All posts by David Higgs

Advantages of an Independent Medicare Insurance Agent

Again, I have completed all of my re-certifications for the upcoming AEP to continue being eligible to offer all of the Medicare Insurance plan types in Virginia.  This includes Medicare Supplement plans (Medigap), Part C Medicare Advantage Plans and Part D drug plans.  I have the re-certifications for all of the available Medicare Advantage plans and most Part D drug plans for the Central Virginia area as well as 7 of the most well-known Medicare Supplement plans.

It occurred to me what an advantage this is for clients and prospective clients who contact me with questions about enrolling in Medicare.  As an independent agent, I don’t work for any of the insurance companies, but am licensed, appointed and certified to represent the major Medicare insurers.  This means I can help people navigate through the many options available to them.  I become a one-stop resource instead of them having to contact multiple insurance companies one by one.  Without any bias towards any particular insurance company or type of plan, I help people find the best fit for them based upon their particular circumstances.  And, I don’t cost my clients anything.  You can imagine what they would get if they contacted an insurance company direct.

If you have questions about Medicare, contact David Higgs at David@ChoicesInMedicare.com or go to website: www.ChoicesInMedicare.com.

Medicare and HSA’s Don’t Mix

I recently have had several clients who had questions about their options regarding Medicare and how it affects their HSA.  An HSA (Health Savings Account) is a tax advantaged account designed to pay for qualified medical expenses.  Medicare rules state that contributions cannot be made to an HSA if someone has Medicare, either Part A or Part B.  Medicare rules also state that Medicare is considered primary coverage for employees who are on an employer health plan that work for a company with less than 20 employees.  These rules can all intersect for some people.

So, a couple of scenarios arise for people who have an HSA:

1. If they work for a company with less than 20 employees and are on the employer health plan, they should enroll in Part B to have primary coverage.  But, if they are on a qualified High Deductible health plan with an HSA, they can’t have Part A or Part B in effect.  So, these people will generally be best served by leaving the employer HSA plan and go to Medicare.

2. If they work for a company with 20 or more employees, they do not need to enroll in Part B because their commercial insurance carrier for their employer health plan is considered primary coverage.  Someone becoming eligible for Medicare, can delay Part A and B to remain on the employer HSA plan.  They will need to make sure that Medicare does not automatically enroll them in Part A.

If you have an HSA and accompanying qualified High Deductible health plan, think about your options as you approach Medicare eligibility.  If you have questions, you can contact David Higgs at David@ChoicesInMedicare.com or visit www.ChoicesInMedicare.com

Possible Increase in Medicare Part B Premium Costs

Medicare will be 50 years old this month and Medicare’s Board of Trustees released a report this week that among other things, indicated a possible significant increase in Medicare Part B Premiums beginning next year.  While this increase would potentially affect only about 30% of beneficiaries, it could be significant.  Part B premium increases are common but usually small.  The potential increase would primarily affect new beneficiaries and higher income beneficiaries.  The head of Medicare will make a final decision this October.  The report also reported that the Hospital fund is expected to be solvent until about 2030.  You can read more about the report in the article linked below.

If you have questions about Medicare, contact David Higgs of Choices In Medicare at www.ChoicesInMedicare.com.

http://khn.org/news/good-news-bad-news-in-medicare-trustees-report/

 

Medicare Testing New Bundled Payment Project

Medicare recently announced a new initiative for how they will pay providers for certain services.  They will try a Bundled Payment process for knee and hip replacements beginning in January in certain test markets.  In short, they will make a payment to cover the entire episode including rehab.  Then at the end of the year, they will make adjustments to increase or decrease payments based upon outcomes.  The goal is to improve patient outcomes and reduce costs at the same time.  More info is available in the article linked below.

http://www.richmond.com/business/local/article_6e28d914-ad76-5085-b1fb-d64d9f76b61c.html?_dc=135948543203.99463

