GoMedigap » illinois medicare supplement

What is the Deal with Rate Increases?

kristen — Fri, 18 Mar 2011 20:03:37 +0000

Many who are planning on enrolling with or even those who are already enrolled with Medicare supplements worry about rate increaseas and wonder how and why they occur.

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.

Simplifying Supplements

kristen — Mon, 14 Mar 2011 21:33:55 +0000

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.

What is Medigap?

kristen — Thu, 10 Mar 2011 17:50:06 +0000

What is Medigap? Medigap, which is also known as Medicare supplement insurance, is coverage that can be obtained to bridge the gap between the amount charged for a medical procedure and the amount Medicare actually covers. It is also important to note that different Medicare supplement Plans have different levels of coverage.

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.

Medigap – Understanding Medicare Supplement Insurance

rcantu — Thu, 29 Jul 2010 22:06:14 +0000

Medigap is a government-authorized and maintained healthcare coverage that is available to anyone over age 65 or who is disabled, with certain circumstances that need to be met. Taking the time to learn about this insurance can prove to be a great asset in understanding your medical service offerings and what you can or cannot afford to do or have done. Medicare coverage was not designed to be perfect, and has not changed much throughout the years. Since the medical industry and the costs of healthcare have, there needed to be some changes made to the system.

Rather than revamping the entire Medicare program, the government set out to offer 12 individual plans for supplemental insurance, known as Medigap coverage. These plans are comparably similar in some places, but very different in others, and each is designed to work with various levels of Medicare insurance to provide coverage that fills in the gaps in your policy. If you take the time to check out the coverage that you have, you can usually figure out what you need to supplement it quite easily. The first step in getting this coverage is to figure out which plan you need. After that, it’s on to getting quotes.

Medigap insurance is sold by many different private insurance companies. While the policies are all standardized by the government, the rates are not. As such, you will likely want to shop around and compare your rate options and company choices before you choose the one that you’ll work with. Quotes are free, so you should apply for as many Medigap insurance quotes as you want until you are satisfied that you have found the best deal. Note that the best deal might not always mean the lowest price, though.

You also want to consider the service and reputation of the company that you’re getting your Medigap insurance from. Some companies will have better service than others, and their rates might be very different. You should focus on trying to find a policy that is both affordable and has quality service so that you can get the best of both worlds. Most importantly, you should never attempt to acquire Medigap insurance on your own if you are uncertain or have questions. With so many resources out there, it’s really easy to get the help that you need as long as you are willing to ask for it.

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

Medicare Supplements – Choices for Those with Chronic Illness

rcantu — Wed, 28 Jul 2010 23:03:02 +0000

Anyone with a medical history full of illness and disease can understand how hard it is to get good health insurance. Either you have to pay high premiums or you are denied altogether, when you are truly the one who needs the coverage more than the healthy customers. Medicare supplements work in a similar way, but are still afforded to people who are ‘aged in’ to the Medicare coverage. That means once you turn 65, you should get supplemental insurance in case you need it. If you don’t, you might not be able to get it down the road when you become ill and need it the most.

Medicare supplement insurance must be purchased within the time period that you are given to purchase it after you have turned 65. If you drop this coverage after developing a chronic illness or don’t buy it in the first place, you can never get it again. You can still qualify for Medicare coverage with chronic illnesses like heart failure, kidney disease, and others, but you cannot qualify for supplemental insurance. This is the sad truth of the insurance industry, and is uniform across the board. Those who need the insurance will pay more for it because they will be filing more claims than someone who doesn’t need it. After all, how else would the insurance industry be a multi-trillion dollar industry if it didn’t make a profit like it does?

People who have family histories of chronic illness should always get Medicare supplements as soon as they can. That way, when/if they do fall ill, they are covered. However, healthy people don’t need to rush into the coverage as quickly if they feel they will not need it. It is far better to be safe than sorry, however, which is why it is essential to get it while you can. The one advantage that you have with Medicare supplements is that you can be eligible even with a family history of disease, unlike many typical health insurance policies that turn people down who have extensive illness-ridden family histories.

The bottom line: if you have a history of chronic illness in your family and want to ensure that you are protected, get Medicare supplements as soon as you can, so that you don’t have to risk not having the coverage that you so desperately need. When it comes to medical coverage, it truly can be a matter of life and death.

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

Blue Cross Blue Shield of Illinois Rolls Out New Medicare Supplement Plans

rcantu — Wed, 16 Jun 2010 22:23:06 +0000

Blue Cross and Blue Shield in Illinois has introduced a couple of new plans to the Medicare supplement market in Illinois. Plans G and N will now be a part of their standard Medicare supplement insurance offering.

These 2 plans are essentially replacing Plans D and E. Plan D is comparable to plan G but not quite as popular a plan. Plan E is a casualty of the Medicare Modernization Act of 2003 and can no longer be sold by any company. Folks who currently have Plan D or E from BCBS of IL are “grandfathered” in and can keep these plans because they are guaranteed renewable for life.

Plan G is the 2^nd most popular plan behind plan F and this change could help BCBS attract more customers specifically searching for this plan. Plan N is a newly introduced addition to the standard Medicare supplement offerings and is becoming a very popular choice for some as it covers 100% of Part A (hospitalization) exposure and limits the exposure for outpatient to the part B deductible ($155 annual in 2010) and $20 copays for Dr’s visits. Plan N does not cover excess charges so patients will want to ensure their doctors accept Medicare assignment before receiving services. In exchange for the additional exposure in plan N clients typically pay a lower monthly premium for this plan than they would for plan F or Plan G.