Most Medicare supplement companies have  rate lock-in periods during which time their new clients will not experience a rate increase.  However, once that period is up and rate increases start occurring.  In most cases, the why of rate increases can be attributed to one or more of the below causes:

 The Post 12-month administrative rule: If a rate increase takes effect during the initial 12-month period the client owns a policy, the rate increase will occur for that client at the first premium payment date after the end of the twelve-month period.

Consecutive annual rate adjustments: This applies when there are consecutive rate increases within the first two years an individual is covered by a policy. In this case, both rate increases will go into effect at once.

Attained age: For policyholders in attained-age states, the premium payment amount increases each year on the first policy payment date.

Please keep in mind that if an attained age increase and an annual rate adjustment take place two months in a row, the later rate increase will go into effect three months after the first.

Also be aware that insurance premiums increase due to rising health care costs (caused by inflation) as well as increases in Medicare’s deductibles and copayments (which increase each year.)  No one enrollee of a Medicare supplement policy is singled out for a rate increase. ]]> http://www.gomedigap.com/medicare-supplement-blog/what-is-the-deal-with-rate-increases/feed 0 http://www.gomedigap.com/medicare-supplement-blog/simplifying-supplements http://www.gomedigap.com/medicare-supplement-blog/simplifying-supplements#comments Mon, 14 Mar 2011 21:33:55 +0000 kristen http://www.gomedigap.com/medicare-supplement-blog/?p=884 Continue reading →]]> It is common to be confused by Medicare and Medicare supplements.  However, if you utilize your resources (such as the internet,) you should be able to find the answers to many of your questions.

There are 10 Medicare Supplement Plans: A, B, C, D, F, G, K, and L, M, and N.  Each plan is standardized by the federal government and thus provides standard coverage.  To be clear, a Plan F is a Plan F is a Plan F, and a Plan N is a Plan N is a Plan N, etc….  Be sure to choose the coverage that is right for you, then choose the company that fits your needs and offers it at an agreeable price.

 Your payments for your Medicare supplements are called premiums, and you may pay these annually, bi-annually, quarterly, or monthly with most insurance companies.  Some companies offer bank draft options as well, which are particularly easy as you can’t forget to send in your payments.

For more information on Medicare supplement insurance and Medigap coverage, visit http://www.gomedigap.com.

Medicare supplement Plans are standardized by the federal government.  Each individual Plan letter must have identical coverage to that Plan letter no matter the providing insurance company.  Medicare supplements do not have networks of doctors and other health practitioners; provided that the practitioner accepts Medicare, the supplement should pick up its part of the claim. 

Be sure to do your research.  Deciding on a Medicare supplement is an important decision.  You want choose a Plan that will be a good fit for you healthwise and financially.  Plus, by choosing wisely the first time, you may never need to go through the hassle of finding a new Plan and making a new application again.

What a confusing world the Medicare insurance world can be.  With “Lock-in Periods” and “Lock-out Periods” and “Enrollment Periods” and “Disenrollment Periods” changes and perceived changes and date changes.  You need to be a braniac to figure all this stuff out … or work with someone who does this for a living to understand your rights.

Some of the latest changes that can be awfully confusing to so many is a change of the dates for the “lock-in” and “lock-out” periods for Medicare Advantage plans and Medicare Part D Drug plan.

So, to understand what you can do (and when) it’s important to first understand what ”Lock-in” and “Lock-out” and “Enrollment” and “Disenrollment” periods are.  These periods refer to when you can get into, change, or get out of a Medicare Advantage plan or your Part D Drug coverage.

Historically, you have been able to get into or out of a Medicare Advantage plan and/or a Part D Drug Plan or switch Medicare Advantage plans or Part D drug plans between November 15th and December 31st of each year.  This period is known as the “Annual Enrollment Period”.  You were also able to only change Medicare Advantage plans or Part D drug plans between January 1 and end of March each year.  You just weren’t able to pick up a part D drug plan or Medicare Advantage plan if you weren’t in one on January 1.  This period was known as the “Open Enrollment Period”.

Well … things have changed … again.

