Tag Archives: independent agent

Medicare Part B Announcements and Open Enrollment (AEP) for 2021

November 17, 2020 David Higgs

Medicare has just announced the Part B costs for 2021. While these costs tend to go up over time, they don’t necessarily go up every year. Beginning January 1st, there will be a slight increase in the Part B Deductible from current $198 to $203. The standard Part B premium costs will go from current $144.60 to $148.50 per month for most people. I say most people because high income earners have to pay a surcharge depending on their tax return two years prior.

We are also in the Medicare Open Enrollment period (AEP) which will end December 7th. This affects people with Part D drug Plans (PDP) and Medicare Advantage Plans (Part C) who may want to make a change. Medicare Supplement Plans are not subject to the AEP.

Any questions regarding these changes or any other Medicare related question can be directed to me at the contact info below.

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

IRMAA and Medicare

March 16, 2020 David Higgs

In many of my client meetings, the term IRMAA comes up. It stands for Income Related Monthly Adjustment Amount. A lot of times, it can be avoided but many times it “is what it is”. What is it? Most people pay a monthly premium for their Medicare Part B. which this calendar year is $144.60/month. Higher income folks pay more. The first threshold (of several) to be subject to Irmaa begins at $174,000 for joint filers and $87,000 for single filers on their 2018 tax return.

The good news is that there are several valid reasons one can appeal and be successful. One of those is if one is retiring and will have a reduced income. This is what most people are doing when they decide to go to Medicare. The appeal form can be downloaded and filed at no cost.

I help people understand and navigate Irmaa most days. Feel free to call if any questions regarding Irmaa or Medicare. I came across a recent article that provides more detail on Irmaa and you can access via the following link.

https://www.richmond.com/business/kiplinger-s-personal-finance-how-retirees-can-avoid-a-medicare/article_6998b2f3-6ec0-539f-bbe8-9a2f06329aa4.html

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

Make Sure You Pay the Lower Drug Cost

May 21, 2018 David Higgs

One thing most people are not aware of is that they should always pay the lower cost of either the copay or actual cost of their prescriptions. As an example, if the actual cost of a drug is $5 and their drug plan’s copay is $10, they should only pay the lower $5 cost. People can pay the higher cost if they are not aware of the actual cost and if the pharmacy attendant is not paying attention. It can also occur due to other nefarious reasons.

CMS (who manages Medicare) just announced a renewed effort to insure Medicare beneficiaries get the better deal. They have told Part D drug plan sponsors they will suffer compliance actions if they do not comply.

If you want to read more about this issue, you can go to an article linked here: http://www.healthcarefinancenews.com/news/part-d-plan-sponsors-face-compliance-action-drug-gag-orders-cms-warns

Let me know if I can help with Medicare questions.

Based in the Richmond, Va area, David Higgs of Choices In Medicare specializes in helping seniors transition to Medicare. He can be reached at email: David@ChoicesInMedicare.com or go to website: www.ChoicesInMedicare.com

New Medicare Cards Beginning April 2018

March 5, 2018 David Higgs

As I noted last year, Medicare has been working on issuing new Medicare Cards which will begin arriving in mailboxes next month. The primary purpose for this project is security. Social Security numbers will be replaced with a Medicare Beneficiary Identifier. Finally! They have been working on this project for years and made all insurance companies make this change years ago.

Medicare beneficiaries do not have to do anything. As long as their address is current in Medicare’s system, their card will arrive without request some time over the next year. Once received, the old card should be destroyed and begin using the new card immediately.

One caution is to be aware of scammers who will try to take advantage of this event. To learn more about this issue, I have included a link to an article that describes more about the new cards and process.

https://www.aafp.org/news/practice-professional-issues/20180301medicarecards.html

Feel free to contact me if you have any questions or need assistance with selecting a Medicare Plan. I don’t charge any fees nor increase your cost.

National Check Your Meds Day and AEP

October 13, 2017 David Higgs

A pharmacy trade group association has declared Oct. 21st, National Check Your Meds Day. I think this is a great idea especially with Medicare’s Annual Election Period (AEP) right around the corner beginning Oct. 15th and ending Dec. 7th each year.

Many people and especially seniors, take a large number of medications. While many are needed, many are not needed as they are duplicates doing double duty with other medications that do the same thing. The worst case scenario is some of the medications can be lethal when taken with other medications. You would think this can’t happen because the doctor should know better. Unfortunately, many times the doctor does not know what else someone is taking. Some people have several doctors treating different medical conditions and not aware of other prescriptions.

So, everyone that is taking more than several medications should take advantage of this special day to proactively have them all checked. It is as simple as taking all of your prescriptions (the actual bottles) to your pharmacy for a review. They can tell you if there are any potential problems and perhaps check with your doctor about any issues raised.

This is good timing because you should also check your Medicare Part D drug plan for any changes. Your Annual Notice of Change booklet from your Drug plan will alert you to the plan changes effective the coming Jan. 1st. Also, your prescriptions could have changed and worth taking a look at your options.

