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select a plan that fits you – at a premium you can afford.
Obamacare Open Enrollment November 1! Get Obamacare quotes here.
2017 Medicare open enrollment Period is October 15, 2016 to December 7, 2016.
NOTE: You can shop for MEDIGAP plans all year long.
This site is a guide to 2017 Medicare, Medicare Benefits, Medicare Supplemental Health Insurance, MyMedicare.gov and Medicare Open Enrollment 2017.
During this time you have the opportunity to do things like shop for a new Part D drug plan, switch from Original Medicare to a Medicare Advantage plan, or vice versa. The changes you make during the enrollment period will take effect on Jan. 1. Health Insurance 65 and over
Recent research discovers that people with Medicare Part D prescription drug coverage should be able to lower their costs by shopping among various plans each year. As an example – another Part D plan in your area may cover the drugs you take with fewer restrictions and charge you less. Medicare & You 2017
Our goal is to make the process of identifying and selecting a Medicare Supplement plan simple and hassle-free. You will be working with licensed insurance agents representing top, reputable insurance carriers. Our service is easy to use, free and with no obligations to purchase – ever.
On New Year’s Day, 2011, the first baby boomers celebrated their 65th birthdays.
Baby boomers are the 77 million Americans born between the years, 1946 and 1964. Since that first day of 2011, baby boomers have been turning 65 at a rate of 10,000 per day, and that daily rate will continue until the year 2030.
There is a chance that some Medicare enrollees will face a 20% increase in their 2017 Part B premiums unless Congress intervenes to prevent. This warning of the Part B increase came in late June in the annual report of the Medicare Trustees to Congress, on the financial state of the program.
What’s that got to do with Medicare premiums in the year 2017? The difference between the benefits promised and the taxes actually being paid into Medicare is already underfunded by at least $23 trillion, and if that trend continues, Medicare could go bankrupt as early as 2026.
According to David Walker, former U.S. comptroller general and CEO of the Comeback America Initiative, “The retirement of the baby boom generation will bring a tsunami of spending that will cause a severe problem for the federal government’s budget.”
The number of people eligible for Medicare will nearly double from 46 million to 80 million by the time all the boomers reach the age of 65.
It’s estimated the cost of Medicare, will grow from $500 billion a year, from the present year of 2015, to $929 billion over the next five years; and conversely, as the number of Medicare recipients increases, the number of workers supporting each recipient will decrease.
As stated by David Walker, “Ultimately we’re going to have to make tough choices about how much health care we can afford and sustain, and how we are going to change our payment systems to make sure that it doesn’t bankrupt the country.”
Before the passage of the Affordable Care Act (ACA), in 2010, the U.S. Congress had to approve any proposals that would affect Medicare payment rates and program rules. But that will change in 2017, as the Affordale Care Act created the Independent Payment Advisory Board (IPAB), a 15-member panel that would be empowered to propose changes if Medicare exceeds spending growth thresholds. The IPAB’s proposals are intended to extend the solvency of Medicare, slow Medicare cost growth, and improve the quality of care delivered to Medicare beneficiaries. Any recommendations would automatically go into effect, unless Congress took steps to override them. According to the, Medicare Trustees, a group that oversees the financial operations of the Hospital Insurance and Supplementary Medical Insurance trust funds, the Medicare per capita growth rate is projected to exceed the per capita target growth rate in 2017, triggering the IPAB for the first time. This means three in ten people will be hit with a 25% increase for Medicare Part B, and that 70% of people with Medicare will be exempt from paying. And, according to a recent report from the Medicare Trustees, because the law requires Medicare Part B premiums to cover 25% of program costs, the 30% of those with Medicare premiums will see an increase to at least $159.30 each month, and couples who earn $428,000 annually will pay a monthly premium of $509.80.
Medicare open enrollment 2016 ended Dec 7th, 2015 but you can shop for medicare supplemental insurance (medigap) all year round.
And beneficiaries have a variety of choices of subsidized prescription plans. But you can shop for Medigap Insurance Policies on this site anytime. Medicare coverage is fairly comprehensive.
However, if you need a lot of care – Medicare can leave you with significant out-of-pocket costs.
That is why most people have some kind of supplemental insurance (MediGap) to help cover the costs that Medicare doesn’t.
Medicare Advantage Plans are offered by private insurance companies, which are usually Health Maintenance Organizations (HMOs) or Preferred Provider Organizations (PPOs). Advantage plans combine hospital insurance, medical insurance and often prescription drug coverage in one neat package. Some plans include extras like vision, hearing and dental coverage.
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Private insurance companies provide Medicare Supplemental Plans that pays for medical expenses Medicare WILL NOT PAY FOR. You need to choose the plan you like the best. Should I sign up? It depends on how good your current coverage is. You can get a Medicare supplemental plan only if you have Original Medicare. Medigap covers Medicare Part A (hospital insurance) and Medicare Part B (medical insurance). It does not cover Medicare Part C (Medicare Advantage Plans), Medicare Part D (prescription drug plans) or any other private health insurance, Medicaid, Veterans’ Administration benefits, or TRICARE.
