Tag: Medicare Sidney Ohio

Aetna increasing household discount!

Posted on June 9, 2015 by - Medicare, Medicare Supplement, Retirement Planning, Social Security

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logofinal black bagrMedicare Supplement Household Discount Increasing to 7% in OH

Aetna will increase the household discount from 5% to 7% on Medicare Supplement plans issued in Ohio effective June 15, 2015.

No action needed to get the higher discount

Eligible applicants and existing policyholders will receive the increased household discount.

  • For new business, the 7% household discount will apply to new applications written on or after June 15, 2015. All pending applications that qualify for the discount will be issued at the new 7% discounted rate.
  • For existing policies issued with an effective date of July 1, 2015 or later (with premiums already paid AND where eligibility for the household discount was provided on the application), AHLIC will issue a new policy, which will include the higher household discount.
  • All other policyholders who previously received the 5% household discount will automatically receive the 7% household discount on their future premium that have a premium due date of June 15, 2015 or later.

Excess premiums, if any, will be applied to the policyholder’s future premiums.

Is your Medicare Supplement currently with Aetna?  They are offering great rates in addition to this additional discount.  Call our office today (937-492-8800) to see if you might be able to save money with Aetna and Seniormark. 

Medicare Supplement Policyholder Alert!

Posted on March 10, 2015 by - Uncategorized

postcard33Have you received this postcard in the mail?  Is it coming from Medicare?  Is it important information?  It does say, “REGISTERED DOCUMENT – DO NOT DESTROY.”  The truth is this is just a solicitation for insurance, and if you mail in the return postcard you are sure to get a call from an insurance agent, or worse yet a knock on your front door.  The unfortunate truth is we now live in a world of information overload and everyone is vying for your attention…yes, even me.  And in the world of Medicare, some lead companies resort to making the older population believe their mailing is more than it is.

If you look closely at the small print at the bottom you will read, “This information is not affiliated or endorsed by government agencies or the federal Medicare program.  You may be contacted by an insurance licensed representative.”  This disclaimer language is a sure sign that the mailing is a solicitation as it is required by Medicare.  I am not judging those who use these postcards to drum up business, in fact these cards are completely compliant with current regulations.  I just believe there is a better way…honesty!

Why can’t we replace the words, “REGISTERED DOCUMENT – DO NOT DESTROY” with, “THIS IS NOT A REGISTERED DOCUMENT – DESTROY IF YOU WANT…BUT IF YOU DO, OUR AGENCY WON’T BE ABLE TO HELP YOU!”  Why can’t we just get back to letting people know we are here to help when they need it.

Here is a great example:

https://www.youtube.com/watch?v=FrmYLo3tMA8

Medicare Supplement policyholders are paying too much for their coverage!

Posted on July 21, 2014 by - Medicare, Medicare Advantage, Medicare Drug Plan, Medicare Supplement, Retirement Planning, Social Security, State Teachers Retirement

If your parents were like mine, they probably taught you to spend your money wisely. Let me use a story here to make a point. Suppose you are shopping for a new refridgerator. Your first stop is at Sears where you find the perfect Frigidaire XL2014, and at a great price, $2100. But because your parents told you to shop before you buy, you decide to check a few more places. The last stop you make is at Lowes, where you find the same Frigidaire XL2014. Same make, same model, same features…they are IDENTICAL! Only the one at Lowes costs $1500. Do you go back to Sears and buy the one for $2100? Unless you own stock in Sears, or your son is the sales rep, I hope your response is…Absolutely not! Why would you spend $600 more on the same thing. But Retirees are doing that very thing with their Medicare Supplement insurance.

 

But you may ask, “How do I know I’m getting the same benefits?” The answer is simple, our government did something right. Prior to 1992, Medicare Supplement insurance plans were not standardized. What this meant was that each insurance company’s Medicare supplement plans offered different benefits. This made it almost impossible for the Retiree to shop their coverage from company to company. Compare it to shopping for a car today. You can’t really compare cost from one dealer to another because the options are completely different. This one has leather seats, but the other one has On-Star. This one has a DVD player, but the other one has alloy wheels. It is impossible to truly compare cost because you are never comparing “apples to apples.” The same was true with Medicare Supplement insurance prior to 1992. But in 1992 the federal government stepped in and “standardized” Medicare Supplement insurance.

