is very important to maintain particularly if you feel your medical conditions will deter you from obtaining a Medicare Supplement policy. If this situation applies to you and you wish to discuss this further, feel free to complete our online "Contact Us" form and one of our representatives will be in touch with you.
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CMS on Friday announced that monthly outpatient care
premiums for about 95% of Medicare recipients will remain
at $96.40 in 2009, the San Francisco Chronicle reports
(Colliver, San Francisco Chronicle, 9/20).
The premium covers a portion of the costs of physician services, home health care and certain durable medical equipment. The outpatient deductible for beneficiaries also will remain unchanged at $135. Premiums for the outpatient benefit, known as Part B, will increase only for single beneficiaries with annual incomes greater than $85,000 and couples with incomes greater than $170,000 (Young, The Hill, 9/19).
The announcement marks the first time since 2000 that rates will not increase, and only the fifth time since 1976 (Freking, AP/Seattle Post-Intelligencer, 9/19). Health care costs increased compared to inflation this year, but other atypical factors led to the static premiums, according to Medicare officials. The AP/Post-Intelligencer reports that $9.3 billion in hospice payments that mistakenly were taken from the outpatient benefit fund from 2005 to 2007 were returned to Part B, helping to offset premium increases. In addition, Part B premiums have increased in recent years in part because Medicare was building reserves to offset changes made to physician payments, but those reserves now are complete. Richard Foster, head actuary for Medicare, said, "It was painful to catch up, but now we have one year in which we can get rid of the catch-up amount and use that to offset the premium increases that otherwise would have happened" (San Francisco Chronicle, 9/20). However, Foster said, "In the future, we're going to have to go back to raising the premiums to match the increase in expenditures" (AP/Seattle Post-Intelligencer, 9/19).
Deductibles for inpatient services will rise by $44 to $1,068 in 2009. The benefit, known as Part A, covers the first 60 days of hospital care, with patients facing daily copayments beyond that point (Carey, CQ HealthBeat, 9/19).
Increase Expected in 2010
The Chronicle reports that the unusual occurrences that led to unchanged premiums in 2009 will not extend to 2010 (San Francisco Chronicle, 9/20). According to CQ HealthBeat, the financial buffer that allowed premiums to remain unchanged in 2009 likely will not exist in 2010 because lawmakers likely will offset a planned 20% reduction in Medicare physician reimbursement rates. "It is reasonably likely (lawmakers) won't let a 20% reduction in Medicare fees stand," Foster said (CQ HealthBeat, 9/19). He added, "Next year is going to be a little ugly, I'm afraid" (San Francisco Chronicle, 9/20).
Comments
AARP in an e-mail statement said, "Lawmakers should not use (the) announcement as an excuse to rest. The average 73-year-old in Medicare has seen his or her premium double since joining the program," adding, "Americans old and young continue to struggle with skyrocketing health care costs" (Chicago Tribune, 9/20). AARP added, "And the weakening economy is only making it harder for people ... to pay health care bills" (CongressDaily, 9/19). Robert Hayes, president of the Medicare Rights Center, said, "News that health care premiums are not going up is rare these days. The stability in the Part B premium is good news for people with Medicare struggling to cope with rising prescription drug costs and medical bills." He said, "Congress and the next president should look closely at the Medicare program as a model for health reform in 2009" (San Francisco Chronicle, 9/20). ________________________________________________________
At Cooper & Associates, we offer Supplemental Plans from four carriers, United World Life Insurance Company, a Mutual of Omaha Company, American Republic, Philadelphia American and United Commercial Travelers. United World Life Insurance Company and Philadelphia American offers some of the most competitive rates within the state of North Carolina. American Republic offers a "Plan J" which contains the most benefits of any Supplemental Plan. If you are looking for a "true" Supplemental Plan, look no further! Give us a call, TODAY! and receive personalized attention for your Medicare Supplement needs.
For more information and to receive multiple plan quotes, complete our "Contact Us" form or feel free to call us right away!
704-748-4885
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