Once eligible for Medicare, the percent of 66-year-olds who experienced barriers in care access was halved and 46 percent fewer seniors avoided care due to healthcare costs. Medicare coverage increases seniors’ access to care and reduces affordability barriers, a study published in Health Affairs discovered. “The Medicare program pays for roughly one of every four physician visits in the United States, and in 2019 it covered roughly 60 million people. The program has also long enjoyed favorable public opinion among both seniors and the nonelderly,” wrote the researcher. “Yet although its scope is broad and opinion among beneficiaries is favorable, a rigorous understanding of how Medicare currently affects access to health care for its enrollees is not available. The greater health needs and lower income of its primarily elderly and disabled population, as well as the high cost of health care, underscore the importance of assessing how Medicare beneficiaries perceive the affordability of their care.” The study leveraged data from the 2008–17 Medical Expenditure Panel Survey– Household Component (MEPS-HC) as well as the 2008–18 National Health Interview Survey. It compared access to care and care affordability measures between 64 year olds who are pre-Medicare eligibility age and those who were 66 years of age and are Medicare eligible. The results showed that seniors reported slightly better care access and affordability when they were eligible to enroll in Medicare. Once they were able to enroll in Medicare, the amount of seniors who said they experienced barriers in access to care dropped by 50.9 percent, such that 1.5 percent of the 66 year old respondents reported this issue. Additionally, the share of those who said they had access to care but could not afford it dropped 46.0 percent, with 3.7 percent of 66 year olds reporting affordability as a barrier to care. While the number of Americans who encountered affordability barriers in healthcare decreased with age, there was a significant decline after age 64. When the researcher compared pre-Affordable Care Act statistics with post-implementation results, there was no significant difference in these measures. “Because Medicare payment rates are often below those set by private payers, it would not be surprising to have found a worsening of access on measures dealing with whether doctors accepted Medicare as insurance, whether respondents had trouble finding a doctor, or whether waiting times were too long,” the study postulated. However, the research indicated otherwise. Instead of a decline in access to and affordability of care after enrolling in Medicare, seniors reported a slight improvement. This trend continued, in spite of the fact that health tends to decline with age, exacerbating opportunities for barriers in access to care or healthcare costs. Access to care improved for seniors without a college degree. The researcher tied this development to the ubiquity of Medicare and the fact that, prior to reaching Medicare eligibility, these seniors may have been in jobs that left them underinsured or uninsured. Affordability improved for non-Hispanic White or Hispanic seniors, when compared to Black seniors. “When looked at by race and ethnicity, the smaller improvements on affordability measures for non-Hispanic Blacks compared with non-Hispanic Whites may be a reflection of their higher pre-sixty-five enrollment in Medicaid, which requires minimal cost sharing and thus allows less room for improvement when one enrolls in Medicare,” the study suggested. Dental, prescription drug, or specialist coverage were more affordable for seniors after they became Medicare eligible. These decreases in barriers to certain supplemental benefits may have been the result of the fact that more Medicare Advantage plans cover these benefits. In fact, prescription drug coverage draws many Medicare-eligible seniors to Medicare Advantage plans. These results, which demonstrate that Medicare improves affordability and access to care, could be especially important in light of the current presidential administration’s intentions to expand the age of Medicare eligibility or provide a buy-in option. However, the study’s results did not necessarily support widespread adoption of Medicare. “Compared with younger populations, a higher proportion of the near-elderly are covered by private insurance, and a smaller share are uninsured,” the researcher explained. “The near-elderly also have greater health needs than middle-aged people. These attributes may influence whether and how the effects presented here may generalize outside of the samples used in this analysis. The relatively high needs of the near-elderly may have contributed in ways that would not generalize to younger cohorts.” Instead, the study’s outcomes may be more applicable for policymakers considering a lower age of eligibility for Medicare. Source: https://healthpayerintelligence.com/news/medicare-increases-access-to-care-affordability-for-seniors ![]() |
Medicare Blog | Medicare News | Medicare Information
Medicare Increases Access to Care, Affordability for Seniors
Posted by www.psmbrokerage.com Admin on Thu, Feb 04, 2021 @ 10:38 AM
|
Tags: Medicare News
Gerber Life Guaranteed Issue Senior Life
Posted by www.psmbrokerage.com Admin on Wed, Feb 03, 2021 @ 03:58 PM
Specifically, your clients get:
![]() |
Anthem to acquire largest Medicare Advantage plan in Puerto Rico
Posted by www.psmbrokerage.com Admin on Wed, Feb 03, 2021 @ 03:03 PM