 

They did this because prior to 1992, unethical salespeople were taking coverage away from Retirees in order to save them money, and they weren’t disclosing the fact that they reduced their coverage. So the government stepped in and standardized the plans so this couldn’t happen anymore. They did this by offering 11 plans and giving them the letter names of A through N. In other words, it means you can compare a Plan F with one company to a Plan F with another company and know that the benefits are IDENTICAL. So you no longer have to say, “I know my supplement is expensive, but I don’t want to change it because it pays so well.” As long as you stick with the same Plan letter name, the new company is legally obligated to pay the same benefits as your old one.

 

So what does this mean for you? It means it would be a good idea to know what premium you pay compared to what others your age and in your area are paying for the same plan. This is important because you may be paying hundreds if not thousands of dollars more per year in premium and not be getting any better benefits. For example, the premiums for a Plan F for a 70 year old female range from $130/month on the low end up to $276/month on the high end. That’s a difference of $1,752 per year. And worse yet, the person paying $276/month is not getting any better benefits than the person paying $130. And don’t forget, you can change your medicare supplement policy any time of the year…you don’t have to wait for the Annual Enrollment Period at the end of the year.

 

If you would like to see how your premium compares, you can go to our website at www.seniormark.com and click on the “Supplement Rates” tab. And don’t worry, you will get instant numbers and we won’t collect your personal information. If you are not tech savvy just call us at 877-492-8803 and we will provide you with a free comparison report.

 

I bet your momma never thought shopping would be this easy!

Seniormark Alert: Observational Status could cost you tens of thousands of dollars

Posted on January 23, 2014 by - Medicare, Medicare Advantage, Medicare Supplement, Social Security

For the past year and a half I have been talking with clients about the difference between an “Inpatient” hospital stay vs. being in the hospital under “Observational Status” and why it matters.  If you missed my previous blog post on this issue you can read it HERE.

This information is finally getting media coverage which is good because what you don’t know can Hurt A Lot!  Here is NBC Nightly News’ coverage of the topic from a few weeks ago:

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Feel free to comment below if you have any questions…

Can Medicare Advantage survive PPACA?

Posted on September 6, 2013 by - Medicare, Medicare Advantage, Medicare Drug Plan, Medicare Supplement, Retirement Planning, Social Security, Uncategorized

Here is a great article about how the Patient Protection and Affordable Care Act (aka Obamacare) may affect the Medicare Advantage program…

Can Medicare Advantage survive PPACA? | BenefitsPro.

Part B or Not Part B…That is the question

Posted on April 17, 2013 by - Uncategorized

One of the most commonly asked questions I receive is, “I am turning 65 and I have employer health insurance, do I need to sign up for Part B of Medicare?”

To start, let me explain what Parts A and B are.  Part A of Medicare covers inpatient care in a hospital or skilled nursing facility, while Part B covers doctor’s visits and other outpatient care.

For most Medicare beneficiaries, the Part A decision is easy because it doesn’t cost anything.  Therefore, most people will sign up for Part A as soon as they turn 65.  But the Part B decision can be a little more complicated, since you have to pay a monthly premium for Part B which is $104.90 for most individuals.

When deciding whether to sign up for Part B, the first question you need to answer is whether you have employer health insurance through your employer based on your active employment or if you are covered under your spouse’s employer plan based on his/her active employment.  The key word here is “ACTIVE.”  If your health coverage is based on active employment, then whether you decide to delay Part B will depend on the number of people employed by the employer providing the insurance.

If there are 20 or more employees at the company where you or your spouse work, then the employer insurance pays first and Medicare pays second.  If this is the case then you may want to delay enrolling in Part B as long as you are happy with the employer coverage and the cost is not too high.

