Tag: medicare supplement policy

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

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…

Donut Holes Aren’t Always Tasty!

Posted on February 2, 2012 by - Medicare, Medicare Advantage, Medicare Drug Plan, Medicare Supplement, Social Security

If your brain works like mine, it thinks about food a lot more than it should.  And it’s always food that’s not good for me, like donut holes.  Nothing beats a donut hole.  It’s like eating a whole donut in one bite…AWESOME!

But when it comes to the Medicare Prescription Drug Plan, donut holes lose their luster.  Don’t ask me why Medicare decided to give it the name donut hole, maybe it was to take the edge off its bite (no pun intended, unless you think it’s funny).  The Donut Hole, otherwise known as the coverage gap, is exactly what it sounds like.  It is a hole in your coverage.  Here’s how it works according to the Medicare guidelines:

Stage 1: The plans start off with a “Deductible Period.”  This is the amount you must pay for out of your pocket before the plan will pay anything.  Not all plans have a deductible.  The plans cannot have a deductible higher than $320.

Stage 2: After you have met your deductible (if you have one) you go into what is called the “Initial Coverage Level.”  During this stage you will pay approximately 25% of the cost of the medication.  Most drug plans set up copays during this stage based on the medication which they assign to a Tier.  For instance, you might pay a copay of $5 for generics (Tier 1), $25 for formulary brand names (Tier 2) and $45 for nonformulary brand names (Tier 3).

Stage 3:  Once you have had $2930 in total drug costs, you will go into the “Donut Hole.”  Notice I said “total drug costs.”  This means what you paid for the medications plus what the plan paid.  For example, if the total cost of a medication is $100 and you only had to pay a copay of $25, it’s the entire $100 that goes toward the donut hole number.  Once in the donut hole you will pay 50% of the full cost of any brand name medications and 86% of the full cost of any generics.  Due to the new healthcare reform, these percentages will continue to decrease each year until they reach 25% in the year 2020.

Stage 4:  Once you have paid a total of $4700 in out-of-pocket costs (not including the premium for the plan), you enter the “Catastrophic Coverage Level.”  Notice that this amount is out-of-pocket meaning that you would have to pay a total of $4700 before you entered this next level.  Once you hit this level you would only pay approximately 5% of the cost of the medication for the rest of the calendar year.

Once you reach the end of the calendar year, all plans start back at Stage 1 on January 1st.

According to a report from the Kaiser Family Foundation, approximately 19% of Medicare beneficiaries reach the donut hole at some point during the year.  So not everyone has to worry about hitting the donut hole, but if you do your expenses can add up in a hurry.  For those of you who are in this situation, maybe you can ease the pain with a box of donut holes (the good kind from the local bakery).

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Bullies Ain’t Just in Elementary School

Posted on January 27, 2012 by - Medicare, Medicare Advantage, Medicare Drug Plan, Medicare Supplement, Social Security, Uncategorized

Everyone remembers the bully from their elementary and high school days.  In most cases it was the stronger picking on the weaker.  You would think that 30, 40, or 50 years later things would be different, but it seems nothing has changed.  Not a month goes by that I don’t hear a story from one of my clients about an insurance agent bullying them or someone they know.  Bullying in the insurance industry comes in many different sizes and colors.  A few of them come to mind based on recent events…

1.  They prey on your fears!  I just received a call today from a new client of ours who we saved money by switching her from her existing medicare supplement policy to a policy with one of the companies we represent.  She had called very upset because she had just received a phone call from her previous agent.  He had called to tell her about all the coverages she would be losing by switching to the new supplement company.  He had proceeded to tell her that she would no longer be covered for preventative services (not true), that she would be responsible for a $155 deductible (this was the deductible amount for 2010, he was off a couple of years) and that one of her routine tests would no longer be covered (also not true).  If this agent was sincerely looking out for his client, then I apologize.  But at the least, he should know the plans he is representing.  If he was only concerned with the loss of his commission, then SHAME ON HIM!

2.  They prey on your good will!  No one “likes” to tell someone NO, or hurt someone’s feelings.  Pushy agents know this, that’s why they continue to push.  If they push long and hard enough they know that you will give in and buy, you don’t want to hurt their feelings, right.  You would recognize these agents if you ever told them NO, because many times they will get angry and rude when they don’t get the sale.  I recently met with a woman who was TOLD by an agent that the agents plan was much better than what she had and the agent proceeded to fill out an application without asking the woman if she wanted to move forward.  Not really knowing if the plan was better or not, and not wanting the uncomfortable feeling of saying NO, she proceeded to sign the paperwork and complete the sale.  She had told me afterward that she felt very uncomfortable with the agent.

3.  They just plain bully you!  Another recent experience I was told was from a woman we had switched from her current policy to a new policy with us.  She ended up cancelling the new policy because her existing agent had called her and TOLD her that she couldn’t switch because HE was her agent and HE was the one she had to work with.  Worse yet he told her that he was on vacation and that he would deal with it when he got back.

Now don’t get me wrong, there are a lot of agents out there who really do care about you and are doing their best to help.  I also know that the above examples are just one side of the story, so if I was getting the wrong side I apologize.  But I hear stories like this more frequently than I should, which tells me that many of them are, unfortunately, probably true.  When did money become more important than people?  To the agents who are bullying, KNOCK IT OFF!  To those of you who are being bullied, STAND UP AND SAY NO!