This is what I do for clients day in and day out. Let me know if I can answer any questions. David Higgs

Medicare Part D Drug Plan Premiums Lower for 2018!

August 4, 2017 David Higgs

Here is something you don’t see very often. CMS who oversees Medicare has projected that the average Medicare Part D Drug Plan premium is expected to decrease in 2018! Based upon the bids by insurers for their 2018 Drug Plans, the national average premium is about $1.20 less than 2017 national average of $34.70.

This is in spite of the fact that Medicare Drug costs are rising faster than other Medicare costs primarily due to high-cost specialty drugs. So, while this is not a lot, it is a change in the trajectory which is good.

You can read more about it at the article linked here: https://www.cms.gov/Newsroom/MediaReleaseDatabase/Press-releases/2017-Press-releases-items/2017-08-02-3.html

Medicare Card Numbers Still Changing

March 29, 2017 David Higgs

You may recall a few years ago when the government announced they were prohibiting insurance companies to continue using social security numbers as ID numbers. However, it you look at your Medicare ID card, the government is the last entity to continue using social security numbers for identification. As I previously reported, this will end but the process is taking a while. The latest info I have seen is that new Medicare cards will be going out next year in April and should be completed by the following April in 2019. If you want to read more about this, a recent article is linked here: http://www.modernhealthcare.com/article/20170322/NEWS/170329971

Continue to protect your Medicare card and only use when absolutely necessary. For those who have a Part C, Medicare Advantage Plan, remember that you should not show your Medicare card to any provider or pharmacy. Only show your Medicare Advantage Plan card. For those who have a Medicare Supplement Plan, they will continue to show their Medicare card and their Supplement Plan card to providers.

Feel free to contact me if you have any questions or need assistance with selecting a Medicare Plan. I don’t charge any fees nor increase your cost.

New 2017 Medicare Costs at a Glance

January 3, 2017 David Higgs

With the hectic Medicare Open Enrollment period ended, I wanted to post the key, new Medicare numbers that will be in effect for 2017. These are the key changes to Medicare’s premiums and coverages. As I predicted, CMS did not increase the Part B premium as initially indicated and came in just under a 10% increase.

Part A deductible – Will be $1316 up from $1288 (per 60 day Benefit Stay)
Part B Deductible – Will be $183 up from $166 (Annual deductible)
Part B Premium – Will be $134.00 up from $121.80 (Will not apply to existing 2016 beneficiaries who have it taken out of Social Security)
Part D Maximum Deductible – Will be $400 up from $360 (Some plans don’t have a deductible)
Part D Premium National Average – Will be $35.63 up from $34.10 (Is used to determine Part D Penalty)

Feel free to contact me if you have any questions or need assistance with selecting a Medicare Plan. I don’t charge any fees nor increase your cost.

When Should You Enroll in Medicare? You Might be Surprised.

August 5, 2016 David Higgs

One of the most common questions (concerns) when I first speak with my clients is regarding if and when they must enroll in Medicare Part B. This arises as they either read about it, heard it from a friend or received correspondence stating they “had” to enroll but gave no clarifications. I also find many should have enrolled and did not know they needed to enroll. There are several key clarifications.

In short, people who become eligible for Medicare while they are working and on their employer’s health plan (or spouse’s) do not “need” to enroll in Medicare if they work for a company with 20 or more employees. If they work for a company with less than 20 employees, they do need to enroll in Medicare because it will be considered primary coverage to their small company’s health plan. Confused yet?

Regardless of whether or not they need to enroll in Medicare Parts A and B, the first thing I help prospective clients with, is to determine if they should stay on their company’s health plan or move to Medicare. This involves comparing the incremental cost to move from the employer plan to Medicare coverages. In most cases, Medicare coverages (including supplemental) is richer coverage than most employer plans.

A recent article just noted that over 750,000 Medicare beneficiaries have made the mistake of not enrolling when they should have and will be paying penalties averaging 30% for the rest of their lives. As a result of complaints, Congress is considering legislation to help address this problem. What is also interesting, is this figure does not talk about the number of beneficiaries who do enroll in Medicare needlessly and are spending potentially thousands of unnecessary dollars. If you want to read more about this, you can follow the link to the article: http://www.philly.com/philly/health/20160803_How_to_save_big_on_Medicare__Know_when_to_sign_up.html

If you have questions about Medicare, call me, with no cost or obligation. This is what I do and enjoy it.

Medicare Advantage Plan Study Shows Lower Avoidable Hospital Admissions

May 26, 2016 David Higgs

A recent study has just been released that shows that Medicare Beneficiaries on Part C Medicare Advantage Plans had about 10% less avoidable hospital admissions than those on Original Medicare. While my clients on Medicare Supplements have more comprehensive coverage than my Medicare Advantage Plan clients, this study is encouraging in showing Medicare Advantage Plan clients also get good medical care and helps stretch their coverage dollars.

If you want to learn more about this study, you can go to the following link: http://www.aafp.org/news/practice-professional-issues/20160517mahospitalization.html

Helping seniors transition to Medicare