(502) 742-4979 | info@ImagineInsAdv.com

Medicare.gov Plan Finder Tool video

Here is our recorded webinar for how to use the Medicare.gov Plan Finder Tool to compare Part D drug plans (and the drug coverage in Part C Medicare Advantage Plans) and to investigate your plan’s drug costs. No need to be taken to Youtube, just press play and learn something new today. (To make the video full screen, just click the box in the bottom-right corner in the video.)
Have a lovely day, everybody!

Link for our Youtube video on changing your Medicare Supplement

We had some online seminars in May about how if you feel your Medicare Supplement premium is getting too high, what are your options? In case you couldn’t attend one of our live sessions or would like to watch it at your leisure, the link to our Youtube video is below.

To change your Medicare Supplement, even if you stay with your same insurance carrier, you have to go through underwriting (health questions and a three-year lookback at your medical records.)  If you are willing to reduce your benefits to lower your premium, you have that option as long as you can pass underwriting.

Click this link to learn about the underwriting questions and if you could pass to change your plan, and what the coverage differences are between your plan options.

https://youtu.be/Rua16ZypK2I

BCBS Class Action Suit: what we know

You may be receiving a letter from Anthem about a class action suit. You will get this letter if you have Individual coverage or were on an Anthem Group plan from Feb 7, 2008 to Oct 16, 2020. Apparently, two different Blue Cross companies agreed to not compete in certain markets which violated anti-trust laws. You need to fill out a form to participate in the settlement. If you have questions about filling out the form, call the toll free number below.
MEMBER RESOURCES:
• The settlement website, at www.BCBSsettlement.com
• A toll-free inquiry number, which is 888.681.1142
• An email address, which is info@BCBSsettlement.com
To learn more and to file an online claim, visit www.bcbssettlement.com. Although we anticipate that policyholders will receive a notice regarding the opportunity to participate, you don’t need to wait to receive that notice before submitting your claim.
Here’s what you’ll need to file:
• Company information:
o Company name
o Primary address
o Name and title of company contact
o Phone number and email address
• Plan information:
o Plan name (Anthem Indiana you will choose Anthem Insurance Companies, Inc. d/b/a Anthem Blue Cross Blue Shield)
o BCBS group number
o Coverage start date
o Coverage end date

A Medicare Advantage Plan will pay my Part B premium? What’s up with that?

There have been a number of ads on TV about a Medicare Advantage plan paying your Part B premium. This is known as the “Part B Premium Giveback.” These plans vary by state and county. Not all areas will have a Giveback plan. In KY, there is currently only one plan that offers this. As you know if you’ve met with us, a Medicare Advantage plan is where a private insurance company is paid money by the government to provide your Medicare benefits (outsourcing Medicare, essentially.) They receive a fee each month for each member of the plan. These plans’ benefits can vary each year as they are a one year contract with Medicare, but they must cover at least what Original Medicare does. Advantage Plans have copays for all visits and services up to a maximum-out-of-pocket.

The way the giveback works is that the amount that Medicare is deducting from your check is reduced. So, if the giveback on a plan is $50, then your Part B premium they take from your check will not be $148.50 but will be $98.50. If the state is paying your Part B premium because you have the Medicare Savings Plan (a form of Medicaid), then this type of plan will not benefit you. You will not get an extra $50 from Social Security.

If you think this sort of plan is appealing, you need a valid Special Election Period to enroll in the plan outside of the Annual Enrollment Period (Oct 15th – Dec 7th.) During the Annual Enrollment Period, you would have a chance to enroll in a Giveback plan if it is available in your area.  If you have a Medicare Supplement, you must drop it in order to enroll in the Advantage Plan. There could be consequences to getting your Supplement back in the future.

We are familiar with all the plans available in this area. If you would like to review your options, please give us a call. We are here to help you determine if an Advantage Plan is right for you. There is no obligation or pressure to chat or meet with us and as always, there is no fee for our assistance.