Many people who started receiving benefits prior to 2008 have been paying the old Medicare Part B premium of $96.40, which has held steady as a result of no cost of living adjustments for Social Security payments.   For 2012 social security beneficiaries will receive a 3.6% cost of living increase meaning they will also have to pay the new Part B premium amount of $99.90, a $3.50 increase.

People over the age of 65 who do not have Medicare Supplement Plan F will also notice the Medicare Part B deductible has been lowered for 2012.  The new Part B deductible is $140, which will represent an addition $22.00 savings.

Plans B, C, D, F, G, and N will pay for the entire Part A deductible. Plans K-M will only pay for a percentage of the Part A deductible. There are also out-of-pocket limits that apply to plans K and L. Plan N requires you to pay a $20.00 co-payment.

Plans C and F will cover the Part B deductible.

Plans C, D, F, G, and K-N pay for skilled nursing care. These plans also cover your co-insurance amount from the 21st day through the 100th day in a benefit period for post-hospital facility care. Plans K and L will pay for part of the costs after the annual out-of-pocket has been reached.

Plans C, D, F, and G will pay for travel emergencies abroad. These plans pay for 80% of the charges for emergencies that occur when out of the United States. Care must begin during your first 60 days outside the United States. The calendar year deductible is $250. The lifetime maximum benefit is $50,000.

Plans F and G pay Medicare Part B excess doctor changes that original Medicare will not cover. If your doctor takes Medicare, you may not need this benefit.

High deductible plan F offers the same benefits as regular Plan F the difference is that the monthly premium is lower and the deductible to be paid is higher. You also will need to meet a high deductible for foreign travel emergency.

Plan M will pay for 50% of the Medicare Part A deductible, while Plan N requires you to pay $20.00 co-pays for doctors’ visits and $50.00 for emergency room visits.

For a review of basic benefits please see the first article in this three part series – Medicare Supplement Plan Basic Benefits

The Annual Enrollment Period begins October 15^th, 2011, a full month earlier than the previous few years, and extends through December 7^th, 2011.  During this time consumers can enroll or dis-enroll from Medicare Advantage Plans and Prescription Drug Plans.  As with the last few years, thousands of people are expected to drop their Medicare Advantage Plan in favor of Medicare Supplemental Insurance, which has much better coverage and does not limit the beneficiary to network physicians and hospitals.   Below are five tips from Medicare Supplement Shop to help Medicare beneficiaries make a well-educated decision.

1. Determine your eligibility for guaranteed issue.  Guaranteed Issue means you do not have to answer any health questions or disclose pre-existing conditions to qualify for coverage.  Determining if you are eligible for guaranteed issue can greatly affect your decision to enroll in a certain type of plan.  The majority of Medicare recipients who are outside their initial enrollment period will need to answer a series of health questions prior to being approved for coverage.  However, if you qualify for guaranteed issue as determined by guidelines set forth by Medicare and State Law, you may have more options for greater coverage.

2. Compare plan benefits and purchase the plan that meets your needs.  Medicare Supplement Plans are standardized by the Center for Medicare Services, which means every insurance company offers the same exact plans with the same benefits.    The plans are defined by letters, A through N, and each has a slightly different benefit package.  The most popular plan is undoubtedly Plan F, which is also the most comprehensive.  However, there are a few other great options including Plans G, N, and C which have limited cost-sharing.

3. Get quotes from multiple companies, but focus on “A” rated companies.  Every insurance company offers the same plans, which means the only differentiating factor is the price they charge for the insurance policy.  Getting quotes from multiple companies will ensure you purchase the plan that best suits your needs for an affordable price.   Keep in mind there are several insurance companies and fraternal organizations offering Medicare Supplement Insurance, and they aren’t all as well funded or well run as we would hope.  Focusing your search on “A” rated companies that offer excellent customer service will limit your headaches down the road.

