Happy Medicare Advantage New Year!

Happy New Year and Congratulations if you have a new Medicare Advantage Plan for 2020!  I am very excited for the new year and I resolve to make sure all my clients make the most out of your Medicare Advantage Plans this year and beyond!  Here are some tips to help you make the most out of your benefits:

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- Be sure to let your providers know if you have a new plan for 2020 so they can properly process your claims.

- Be sure to stay in network!  PPO plans offer out of network coverage; however you will pay more so when you make your appointment, you should double check.  Most providers will "take" a PPO plan so be sure to ask if they are "in network".  If you have an HMO you must stay in network.  Your provider should know when they refer you as long as they have your updated insurance information.  HMO plans do not normally have out-of-network benefits so being sure you are in network is more important for you.

Avoiding the Medicare Penalty Box

by Marc Manor

Relative to most individual healthcare plans, many people find Medicare a significantly less expensive alternative with more coverage and lower deductibles.  After all, if you have been employed throughout your life, you have been paying into the Medicare system and have earned the Medicare Benefit!  If you have been employed for 10 years or more, it is likely your Medicare Part A will have no cost and your Medicare Part B will be only $135.50 per month* for most people (*Part B premiums are higher for higher income earners).   Medicare costs can be found here:  

https://www.medicare.gov/your-medicare-costs/medicare-costs-at-a-glance#collapse-4809

Courtesy of canva.com

To take full advantage of the value of your Medicare benefits, it is best to avoid late enrollment penalties.  There are late enrollment penalties for Medicare Part B and Part D and with so many low-cost options available, there are few reasons that would justify putting yourself in the Medicare “Penalty Box.”  Sometimes people seem surprised and are frustrated by the penalties.  They claim they just aren’t fair.  I understand how someone must feel but Medicare justifies these penalties because they base their rates and calculate their risk based on eligible beneficiaries in the pool of enrollees.  But you won’t care about why they penalize you for being late. So, let’s talk about the penalties and some ways you can stay within the rules and avoid them!

Preparing for Annual Medicare and Healthcare Insurance Renewals

By Marc Manor

With Medicare Annual Enrollment Period (AEP) and Healthcare Open Enrollment right around the corner, I thought annual renewals would be a timely and appropriate subject for this week’s blog.  Many of our clients want to know what this means to them. People looking for healthcare or a change in providers want to know when and how they can make those choices when the time comes.  Because AEP and Open Enrollment  coincide with the holiday and shopping season, it’s important to have a plan before the throws of shopping and family consume us. Here are some questions to consider:

Courtesy of pexel.com

Is my current Medicare or healthcare plan the right fit?

If your Medicare or healthcare plan is providing you with all the coverage you need, and it fits your budget, then you should likely stay with where you are.  Your provider probably already has the information they need and you have become familiar with the benefit schedule, co-payments etc.  If this is the case, you may want to just stay put and roll into next year with the same plan. 

I got a letter about “renewal” what does this mean?