Medigap Plan G – What It Covers and Why It Makes Sense

Medigap Plan G is one of the often-overlooked Medicare Supplement plans. Most agent and consumers look for this: http://www.JuicerReviews.org/, which is the most common and comprehensive plan, first. However, Plan G is a great plan and is very similar to Medigap Plan F (only one benefit difference). For that reason, I believe Plan G to be, in most cases, the most advantageous Medigap choice. It even helps out with the Car accident lawyers, just in case you get into any trouble out on the street, however, it is always important to contact Reid Collins & Tsai depending on the law situation you are involved in.

So, what does Plan G cover? Well, in short, it covers everything that Plan F covers with one exception. The exception is the Medicare Part B deductible. For 2017, this deductible is $183/year. Other than not covering that deductible, Plan G is absolutely identical to Medicare Supplement Plan F.

The benefits that G includes are: Basic Benefits (20% coinsurance, hospice coverage and blood), skilled nursing facility coinsurance, Part A deductible, Part B excess charges, and foreign travel emergency, which are really helpful for people that suffer from vein disorders. These benefits are part of every Plan G because Medigap plans are standardized and gets help from the people from p://www.georgecollinspa.com, at the end of the month they also to a big meeting where they grill with one of the best electric grill out there.

Since the coverage of the Part B deductible is the only difference, it is very easy to compare Plan F and Plan G. If you divide the deductible amount by 12 months, you get the figure $15.25/month. This is the “benefit difference” between the two plans, since all other benefits are identical. So if a Plan G is $20 less than a Plan F, it just makes sense.

Also, and this is something that many people do not realize, Plan G has historically been more rate-stable than Plan F. The primary reasons for this is Plan F is required to be offered on a “guaranteed issue” basis in several situations (i.e. losing employer coverage, losing Advantage plan coverage, etc.). Plan G, on the contrary, is not required to be “guaranteed issue” in these situations. What this means is that Plan F must accept people, regardless of pre-existing conditions, that fall into one of these situations. So on average, the people on Plan F could be less healthier than the people on Plan G, because to get Plan G (unless you are in open enrollment), you would have had to qualify medically. Less healthy people can lead to more claims, and rate increases are based on claims in a certain geographic area, if some of this people are based of negligence of the doctors they could be manage for services as the offered in sites like this https://www.the-medical-negligence-experts.co.uk/.

Lastly, in 2014, legislation passed that set an “end date” to the full coverage Medigap plans, including Plan F. These plans will no longer be available after 2020. At that point, the plans that are no longer available to new members will very likely be less stable over time than other options, including Plan G.

Altogether, Plan G is a great option. While many agents “push” Plan F, doing some simple math can show you that Plan G is more advantageous to you in most cases. If you have questions about Medicare Supplement plans or want to get Medicare supplement quotes, please contact us via our website.

Medicare Annual Election Period Ends – Medigap Enrollment Still Open

The Medicare annual election period ended December 7. This is the time of year that you can change Medicare Part D plans or Medicare Advantage plans, if you are on one of those plans in place of traditional Medicare.Although the AEP is over, you can still make any changes you want to make to your Medigap coverage. Medigap plans do not have an annual enrollment period – you can change plans at any time for any reason, contrary to popular misconception.

If you are on a Medicare Advantage plan, you are locked in to that plan for the year now, unless you disenroll during the short Medicare Advantage Disenrollment Period (MADP), which runs January 1 through February 14. If you do choose to disenroll from your Medicare Advantage plan during this period, you can do so and return to “regular” Medicare A & B and pick up a Medigap plan to fill in the ‘gaps’ in Medicare.

For those on Medigap plans already, it is advisable to compare your Medigap plan to other options on an annual or bi-annual basis. With Medigap plans, rates change annually in many cases. While coverage does not change from year to year, it can make sense to “shop” your rate to make sure you are still getting a good deal.

Fortunately, this is very easy to do when it comes to Medigap plans, as the plans are Federally-standardized. In other words, if you have a Plan F now, you can “shop” other Plan F’s on the basis of rate, with the security that the coverage itself is going to be the same. Additionally, the plans all work in the same way – i.e. you can use them anywhere that takes Medicare, and claims are processed automatically through the Medicare “crossover” system.

If you have not compared your Medigap rates against other options in the last year or more, it is advisable to do so now. Also, if you have a Plan F, now is the time to consider Plan G. Plan G is a better “deal” in almost all cases and will provide annual savings and more rate stability.

If you have questions or want to compare your current rate against what is available, you can request a comparison on our Medicare-Supplement.US website or call us at 877.506.3378.

Time for a Check-Up… A Medicare Supplement Insurance Check-Up

Your doctor or dentist sends you a postcard or gives you a phone call when it’s time for your annual or bi-annual check-up. This is important to your physical health – ensures that any medications are doing their job and being administered in the correct dosages, it can be preventive of future problems, this is why you have to make sure you get a professional from Rockwest Dental where you will know for sure that your health is a priority. In short, it helps to maintain your health. Likewise, doing a periodic check-up on your Medigap insurance is a crucial part of any sound financial plan.

