This was just emailed to me from one of my companies, just thought I would share it.
Changes Coming to Medicare Supplement Insurance in June of 2010
By Dylan Reynolds
Two common terms to refer to Medicare Supplement Insurance are Medigap Insurance or Medigap. The gaps in Original Medicare are filled by Medigap or Medicare Supplements. Medicare Advantage is not the same thing as a Medicare Supplement and the two should not be confused.
Medigap plans will be affected by the changes taking place in June of 2010 so you should learn about these changes now.
The National Association of Insurance Commissioners suggested the new changes to Medicare Supplement Insurance. Consumers will be protected by these new changes. Duplicate coverage will be eliminated and additional coverage will be offered.
In the early 1990's the existing plans were created and had become stale. Some of the benefits in the old plans could not even be collected. Many people felt it was high time for changes.
The new Changes are as Follows:
1. Plans E, H, I and J will be eliminated
2. Plan G will be modified. The Home Care benefit will be removed and excess charges covered at 100%.
3. Lower cost Plan M and Plan N will be released. Co-pays will be included in these new plans.
4. Companies offering Plan A must also offer Plan C and Plan F.
5. A hospice benefit will be included in all new plans being released.
The new changes do not affect only a certain number of plans. The situation is not what was originally thought. The old plans will no longer be available for sale in addition to the new plans being created.
All companies will be allowed to reset rates with the introduction of the new plans. This means companies that are no longer competitive will be able to reset pricing. This will create a more competitive marketplace. The reason that they are able to do this is that all new plans must include a Hospice benefit.
The proposed changes are good for consumers aging into Medicare and healthy people already protected by Medicare Supplemental Insurance. What about those unhealthy seniors stuck in the old plans? Because no more of the old plans are being offered, premiums in these plans may greatly increase and unhealthy seniors can't change plans.
Available options should be investigated by all retirees as soon as possible. The existing Medicare agent would be a good place to start or they could try to find a new agent. The Internet is a great place to research Medicare Supplement Insurance.
Changes Coming to Medicare Supplement Insurance in June of 2010
By Dylan Reynolds
Two common terms to refer to Medicare Supplement Insurance are Medigap Insurance or Medigap. The gaps in Original Medicare are filled by Medigap or Medicare Supplements. Medicare Advantage is not the same thing as a Medicare Supplement and the two should not be confused.
Medigap plans will be affected by the changes taking place in June of 2010 so you should learn about these changes now.
The National Association of Insurance Commissioners suggested the new changes to Medicare Supplement Insurance. Consumers will be protected by these new changes. Duplicate coverage will be eliminated and additional coverage will be offered.
In the early 1990's the existing plans were created and had become stale. Some of the benefits in the old plans could not even be collected. Many people felt it was high time for changes.
The new Changes are as Follows:
1. Plans E, H, I and J will be eliminated
2. Plan G will be modified. The Home Care benefit will be removed and excess charges covered at 100%.
3. Lower cost Plan M and Plan N will be released. Co-pays will be included in these new plans.
4. Companies offering Plan A must also offer Plan C and Plan F.
5. A hospice benefit will be included in all new plans being released.
The new changes do not affect only a certain number of plans. The situation is not what was originally thought. The old plans will no longer be available for sale in addition to the new plans being created.
All companies will be allowed to reset rates with the introduction of the new plans. This means companies that are no longer competitive will be able to reset pricing. This will create a more competitive marketplace. The reason that they are able to do this is that all new plans must include a Hospice benefit.
The proposed changes are good for consumers aging into Medicare and healthy people already protected by Medicare Supplemental Insurance. What about those unhealthy seniors stuck in the old plans? Because no more of the old plans are being offered, premiums in these plans may greatly increase and unhealthy seniors can't change plans.
Available options should be investigated by all retirees as soon as possible. The existing Medicare agent would be a good place to start or they could try to find a new agent. The Internet is a great place to research Medicare Supplement Insurance.
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