4. Don’t forget about your prescription drug plan.  Most Medicare Advantage Plans include prescription drug coverage.  However, no Medicare Supplement Plans offer a prescription drug benefit.  All Medicare beneficiaries switching from advantage plans to supplement plans will need to purchase a stand-alone prescription drug plan if they would like their prescriptions covered in 2012.  Luckily, there are several great options offered in 2012 including very inexpensive plans offered from Humana and Coventry.

5. Enroll sooner rather than later.  As expected, insurance companies get bombarded with thousands of applications during the Annual Enrollment Period.  In the past, people who enroll in plans during the last week of the Annual Enrollment Period have to wait weeks, or even months, before they receive their new policy and insurance cards.  Smart shoppers will make a decision early and enroll during the first two weeks of the annual enrollment period to make sure they are approved and have their policy and insurance cards before the New Year.

About the author:  Jill Roberson is CEO of Medicare Supplement Shop, an online provider of Medicare Supplement Plans.  Medicare Supplement Shop is licensed in 46 states and has been in the insurance industry for over 12 years.

Payment of daily co-payments for most hospitalization expenses from the 61st day of hospitalization through the 90th day of any Medicare benefit period.

Payment of Medicare Part A co-payments for a hospital confinement past the 90th day during a benefit period, and up to 60 days during your lifetime.

Payment for all Medicare-eligible hospital costs for a period up to 365 additional days during your life time, once you have exhausted all of your Medicare hospital benefits.

Payment to the hospice co-insurance for out-patient drugs and inpatient respite care. Medicare supplement plans K and L will cover this cost at a different percentage. A doctors certificate of terminal illness will be required and you must meet Medicare’s requirements.

Payment for the cost of the first three pints of blood.

Coverage for your portion of the 20% Part B co-insurance for Medicare eligible expenses for medical services. This is includes doctor bills, hospital or home care, and certain services under the current payment system.

Plans K, L, and N require you to pay for co-insurance.

For a review of additional benefits please view the second article in this three part series – Medicare Supplement Plan Additional Benefits

Next month, October 15th 2011, has been named the new date of annual enrollment. This moves the annual enrollment date up by one full month, and will last one week longer than in previous years. If this is your first time enrolling in Medicare or you are looking to change your plan, be sure to read this article that give you the five steps critical for making the move to Medicare.

Each Medicare Supplement Plan is tailored a little differently to fit individual needs and there are 10 different plans to choose from. Spending time to compare all Medicare Supplement Plans and prices available may seem like a daunting task. The best and easiest way to learn about your options is to call a Medicare Supplement insurance broker to help identify options and costs. In addition to finding the best price for you, a broker can help you seamlessly move from your current plan to new Medicare Supplement Plan. Contacting the experts at Medicare Supplement Shop is the smartest way to go. Almost instantly, the experts at Medicare Supplement Shop can determine if you will qualify for another insurance plan and exactly how much money per month you will be able to save. They will also guide you through the application process every step of the way, making your plan change stress free.

 
If you are currently enrolled in a Medicare Advantage plan you will need to wait until the annual enrollment period, which begins on October 15th, 2011 and ends on December 7th 2011 before you can switch to a Medicare Supplement plan. The best time to begin researching the move to a Medicare Supplement plan from a Medicare Advantage plan is in September, 2011, one month prior to the annual enrollment period. Again, contacting a broker is the easiest way to identify the right choice for you.

Once you are enrolled in a Medicare Supplement Plan, an individual can change their plan at any time. Because Medicare Supplement Plans are subject to price changes whenever the company sees fit, it is recommended to review your Medicare Supplement Plan annually. Annual review of your Medicare Supplement plan will ensure you are getting the best price possible. For help reviewing your Medicare Supplement Plan contact the experts at Medicare Supplement Shop today.