Anthem's government business fueled the bulk of its enrollment growth in 2020 as commercial enrollment was stagnant. Overall, Anthem's government business experienced a growth of nearly 17% year over year from 2019 to 2020, while the commercial and specialty unit increased just 0.2%. As part of this latest deal, Anthem is poised to add more than 572,000 government members, a significant one-time pickup. Anthem is set to gain more than 267,000 MA members in the MMM plan, which is the ninth-largest MA plan in the country, according to Anthem, which ended 2020 with 1.4 million MA members, a nearly 18% increase from 2019. Its Medicaid book of business will add more than 305,000 members through the deal, which needs approval from various regulators including the Commonwealth of Puerto Rico. Anthem's Medicaid business pegged enrollment at nearly 9 million at the end of 2020, about a 22% increase from its 2019 Medicaid enrollment. 2021 EPS guidance will not change as a result of the acquisition, Anthem said. Anthem cut its outlook for 2021 as it experienced a rebound in care in the fourth quarter, which weighed heavily on its quarterly profit. Although some insurers reported large profits during periods of 2020 as members deferred care due to the pandemic, companies have warned the trend will ultimately swing in the opposite direction when patients return for care they put off. Insurers expect some members may even be sicker as diagnoses went undetected. Anthem is acquiring the units from InnovaCare and its equity investor Summit Partners, which has invested in a slew of healthcare companies, including U.S. Renal Care, a dialysis operator and MD VIP, a concierge physician practice. Sources: https://www.modernhealthcare.com/insurance/anthem-picks-up-medicaid-plans-puerto-ric ![]() |
Tags: Medicare Advantage, Anthem
A closer look at MOOP increases and the Part D Savings Model
Posted by www.psmbrokerage.com Admin on Wed, Feb 03, 2021 @ 10:23 AM
In 2020, more carriers, agencies, and consultants relied on the decision-making power of this study than ever before. Deft's first Executive Research Brief takes a closer look at key report findings linked to CMS benefit design changes. For the 2021 plan year, CMS increased the top value for maximum out of pocket (MOOP) from $6,700 to $7,550. CMS also instituted a Part D Savings Model which limits some insulin copayments to $35. Deft's study reveals the impact on consumers when MAPD's act on these changes.
Get the Research Brief here. Source: https://www.deftresearch.com/ ![]() |
Life Insurance: Highest Growth Rate Ever
Posted by www.psmbrokerage.com Admin on Wed, Feb 03, 2021 @ 09:21 AM
By the MIB Life Index – February 3, 2021 Despite a tumultuous year due to the pandemic, the MIB Life Index ended 2020 up 4% year-over-year, representing the highest Y-o-Y annual growth rate on record. It surpassed the previous Y-o-Y growth record from 2015 of +2.7%, and followed a fairly flat growth year in 2019, which concluded up 0.4%, Y-o-Y. The 2020 year-end index value of 102.8 is an all-time high since the index was reset in 2011, finishing at 2.8% higher than par value. The MIB Life Insurance Index is changing the way it reports trends in application activity, moving away from showing figures relative to an index in favor of reporting straight year-over-year percentages. MIB says its new approach is more straightforward, easier to understand and more useful than the index values. Source: https://www.mibgroup.com/riskanalytics/lifeindex.html ![]() |
Tags: Life Insurance
Capitol Life Medicare Supplement Bonus Offer
Posted by www.psmbrokerage.com Admin on Tue, Feb 02, 2021 @ 11:12 AM
Two more secrets you have access to are competitive rates and a new special bonus offer! Now until March 31, 2021, Capitol Life is offering a $750 bonus to producers for every five underwritten, issued and paid Plan F or G policies. You may have a combination of five policies from either Plan F or G to qualify. In addition, you may receive an extra $500 bonus per five underwritten, issued and paid Plan N policies. This special offer is eligible for five Plan N issued policies only. Give your clients piece of mind while you enjoy the benefits of a lucrative bonus! Request details today by visiting here. ![]() |
Humana to open 100+ Medicare centers by 2023
Posted by www.psmbrokerage.com Admin on Mon, Feb 01, 2021 @ 02:58 PM
Humana is on track to open more than 100 Medicare centers by 2023 through its Partners in Primary Care business, the insurer said last week. Partners in Primary Care is a payer-agnostic unit of Humana. The centers focus on providing care to about 57,000 patients who have Medicare Advantage and original Medicare coverage. The centers are generally located in underserved areas that have lacked access to primary care for seniors on Medicare. All of the centers are staffed by physicians and care teams that specialize in caring for seniors. The physicians work on creating care plans for patients, including help for patients with social, behavioral and financial needs. Virtual visits are also offered to patients. In 2021, Humana plans to open up to 20 centers. They will include Humana's first centers in Atlanta and expansions in Las Vegas, Houston and Louisiana. Humana opened 15 centers in 2020. The planned centers will bring the total number of primary care centers to nearly 80 across nine states. Read more here. Source: https://www.beckershospitalreview.com/payer-issues/humana-to-open-100-medicare-centers-by-2023.html ![]() |
Tags: Humana, Medicare Advantage
Americo Medicare Supplement Now Available in Minnesota
Posted by www.psmbrokerage.com Admin on Fri, Jan 29, 2021 @ 09:56 AM
