Medicare for 2016 increases.

[k0ua]

Here are the Medicare increases for 2016. Going up, but it is not as bad some of the rumors were. This information is from CMS

Medicare Part A deductible from $1260 to $1288 per benefit period. Contact me if you don't know what a benefit period is. Also the daily co-insurance went up for day 61-90 from $315 to $322 daily and the lifetime reserve days from $630 to $644 (this usually doesn't affect a lot of people)

Medicare Part B deductible from $147 annual to $166 annual (for the majority making less than $85,000 annually)
Medicare Part B premium from $104.90 to $121.80 BUT those Already on Social security will not see an increase due to a "hold harmless" provision as there was no Social Security Cost of Living adjustment. Dual eligibles and age ins will be affected.

 

[kthompson]

Help my memory, how much was pulled from Medicare for the Affordable Care Act? I sell these products and have for years. This is more serious than many want to think. This is the third year of the ACA plans and yes the max out of pocket was raised for 2016. Also the deductible for the Part D plans also went up. We can not keep these games up. There is less options in coverage today by far, we are down to two insurance companies in our area.

 

[smstonypoint]

There is less options in coverage today by far, we are down to two insurance companies in our area.

Just curious. What insurance products are you talking about?

Steve

 

[kthompson]

On the Medicare Advantage Plans in my area we only have two companies now, Humana and UnitedHealth Care.

On the individual Major Medical Plans we basically only have two companies again, UnitedHealth Care and Blue Cross and Blue Choice which is sort of like saying GMC or Chevy pickup. So really only two basic choices for major medical outside the group market.

Now this is coastal SC. In the upper part of SC around Greenville there is more options with both products depending on the county. Those are the only companies that are state wide with those products.

I do realize the OP was talking about Medicare and for those on Medicare Supplement we have many companies here. Hope that answers your question fine. kt

 

[k0ua]

On the Medicare Advantage Plans in my area we only have two companies now, Humana and UnitedHealth Care.

On the individual Major Medical Plans we basically only have two companies again, UnitedHealth Care and Blue Cross and Blue Choice which is sort of like saying GMC or Chevy pickup. So really only two basic choices for major medical outside the group market.

Now this is coastal SC. In the upper part of SC around Greenville there is more options with both products depending on the county. Those are the only companies that are state wide with those products.

I do realize the OP was talking about Medicare and for those on Medicare Supplement we have many companies here. Hope that answers your question fine. kt

To address you original question, I don't know how much money was drawn out of the advantage plans. But they are already set for 2016, and already funded. You need to be paying attention to your ANOC (Annual Notice Of Change) letter on an advantage plans if you already have one. We don't sell Advantage plans any more, We have less customer complaints with people staying on original Medicare and taking out supplements. We don't sell part D drug plans either, but we help all of our customers choose the best one for them, according to the drugs they are taking and the formulary of the various plans.

 

[k0ua]

Just curious. What insurance products are you talking about?

Steve

Of course my original post was about Original Medicare Part A and Part B, Which is good nationwide, and has no networks.

Advantage plans are regional in nature and some regions may not be well represented, and of course an Advantage plan is a private network and is not portable if you move.

 

[smstonypoint]

I do realize the OP was talking about Medicare and for those on Medicare Supplement we have many companies here. Hope that answers your question fine. kt

Kenneth,

You answered my question. I was thinking of Supplemental Medicare. I remember our mailbox being deluged with offers from various insurance companies in the months before I, and more recently, my wife turned 65.

Steve

 

[k0ua]

Kenneth,

You answered my question. I was thinking of Supplemental Medicare. I remember our mailbox being deluged with offers from various insurance companies in the months before I, and more recently, my wife turned 65.

Steve

Steve, the key is pick an agent that you know and trust.

 

[smstonypoint]

Steve, the key is pick an agent that you know and trust.

James,

I retired from a state university and my wife and I have our Medicare supplemental coverage through the state's group plan.

Steve

 

[k0ua]

James,

I retired from a state university and my wife and I have our Medicare supplemental coverage through the state's group plan.

Steve

:thumbsup:...