Medigap insurance, if you don’t already know, is the type of insurance that people on Medicare obtain to fill in the gaps in Medicare Parts A and B. These plans are Federally-standardized, so coverage is the same from one company to another. However, costs can vary considerably. For example, the same Plan F with one company may be $145/month while it is $100/month with a different company (all Plan F’s provide the same coverage and work the same way).

For this very significant reason, it is essential to perform a periodic check-up of your Medicare Supplement insurance. I typically recommend that you do this on an annual basis, although I have some clients that do it every two years. Regardless of how often you do it, it is essential that it gets done.

So, what exactly does this look like – a Medicare Supplement check-up? Well, first and foremost, it is essential to understand the basic tenets of Medigap insurance (the terms Medigap and Medicare Supplement are interchangeable). The basic tenets are: the plans are standardized, the coverage is the same from one company to the next, the claims are all paid through the same Medicare “crossover” system, and there is not an annual enrollment period (you can change at any time).

Next, you can simply compare the rates for the plan that you have. If you have Plan F, for example, as around 40% of people do, you can compare other Plan F rates very easily. If you find one that is less expensive, which is very likely if you have been in the plan more than a year, you can simply change plans and realize an instant savings for the same coverage.

Because this is our specialty, we work with many clients who are doing this. Some of the biggest concerns/questions are changing plans and the perceived “risk” of getting with a company that does not “pay as well”. It is important to understand that, with Medigap policies, companies pay through the Medicare “crossover” system, so claims are paid on the same time schedule in the same amount, regardless of company. There are, literally, no experiential differences from one company to the next.

So, what are you waiting for? Whether it is through us (compare Medigap rates) or someone else, get the comparison of the Medigap plans in your area. Compare the rates to what you are paying now and see if you can save yourself some money.

If you have questions about this information or wish to speak to someone directly, contact us on Twitter, email or fill out our quotes request online.

 

2014 Medigap Plans and 2014 Medigap Rates

It is essential to understand that Medigap plans and rates are not mandated to go by the calendar year. That said, many of the companies do choose to change their rates along with the calendar year. Plan coverage, however, does not change – once you are in a plan, you are in that plan unless you opt to cancel it or do not pay the premium.

While the rate changes that may occur on 1/1/2014 have not been announced yet, it is not too early to get ready to compare plans. In fact, it is not too early to even compare the plans if you would like to do so. Since there is no annual enrollment period for Medigap plans, you can compare plans at any time and, if a savings is found, you can change plans for equal coverage and a lower premium.

Most companies do increase rates over time – annually in many cases – and when the rates do go up, it is generally advantageous to compare other options to see if there is a savings to be found.

Over the last 3-5 years, there has been a definite upward trend in rates for Medigap plans, on average, nationwide. However, rates have, on the whole, stabilized somewhat in the last 12 months, as many new companies (or new to the Medigap space) have released plans. This has caused mean rates, in many cases, to actually go down. It is too early to tell what rates will do moving into 2014, but with the onset of the ACA (“Obamacare”), I think it is reasonable to assume that overall health insurance premiums will go up. Although the ACA does not pertain specifically to Medicare products, I believe there will continue to be some effect on Medigap rates.

Another variable that could impact Medigap plans and rates for 2014 is the passage of legislation regarding what plans can be offered. There has been, over the past few years, much talk surrounding the 10 standardized plans and revamping those plans. There have been some changes made already – i.e. the elimination of Plan J, adding Plans M and N – but a common belief is that there will be additional limits on first-dollar coverage at some point in the future.

2014 Medigap plans and rates are still up in the air right now. Although we cannot, in May 2013, foresee exactly what the rates will look like on 1/1/14, we can say without certainty that Medigap plans are now, and by all accounts, will continue to be a vital part of a sound financial plan for those on Medicare. If you have questions about this information or anything else related to Medicare or Medigap plans, you can contact us at Medicare Supplement agency or 877.506.3378. Also, please check back to our website, as we will have more information about changes to Medigap plans or new plans or rates as this information becomes available.

Now that the Medicare Enrollment Period is Over, What Changes Can I Make?

The Medicare enrollment period lasts from October 15 through December 7. This is also called the Annual Election Period, during which you can elect which Part D plan you are going to have for the following year. The enrollment period also applies to Medicare Advantage plans. It does not, however, apply to Medigap or Medicare Supplement plans contrary to popular misconception.

Now that the enrollment period has come and gone, what changes can you make to your coverage? If you have a Medigap plan, you can easily change into another Medigap plan, as long as you are in relatively good health. If you are on a Medicare replacement plan now (i.e. Medicare Advantage), you have until February 14 to “get out” of that plan and return to Medicare with a Part D prescription drug plan. In doing so, you can also pick up a Medicare Supplement plan to fill in the gaps in Medicare.

