Modernized Medicare Supplements: What Do They Mean To You?
Posted on Thu, Apr 22, 2010
As with any type of health insurance there has always been a struggle between the cost of insurance and coverage provided. Starting in June 2010 the choice for quality Medicare Supplement coverage at a lower cost has just been enhanced. With many new companies offering Medicare Supplement Plan M and Medicare Supplement Plan N there are more choices for Medicare beneficiaries. Although some Medicare Supplement Plans have been eliminated we are still offering the same companies with many other plans available.
We offer Gerber, Sentinel, Loyal American, Woodmen of the World, UnitedHealthcare (AARP) and United of Omaha. With so many choice offerings there is a lot to keep up with. Please take a few minutes to look over the review of changes and stay tuned for future updates. If you are interested in purchasing Medicare Supplement coverage, we encourage you to speak with one of our knowledgeable agents about your options. Please call us at (888) 803-3537 today!
Modernized Medicare Supplements
Refers to Plans F, G, M and N
Major Changes
The 2010 Medicare Supplement changes are an effort to modernize the Medigap Market by dropping some coverage options and adding others.
Summary of changes for 2010 Medigap plans purchased effective June 1, 2010:
- "At-Home Recovery" benefit will be dropped from all 2010 Medicare Supplement plans
- Preventative Care will be dropped from all 2010 Medicare Supplement plans
- Medigap Plans E, H, I and J will no longer be available for new members
- Plan G will be modified to increase excess charges from 80% to 100%
- New Hospice Benefit will be added to all plans
- Two new Medigap Plans M & N will be available in 2010
- Insurance carriers will be allowed to offer plans that include "New" or Innovative Benefits, such as eyewear or hearing aid benefits. They may not include outpatient prescription drug benefits.
2010 Medigap Changes FAQs (Frequently Asked Questions)
When are these changes effective?
The 2010 Medicare Supplement changes will be effective on any policy sold effective June 1, 2010.
Why were plans E, H, I and J eliminated?
Plan E was eliminated because the new Plan D would contain exactly the same benefits. Plans H, I and J were eliminated because with the other dropped benefits these plans would also duplicate other plans available.
What will happen if the plan I have is dropped?
Any plan that was purchased prior to June 2010 will remain in force. Keep in mind these new plans are for new issues with effective dates of June 2010 and beyond. Your current Medigap plan is guaranteed renewable for life. Even if your health changes, you cannot be terminated or forced to change to one of the new plans.
What is the new hospice benefit?
All plans will now include the Hospice Benefit as part of the "Core Benefits." Medicare provides coverage for inpatient respite care up to 5 days less a co-payment amount of 5% of the daily benefit. The new Hospice benefit will pick up this 5% co-pay.
Why was the At-Home Recovery benefit dropped?
It was determined that the benefit was confusing and difficult to understand and administer.
Why was Preventive Care dropped from all plans?
Because Medicare Part B has changed to cover many more preventive benefits, effectively rendering this benefit redundant.
We'll help you choose which Medicare health insurance plan is right for you.
Questions? Need help? Call us at 1-888-803-3537
