Will Medigap plans C and F be available in 2020?
Under new rules, Medigap Plans C and F will no longer be available for most people who are enrolling in Medicare for the first time on or after January 1, 2020. The exception is for people who were 65 or older on January 1 and thus eligible for Medicare, but who had not yet enrolled.
Are the Medicare changes that take effect in January impacting you?
These Medicare changes that will take effect in January may impact your decision. Here’s what you need to know to help find the Medicare coverage that’s best for you. Medicare Advantage plans are sold by private insurers who offer the same coverage as Original Medicare. These plans often offer extra benefits such as vision and dental.
What are the Medicare rule changes for 2019?
The changes opened the door to coverage of services such as adult daycare, home-based care, caregiver support, pain management, and safety devices. 1 Although the rule changes came late in the year in 2018, few insurers had time to integrate these changes into their 2019 plans before the October 1 filing deadline. Considering a Medicare Plan?
When does open enrollment for Medicare start and end?
As open enrollment season for Medicare draws near, be sure to take next year’s changes into account as you consider your options. Starting October 15 and ending December 7, people with Medicare will have a chance to change plans or stick with their existing coverage.
When can an agent can start to market 2022 Ma Ma PD or PDP plans?
An agent can start to market 2022 MA, MA-PD, or PDP plans on October 1.
What changes are coming to Medicare in 2021?
The Medicare Part B premium is $148.50 per month in 2021, an increase of $3.90 since 2020. The Part B deductible also increased by $5 to $203 in 2021. Medicare Advantage premiums are expected to drop by 11% this year, while beneficiaries now have access to more plan choices than in previous years.
What is the deadline for choosing a Medicare plan?
When you first become eligible for Medicare, you can join a plan. Open Enrollment Period. From October 15 – December 7 each year, you can join, switch, or drop a plan. Your coverage will begin on January 1 (as long as the plan gets your request by December 7).
What is open enrollment period for Medicare?
Another difference between the two is the timing. Medicare Annual Enrollment is October 15 - December 7, while Medicare Advantage Open Enrollment is January 1 - March 31. Both happen every year.
Will Medicare premium go down in 2022?
Medicare Part B Premiums Will Not Be Lowered in 2022.
What is the Medicare Part B premium for 2022?
$170.10The standard Part B premium amount in 2022 is $170.10. Most people pay the standard Part B premium amount. If your modified adjusted gross income as reported on your IRS tax return from 2 years ago is above a certain amount, you'll pay the standard premium amount and an Income Related Monthly Adjustment Amount (IRMAA).
What changes are coming to Medicare in 2022?
Changes to Medicare in 2022 include a historic rise in premiums, as well as expanded access to mental health services through telehealth and more affordable options for insulin through prescription drug plans. The average cost of Medicare Advantage plans dropped while access to plans grew.
When can I change my Medicare plan for 2022?
During the annual open enrollment period (October 15 – December 7), you can make a variety of changes, none of which involve medical underwriting: Switch from Medicare Advantage to Original Medicare or vice versa. Switch from one Medicare Advantage plan to another.
Who is the largest Medicare Advantage provider?
/UnitedHealthcareAARP/UnitedHealthcare is the most popular Medicare Advantage provider with many enrollees valuing its combination of good ratings, affordable premiums and add-on benefits. For many people, AARP/UnitedHealthcare Medicare Advantage plans fall into the sweet spot for having good benefits at an affordable price.
What is the difference between general enrollment and Open Enrollment for Medicare?
Medicare Open Enrollment: Original Medicare You generally can sign up for Medicare Part A and/or Part B: During your Medicare Initial Enrollment Period, when you're first eligible for Medicare. During the Medicare General Enrollment Period, which runs from January 1 – March 31 every year.
What is the special enrollment period for Medicare Part B?
What is the Medicare Part B special enrollment period (SEP)? The Medicare Part B SEP allows you to delay taking Part B if you have coverage through your own or a spouse's current job. You usually have 8 months from when employment ends to enroll in Part B.
Do you have to reapply for Medicare every year?
In general, once you're enrolled in Medicare, you don't need to take action to renew your coverage every year. This is true whether you are in Original Medicare, a Medicare Advantage plan, or a Medicare prescription drug plan.
What is the Medicare Access and CHIP Reauthorization Act of 2015?
Familiarizing yourself with the Medicare Access and CHIP Reauthorization Act of 2015(MACRA) may help you when explaining the Medicare changes in 2020 to your clients. As always, it’s best to evaluate your clients’ individual needs when discussing their coverage options.
What is the plan D and G?