After February 14, you will be locked in, if you have a Medicare Advantage plan, to whatever plan you have for the remainder of the calendar year.

If, however, you have a Medicare Supplement plan, you can change plans at any time, for any reason, as long as you can meet the new plans medical criteria. There are some exceptions to this if you are still within your initial open enrollment period (6 months from the time you go on Medicare Part B or turn 65) or in some states, which mandate additional open enrollment periods. But generally speaking, as long as you can qualify medically, you can change Medicare Supplement plans.

Additionally, all Medicare Supplement plans are standardized, so they all provide the same coverage. It is easy to compare based on the rates of the various plans. For example, if you have a Plan F, you can switch to any other Plan F and expect the plan to work the exact same way and provide the exact same coverage. Rates for Medicare Supplement plans do vary greatly so this is essential to do on at least a bi-annual basis.

If you have any questions about this information or wish to compare the Medigap plans in an unbiased and centralized way, please call us at 877.506.3378 or contact us on our Medigap quotes page.

Medicare Part D Comparison – Information Is Up on Medicare.gov

The Medicare Part D annual enrollment period starts on October 15. This is the one time of year that you can make changes to your Medicare Part D Rx coverage (unless you fall into one of a few exceptions, “Special Election Periods”).

In some year’s past, Medicare did not post the comparison information in advance of the enrollment period. In response to increasing numbers of “Baby Boomers” and computer-savvy Medicare-eligibles, this year Medicare.gov rolled out the 2013 data at midnight on October 1. This comparative information is essential in comparison the Part D drug plans. Compare the Part D plans on Medicare.gov.

If you are on a Part D Rx plan now, it is highly advisable that you compare the available plans to make sure you have the plan that is most advantageous for you. The 2013 plans have changed dramatically in some cases, although the overall “average” picture is that the plan premiums went up only slightly and benefits stayed relatively the same. That doe not account for each individual plan, which could have changed drastically or stopped/started covering some of your specific medications.

Although this time of year, the enrollment period, does not actually apply to Medigap (Medicare Supplement) plans, many people believe that it does. And actually, it is a good time to compare the Medigap plans, since many companies change their rates on a calendar-year basis. Also, when doing a re-evaluation of your Part D plan, it may make sense to “shop” your Medigap plan as well. These plans are Federally-standardized, so each company is required to offer the same coverage plan. Typically, rates can vary by as much as 50-70% from one company to the next. So if you have had your plan for more than a year, there is certainly some savings to be had. Compare 2013 Medigap plans.

If you would like Medicare-Supplement.US to provide this customized rate quotes information for 2013 Medigap plans, simply request the information online. The Medigap comparative information will be provided to you by email within an hour (during business hours). Not all companies release their rates online, so if you are comparing rates that way, it is imperative to understand that you are not viewing all plan options. If you have questions or would like to speak to someone directly, call 877.506.3378.

Medigap Rates – Who Determines Them and Why Do They Go Up?

Medigap rates change over time. That is, quite simply, a fact. Some companies will be more stable than others – some plans are more stable than others. But overall, all rates, regardless of the company, plan or where you live will change. The important thing is understanding how those rate changes work, when they occur and why they occur. This allows you to minimize the effect rate increases have on your pocketbook and know when to make changes to your plan if necessary.

First of all, rate increases are always approved by the state departments of insurance. Your state is responsible for screening both the increase itself, as well as the size and administration of that increase (i.e. when it occurs). You cannot be singled out for an increase. One of the most common questions that we receive is… “I have not been to the doctor’s office but once all year, so why is my rate going up?” Unfortunately, that is not the way insurance works. Your rate goes up based on the claims experiences of everyone who has that company in your geographical area (usually in your state). So, your rate, when it goes up (not IF, but WHEN) will go up based on a percentage. For example, if your Plan F rate is $100 and the company has a 6% increase on Plan F rates, your new rate will be $106. The company is required to give you advance notice of any rate changes – 30 days in most states.

There are many things that differentiate the increases that companies will have. Besides geographical and claims experience factors, there is also the factor of which plan you have. In other words, most companies have different size increases on different plans. In general, a plan that is not Federally-required to be offered on a “guaranteed issue” basis in certain situations will be more stable over time. The plans that are required to be offered in “guaranteed issue” situations (i.e. losing employer coverage or Advantage plan coverage) are A, B, C, F, K and L. The other four plans would be, historically speaking, more stable over time due to NOT having to be offered in “guaranteed issue” situations.

Now, when your rate is going to go up, you do have some recourse, particularly if you are in relatively good health and are getting a significant increase. There are NO enrollment periods for Medigap plans (When is the Medigap enrollment period?) so you can change plans any time that your rate goes up. It is always advisable to re-evaluate your rates against those of other plan options when your rate goes up.

If you have questions about this or would like a rate quote comparison for the plans available for your age and zip code, please call us at 877.506.3378 or contact us on our website at Medigap quotes from Medicare-Supplement.US.