Top Rates & Cash Bonuses We are excited to announce that Americo Medicare Supplement will be available for sale in Minnesota on Monday, February 1, 2021. Americo has some of the top rates in the state. See for yourself - MN Rates. Additionally, you can earn a 12.5% cash bonus on your Med Sup sales with our UFirst Rewards incentive. Qualifications. Products are available on paper applications in MN. Application packets are available for download and order now on Americo.com. Rates and pre-approved advertising can be found at AmericoMedSup.com. Not appointed to sell Americo's Medicare Supplement plans? Request details here. ![]() |
Anthem's Medicare Advantage membership up 18% in 2020
Posted by www.psmbrokerage.com Admin on Wed, Jan 27, 2021 @ 03:55 PM
At Anthem, for instance, enrollment in MA was up nearly 18% at the end of 2020 compared to the year before, reaching 1.4 million members. Total Medicare enrollment, including both MA and supplement plans, was also up more than 11% at the end of 2020, Anthem told investors on Wednesday, reaching 2.4 million. "We're pleased with our continued growth in this important segment for Anthem," CEO Gail Boudreaux said on the insurer's earnings call. Chief Financial Officer John Gallina told investors that Anthem is also "projecting double digital growth at the midpoint" of 2021 for Medicare Advantage, and that the company expects "continued, measured growth" over the course of the year in MA. Boudreaux added that the insurer's Essential Extras offering in Medicare Advantage drew significant interest in 2020, with a 300% increase in members selecting a benefit through the program. In eligible plans, members have the option of choosing coverage for a number of services depending on their needs or desires, ranging from transportation to a health and fitness tracker to assistance from a personal home helper. Anthem's Q4 earnings miss Wall Street estimations Anthem reported $551 million in profit for the fourth quarter of 2020, falling short of Wall Street analysts' predictions. That marks a 41% drop in profit compared to the fourth quarter of 2019, when Anthem brought in $943 million in profit, according to the company's earnings report released Wednesday morning. Anthem earned $4.6 billion for full-year 2020, a slight dip compared to earnings of $4.8 billion in 2019, the company said. Many insurers warned that their fourth-quarter financials may be less than stellar as healthcare utilization returns to near-normal levels and costs related to COVID-19 mount. Anthem CEO Gail Boudreaux said in a statement that despite the challenge of the pandemic, the company performed strongly over the course of the year. “Despite uncertainties with the pandemic, Anthem delivered strong growth across all of our businesses in 2020 reflecting the diversity and strength of our portfolio and our unwavering commitment to those we serve,” said Boudreaux. “I am proud of all that we accomplished during this challenging time, and we remain focused on supporting our members, customers and communities as a trusted health partner.” Anthem reported $31.8 billion in revenue for the quarter, which did surpass analysts' expectations. That figure represents a 16% increase in revenue compared to the fourth quarter of 2019 when the insurer brought in $27.4 billion. Total revenue for 2020 was $121.9 billion, an increase of 17% compared to 2019's $104.2 billion in revenue, Anthem said. Anthem also added 1.9 million members over the course of 2020, bringing its total membership to 42.9 million as of Dec. 31. For 2021, Anthem expects earnings in excess of $24.50 per share and operating revenues of approximately $135.1 billion. Source: https://www.fiercehealthcare.com/payer/anthem-misses-wall-street-predictions-551m-q4-profits ![]() |
Tags: Medicare Advantage, Anthem
Nationwide Teams With AmeriLife to Offer Indexed Annuity
Posted by www.psmbrokerage.com Admin on Tue, Jan 26, 2021 @ 01:15 PM
Nationwide has filed the new Nationwide Peak 10 product as a non-variable indexed annuity. The Columbus, Ohio-based company is issuing the new contracts through Nationwide Life and Annuity Insurance Company. The contract comes with a choice of four index choices, including the new J.P. Morgan Cycle Index, the new AllianceBernstein Growth and Value Balanced Index, the S&P 500 Price Index and the S&P 500 Daily Risk Control Index. Purchasers can choose between two lifetime income guarantee features. The standard feature is the Guaranteed Income Solution feature, which offers a guaranteed 4% simple interest roll-up rate on the investor’s original income benefit base each year for the first 10 years, or until the first withdrawal, whichever comes first, according to Nationwide. Purchasers can pay extra for a Bonus Income+ rider. The rider provides a 10% bonus credit included on the investor’s income benefit base, calculated on total premium. The rider also offers a 7% simple interest roll-up rate on the income benefit base for the first 10 years, or until the first lifetime withdrawal, whichever comes first, according to Nationwide. Consumers who pay for the Bonus Income+ rider can get a joint-income option for spouses. Purchasers also can buy a long-term care rider and a rider that provides extra benefits for annuitants who suffer from a terminal illness or injury. Consumers can withdraw up to 10% of the contract value with no surrender charges or market-value adjustment. AmeriLife is a Clearwater, Florida-based life and annuity marketing organization. Nationwide says it will distribute the new annuity exclusively through AmeriLife’s national distribution network that includes about 200,000 insurance agents and advisors, about 35 marketing organizations, and about 50 insurance agency locations.
![]() |
Tags: Annuity Information, Nationwide