Instead, they will have two guaranteed issue options: Plan D and G. Plan G will have a high-deductible option beginning in 2020. Your “grandfathered” clients may also purchase a Plan D or G plan, if they wish, but may have to undergo medical underwriting. How Can You Prepare Your Clients for the 2020 Medicare Changes?
Will Medicare change in 2020?
Medicare changes in 2020 will affect what Medigap products you have available to sell, including one of the most popular consumer choices. But with the right preparation, you can organize your portfolio (and your process) to best assist your new and existing clients in the coming year.
Is Medicare Supplement changing in 2020?
The upcom ing 2020 Medicare Supplement changes can be confusing, and even frustrating, to clients who are new to Medicare. Because some clients may be eligible before these changes are put into place, it is important to help them understand that timeliness may affect their coverage.
Plan F Phasing Out January 1, 2020
First up is Plan F phasing out starting January 1st of 2020. There are 3 key points you need to know about this:
IRMAA Bracket Thresholds Changing
There have also been some slight changes to the IRMAA brackets – in 2019, the income threshold was $85,000 for an individual and $170,000 for a couple filing taxes jointly.
eMedicare Initiative Changes
You already know that the Plan Finder tool was revamped for the 2019 AEP – that upgrade is a part of the Trump Administration’s eMedicare initiative.
Part D Donut Hole Going Away
Next up is the Part D Donut Hole. In 2019, it’s going away for brand-name drugs, and in 2020, it’ll go for generics as well. Moving forward, your clients will be responsible for 25% of the cost.
Medicare Advantage Isn't Going Anywhere
Finally, Medicare Advantage enrollment continues to soar in popularity. According to CMS, the average monthly premium is the lowest it has been in the last 13 years, and over 24 million people with Medicare are expected to enroll in MA in 2020.
New! RMD Age Being Increased to 72
This isn't mentioned in the video since it became official after we did the video shoot, but it's important enough to mention it here. Congress recently passed the bill called Setting Every Community Up for Retirement Enhancement Act of 2019, or the SECURE Act.
Subscribe to Our YouTube Channel!
There you have it! Let us know if you have any questions or if our team can support your business in 2020. Thanks for watching, and don’t forget to subscribe to our YouTube channel for more updates like these.
What Will Be the Medicare Changes in 2020?
Medicare Supplement (Medigap) Plans C and F will not be available to beneficiaries who become eligible for Medicare on or after January 1, 2020. These 2020 Medigap changes are a part of the Medicare Access and CHIP Reauthorization Act of 2015 (MACRA).
What Do 2020 Medicare Changes Mean for Your Clients?
Clients currently enrolled in Medicare Supplement Plans C and F, and those clients who become eligible for Medicare prior January 1, 2020, will have “grandfathered” status. This means they can keep their plan and continue to buy these plans after 2020.
Preparing Your Clients: Comparing Plans F and C With Plans G and D
You want to help clients evaluate their long-term needs to prepare for 2020 Medicare Supplement changes. For example, a client may want coverage for the Part B deductible and the flexibility to visit doctors who don’t accept Medicare assignments.
Excelsior Can Help You Prepare for Medigap Changes in 2020
Preparing for changes coming to Medicare in 2020 can give you an advantage for the next enrollment season.
When do you have to change your Medicare Advantage plan?
Many people choose a Medicare Advantage plan when they first become eligible for Medicare at age 65. If you haven’t signed up yet, or want to change your plan, you’ll have to wait for an Open Enrollment Period. These typically run from October 15th through December 7th and from January 1st through March 31st each year.
What is Medicare Advantage?
Medicare Advantage plans are individual health care plans offered by private insurers that supplement your Original Medicare policy. They are required to include all of the benefits included in Original Medicare and may include additional benefits, such as vision and dental care, prescription drug coverage, and more.
What changes will Medicare make in 2020?
The first change: The donut hole closed completely, as of January 1. Contrary to popular opinion, this does not mean drugs will be free. The donut hole is officially known as the Coverage Gap.
What is Medicare Supplement Insurance?
Many people who choose Original Medicare instead of Medicare Advantage purchase Medicare Supplement insurance, also known as Medigap. There are 10 active Medigap plan types, which are identified by letter – like Plan D, Plan K, or Plan M. Medigap helps cover premiums, copayments and additional out-of-pocket costs that Original Medicare doesn’t cover.
New in 2020
We picked through the 2020 update to the 2019 Medicare Communications and Marketing Guidelines to showcase what may affect independent agents, and this is what we found.
Important Updates From 2019 that Still Apply
These updates were all part of the 2019 Marketing and Communications Guidelines. If you didn’t study the changes last year, now’s your chance!
Start Earning 6-Figures
Connect with a dedicated specialist in your market to learn how you can become a TRUE Senior Market Advisor.