August Medicare Must-Knows

By RetireMEDiQ

RetireMEDiQ strives to keep individuals informed about the latest Medicare news. Each month, we recap the top information consumers need to know about recent developments in the Medicare industry and how it may affect you.

Medicare’s Annual Enrollment Period (AEP) is Coming Up!

Each year, Medicare beneficiaries are allowed a period from Oct. 15 to Dec. 7 to consider their satisfaction level with their current plan and even enroll in a new plan if they are actively dissatisfied.

While in years’ past, we have encouraged our clients to set up an appointment with us to review their current plan during AEP, the need for this action has diminished greatly due to the stabilization in the market.

As we discussed last month, we expect that the plans that will be released in 2019 will have the same benefits or even be slightly improved when compared to the ones released in 2018. Moving forward, we suggest that you consider changing plans only when your health needs change!

If the plan you are on today is meeting your needs and you do not have specific complaints about it, you do not need to consider other plan options. However, if your needs have changed in the past year, contact our Client Services team at 1-877-222-1942 to discuss your next steps.

Enrollees in Medicare Supplement F Plans May Benefit from Plan G 

Plans F and G are the only Medicare Supplement options that cover emergency medical costs outside of the U.S., which is one of the many reasons Medicare beneficiaries choose these plans each year. According to the Gorman Health Group, Plan F was chosen by 55 percent of Medicare enrollees in 2015. It provides the most coverage and is the costliest Medigap plan.

However, in 2020 Plan F will be phased out by Medicare and only individuals who are already enrolled in this plan will have access to it. According to Seeking Alpha, rates for Plan F will likely increase faster than other Medicare Supplement coverage.

That said, Plan G provides the exact same coverage as Plan F except for the annual Part B deductible ($183 in 2018). We predict this plan will continue to grow in popularity.

While Plan G coverage is the exact same regardless of the carrier, the prices insurers charge greatly vary. Because of this, it is important that you contact RetireMEDiQ to compare your plan options to ensure you receive the lowest cost.

We recommend using the 2018 Annual Enrollment Period to see if you qualify for a lower premium rate. It is important to note that if you would like to do this, you will be required to pass underwriting.

If you’re interested in switching to Plan G, please contact our Client Services team at 1-877-222-1942 to learn more.

Medicare to Offer New, Non-Health Related Benefits

For the first time, non-medical benefits may be available in some plans, which may help Medicare enrollees’ health. We anticipate that some plans will include new and different benefits than in the past, but that they will be favorable.

We’d Love to Hear from You!

If you have questions about anything covered in this post, please comment below, call our Client Services team at 1-877-222-1942 or email us at client@retiremediq.com.

If you are not yet a RetireMEDiQ client and have questions about what these changes may mean for you as you approach retirement, contact our team of licensed Benefit Advisors at 1-866-600-5638.

Leave a Reply

avatar