In 2011 you have a “Disenrollment Period” from January 1 thru February 14th in which you can drop your Medicare Advantage plan and go back to regular Medicare and get a stand-alone Medicare Part D drug plan.  This is the only option you have during this time and the period is halved from previous years.  Once February 15 hits you are stuck in your Medicare Advantage plan until the end of the year … like it or not.

Also, VERY IMPORTANT, the “Annual Enrollment Period” this year is going to be from October 15th (starting 1 month earlier than normal) thru December 7th (baffling).  Once December 8th hits you will not be able to change your drug plan or your Medicare Advantage plan or enroll or disenroll in a Medicare Advantage plan or Part D drug plan until the end of the next year.

So, if you want to get out of your Medicare Advantage plan you can still do so until February 14, 2011.  Mark your calendar to make your decision on any changes to your current plan(s) between Oct 15- Dec 7 this year.

1. Stock up on candy for those Halloween trick-or-treaters. 

2. Secure plans to gather with the family on Thanksgiving.

3. Consider holiday shopping lists.

4. Make sure that you are secure in your Medicare supplemental coverage.

You guessed it!  Open enrollment season for Medicare Supplements is now upon us!

Open enrollment commences on November 15^th, and for those who are in the market to change over from a Medicare Advantage plan, the choices can seem endless and overwhelmingly confusing!

As most know or have recently discovered, Medicare does not cover all medical expenses.  Medicare Supplement Plans present a great option for covering that extra gap in health expense that Medicare does not pick-up. 

There have recently been some changes to Medicare and also to Medicare supplements.  There are new plans, plans that no longer exist, and modifictions to plans that are already in place.  At such a time of change, it would be in your best interest to make sure that you get the low-down of how these changes affect you, and what you should do to make sure to find good AND affordable coverage.

For a free consulation on this issue, please visit www.gomedigap.com or contact a qualified Medigap agent for quotes.

Even though the world of Medicare supplements can be confusing at times, this is actually a big advantage for you. You will enjoy being able to see exactly what is available, have a limited selection, and not have as many headaches as you might have with choosing traditional health coverage that has nearly limitless options. There is no real guesswork to supplemental insurance, except for figuring out what each private insurer is going to charge you for the policy and why. In a world where all things have been created equal, the government still went ahead and let private insurers choose the premiums that they charge for these plans, making them very unequal in the end.

It’s not really a surprise that Medicare supplemental insurance rates have different prices. Most people just don’t take the time to shop around because it is tedious and they hate talking to pushy insurance companies one after another trying to get the best deal. However, even if you only get three or four insurance quotes for your supplements, you could still save some money. If you don’t think this is a serious issue, check out the Choosing a Medigap Policy manual, which clearly states that premiums can be charged at whatever rate companies want, depending on their own regulations and guidelines for setting rates. While some people might call this taking advantage, many will see it as just a plain rip off.

How else do you think that the insurance industry became a multi-trillion dollar industry, though? They set their own rates based on a random system of statistics and numbers, and then people just pay the bills. When a company is charging $150 a month for Medicare supplements that other companies are only charging $100 for, they’re making profit, point blank. The bottom line: shop around.

For more information on Medicare supplement insurance and Medigap coverage, visit http://www.gomedigap.com.

Add that to the fear that people have of Medicare supplements, and it equals disaster. People want to get a policy that works quickly to be done with the stress because they automatically assume that it’s a nightmare, which perpetuates these companies’ ability to charge so much for coverage that shouldn’t be that expensive. Plans for supplement insurance ARE the same. Prices for the plans are NOT. Simple enough, right?

What about parts? You hear about Medicare Part A or Part D, and then you hear about Plan A or Plan D. You’re sitting there, staring at the screen, trying to figure out if they’re the same thing, or what type of person would name them something like that to create so much confusion, aren’t you? Well, good luck finding the less-than-intelligent source that decided that calling supplements and coverage plans ‘plans’ and calling the coverage in those plans ‘parts’ and then giving them all the same letter names was a good idea. That’s really how it works. Part A is included in all Plans, as is Part B. Part C acts in place of traditional Medicare plans, and Part D is prescription coverage. Plans A-L are the supplemental plans that you can buy to increase the coverage that you have, hence their name.