The first strategy people use to fight a price increase is to change companies. Every insurance company offers the same exact plans, so it is relatively easy to keep the same coverage, and get it for a lower price with a different insurance company. For example, a couple who has Plan F with one insurance company and pays $300 per month can purchase the same plan with a different insurance company and only pay $220 per month. This would end up saving them $80 per month, or $960 per year.

The second strategy our clients use is to downgrade their plan. This can be particularly effective for people who have Medicare Supplement Plan F, but don’t mind paying a small annual deductible of $162. People who fall into this category can purchase Medicare Supplement Plan G, and will often recognize a huge savings on their monthly premium, while still enjoying excellent coverage. Plan G is the second best plan among all the Medicare Supplement Plans offered and covers everything Plan F does, except for the Part B deductible.

The one issue with changing companies or downgrading plans is you may have to go through underwriting, meaning you will have to be in relatively good health if you want to save money. The easiest way to explore your options for saving money is to contact a national insurance broker who carries every company and can offer expert, unbiased advice. Please feel free to give us a call anytime at (800) 807-0177.

This Medicare Advantage Disenrollment Period will provide an opportunity for seniors to leave their Medicare Advantage Plan in favor of original Medicare and a Medicare Supplement Plan. In addition, if they have a Medicare Advantage Plan that includes prescription drug coverage, they will also be able to purchase a stand-alone prescription drug plan to supplement original Medicare. This can be a huge benefit for people who take uncommon prescriptions that may not be covered by their advantage plan.

Medicare Supplement Plans offer the best coverage and allow you to visit the doctor or hospital of your choice, which makes this type of insurance the favorite option among the majority of people over 65. Contact Medicare Supplement Shop for free quotes and information.

During the first 22 days of the 2010 Annual Enrollment Period, seniors have been shopping and researching often. Most seniors in metropolitan areas such as Dallas, Los Angeles, New York City, and Miami have chosen to purchase Medicare Advantage Plans, while those in more rural areas are dropping their Medicare Advantage plans in favor of Medicare Supplement Plans. Furthermore, the majority of people in rural areas have had the unfortunate experience of their plan leaving the area, which means they qualify for any plan due to the guaranteed issue guidelines set forth by the center for Medicare services.

Plan F is still the most popular among all Medicare Supplement Plans and is the most comprehensive option available. It is important to remember all Medicare Supplement Plans are standardized meaning every insurance company offers the same plans with the same benefits. Knowing this, it is extremely important to get quotes from many different companies before making a purchase. Consulting a national insurance broker who specializes in Medicare plans can greatly benefit you and will save you a lot of time.

Tip #2 – Consider Medicare Supplement Plan N. This Medicare Supplement Plan is very similar to Medicare Advantage Plans, where you have a small annual deductible accompanied by $20 co-payments for doctor visits and $50 co-payments for Emergency Room visits. However, this plan is a Medicare Supplemental Insurance plan, which means you can visit any doctor, hospital, or specialist who accepts original Medicare. Furthermore, Plan N is one of the most affordable Medicare options available.

Tip #3 – If you are looking for the best coverage, purchase Plan F. Medicare Supplement Plan F is the most popular and the most comprehensive plan available. Seniors who purchase this plan rarely have any out of pocket costs except their monthly premium. In addition, nearly every insurance company offers this plan, which means it can be cheaper than other plans that offer fewer benefits.

Tip #4 – Get Medicare Supplement Quotes from every company. The Center for Medicare Services has standardized Medicare Supplement Plans A through N. This means every insurance company must offer the same plans with the same benefits. They cannot change the benefits, nor can they add additional benefits. Keep in mind there can be huge differences in the monthly premium different insurance companies charge for exactly the same benefits.

Tip #5 – Contact a specialist for Medicare Supplement Quotes. There are many ways to shop, but the most effective method is to contact a national Medicare Supplement insurance broker who carries every company and offers every plan. They will give you an honest opinions and may provide insight into company specific issues and upcoming changes. Calling every insurance company is very time consuming, and your local agent likely does not carry every company.