If you have questions about Medicare Plans, contact us at ChoicesInMedicare.com

Recent Study on Medicare Advantage Plan Hospital Costs

A recent study was released on average costs for hospital stays for people in a Medicare Advantage plan.  Some of the comments in the article might make someone fear getting a Medicare Advantage plan the way the hospital costs are explained.  In short, these plans are good for people who are relatively healthy, whose doctor participates in the plan’s network and enjoy the low premium costs ($0 in some cases).  While there is a cap on costs called an Out-of-Pocket-Maximum, some people could hit the caps which range from around $3500 to $6700.  Supplements are a good alternative for people concerned about networks and out of pocket costs, but will pay a higher premium.  A link to the article is listed below.

If you have questions about Medicare, contact David Higgs at ChoicesInMedicare.com

http://health.usnews.com/health-news/articles/2015/06/11/some-medicare-advantage-plans-raising-hospital-nursing-care-copays

Part D Drug Plan Penalty

In helping seniors select a Part D Drug plan (PDP), I find a lot of people are confused about the Part D Penalty.  In short, it is a penalty for those that don’t elect a PDP when they are eligible and don’t have other Creditable Drug coverage.  While Medicare will not require anyone to enroll in a PDP, they will assess a penalty of 1% for every month they didn’t have coverage.

For more info on what the penalty is and how it works, you can go to the link below that explains in more detail at Medicare.gov.

http://www.medicare.gov/part-d/costs/penalty/part-d-late-enrollment-penalty.html

For questions about selecting a Medicare Plan, call David Higgs at 804-972-4997 or email: David@ChoicesInMedicare.com.

 

Medicare Coverage Helps with Preventive Care

While Medicare offers great options for more comprehensive coverages, Preventive care is one that is often overlooked.  Prevention is the best way to insure overall health.  Medicare has 2 categories of Preventive care:  “New to Medicare” and Yearly “Wellness” Visit.  To learn more about these types of services, you can go to the link listed below.

http://www.medicare.gov/coverage/preventive-visit-and-yearly-wellness-exams.html

How Difficult is it for Medicare Beneficiaries to Find a Doctor?

One of the more common questions I get from my Medicare Plan clients is regarding their ability to find a doctor who accepts Medicare.  For those that elect Original Medicare and may have a Medicare Supplement, the answer is good news.  Even though there are many news reports that make it seem like doctors are not accepting Medicare, I found data that shows that 91% of doctors accept new Medicare patients on a national average.  I find that it is even higher for patients who continue to see their current doctor.  The data showed that only about 1% of doctors have “opted out” of Medicare.  I searched the internet and the best data I could find was from an article about a year and a half ago that used data collected in 2012.  I will try to keep my clients updated as new data is made available.  If you want to read more about the study, click on the link below.

http://kff.org/medicare/issue-brief/medicare-patients-access-to-physicians-a-synthesis-of-the-evidence/

Don’t Be Bashful Asking Doc About Lower Cost Drugs

The federal government recently released data showing the top drugs and drug costs for Medicare Part D drug plan members.  Not surprisingly, brand name drugs lead the list.  The result is a big portion of the total drug costs go to a few name brand drugs that have generic equivalents.  What does this mean to you?  Ask your doctor if there are generic alternatives that you could use.  It could save you a lot of money.

For more details, go to the article linked below.

http://www.npr.org/blogs/health/2015/05/01/403506160/brand-name-medicines-dominate-medicares-103-billion-drug-bill

Medicare Finally To Stop Using Social Security Numbers as ID

You may have heard about the new Medicare “Doc Fix” bill.  You may not have heard they included a change to Medicare Claim numbers.  In short, they will eventually stop using the Social Security number as the key Medicare ID number.  This change will take up to 4 years to change newly issued cards and up to 8 years to replace existing member cards.  This will be a good change.  Read more about it by clicking the link to the article below.

http://www.nytimes.com/2015/04/21/us/new-law-to-strip-social-security-numbers-from-medicare-cards.html?ref=topics&_r=0