For the first time in Medicare’s history, the amount of money that beneficiaries in drug plans will have to pay for their prescriptions each year will be capped, thanks to provisions of the Inflation Reduction Act of 2022. The new law makes other changes to the program’s Part D drug benefits, including putting a limit on out-of-pocket payments for insulin and … Read More
How To Switch Medicare Advantage Plans or Switch From Medicare Advantage to Original Medicare
from our friends at: Medicare Interactive Typically, you can only enroll in a different Medicare Advantage Plan or switch between Original Medicare and Medicare Advantage during specific times each year. Make sure to enroll in a timely manner to avoid gaps in coverage when using these enrollment periods. Medicare Advantage Open Enrollment Period If you have: You can switch to: … Read More
Mandatory Recordings for ALL Medicare Advantage/Medicare PDP Calls
Beginning October 01, 2022 Medicare brokers/agents will be required by CMS (Centers for Medicare & Medicaid Services) to record ALL ingoing and outgoing phone calls (or Zoom, etc calls) under the following circumstances: Calling medicare sales leads Scheduling appointments Collecting Scope of Appointments Collecting medication and pharmacy information Discussions about your providers Telephonic (and web based) enrollments If a client … Read More
How Does Medicare Cover Hospice Care
Hospice is a program of end-of-life pain management and comfort care for those with a terminal illness. Medicare’s hospice benefit is primarily home-based and covers end-of-life palliative treatment, including support for one’s physical, emotional, and other needs. It is important to remember that the goal of hospice is to help an individual be as comfortable as possible, not to cure … Read More
Medicare Part D Late Enrollment Penalty
Medicare Part D Late Enrollment Penalty The late enrollment penalty is an amount that’s permanently added to your Medicare Drug Coverage (Part D) premium. You may a late enrollment penalty if you: Do not enroll in a Medicare Part D plan when you first have the opportunity (unless you have creditable coverage through your employer) If at any time after … Read More
How To Avoid A Costly Mistake Moving From Exchange To Medicare
From our friends at CNBC Key Points: If you have coverage through the health marketplace, you need to sign up for Medicare if you’re on the verge of eligibility Failing to enroll when you’re supposed to could result in late-enrollment penalties, as well as repayment of any marketplace subsidies to receive after age 65 If you get your health insurance … Read More
Medicare Fall Open Enrollment Q&A
From our friends at the Medicare Rights Center ENROLLMENT PERIODS Question: Are the dates for open enrollment the same for Medicare and Medicare Advantage? Answer: The Fall Open Enrollment Period, also known as the Annual Election Period, runs October 15 through December 7 each year. During this time you can switch from Original Medicare to Medicare Advantage, Medicare Advantage to … Read More
Turning 65 And Still Working? Here’s How It Affects Medicare
from medicare.gov (http://medicare.gov/sign-up-change-plans/i-have-employer-coverage) It’s important to understand how your current coverage works with Medicare. If you have questions about your current insurance, the best source of information is your benefits administrator, insurer, or plan provider. I have employer coverage and… I’m Turning 65 If you aren’t getting benefits from Social Security (or the RRB) at least 4 months before you … Read More
Medicare Part D Costs
Medicare Part D Prescription Drug Plans 2021 Although it is said that the “Doughnut Hole” no longer exists, there are still stages that affect the cost of prescription. Please see the information below. Your plan deductible is also a consideration as to how much you pay out of pocket and the Tier in which your prescription falls. Initial Coverage Stage … Read More