The team at FairStreet had to overcome my built-in skepticism. One aspect of their company that they inadvertently revealed to me was that they were not a sales company. They had a different approach and perspective. The emphasis was on providing clear information for appropriate analysis of Medicare options. This is what we need in the senior Medicare market. We need less emphasis on sales and more focus on education, information, and beneficiary compatibility with the Medicare plans.
Posts focusing on Medicare Parts A, B, C and D, Medicare Advantage, Supplements, changes in benefits, enrollment.
Medicare Prescription Drug Extra Help for 2023
There are 2 levels of extra help, full and partial. With full extra help, there is no plan premium, plan deductible (if the Part D plan has one), and prescription drug costs are capped at $4.15 for a 30 day supply of generics and $10.35 for brand-name drugs.
Community Rating Versus Attained Age Medicare Supplement Rates
Comparison of how community rated and attained age rated Medicare Supplement plans differ and discount to make them competitive.
Creating a spreadsheet to compare Medicare Advantage plans
Once you know which plans support your providers, you can begin to build your benefit comparison spreadsheet. I have broken this spreadsheet into 3 categories: medical, prescription drug, and supplemental benefits. I created a fictitious plan sponsor, Solar System Health Plans, and fictitious plan names: Mercury 212, Venus 72, and Saturn 25. The benefits and costs are similar to what might be available in your area.
All Medicare Advantage Telephone Calls Must Be Recorded for 2023
Part of the blame for the increase in complaints lies with Medicare. First, Medicare allows plan sponsors of the Medicare Advantage plans to offer multiple plans with almost identical names. Second, Medicare is allowing the plan sponsors to offer non-health supplementary benefits – benefits not covered by Original Medicare – within the Medicare Advantage plans. These two elements lead to confusion on the part of the beneficiary and agent when comparing multiple plans.
Cost Benefit Analysis of Medicare Supplement Plans
In a switch from saving in a bad health year, Plan A with lower benefits delivers more savings than Plan G for the 65-year-old. This is because the premiums are lower and the only Medicare expense category covered is the Part B coinsurance. At age 75, because of the higher premiums, it costs the plan member more in premiums for the Medicare Supplement Plan A or G than the plans deliver in cost savings.
Non-MAGI Medi-Cal Asset Limit Increases to $130,000
The higher asset limit applies to non-exempt assets. Generally, assets exempt from the calculation are an individual’s house as a primary residence, one car, burial plot, up to $1,500 in a burial expense account, furniture, and other household and personal items. What has stymied many people from being eligible for some Non-MAGI Medi-Cal programs are the non-exempt assets such as savings accounts, stocks, bonds, or other assets that could be liquidated to pay for health care services.
Dental and Vision with Medicare Advantage Plans, Are they a Good Value?
A health plan without your preferred doctors is not health insurance. Similarly, dental or vision benefits without it being accepted by your preferred dentist or optometrist is just a selling gimmick. Consequently, before favoring a Medicare Advantage plan because of the dental or vision benefits embedded in the plan, it is important to learn about the network of providers and if your preferred doctor is in the network.
What will Medicare Cost in 2022: Deductibles and Premiums
There are a couple different ways to structure Medicare coverage. In the absence of any extra help from Medicaid or Social Security for Part D prescription drug coverage, the average Medicare beneficiary will realize the $170.10 for Part B and approximately $35 (national average) for a Part D plan. If the beneficiary adds a Medicare Supplement to cover most of the deductibles, copayments, and coinsurance of Original Medicare, there could be an additional cost of approximately $150 (Plan G in California.) That brings the monthly insurance costs up to $355.
Medicare Part D Prescription Drug Comparison Confusion
In California there are 32 different Part D plans offered by 11 different insurance companies. One plan sponsor offers six different plans. The only thing that differentiates these plans at first glance are the marketing names like Basic, Choice, Classic, Enhanced, Plus, Saver, Secure, and Value. These monikers are marketing gimmicks and tell the Medicare beneficiary nothing about the benefits of the plan.