Tag Archives: PDP

Happy New Year! – New Medicare #’s to Know in 2016

It is New Year’s Day in 2016 and that means new Medicare numbers to know for this year.  In most years, CMS, who manages Medicare, increases some of the costs associated with Medicare Part A, Part B and Part D coverages.  The following shows some of the key numbers that have increased for 2016.

  • Part A deductible – Will be $1288 from $1260 (per 60 day Benefit Stay)
  • Part B Deductible – Will be $166 from $147 (Annual deductible)
  • Part B Premium – Will be $121.80 from $104.90 (Will not apply to existing 2015 beneficiaries who have it taken out of Social Security)
  • Part D Maximum Deductible – Will be $360 from $320 (Some plans don’t have a deductible)
  • Part D Premium National Average – Will be $34.10 from $33.13 (Is used to determine Part D Penalty)

While none of these are dramatic, it is still important to be aware of the changes.  Also, even with these increases, Medicare coverage and any applicable Supplemental coverages you may have is great coverage.

You can read more about this topic at Medicare.gov website by clicking on the following link:  https://www.cms.gov/Newsroom/MediaReleaseDatabase/Press-releases/2015-Press-releases-items/2015-11-10.html

If you have questions about your Choices in Medicare, please contact me at David@ChoicesInMedicare.com or go to www.ChoicesInMedicare.com

2016 Medicare AEP Opens Oct. 15th Through Dec. 7th

It’s that time of year again for Medicare beneficiaries.  The 2016 AEP, or Annual Election Period, is the one time per year when Medicare beneficiaries can change their Medicare Advantage Plan or Part D drug plan without needing a special election period.  People who have a Medicare Supplement policy do not have to do anything with their policy unless they want to change their prescription plan.  The AEP begins Oct. 15th and runs through Dec. 7th.

Keep in mind this is also the only time the insurance companies can make changes to their plans.  If they do, they will send the member an Annual Notice of Change (ANOC) describing the changes for the upcoming year to be effective on January 1st.

If beneficiaries have questions or want to make changes, they should contact their insurance carrier or agent.

Or, they can contact David Higgs of Choices In Medicare at David@ChoicesInMedicare.com with questions.

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.

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.