Private insurance companies provide Medicare Supplemental Plans that pays for medical expenses Medicare WILL NOT PAY FOR. You need to choose the plan you like the best. Should I sign up? It depends on how good your current coverage is.
You can get a Medicare supplemental plan only if you have Original Medicare. Medigap covers Medicare Part A (hospital insurance) and Medicare Part B (medical insurance). It does not cover Medicare Part C (Medicare Advantage Plans), Medicare Part D (prescription drug plans) or any other private health insurance, Medicaid, Veterans’ Administration benefits, or TRICARE.
NEW: With the ObamaCare plan that goes into effect in 2013 – there will be a New Medicare tax for high earners. 2 Medicare related tax rates are affecting high earners. People who earn over $200,000 – or $250,000 for couples jointly filing their tax return – will see their Medicare payroll taxrate increase from 1.45% to 2.35%. They will also pay a brand new 3.8% Medicare tax on unearned income – including investments, interest, dividends, annuities, rent, royalties, certain capital gains and inactive businesses
Web addresses for the Medicare plan
Medicare supplement insurance covers the gap between what Medicare pays on medical bills and what you have to pay for premium deductibles, coinsurance and co-payments.
Private Medicare supplement insurance policies pay only for services that the U.S. Medicare system indicates medically necessary – and cash payments are generally based on the Medicare approved expense. Some insurance plans offer financial benefits that Medicare do not offer. Such as emergency care abroad.
NOTE TO: All Medicare Advantage Organizations, Prescription Drug Plan Sponsors, and Other Interested Parties
If you have Medicare and other healthinsurance, each type of coverage is called a “payer.” If or when there is more than one payer, ‘coordination of benefits’ rules decide which one pays first. The “primary payer” pays what it owes on your medical services bill first, and then sends the rest to the “secondary payer” to pay. In some cases, there may also be a third payer.
Paying “first” means paying the whole bill up to the limits of the coverage. It doesn’t always mean the primary payer pays first in time. If the insurance company doesn’t pay the claim promptly (usually within 120 days), your doctor or other provider may bill Medicare. Medicare may make a conditional payment to pay the bill, and then later recover any payments the primary payer should’ve made.
Medicare Supplemental Insurance Plans, also called as Medigap or PRIVATE MEDICARE, are individual insurance policies purchased by elders who believe they need more assistance with their medical needs. The Medicare assistance offered by the government is sufficient for majority of the elders in the US, but there are still quite a few individuals who will need more financial assistance on this matter. The only option left for them to grab hold onto is these Medigap Insurance Policies.
Medigap Insurance Policies are classified into 12 distinct categories. This is regulated by law and cannot be altered in any way by the insurance company. The most they can do is to convince you to purchase the plan coverage that will place the company at lesser risk of paying more rather than earning more from you. You should be cautious of these techniques because you may end up tricked by some insurance agents because of their flowery words and convincing speeches.
Choose a Medigap Insurance Policy if and only if you have calculated your potential insurance cost to be more than what the Medicare will be providing you. Otherwise, you will not need any of these supplemental insurance plans because the government will have your medical expenses all covered-up.
Medicare is a social insurance program administered by the US government, providing national health insurance coverage to people 65 and over, or individuals who meet other special criteria.
US Medicare Gov operates similar to a single payer healthcare system. The most important difference is that its coverage only extends to 80% of any given medical cost. The remaining 20% of cost must be paid either via a private company supplemental health insurance, or via the patient’s own personal funds. Private health insurance usually require a monthly premium to be paid.
Medicaid and Medicare sound similar. They are really two very different government programs. The biggest differences is Medicaid is a state governed program while Medicare is a federal program. Some other differences are:
Medicaid is for low income:
Application for Medicaid is accepted at the individual State’s Medicaid agency.
Medicare is for individuals:
Medicare is applied for at your local Social Security office (SSO).
Some individuals qualify for both Medicaid and Medicare. Medicaid can sometimes be used to help pay for Medicare premiums. People who qualify for both programs are called ‘dual eligible’.
As a rule, all persons 65 years or older qualify for Medicare coverage. If they have been a resident of the US for at least 5 years. All people with disabilities in the US are also entitled to Medicare.
Basically, Medicare has four parts. Part A covers hospital stays and expenses. Part B is general medical insurance coverage. Part D is coverage of prescription drugs. Part C, also called Medicare Advantage Plan – is just another way to receive parts A, B and D.
Medicare Part D offers prescription drug plans (PDP) through private insurance companies. There is 10 national plans offered, including AARP Part D Coverage, and some regional plans. The estimated cost for the premium will vary with the plan but the current estimate for the average PDP is approximately $37 per month. The premium cost is expected to increase annually.
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