They are designed to fit in with Medicare coverage and fill in the gaps where Medicare lacks to provide coverage. Don’t bother finding an agent to talk to about this stuff, because they’re all going to tell you that their plan and their price is the best, because they want the sale. Find a Medicare attorney or a Medicare Supplement Agency that can help you understand this confusing world of plans, parts, and headaches so that you can get the medical coverage you need and not need to use it for a stress-related injury or illness due to the process of choosing a plan.

For more information on Medicare supplement insurance and Medigap coverage, visit Gomedigap.

If you are looking for supplemental insurance to cover the gaps in your Medicare insurance, Blue Cross Blue Shield Medicare supplement plans might be exactly what you’ve been looking for. You need to figure out which plans you’re looking for, and which ones best suit your needs. If you have questions, concerns, or just need help choosing, you can even contact a representative in your area that will allow you to discuss your options and get assistance in choosing the best Medicare supplement for your situation.

This company is only one of the many out there that work with Medicare supplements, but they are certainly one of the most popular. They have a variety of options, plans, and providers to choose from that will help you to get the coverage that you need quickly and efficiently every single time. You should check out all of your options before you settle with one company over another, but generally speaking this is a great company to work with. If you’re in the market for this kind of coverage, you cannot get it without at least knowing about Blue Cross Blue Shield Medicare supplement plans and where you can find them in your area.

For more information on Medicare supplement insurance and Medigap coverage, visit http://www.gomedigap.com.

The internet is a great resource when it comes to learning about Medicare supplements and figuring out how they can best suit your needs. You should definitely use this tool to your advantage, because so many people are trying to work their hardest to get the coverage that they desperately deserve, and you can make the process easier by using the internet. Medicare supplement policies come in 12 types, and they are sold by a number of private insurance companies. It doesn’t matter if you know anything about Medicare supplemental insurance or not, because you can learn everything that you need to online.

You can find a variety of resources that will help you understand and choose the Medicare supplements that work for your needs by using the internet. There is so much information out there that you are sure to find something that can help you. If you’re trying to choose a plan, there are many informational resources that can give you details on each one. You can even find calculators that will take your personal information and determine the best plan for your needs, no matter what it may be.

Once you’ve found information and plans, you can then use the internet to shop around for rates. You need to comparison shop at least a little bit, because each company offers different premiums on the plans that you will get. The benefits and coverage is uniform across the board, but the premiums have room for differences, which is where shopping around can come in handy. You’ll be able to find an affordable supplement policy from a company that you can trust and all from the comfort and convenience of home on your own time. The internet serves so many people and offers so much assistance, but helping with Medicare supplements is probably one of the better services that the internet provides.

For more information on Medicare supplement insurance and Medigap coverage, visit http://www.gomedigap.com

When it comes time to choose and compare Medicare supplements, you will need to first check out all 12 plans that exist. Keep in mind that changes are scheduled for Medicare supplements as of June 2010, so you might want to be aware of these, as well. You can find information through any resource that offers Medicare insurance, supplements, or other information about Medicare and supplemental insurance. Take the time to learn about each plan to determine which one is best for you.

Those who are retired or disabled and eligible for Medicare are usually living on the fixed income of Social Security payments. Therefore, cutting costs and eliminating unnecessary expenses is critical to many of these people. By getting Medicare supplements, you can cut your healthcare expenses down and pay less out of pocket than you would with just basic Medicare coverage. You can get these plans from dozens of different private insurance companies, so you need to make sure that you shop around and compare rates once you’ve chosen a plan.

Even though the plans are all standardized by the government, some companies don’t offer them all. Plus, each company is allowed to set their own rates based on whatever criteria they deem to be important, which can often make all the difference in the world for those people who need cheap coverage that can help them get the medical care that they require. Don’t be overwhelmed by everything that Medicare supplements bring to the table, because as long as you take time to learn about the coverage options you have, it should be a simple process to choose a plan and a provider that suit your specific needs.

For more information on Medicare supplement insurance and Medigap coverage, visit http://www.gomedigap.com.