Money in the Middle

Sandwich Generation Talking About Money Up, Down and Across Generations

Posts Tagged ‘Medicare insurance

Get Ready to Help with Medicare Insurance Decisions

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This is the time of year when people on Medicare prepare for open enrollment.  And you thought you were done with that when you left the workforce.  But, Medicare has an open enrollment period each year for Medicare beneficiaries who want to enroll or change Medicare Advantage and Medicare Part D plans.

 For many of us in the sandwich generation, it’s a time when we lend a hand to an aging parent or family member to figure out if they need to change plans – either for cost reasons or because their medical needs have changed.  It can be pretty confusing no matter what your age.  But it really is worth taking the time to compare plans and make sure you’ve got the right plan and the right price.

 The good news is that prices for Medicare Advantage and Medicare Part D plans won’t be changing much from 2010 to 2011. 

Plan prices will be about 1 percent lower, according to the Centers for Medicare & Medicaid Services. 

You may still have to shop for a new plan during open enrollment – if the plan has changed benefits, health care needs have changed or the plan is exiting the business. It’s also smart to check and make sure the plan you’ve got is still the right plan.  During this special period you can switch plans without having to worry about health conditions limiting your choices.  This period doesn’t apply to Medicare Supplement Plans.

 Those who have Medicare Advantage plans or Medicare Part D plans can change their plans during the Annual Enrollment Period (AEP) from Nov. 15 – Dec. 31. 

Longevity Alliance, a national insurance brokerage, is offering an AEP Reminder service.  You can sign up to receive an email when most of the 2011 plan information is available.  That way you won’t have to keep calling to find out about rates for 2011 and you won’t let it slip!  You can sign up for the free service by clicking here.

Rate and plan comparison tools are available at www.medicare.gov.  But the 2011 rates usually aren’t loaded into the system until mid-late October.  So keep checking back and make sure you are looking at 2011 rates. 

“Even with the lower costs, all beneficiaries should take time this Fall to compare their current health and drug plan coverage with what’s available and best meets their needs for next year,” said Jonathan Blum, deputy administrator and director of CMS’ Center for Medicare.  “Medicare will continue to provide a wide-range of consumer tools to help beneficiaries make the best possible choice of coverage.”  

Rates and benefits for specific 2011 plans are generally released between Oct. 15 and Nov. 1.  The government rules say you can’t buy a plan until Nov. 15, but you can start shopping and comparing rates so you don’t end up in a last-minute rush.  And you’ve got to shop to save and/or make sure you’ve got the right plan for your current medical needs.

 Don’t wait too long. The companies handling this business get very busy.  You’ll get more attention and assistance, if you need it, if you look early in November and apply as soon as you can – November 15.  And make sure you compare plans and fully understand the co-pays and network limits since a low-cost premium may just shift costs  and you’ll find you’re paying more at the doctor and the pharmacy.

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Written by Laura Rossman

September 23, 2010 at 1:17 pm

Preparing for the Medicare Shopping Season

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Medicare Part D Covers Prescription Drugs

 

Medicare Part D Prescription Drug plans will cost about the same in 2011 as they did in 2010 according to information released yesterday by CMS (Centers for Medicare and Medicaid Services).   

Good news for Medicare beneficiaries.  And good news for sandwich generation adult children who assist senior family members or aging parents with making Medicare plan selections. Maybe fewer will face the confusion of changing plans.   

But don’t assume the 2010 plan is still the best plan for your health care needs.  You’ll still want to shop and compare plans – and watch out for changes in the co-pays that can boost out-of-pocket expenses.     

This announcement marks the start of the Medicare shopping season also known as Annual Enrollment Period (AEP).  Medicare beneficiaries can change Part D and Medicare Advantage plans only from Nov. 15 – Dec. 31 for plans effective in 2011.  You can’t do much with the information yet.  But come mid-October there will be specific plan information available on the government website so you’ll be able to compare you current plan with 2011 plans.  

Here’s the schedule leading up to AEP:   

September –Information about premium and benefits for each Part D and Medicare Advantage plan  

October – More detailed plan information is available so that you can begin comparing plans  

Nov. 15- Dec. 31 – applications for plans effective in 2011 can be accepted  

 Here’s the statement from Medicare on part D premiums for 2011.   

 “Most Medicare prescription drug plan premiums should remain relatively stable next year, and all beneficiaries should compare their coverage under their current plan with the plans that will be offered in 2011 when that information becomes available in October,” said Jonathan Blum, deputy administrator of CMS’ Center for Medicare. “The Affordable Care Act improves the value of drug coverage people with Medicare will receive next year, providing discounts on brand name drugs and coverage of generics in the coverage gap, or donut hole.”

Written by Laura Rossman

August 19, 2010 at 3:33 pm

Shop before you buy Medicare insurance

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If you’re getting ready to sign up for Medicare, there’s a great 3-part series of questions and answers at the New York Time blog “Bucks.” 

Even if you are already a Medicare beneficiary, you’ll find helpful information about new benefits next year and some guidance on the different types of Medicare insurance plans. 

The Medicare Rights Center is the expert behind the answers.  The topics cover the basics to some very specific questions about benefits and coverage for the disabled.

 If you have a Medicare Advantage plan or Medicare part D or think you might want to switch to one of these plans, the Medicare Annual Enrollment Period ( the AEP) is Nov. 15 – Dec. 31, 2010 for policies that will be effective in 2011. 

For most of those with Medicare Advantage plans and Medicare Part D plans this is the one time of the year when you can change your coverage (there are some exceptions). 

Comparing your current Medicare plan to other plans may be especially important this year as changes in prices and benefits are expected. 

Plan information and prices for policies effective in 2011 aren’t available yet.  You’ll have to wait until October.  

But it’s not too early to start reading up on the ins and outs of Medicare. 

If you’re new to Medicare, and must purchase your own plan (no retiree insurance), you may find the cost of insurance is more than you anticipated.   

Here’s what Jennie Phillips at Bankrate.com found when her husband turned 65:

“You add all this up and it comes to a minimum of  $257.50 per month or $515 for a couple. It is easy to go much higher if you want plans that offer more bells and whistles. That’s about $100 more per month than we contribute to our current health plan offered through my husband’s employer, including vision and dental insurance, which Medicare doesn’t offer.”  Read the rest of the story here

More evidence that it’s really important to research and find the right plan but also make sure you shop for Medicare insurance.  Don’t look at just one company.  Compare prices of at least 3 companies to make sure you get the right plan and don’t pay too much.

 Unlike your days as an employee where you could choose levels of coverage, but there was only one company offered, you do have a choice.  Make the most of it to get the best plan and price.

Written by Laura Rossman

August 16, 2010 at 2:47 pm