If there are fewer than 20 employees then Medicare pays first and the Employer plan pays second.  In this scenario you should not delay enrolling into Part B.  If you decline Part B you will have no primary insurance for doctor office visits or outpatient services, which is usually like having no insurance at all.

In either case, as long as you have coverage from active employment, you will have a Special Election Period to enroll in Part B when you retire with no late enrollment penalty.  It is important to remember that COBRA and retiree insurance are not considered current employer insurance and you will not have a Special Enrollment Period.  If you have COBRA or retiree insurance and delay enrollment in Part B you may have to pay a penalty when go to sign up.

Medicare is a big animal with a lot of rules, so it is important to discuss your personal situation with an expert before you make these decisions.

Attention Seniors…Beware of Sharks!

Posted on October 1, 2012 by - Medicare Advantage, Medicare Drug Plan

A feeding frenzy is about to begin.  No, I am not talking about real sharks.  I am referring to the Medicare Annual Enrollment Period (AEP).  The Annual Enrollment Period is the time of year, set aside by Medicare, during which Medicare beneficiaries can enroll in or change their Medicare Advantage or Prescription drug plans.  The AEP runs from October 15 to December 7, although insurance companies and agents can begin marketing to you beginning October 1st.

The problem arises due to the fact that this is the only time of the year that insurance companies and agents can market their Medicare Advantage and Prescription Drug plans to you – unless you are new to Medicare.  In my opinion, this leads to very aggressive marketing behavior.  Now don’t get me wrong, just like every shark in the ocean is not out to bite you, not every agent and insurance company is out to take advantage of you, but you do need to be aware.

So what steps can you take to protect yourself?

Know what you have.  It is extremely important to know what type of plan you have.  Do you have Traditional Medicare Parts A&B paired with a Medicare Supplement policy, or do you have Part C of Medicare which is a Medicare Advantage plan?  If you have a Medicare Supplement policy, what plan do you have (A – N)?  If you have a Medicare Advantage plan, do you have a HMO, PPO or PFFS plan?  Do you have a stand-alone Part D prescription drug plan or is it part of your Medicare Advantage plan?  These are all important questions to ask yourself.

Know what you should do.  The first thing you should know is that you don’t have to do anything, unless your plan is terminated for some reason.  If that is not the case, and you are completely happy with your plan, you can just leave everything “as is.”  With that said, it is important to review any benefit, premium or formulary changes to your plan.  If you have a Medicare Advantage or Prescription Drug plan, your plan will send you an “Annual Notice of Change” packet explaining any changes to your plan for 2013.  Don’t assume that because your medication was covered this year that it will automatically be covered next year.  Finally, don’t let any agent or insurance company lead you to believe that you have to make any changes.

Know what you can/can’t do.  There are a lot of rules surrounding Medicare, so be careful when you do make any changes.  Some changes could get you disenrolled from a plan you didn’t intend to get disenrolled from.  Don’t assume all agents know these rules.

Know what agents can/can’t do.  It is important to know that agents cannot cold call you in any way, meaning that if you didn’t invite them, they can’t contact you – except by mail.  Be careful when requesting free information whether by mail or on the internet.  Many times when you request this free information, you have just given an agent permission to contact you.  If you have made this mistake in the past, you know how many phone calls you can get.  The Ohio Department of Insurance put out an excellent flyer called, “Medicare & You: Understanding & Protecting Yourself from Predatory Sales practices.”  You can view this form on their website.

Work with a trusted advisor.  When you do have questions or need to make changes to your plan, make sure you work with a trusted advisor.  An advisor is someone who listens to you and helps you find a plan that is right for you based on all the options available.  A salesperson is someone who will tell you what you want to hear so they can sell you a product.  Sometimes it’s hard to tell the difference, so do your homework on this one.  How long have they been in the business?  Are they a jack of all trades or do they focus on senior insurance?  Do they have a local office?  Do they have a website to help you research your options?  Do they work with someone you know who can vouch for them?  Are they available during working hours to help you, or do you just get their voicemail?

If you will do your homework and become knowledgeable in these five areas, you will have come a long way in protecting yourself and making sure you don’t get bitten when the feeding frenzy begins October 1st.