Tag: Medicare Supplement
Most seniors in Illinois choose Medicare Supplement Plan G, due to the low out-of-pocket costs, and coverage for foreign travel. All plans offer a basic level of protection, but there are many different costs and coverage levels between them.
Standardized
Companies are required by law to sell standardized plans. Plan G from one company must include the same coverage as Plan G from another. However, Insurance companies are not required to charge the same amount for plans.
Coverage
Offers 100% coverage for Part A deductible ($1632) as well as coverage for the remaining charge of days 61-90 in the hospital after Medicare pays. For days 91 and beyond, 100% of eligible expenses and 365 extra days of coverage after lifetime reserves are used. Provides coverage for the remainder of any Medicare-approved amount (after Part B deductible is paid in full), 100% of Part B excess charges.
Med-Select Option
Plan G is available in both standard and Med-Select Options. Both offer identical coverage but have different provider requirements. With the standard plan, you can use any provider that accepts Medicare. In the Med-Select option, you pay a reduced premium by using Hospitals in the network for all non-emergency care. It is important to check that your local hospitals are listed before selecting this option. You must live within 30 miles of a network hospital.
Resource:
https://www.medicare.gov/supplement-other-insurance/compare-medigap/compare-medigap.html
MUC50-2017-BCBS
Tag: Medicare Supplement
Medicare Supplement Plans help seniors pay the out-of-pocket costs associated with Medicare. Plans were designed to supplement your coverage. Individuals continue to receive Parts A and B with additional benefits. Some plans will pay your Part A and B costs, while others only partially.
Standardized Plans
The government standardized all plans. Requiring the same plans to include the same coverage regardless of the company that sells them. This makes it easy to compare the cost without keeping track of coverage.
Choices
If a current medical condition requires you to visit a doctor regularly, research plans that pay the full Part B coinsurance or copayment. While it’s not always possible to know the level of healthcare you will need in the future, reviewing each plan’s specific coverage is important. If you will be traveling out of the country, some plans provide coverage for foreign travel.
Cost
Each plan offers different coverage and premiums that vary. It’s important to note the price of the plans between companies, due to they are not required to charge the same amount. You may be able to find the same plan at a lower price.
Guaranteed Issue
There are times outside of open enrollment when individuals may have a Guaranteed Issue Right, eligible without underwriting. If you choose to delay enrolling in Part B because of group coverage, your eligibility period will be delayed until you enroll in Part B. Instead of having six months, you only have 63 days.
Qualifying Events
Employer-provided health insurance coverage is ending.
Joined Part C when first eligible, but, within the first year, would like to return to Medicare.
Dropped a Medicare Supplement to join Part C for the first time and been in the plan for less than a year.
Previous policy or Part C ends through no fault of the individual.
Enrolled in Part C, but moved out of the network service area.
Enrollment
The best time to enroll is when you’re first eligible, during your open enrollment period. This six-month period of time starts when you are 65 or older and enrolled in Part B. During this time, insurance companies must sell all plans at the best available rate, even if you have a pre-existing condition. If you wait more than six months and miss your enrollment, you may not be able to obtain coverage. If you are accepted, the same plan could cost more.
Annual Enrollment
If you miss your open enrollment or don’t have a Guaranteed Issue Right, you may be able to enroll during Annual Enrollment. Companies during this time are allowed to use underwriting as a deciding factor to determine whether to sell you a policy and how much it will cost.
Changing Plans
If you realize that you’re paying for coverage you don’t need, or need more, changing plans may be a good option.
References:
https://www.medicare.gov/supplement-other-insurance/when-can-i-buy-medigap/when-can-i-buy-medigap.html
https://www.medicare.gov/supplement-other-insurance/when-can-i-buy-medigap/switching-plans/switch-medigap-.html
https://www.medicare.gov/supplement-other-insurance/when-can-i-buy-medigap/guaranteed-issue-rights-scenarios.html
MUC67-2017-BCBS
Tag: Medicare Supplement
There are many reasons why you may want to change your Medicare Supplement. You could be paying for coverage you don’t need, or, want more. Maybe you need to change insurance companies or switch to a less expensive plan.
Requirements
To change plans you must be within your open enrollment period that provides you with a Guaranteed Issue Right. You can purchase any plan without being denied coverage, or being charged more due to a pre-existing condition. This period lasts for six months, starting when you first join Part B. If you are within your six-month period, you can change without any restrictions. As soon as this period ends, your guaranteed issue right ends. If you have health conditions, plans could cost more, and companies can deny coverage after your open enrollment period.
Exceptions
There are exceptions to the rule, and times when you have a guaranteed issue right to enroll or change plans outside of open enrollment. If your current coverage misleads you or isn’t compliant with the law, you can change plans with no restriction. If the insurance company providing your coverage declares bankruptcy, you can change. If you drop a plan to enroll in Medicare Part C but don’t like it, you have up to a year to switch back to a Medicare Supplement with a guaranteed issue.
Free Look
You have 30 days to decide if you want to keep the coverage. This Free Look period starts when you first get a new plan and ends 30 days later. Do not cancel your old policy until you are certain you want to keep the new plan. You will be responsible for paying both premiums for one month if you choose to use this right.
Older Plans
Plans sold before January 1, 2006, included prescription drug coverage. New plans do not. Many are no longer offered. If you have an older policy and want to change, understand you may not be able to carry these benefits over to the new plan.
References:
https://www.medicare.gov/supplement-other-insurance/when-can-i-buy-medigap/switching-plans/switch-medigap-.html
https://www.medicare.gov/supplement-other-insurance/when-can-i-buy-medigap/guaranteed-issue-rights-scenarios.html
MUC67-2017-BCBS
Tag: Medicare Supplement
For many Illinois seniors, foreign travel is an exciting part of retirement. Will your Medicare Supplement provide coverage on your journey? Most plans do not provide coverage while traveling outside of the United States. However, some do.
Plans
For all travel outside of the U.S., coverage is provided by plans F, G, and Plan N.
Coverage
With any of the above plans, you have coverage that begins during the first 60 days. The plan will pay 80 percent of the billed charges for necessary services outside of the U.S. after you pay a $250 deductible. There is a lifetime limit of $50,000. Plans are available with no underwriting only during your Initial Enrollment period. If you may be traveling abroad during retirement, prepare ahead by choosing a plan that provides coverage.
In Rare Cases, Medicare Pays
Medicare may pay up to 80 percent for services covered even while you are out of the country. Foreign hospitals are not required to submit claims to Medicare. You will need to submit an itemized bill to be reimbursed.
Medicare Pays for Inpatient Care, Ambulance Services, and Dialysis Treatment
In the United States when a medical emergency occurs and a foreign hospital is closer than a U.S. hospital.
Traveling through Canada en route to Alaska and a Canadian hospital is closer than a U.S. hospital.
On a ship within territorial waters adjoining lands of the U.S. but within 6 hours of a U.S. port.
Live in the U.S. and have a medical emergency, but a foreign hospital is closer than a U.S. hospital.
References:
https://www.medicare.gov/supplement-other-insurance/medigap-and-travel/medigap-and-travel.html
https://www.medicare.gov/coverage/travel-need-health-care-outside-us.html
MUC52-2017-BCBS