 

[Oaktree]

I remember our mailbox being deluged with offers from various insurance companies in the months before I, and more recently, my wife turned 65.

Yeah, no kidding. My wife and I are only a couple weeks apart in age so we both got deluged at the same time, we even had one agent just show up at the house to see my wife (she wasn't home at the time). He claimed she'd requested that an agent call which was news to her.

Most of the supplemental policies were hideously expensive, especially given that neither of us have any health issues to speak of. Given that neither of us had any insurance at all for the past 3+ years ($600+/mo each for Obamacare? I don't think so), straight Medicare was good enough for now.

I retired from a state university and my wife and I have our Medicare supplemental coverage through the state's group plan.

Nice if you have that option, but not one most of us have.

 

[k0ua]

Yeah, no kidding. My wife and I are only a couple weeks apart in age so we both got deluged at the same time, we even had one agent just show up at the house to see my wife (she wasn't home at the time). He claimed she'd requested that an agent call which was news to her.

Most of the supplemental policies were hideously expensive, especially given that neither of us have any health issues to speak of. Given that neither of us had any insurance at all for the past 3+ years ($600+/mo each for Obamacare? I don't think so), straight Medicare was good enough for now.

Not to pick on you, and I understand your frustration because your mailbox is full and many agents are contacting you, and I would agree that all agents might not have your best interest in mind, but most do. That said let me ask some general questions.

Do you have a good understanding of the liabilities and exposure you will face if you just stay on original Medicare alone? Such as how many times you could be exposed per year to the Part A deductible? What are the rules governing each benefit period? How many months do you have to sign up for Medicare with guaranteed issue? Are you guaranteed issue if your are chronically ill now.? What happens if you want a supplement later in life when you are ill? What does medical underwriting mean? What are the 23 knock out questions? What happens when I turn 68? what are the 2 knock out questions when I am 65 but past my guaranteed issue months? What are the 7 rights? What are the reasons a supplement to original medicare might be better than a lower premium advantage plan? How many supplement plans were you informed about?(Many companies only two!) There are many plans in many different price ranges. When would an advantage plan be a better value? How long do I have to test drive an advantage plan and can I ever get out of it? Is your state an issue age state or attained age state or both? And on and on and on. We have training 3 times a week on these things to keep up with new rules and interpretations. Do you?

Imagine the gall of an agent trying to inform you of your rights and options on a subject that is probably the most important one you will make concerning your health and the path you will take for the remainder of your life. And all it will take is some of your time to listen to what he or she has to say. As far as price per month being exorbitant, the highest price Plan F from any company is a fraction of the cost of an individual health care plan if you are buying in the individual marketplace today.

Yes we agents in the Insurance industry are a persistent lot, but education is your best weapon in the heath care market today and in your future. So the next time someone comes calling you might consider giving them an opportunity to provide you with their industry knowledge.

The truth is, If you had an inkling of what we know, and what you need to know, you would be beating on our doors to get that information.

 

[kthompson]

k0ua,

I totally agree with your last post very much. Most agents do care and those who don't if you listen carefully normally you will pick up they don' If they do not offer reasoning or info on why they recommend what they do then may not be the agent you want. But a good agent will keep you safe and be worth more than we make to you.

Now I do not find the retirement coverage offered is always that great and learned today Internation Paper is dropping their retirement plan.

 

[k0ua]

k0ua,

I totally agree with your last post very much. Most agents do care and those who don't if you listen carefully normally you will pick up they don' If they do not offer reasoning or info on why they recommend what they do then may not be the agent you want. But a good agent will keep you safe and be worth more than we make to you.

Now I do not find the retirement coverage offered is always that great and learned today Internation Paper is dropping their retirement plan.

So many companies have already dropped their plans, both retirement and retirement medical coverage, as well as medical coverage for their current workers is getting higher and less benefits every year. The last client I spoke to today was very appreciative of the information we gave him and explained his options. No sale today, but at least he has an idea of what to do and a path forward when he eventually takes out Part B, as he still has credible coverage, so he should be good to go. I enjoy helping people understand what amounts to a very complicated subject. Am I happy when they take out a plan with me? Sure, I enjoy eating too. But I enjoy educating people and informing them of their choices too.